Social Security Benefits for Surviving and Ex-Spouses

It seems so many places you turn today there is another discussion taking place about social security benefits and how to make the most of them.  Understanding how to do this requires patience and the help of an expert financial professional primarily when you are married or have been married.  Here are some facts for those of us who have been married.

Divorce Facts:

• For a divorced spouse to receive benefits based on the ex’s work history, the couple must have been married for 10 years or longer and both must be age 62 or older.  The death of a spouse increases the survivor’s benefit.
• If a former spouse is eligible for a benefit but has not yet applied for it, the ex may still apply for the spousal benefit as long as they have been divorced for at least two years.  Widows and widowers are entitled to the higher earner’s full retirement benefit and may begin receiving benefits at age 60.
• Once a divorced spouse remarries, he or she is no longer eligible to receive a benefit based on the first spouse’s work history – unless the subsequent marriage ends in death, divorce or annulment.  A surviving spouse may claim a reduced benefit on one working record and then switch to the other.
• A former spouse may claim the highest benefit based on the work history of any number of ex-spouses as long as each marriage lasted at least 10 years.  Sure makes you wonder doesn’t it how long social security money can last?  The higher earner can increase the survivor’s benefit by waiting to receive any benefits until age 70.
• A qualified divorced spouse may receive the same benefit as the current spouse.  The current spousal benefit is not reduced as a result of this.

Widow(er) Facts:

• The death of a spouse increases the survivor’s benefit.
• Widows and widowers are entitled to the higher earner’s full retirement benefit and may begin receiving benefits at age 60.
• A surviving spouse may claim a reduced benefit on one working record and then switch to the other.
• The higher earner can increase the survivor’s benefit by waiting to receive any benefits until age 70.

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Karen helps attorneys; mediators, individuals and couples, navigate through the financial morass of divorce and widowhood. Her expertise lies in understanding the special tax and financial issues that can plague divorce and she helps clients get their financial fair share and equitable settlements. She provides financial analysis, projections and solutions so clients can avoid long-term regret over decisions made early on in divorce and widowhood.  Karen offers a range of financial, investment and insurance services that address clients’ complete financial picture and long-term needs before, during and after marriage.  She is currently writing a book entitled, “To Have and To Hold Onto Your Financial Fair Share: Financial Decision Making When Marriage Ends in Divorce or Death.”