Article
It is highly common for everyone to be overwhelmed with all the decisions that need to be made when reaching retirement age. Making choices for your financial future can be even more complicated if you are making all of these decisions on your own, particularly your Social Security withdrawal options. If you are divorced, educating yourself about your Social Security benefits options can help you make smart and thoughtful decisions.
When you are ready to file for spousal Social Security benefits, it is important to look at the main eligibility factors:
1
Have you been married for 10 years?
2
Have you remained single since your divorce?
3
Have you been divorced for 2 years or longer?
If your answer to all three questions above is yes, then you are eligible for your ex-spouse’s benefits.
The Social Security office has different filing rules, depending upon your age. Your first option is to file for your SS benefits at age 62 (if both you and your ex-spouse are at least 62). Since 62 years old is considered an early retirement age, the Social Security office will first calculate your personal benefits and your divorced spouse’s benefits, and will then determine the higher of the two benefits, paying you the higher amount.
Your second option is to file for your spousal Social Security benefits at full retirement age (now 66). At this age, you have a choice as to whether you would like to claim benefits based on your own earnings record, or on your former spouse’s record. Keep in mind that you will only receive 50% of your divorced spouse’s benefits. These benefits will be the same, whether you begin withdrawing them at age 66 or wait until age 70. If your own benefits at age 70 will be higher than your spousal benefits, you should file for spousal Social Security benefits at 66 and switch to your own at 70. The ssa.gov website offers more information about the Social Security application process.
Please note that if you have been divorced for less than two years, you are still eligible for spousal Social Security benefits; however, filing for the benefits may be more complicated. See your financial advisor and/or your attorney for more information.
Making a decision about Social Security benefits is an important part of your financial future. Once you near the age of retirement, it is always a good idea to speak with your financial advisor and your attorney to ensure that you are making the best decisions.
