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Divorce Effect On Social Security Entitlements |
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50 Year Ago Divorce, Still Draw On Ex Social Security
Do not treat Social Security lightly when learning how divorce affects your rights. Not knowing, failing to max out correctly, can cost you tens of thousands of dollars if you live long. There is "No Reopening Up" wounds with your ex. No affect on them whatsoever, strictly wise strategic moves between you and Social Security. This article for Divorced is UNUSUAL and needs to be saved if not affecting you currently, it will and you won't be able to find this again put to immediate use. We are not experts but have become aware of Social Security income affecting you and your ex, and both you and your divorced friends need to know about. Most of this comes from the most recent issue of Bottom Line, though I was familiar with some of these ramifications of Social Security on divorced folks, it was never this clearly spelled out. Looks like if you were married for ten years to one or more, (only the last one counts) and you earned low or small amount of wages in your own life time employment history and will draw relatively low Social Security (you can check what you will draw with SS) and your last ex you were married to over ten years, had high income, then you may be better off drawing 50% of your former mates social security then filing on your own. Only the last spouse you were married to, no matter how long ago, if you were married to them over ten years qualifies you. Matters not if they are remarried or not. This has NO affect on your ex's Social Security. They will not even need to know you are drawing on it. Now be alerted about remarrying before age 60 (or age 50 if you are disabled), however, and you then lose the right to claim spousal benefits from the previous marriage. All rights transfer to the new spouse and the old ones no longer work. Therefore, it may pay you NOT to remarry, (forget to do the paper work, just move in with them.) Put Mr. and Mrs. Robert Jones on the mailbox (perfectly legal as long as not trying to cheat anyone) and nix doing any mumbo jumbo, licenses or the paper work. Has anyone EVER asked to see your marriage license on the last marriage? Social Security administration only counts and asks if you have paper work marriage to anyone else since. Answer needs to be NO. If you remarry, you will be eligible for spousal benefits based only on your new partner's earnings and if you get divorced you likely won't qualify to draw on theirs because you were NOT married 10 years. If you had low income and/or did not work long time, would draw say $500.00 a month. You can check with Social Security right now and find out what you will draw at retirement. No charge to find out.In contrast you check and your ex will be qualified to draw $2,000 dollars a month, because of long term high earnings, you would be entitled to draw on his Social Security at a 50% rate. $1,000 per month, in this case twice as much as you would have drawn on your own account. This does not matter if the high earner was a woman, and came into a lot of income late in life, etc., even years after the divorce from you. As long as you were married to them ten years or more and have NOT remarried, you are qualified, and it matters not they are not yet drawing Social Security and it has no effect, NONE, on their drawing Social Security when they do. Part Two, What Else Can Really Matter Up to $52,800 difference if live untill 90. Even If Married Less Then Ten Years.
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