Social Security has a spousal benefit which is intended to provide payment for the spouse in a household in which there is only one income earner. This is essential for couples who have one stay-at-home spouse, as it allows them to still collect some amount of Social Security. Often times, divorcees are surprised to hear that they still may be eligible for Social Security benefits based on their ex-spouse’s earnings. Read on to see if you qualify for Social Security benefits from a previous spouse.
Is your ex-spouse alive?
If you answered “yes”, move on to the next question. If your ex-spouse is deceased, you may still be eligible for survivor benefits. See the “Am I Eligible for Social Security Benefits as a Surviving Spouse?” flowchart here.
Were you married to your ex-spouse for at least 10 years?
If you answered “yes”, move on the next question. If your marriage lasted less than 10 years, you will not be able to collect spousal benefits.
Did you have more than one marriage that lasted more than 10 years?
If you answered “yes”, you will be able to pick the ex-spouse that provides the greatest benefit. If not, your benefits will be based off the ex-spouse you were married to for longer than 10 years. Either way, move on to the next question.
Did the divorce occur at least two years ago?
If your divorce was less than two years ago and your ex-spouse has not filed for benefits, you will have to wait until they file for Social Security before you are eligible for benefits. If the divorce was greater than two years ago and you do not have plans to remarry (remember you must not remarry to be eligible for ex-spouse benefits), then you can claim benefits if you are at least 62 years of age.
Collecting Social Security benefits from an ex-spouse is complicated, and there are a lot of different requirements. Check out this flowchart to learn more.
If you would like to schedule a call to talk about the best strategies for Social Security, please give us a call at 303-440-2906 or click here to schedule a time to speak with us.
Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail email@example.com.
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