While the answer is a bit complicated given that we (thankfully) don't know our expiration date, studies have shown that certain ages more commonly result in an optimal claim -- "optimal" in the sense that it results in the claimant receiving the highest lifetime benefits from Social Security. To make the world smarter, happier, and richer. 3 Changes to Social Security You Probably Didn't Know, Here's How Big Joe Biden's Social Security Check Is -- To the Dollar, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Motley Fool Issues Rare All In Buy Alert, Copyright, Trademark and Patent Information. The same rules apply for a deceased former spouse. The big question is: Which claimants are making the smartest decision? Many people are surprised to learn that they can receive 100% of their deceased spouses benefit, even as an ex-spouse. Yes, You Can Collect Social Security from an Ex-Spouse: Here's How For one, you can't currently be married. Here's the Average Social Security Check for Men vs. Women, Expert Says 'Stealth Tax' on Social Security Hurts More Retirees Each Year -- How It Works, 4 Social Security Shakeups from Biden That Could Hit Your Wallet by 2024, Social Security 2023: Recent Study Shows Quarter of Americans Underestimate Their Benefits By $5,000. Youll also need your exs social security number, but if you dont have it, then make sure you can provide their date of birth, place of birth, and parents names. How Long After a Divorce Can You Remarry? - Mundahl Law To be eligible, you must have been married to your ex-spouse for 10 years or more. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. What you learn may bring a smile to your face even on tax day! Social Security can go a long way in retirement, and if you're divorced, it pays to see whether you qualify for divorce or survivors benefits. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Another requirement is that the spouse must be at least age 62 or have a qualifying child in her/his care. My spouse is 62 and . "A widow who remarries before age 60, or age 50 if disabled, will not be entitled to their deceased . Here's the Complete Breakdown, The No. These offers do not represent all available deposit, investment, loan or credit products. Do I Lose Any Social Security Benefits If I Remarry? - AARP If you remarry before age 50, you won't be entitled to survivor's or disability benefits unless you divorce. If you are age 62, unmarried, and divorced from someone entitled to Social Security retirement or disability benefits, you may be eligible to receive benefits based on his or her record. If each marriage lasted 10 years or more and the above qualifications apply to each situation, you can choose which benefit you would like to collect, but you cannot collect on more than one work record. Your filing age will determine how much monthly income you'll get from Social Security. Thus, it's not only beneficial to make as much as you can in the years you work, but to also work a minimum of 35 years if you want any chance of maximizing what you'll receive from Social Security. For Your Surviving Spouse There are about 4 million surviving spouses receiving monthly Social Security benefits based on their deceased spouse's earnings record. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. But if she does, she must remain unmarried or else be reconciled to her husband. If the spouse begins receiving benefits before normal (or full) retirement age, the spouse will receive a reduced benefit. If you were married for at least 10 years before your divorce, your ex-spouse may qualify to receive benefits on your record. I was married and we got a divorce, but we both got remarried. Learn More. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. In other words, if your monthly Social . And if you can make it $250 a month, you'll be sitting on $609,000. So your SSI benefits will go down if you get married. The Basics About Survivors Benefits. Finally, the amount you collect in divorce benefits will not affect how much your ex-spouse collects each month. Do I Lose Any Social Security Benefits If I Remarry? But it's important to determine your break-even age based on your FRA so you can land on the right filing decision. Making the world smarter, happier, and richer. Visit Retirement Planner: If You Are Divorced to find all the eligibility requirements you must meet to apply as a divorced spouse. Youll find information about that in a note at the bottom of the website. To make the world smarter, happier, and richer. In this instance, you'd qualify for $1,000 per month in divorce benefits, so that's how much you'd receive -- not $1,800 per month. Getting remarried brings excitement and decisions. Although retired-worker benefits can begin as early as age 62, any claim made prior to reaching your full retirement age permanently reduces your monthly payout. Social Security can be overwhelming, especially if you're unsure of what benefits you qualify for as [+] a divorced individual. The above shows the percentage of your former spouse's benefits you will receive based upon your age when you start ex-survivor benefits. Whereas a lot of retirees began taking their payout at age 62 or 63, just 6.5% of total claims in the first two years of eligibility proved optimal. That is likely music to your ears as unlike many things in divorce, theres no need to coordinate or communicate with your former spouse, as your collection of a spousal benefit does not impact their Social Security benefit. Full retirement age (FRA) varies based on birth year. Yes, but its not as easy as accessing your own record, which you can do at any time by creating an account and logging in to www.ssa.gov. The amount of benefits your survivors receive depends on your lifetime earnings. October 10, 2018. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Benefits can be received while your ex-spouse is alive as well as after they die. Given the complexities of Social Security, it's worth talking over the various scenarios with a financial advisor who specializes in retirement planning. Generally, the total amount you and your family can receive is about 150 to 180 percent of your full retirement benefit. above shows the percentage of your spouse's benefit you will receive based on your age when you start ex-spousal benefits. If, however, you decide to wait until full retirement age to apply as a divorced spouse, your benefit will be equal to half of your ex-spouses full retirement amount or disability benefit. In some cases, divorced spouses could also be eligible for survivors benefits. If you're a surviving spouse, you can receive benefits starting at age 60, or 50 if you have a disability. Think about your retirement needs and desired lifestyle when setting a savings target. As a result, if you start one benefit, then switch to another, you can maximize your lifetime Social Security benefits. When planning for your retirement, how will you benefit from your former marriage? Again, theres no double dipping with Social Security. Are You Getting Scammed Through AI Voice Swindles? Your spouse, children, and parents could be eligible for benefits based on your earnings. Divorce, Remarriage, and Social Security - FindLaw If your attention goes back to the triggering person or situation, pull your attention back to your breathing. Also, if youre entitled to benefits on your own record, your benefit amount must be less than you would receive based on your ex-spouses work. Social Security Cuts Won't Wreck Your Retirement -- If You Do This Copyright 2023 Center for the National Interest All Rights Reserved, will both be collecting the benefit after they retire. Regardless of your earnings history, a $0 will be averaged in for every year less than 35 worked. Unless your total income is less than $25,000 for an individual or $32,000 if youre remarried and file jointly, you will have to pay taxes on a portion of your Social Security benefits. But it's important to understand the implications of filing at different ages. I was trying to get some understanding regarding the eligibility clause that says the ss benefit must be less than Id receive based on my ex-spouses work; and that SS will pay the higher of the two benefits for which I am eligible, but not both. What Happens to My Social Security if I Remarry? - Yahoo Finance Every year, the SSA releases an annual statistical supplement that digs below the surface and provides detailed data on where the program's benefit dollars end up. Learn More. Let's say you expect to need $4,000 a month to live comfortably and you don't intend to work. If you remarry after age 60, you can still become entitled to benefits on your prior deceased spouse's Social Security earnings record. Not yet full retirement age? Meanwhile, United Income found that 57% of claimants would have been best served waiting until age 70 to take their payout. According to a blog on the SSAs Social Security Matters website, remarrying might affect your benefits regarding the following: The amount of your SSI payment might change as a result of your new spouses income and resources. Even if you think your own benefit will be the higher amount, it is worth it to double check with the SSA especially if you learn that your ex-spouse has passed away, making you eligible for survivor benefits rather than just spousal. Try imagining yourself in your favorite place. The short answer to the question in the title is that you can remarry as soon as your divorce is final in Minnesota. 3 Changes to Social Security You Probably Didn't Know, Here's How Big Joe Biden's Social Security Check Is -- To the Dollar, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Motley Fool Issues Rare All In Buy Alert, Copyright, Trademark and Patent Information. As a whole, at least 57.4% of claimants took their benefit prior to reaching their full retirement age in 2021. In prior years, the ceiling on income subject to Social Security taxes was lower. Opinions expressed by Forbes Contributors are their own. These states are Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, Rhode Island, North Dakota, Vermont, and Utah. I am a 65 year old divorced, single person whos ex husband recently passed away. Today, Social Security pays monthly survivor benefits to nearly 3.9 million widows and widowers (including divorced former spouses) and about 2 million children of deceased wage earners. Can a Divorced Person Collect Social Security From an Ex? - Investopedia What Is the Average Social Security Benefit at Every Age? Ex-Spouse Benefits and You | SSA - Social Security Matters And that 40% figure assumes two things: you earn an average income and benefits aren't slashed broadly once Social Security's trust funds run out of money. We will use the information you give us about your prior marriage along with your other responses to decide if you or your ex-spouse can receive benefits on the other's record. Let's say you and your future spouse are both receiving SSI benefits as your only income. Unfortunately, there's no one-size-fits-all strategy. 1 Retirement Savings Strategy That Every Millennial Should Know Now. If the latter happens, you'll get even less replacement income out of Social Security. Get more Social Security answers Will remarrying reduce my Social Security benefits? A divorced ex-spouse who is at least 60 (50 if disabled) can also collect survivor benefits if he or she was married to the deceased for at least 10 years. This statistical supplement also looks back at retired-worker claims over the previous year (in this instance, 2021) to show what age retired workers are taking their benefits. I will be 66 next month and I do not currently plan to file until 70. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. However, if your ex-spouse has remarried, it won't affect your ability to claim divorce benefits based on their work record. Making the world smarter, happier, and richer. For anyone born in 1954 or after, you must choose one benefit or the other. A prior marriage is one that has ended due to divorce or death of a spouse. Keep in mind. Clearly, it's important to put a lot of thought into when to claim Social Security. Also, think about whether you're willing and able to work in retirement in some capacity. However, the data pretty clearly shows that waiting is going to be beneficial for a majority of retired workers. Suddenly, you're looking at retiring with about $487,000. What is the Government Pension Offset and how does it affect the amount I can collect? If you and your spouse both get SSI, your payment amount will change from an individual rate to a couples rate. Notify the Social Security Administration that you were married more than once and may qualify for benefits on more than one spouse's earnings record. Heres How You Can Protect Yourself, With Student Loan Payments Resuming, Here Are 6 Easy Ways To Cut Other Expenses, FDA Has Approved The Anti-Alzheimers Drug Leqembi. Unless your ex is already deceased or you are disabled, the earliest you can file is three months before your 62nd birthday. To receive the full amount you're entitled to, you'll need to wait until your full retirement age (FRA) -- which is age 67 for anyone born in 1960 or later. Want $10,000 in Annual Dividend Income? Strategy No. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Data source: Social Security Administration. Historical indices do not reflect the deduction of transaction, custodial, investment management fees, or fund fees, which would diminish results. If your ex-spouse had not filed, and his benefit is higher, you could begin to claim on your benefit as early as age 62, then switch to his higher benefit when he files. At What Age Do Retired Workers Claim Their Social Security Benefit There is no limit to how many people can collect on one work record! If I remarry, what happens to my Social Security survivor benefit?