Social Security

Am I Eligible for Social Security Benefits as a Spouse?

Whether you are reaching your Full Retirement Age or your spouse has passed away, Social Security has spousal benefits that you may be eligible for. To see what spousal benefits you may be entitled to, read below.

Has your spouse passed away?

If your spouse is no longer living, see the “Am I Eligible for Social Security Benefits as a Surviving Spouse?” Check out this flowchart.  If not, move on to the next question.

Have you been divorced at some point?

If you have been divorced and not remarried, see the “Am I Eligible for Social Security Benefits as a Divorced Individual?” Check out this flowchart. If you remarried or are currently married, move on to the next question.

Is your spouse entitled to Social Security on their work record?

If your spouse is not eligible for Social Security benefits based on their own work record, you will be unable to claim any benefits.  If your spouse is entitled to Social Security, move on to the next question.

Are you 62 or older and have been married for at least one year?

If so, you can collect 50% of your spouse’s benefits or your own benefits, whichever is greater.  If you are younger than 62 or have been married for less than one year, you may still be eligible for benefits, but there are several more requirements. 

Collecting spousal Social Security benefits 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 info@diversifiedassetmanagement.com.

 

The views, opinion, information and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc.  The selection of any posts or articles should not be regarded as an explicit or implicit endorsement or recommendation of any such posts or articles, or services provided or referenced and statements made by the authors of such posts or articles.  Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting or tax advice.

Do I Qualify for Social Security Disability Benefits?

Social Security can provide benefits long before you are at Full Retirement Age (FRA) if you are disabled.  In order to qualify for Social Security disability benefits, you must have paid into Social Security (typically 10 years, but situations can vary).  Read on to see if you qualify for disability benefits.

Are you legally blind?

If you answered “yes” and earn less than $2,040 per month, you may qualify for full or partial benefits.  In order to see what your potential benefit might be, you must apply.  Wage earners who make more than $2,040 per month will not qualify for any benefits.  If you are not legally blind, move on to the next question.

Do you make more than $1,220 per month?

If you earn more than $1,220 per month, you will not be eligible for Social Security disability benefits.  If you earn less, move on to the next question.

Did you pass the “Recent Work Test” and the “Duration of Work Test”?

If you passed the two aforementioned tests and have been limited in your ability to do basic work (lifting, sitting, walking, or remembering) and are unable to perform gainful employment, you may be eligible for Social Security disability benefits.  You will have to apply to know for sure.  If you did not pass the tests, move on to the next question.

Are you a widow or surviving divorced spouse of a worker?

If you answered “yes” and are between ages 50 and 60 and your disability started within 7 years of the spouse’s death, you may qualify for benefits.  You will have to apply for benefits to see what your benefit might be.  If you answered “no”, then you will not qualify for any disability benefits.

 

Collecting Social Security disability benefits 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 info@diversifiedassetmanagement.com.

 

The views, opinion, information and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc.  The selection of any posts or articles should not be regarded as an explicit or implicit endorsement or recommendation of any such posts or articles, or services provided or referenced and statements made by the authors of such posts or articles.  Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting or tax advice.

Am I Eligible for Social Security as a Surviving Spouse?

Many clients think of Social Security only as a retirement benefit, but there are many ways one can qualify for other benefits that are available via the program.  If a spouse passes away, the surviving spouse may be eligible to receive a benefit.  This benefit helps alleviate the financial burden of losing an income earner or the home duties that the deceased spouse was responsible for previously.

Has your spouse (ex-spouse) passed away?

If you answered “yes”, move on to the next question.  If your spouse (ex-spouse) is not deceased, you may still be eligible for other benefits.  See the “Am I Eligible for Social Security Benefits as a Spouse?” flowchart here.

Did a divorced spouse pass away?

If your ex-spouse passed away and you have a child collecting dependent care benefits, or you did not remarry, you may be eligible for survivor benefits or an amount of your ex-spouse’s Social Security retirement benefit.  If you were not divorced, move on to the next question.

Were you married at least 9 months?

If you answered “yes,” move on to the next question.  If you were not married for 9 months or more, you would not be eligible for spousal survivor benefits.

Did you remarry?

If you did not remarry, you are eligible for Social Security benefits based on your deceased spouse’s earnings record.  If you did remarry before 60, you will not be eligible for benefits from your deceased spouse, but rather will likely be eligible for benefits from your current spouse’s record.

Collecting Social Security benefits as a surviving spouse can be crucial to alleviating your financial burden, 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 info@diversifiedassetmanagement.com.

 

The views, opinion, information and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc.  The selection of any posts or articles should not be regarded as an explicit or implicit endorsement or recommendation of any such posts or articles, or services provided or referenced and statements made by the authors of such posts or articles.  Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting or tax advice.

Will I Avoid the Social Security Windfall Elimination Provision?

The Windfall Elimination Provision (WEP) applies to Social Security recipients who have their own retirement savings as well as a pension from an employer who did not pay into Social Security.  The purpose of WEP is to disallow for the collection of full Social Security benefits when a retiree has retirement savings and a pension from employers who opted out of Social Security (commonly local government).  Read on to see if you could have your Social Security benefits reduced by the Windfall Elimination Provision.

Have you worked for an employer that did not withhold for Social Security (such as a govt. agency)?

If you have not, then the WEP does not apply to you and will be eligible for full Social Security benefits.  If “yes,” then move on to the next question.

Do you qualify for Social Security benefits from work you did in previous jobs?

If not, then you will not be subject to the WEP.  If you have, move on.

Are you a federal worker in the FERS retirement system and first hired after 12/31/1983?

If you are a federal worker who meets the conditions outlined above, you will not be subject to WEP.  If you are not a federal worker or are a federal worker and do not meet the above conditions, you may be subject to the Windfall Elimination Provision.

The Social Security Windfall Elimination Provision is complicated and has a large influence on your retirement situation should it affect you.  Check out this flowchart to learn more.

If you would like to schedule a call to talk the Social Security Windfall Elimination Provision to see if it affects you, please give us a call at 303-440-2906 or click here 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 info@diversifiedassetmanagement.com.

 

The views, opinion, information and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc.  The selection of any posts or articles should not be regarded as an explicit or implicit endorsement or recommendation of any such posts or articles, or services provided or referenced and statements made by the authors of such posts or articles.  Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting or tax advice.

Am I Eligible for Social Security if I’m Divorced?

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 info@diversifiedassetmanagement.com.

 

The views, opinion, information and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc.  The selection of any posts or articles should not be regarded as an explicit or implicit endorsement or recommendation of any such posts or articles, or services provided or referenced and statements made by the authors of such posts or articles.  Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting or tax advice.

 

Will My Social Security Benefit be Reduced?

Social Security has been undergoing changes due to funding concerns, and it looks like there may well be more in the future.  This leads to many of our clients asking us “Will I receive the Social Security benefits we planned for?”  Let’s take a look:

At what age can you collect Social Security?

For anyone born in 1960 or after, your Full Retirement Age (FRA) is 67.  If you were born before 1960, you will be eligible for a full Social Security benefit between 66-67 years old, depending on your birth year. 

Can you collect benefits on your own work history?

The answer for most people is yes, but it depends on how long you have been in the workforce.  If you haven’t paid into Social Security for at least 10 years, your benefits will be reduced. 

Special Situations

If you are married and don’t have a work history see the “Am I Eligible for Social Security Benefits as a Spouse?” flowchart.

If you are widowed see the “Am I Eligible for Social Security Benefits as a Surviving Spouse?” flowchart.

If you are divorced see the “Am I Eligible for Social Security Benefits as a Divorced Individual?” flowchart.

At what age will you start taking Social Security?

As discussed above, the Full Retirement Age is typically around 67 years old.  You can, however, elect to start Social Security as early as 62 or as late as 70.  The later you postpone your benefits, the larger your monthly check will be going forward.  To learn more about how much benefits you can expect to receive, and how you can increase your Social Security payout during retirement, check out our chart here.

If you would like to schedule a call to talk about the best strategy for taking Social Security, 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 info@diversifiedassetmanagement.com.

 

The views, opinion, information and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc.  The selection of any posts or articles should not be regarded as an explicit or implicit endorsement or recommendation of any such posts or articles, or services provided or referenced and statements made by the authors of such posts or articles.  Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting or tax advice.