An important decision in planning for retirement is when to start receiving your Social Security payments. Should you start collecting at full retirement age? (Typically 67.) Or should you defer benefits to receive a larger amount? Can you collect social security benefits from your Ex?
If you’re divorced, then yes, your decision-making will be impacted by your Ex. You may be eligible to receive a higher Social Security retirement benefit based on your Ex’s earnings records.
To collect social security benefits from your Ex, there are some preliminary conditions that must be met
1. You and your Ex must have been married for 10 years or longer. There is no limit on how long ago the marriage must have ended. For example, if your marriage ended 25 years ago but you were married for 10 years, you can make still a claim based on your Ex’s earnings.
2. Both you and your Ex must be at least 62 years old.
3. You must not be remarried.
4. You and your Ex must be divorced for at least two years, or your Ex must already be claiming Social Security retirement benefits.
If you qualify as an Ex based on the rules above, you would be entitled to half of your Ex’s Social Security benefits, provided that you make the claim no earlier than your Full Retirement Age (FRA). For most people, that means being 67 years old.
Please note that your Social Security benefit will be based on your Ex’s earnings record only if it results in a higher benefit than you would receive based on your own earnings history.
For example, let’s assume you are at Full Retirement Age and you are entitled to $700 per month from Social Security. Your Ex is eligible to receive $2,000 per month at his FRA. If you meet all of the eligibility requirements to receive divorce benefits, you would be eligible to receive $1,000 per month from Social Security instead of the original $700.
What if your Ex remarried?
Your Ex’s new marriage will have no impact on what you can claim, and it will not impact how much he* will receive from Social Security. It also has no impact on how much your Ex’s current spouse may receive. Your claim toward benefits is not deducted from those that your Ex receives either.
If your Ex should die before you, you can receive 100 percent of the retirement benefits he was receiving when he died, assuming you are at FRA or older. If you are 60 or older but not yet FRA, you would get 71.5 to 99 percent of his benefits. If you are between 50 and 59 and disabled, you would get 71.5 percent of his benefits.
Every dollar counts in retirement, so if you are entitled to receive extra money each month make sure you’re taking advantage of it—even if that means you have to collect social security benefits from your Ex.
Word to the wise: Do not rely on anyone else to inform you of your eligibility to collect social security benefits from your Ex. As you can tell, the eligibility requirement can be somewhat complex, and there is no guarantee that the Social Security Administration will be aware of your marital history when you submit your claim. You can contact a representative at your local Social Security office for an estimate. Call Social Security at 800-772-1213 to make an appointment. But for a clear understanding and to hear what else you might be doing to build for your future retirement, you should consult with an experienced advisor about all of your options.
The article is for informational purposes only and it is not to be considered tax or legal advice. AXA Advisors (its affiliates) and associates do not provide tax, accounting or legal advice or services. You should seek advice based on your particular circumstances from an independent tax or legal advisor.
Chris Kelly is a financial advisor with over 25 years of experience in the financial services industry. He specializes in what he calls “Financial Transitions” – helping families design and implement a financial plan to help deal with the loss of the primary income earner due to divorce, death, or disability. He is well-versed in a broad range of financial subjects including investments, cash flow planning, and estate planning.
Contact Chris at [email protected] or 732-292-3357 to begin a conversation on how to make your post-divorce financial journey a smooth one.
*We support same-sex marriages. For the sake of simplicity in this article, however, we refer to your spouse as your “husband” or a “he.”