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I'm often contacted by CBS MoneyWatch readers regarding questions they have about retirement and Social Security benefits. If you were married for 10 years or more and then got divorced, you're entitled to receive an income from Social Security that is based on 50 percent of your ex-spouse's Social Security benefits. To estimate the Social Security income Mary's ex will receive, I used the Quick Calculator on the Social Security Administration website. The monthly income Mary will receive is 50 percent of that amount -- $1,225 -- starting at her FRA, which is also age 66. Note that the above monthly amounts are in today's dollars; they will be increased for future cost of living adjustments (COLAs).
But how do you decide if you should start your Social Security spousal benefits at age 62 or delay them until age 66? Mary's second question was this: Can she work to supplement her Social Security income without affecting her Social Security benefits? Here are a few more things to be aware of: If your own wage earnings produce a larger benefit than the spouse's benefit, then you'll receive your own benefit instead of the spouse's benefit. The fact that you collect a spouse's benefit on your ex's earnings record does not impact his benefit in any way. Steve Vernon helped large employers design and manage their retirement programs for more than 35 years as a consulting actuary.
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Did you quit your job and become a stay-at-home parent for years while the kids were growing up? The key to being able to claim a Social Security benefit based upon the record of your ex-spouse sounds pretty straight-forward: Your marriage must have lasted at least 10 years. Being the considerate guy that he is, Fred wonders if he and Wilma should get married again -- just 6 for months! Molly recently learned that someone could qualify for a widow or widower’s benefit even if they were married to their deceased spouse for as few as 9 months. Molly visits her local Social Security office and learns that she does not qualify for a widow’s benefit.
Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. After rubbing the bottle, a genie pops out and tells the lucky man that he can have one wish, provided that his mother-in-law gets double. A man said that all of his credit cards were stolen, but he decided not to report it because the thief was spending less than his wife did.


A psychiatrist is just a person who will give you very expensive answers that your wife can give you for free. You Might Also Like:Wedding Mad Libs About Lilly ChildersLilly is a writer and journalist with a passion for helping brides plan a fun and memorable wedding day. Recently I heard from Mary, about the benefits she might expect to receive based on her former husband's earnings. According to this calculator, the monthly income for someone born in 1950 who has always paid the maximum into Social Security will be about $2,450, starting at that person's Full Retirement Age (FRA), which is age 66. She can start her income as early as age 62, but in that case, her income would be reduced permanently by 30 percent, resulting in an income of about $858 per month. Here's the pure financial answer: If you think you'll live until age 78 or later, you'll get more income over your lifetime by delaying until age 66. In fact, he can remarry and his wife can receive a Social Security spouse's income as well.
Now he's a research scholar for the Stanford Center on Longevity, where he helps collect, direct and disseminate research that will improve the financial security of seniors.
Or, perhaps you have always worked, but never earned anything near the salary your spouse made. If both individuals are still alive, the maximum divorced spouse benefit is 50% of what your “ex” would receive at Full Retirement Age (FRA).
A surviving spouse who remarries after reaching age 60 (or age 50 if disabled) doesn't have to worry about the remarriage affecting eligibility for survivor benefits, whether divorced or widowed.If you've been married for 10 years each to more than 1 now-deceased ex-spouse, you can pick the survivor benefits from the ex-spouse who provides the highest payout.
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She believes that what truly makes a wedding beautiful is one that captures the unique personalities of both the bride and groom. If you need the money now to make ends meet, however, you might decide to start your Social Security income as soon as possible. Once we've attained our FRA, we can earn as much additional income as possible and not reduce our Social Security income. Because of that, she isn't eligible for the Social Security spouse's benefit from her ex-husband.


While it's most likely you'll need the wage income to supplement your Social Security, those benefits can help you make ends meet.
He's also president of Rest-of-Life Communications, delivers retirement planning workshops and authored Money for Life: Turn Your IRA and 401(k) Into a Lifetime Retirement Paycheck and Recession-Proof Your Retirement Years. In both cases, there’s a good chance that the Social Security benefit you are entitled to based upon your own earnings record is less than half of your spouse’s benefit.(1) If that’s the case -- and you are considering a divorce -- understanding the rules for divorced spouse benefits could mean thousands of dollars in additional income each year. For instance, do the 10 years of marriage have to be consecutive?  Do partial years count? Plus, you can switch to the other ex-spouse's benefits later, if it's advantageous to do so.Better yet, Kotlikoff points out that reductions in benefits based on filing early for 1 spouse's earnings record don't carry over to collecting on another's. However, if we're collecting Social Security income before our FRA, Social Security applies the earnings test. Although they don’t necessarily have to include all 365 days, the ten years of marriage need to be consecutive.
So, you could potentially collect at 60 on 1 deceased ex-spouse's benefits and then switch to another deceased ex-spouse's benefit when you reach full retirement age. If our annual income from wages is more than $14,160, then our Social Security income is reduced by $1 for every $2 that our wage income exceeds $14,160. If she qualifies as a “surviving divorced spouse,” she is entitled to the same benefit as a widow or widower: 100% of the amount Henry was receiving at the time of his death. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused. I was a stay-at-home mom for a number of years, and although I'm seeking work now, I'm currently unemployed. The earnings test doesn't depend on the age at which you started your benefits; if you start benefits before your FRA, the earnings test only applies before your FRA, and it doesn't apply after attaining your FRA.
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I would really like to know what Social Security benefits I could expect to receive based on his benefits.



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