social security changes

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.

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.