Divorce can complicate financial planning, especially regarding Social Security benefits. Knowing your rights and options is essential to protect yourself and your financial future.
Here are five key things to know about your Social Security benefits after divorce.
Eligibility for benefits
To qualify for spousal benefits after a divorce, you must have been married for at least ten years and not currently remarried. If you remarried and your second spouse is deceased, you can claim benefits from either marriage, provided each lasted ten years.
Amount of benefits
You are entitled to receive half of your ex-spouse’s retirement or full benefits if they are deceased. Your benefits and the benefits you receive from your ex-spouse are not combined.
Timing of benefits
You can start receiving benefits if your ex-spouse is at least 62 years old and you have been divorced for two or more years. If your ex-spouse has not yet applied for benefits, you are still eligible after meeting these criteria.
No impact on ex-spouse
Receiving benefits based on your ex-spouse’s work record does not affect their benefits or those of their current spouse. The Social Security Administration does not notify your ex-spouse about your claim.
Applying for benefits
You can apply for spousal benefits without needing any special paperwork from your divorce. It is crucial to understand that claiming benefits before reaching your Full Retirement Age will result in reduced benefits.
Understanding these points can help you better navigate Social Security benefits post-divorce and maximize your financial stability in retirement. While it can be confusing, there are professionals who can help ensure you receive the benefits you are entitled to.
