Are you a divorcée and ready to start your Social Security benefits? Do you know how your Social Security benefits will work? If you find yourself in this situation, don’t fret, this is the blog for you. Today, we will be discussing Social Security retirement benefits for divorcées.
In general, Social Security was designed to provide for the material needs of individuals and families. It is run by the Social Security Administration (SSA). The SSA has established special parameters to ensure divorcées can meet their needs in retirement. When discussing anything related to Social Security, you must, first and foremost, know your full retirement age (FRA) as defined by the Social Security Administration (SSA).
| If Your Year of Birth Is | Your Full Retirement Age Is |
|---|---|
| 1943-1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 or later | 67 |
DATA SOURCE: SOCIAL SECURITY ADMINISTRATION
Now, let’s discuss how this relates to you. As long as you are at least 62, unmarried, and divorced from someone entitled to receive Social Security retirement benefits, you may be eligible to receive benefits based on his or her record. There are some rules that apply though. They are:
- You must have been married to your ex-spouse for 10 years or more.
- If you remarried, that marriage must have ended by annulment, divorce, or death prior to applying.
- If you are entitled to benefits based on your own earnings, your benefit amount must be less than you would receive based on your ex-spouse’s earnings, meaning you will be paid the higher of the two benefits for which you are eligible, but not both.
Once you have been divorced for at least two years, you can apply for benefits based on your ex-spouse’s record even if he or she hasn’t retired. If you have reached your FRA, then your benefit will be 50% of your ex-spouse’s full retirement benefit amount. If you are younger than your FRA, then you will have a reduced benefit.
One question that is often asked is “Will my ex know that I am doing this?” No, they will not know. Also, it will not affect his or her own retirement benefits or his or her spouse, if he or she remarried.
As you can see, there are many rules to know about Social Security. To learn more tips like this for Social Security and for retirement planning, give us a call today at 817-210-3444 or click HERE to book a complimentary consultation with one of our Lockheed Martin specialists.
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