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3 Things You Should Know About Social Security When You Are Divorced – The Motley Fool

Did you know that spouse benefits extend to certain former spouses who divorce?

Benefits currently cover half or more of retired income for 69% of unmarried Americans and 48% of married couples, according to the Social Security Administration (SSA). Therefore, it is a good idea to know as much as possible about the benefits you can get, especially if you are single.

  Wedding cake with bride and groom showing each other away.

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Divorced after 10 years and single? You may be eligible for parental leave

You are entitled to a spouse's benefit if you are currently single but divorced after 1

0 years of marriage. You may be eligible for spousal benefits from the work of your former partner. In order for you to do so, your former spouse must be socially insured and have at least 62 years of age.

Although people under the age of 62 can receive Social Security, it is possible that your ex will not opt ​​for it. Then start with the benefits. Why? Since recipients receive about 8% more social benefits each year, they delay the receipt of benefits between the ages of 62 and 70. In addition, the full retirement age (FRA) only reaches the age of 65 in 1937 or earlier) and 67 (born in 1960 and later) with gradual migration for those born between those years.

However, whether or not your ex receives social security is no problem for you as a divorced spouse. As long as your former spouse is entitled to benefits and is 62 years or older, you may be entitled to spouse benefits, regardless of whether your ex is receiving these benefits or not. The marital status of your former spouse does not matter. You can remarry, divorce or remain single – it does not affect your ability to file a request or how much it will be. Your claim will also not affect the amount of your ex-benefits. If they remarry, the potential benefits of the new partner are not affected.

If your ex has not yet applied for social security benefits, however, you must have already done so at least two years divorced to receive the spouse's benefit.

So far. However, there are three important things to keep in mind when you meet these requirements:

Three Important Requirements

  1. You can not claim a spouse's benefits if you are remarried. However, if you remarry and then divorce again, you can request spouse benefits from a divorced partner if the marriage lasted at least 10 years.
  2. You must be at least 62 years old to apply for spouse benefits.
  3. You must be entitled to a benefit that is lower than your ex's work.

How are the benefits calculated?

How do you know if your performance is lower than what you would get if you say so in your ex-work log? First, you need to determine your own amount of benefit, which the SSA calculates for two reasons: your work and your earnings history.

To get social security, people need a working history in which they earn a total of 40 lifetime work benefits. A working balance is a revenue-based metric. Last year, for example, the workers earned a lifelong credit for every $ 1,320 they earned. That's going to increase this year: Workers earn a lifetime of work for every $ 1,360 earned.

Even if someone brings home a cool million a year, they can not earn the full 40 working loans needed in a year. In fact, four people can receive the most within one year.

Once you've qualified for the credits, your earning history begins to determine the amount that you are entitled to. The SSA calculates benefits in the 35 highest-turnover, inflation-adjusted years. If you've worked less than 35 years, your average monthly payout will be $ 35 for each year under 35.

How are the benefits paid to spouses?

Now these calculations refer to a single recipient social security. A spouse benefit can be determined after both the work and earnings history and the work and earnings history of your ex have been calculated.

If you qualify, the benefit for a divorced spouse will be 50% of the full retirement of your ex when you start taking benefits from your FRA. So if your ex is entitled to $ 2,000 per month in social welfare benefits, you will receive $ 1,000. If your ex postpones retirement over the FRA, the associated increase in benefits will not count towards your spouse's benefit.

What if you qualify under your own work and earnings history and ex-members? Do you have to choose who you are eligible for? No. The SSA pays your own retirement pension first, and then calculates your potential benefit from your ex's previous work and earnings history. Once both are in place, the SSA adjusts the benefit so that you receive the higher amount.

Persons who qualify for both have met their FRA and had their birthday before January 2, 1954. They also have an important option to maximize social benefits: They can choose to only receive the benefit for divorced spouses and delay the self-indulgence. In this way, you can get the annual 8% increase on your potential benefit between your FRA and 70.

However, if you have your birthday on January 2, 1954 or later, this decision has unfortunately been canceled. If you are applying for a retirement or spouse benefit, tell the SSA that you want to claim all benefits for which you are eligible.

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