I used to be married 22 years. The wedding resulted in 2002. When my ex-wife retires, will I be capable to gather half of her Social Safety? In that case, how do I am going about that? I’m 61; she is 62 now.
Additionally, would she be capable to come after half of my Social Safety? How can I stop the latter? (I earned lower than she did.)
-R.
Pricey R.,
In case your ex-wife earned greater than you, she’d nearly actually get more cash by taking her personal Social Safety. However even if you happen to made more cash, there’s no motive to fret that your ex may “come after” your Social Safety. Her profit has zero impression in your profit, and vice-versa.
There appears to be a false impression on the coronary heart of your query — which is the concept if you declare your ex’s Social Safety, you’re someway taking cash from them. That’s merely not true.
Social Safety doesn’t have a pot of cash put aside for you. As a substitute, you pay into the Social Safety belief by payroll taxes. Whenever you grow to be eligible to begin gathering, your advantages are calculated primarily based on how a lot you paid in. Alternatively, if you happen to’re married or divorced, you might qualify for spousal advantages. In that case, Social Safety bases your profit in your present or former partner’s earnings as an alternative of your individual.
The necessary level is that this: Social Safety wouldn’t take cash out of your ex’s examine and ship it to you. Nor would they ship half of your examine to your ex. They’ll merely use the previous partner’s work document if it ends in more cash for the one who’s making use of. Social Safety will provide you with whichever profit is larger, however not each.
There’s nothing anybody can do to forestall their ex from claiming their Social Safety. Although some divorce decrees specify that one partner will relinquish their rights to gather the opposite partner’s advantages, the Social Safety Administration says these provisions “are nugatory and are by no means enforced.”
Now to reply your query: It sounds such as you’d qualify to your ex-wife’s advantages, so long as you’re not at the moment married. Your marriage lasted for 10 years and also you’ve been divorced for greater than two years, as Social Safety requires.
However don’t be shocked if you happen to qualify for extra Social Safety by yourself. The utmost profit you will get by spousal advantages, whether or not you’re a present or former partner, is 50% of their main insurance coverage quantity. That’s the profit you’re eligible for at full retirement age, which is 67 for anybody born in 1960 or later. Individuals who work for many of their grownup lives usually qualify for extra on their very own, even when they have been married to somebody who earned extra.
Your profit can be even lower than half if you happen to declare Social Safety early. Should you began gathering at 62, as quickly as you’re eligible, you’d solely obtain 32.5% of your ex-wife’s full profit. You can also’t earn 8% delayed retirement credit every year do you have to maintain out previous full retirement age. Your profit would cap out at 50% of your ex’s main insurance coverage quantity.
Luckily, you don’t have to make this right into a guessing sport. Whenever you apply for Social Safety, you’ll be able to ask them to calculate each your retirement profit and your spousal profit. You’ll get whichever profit is extra. It’s also possible to use Social Security’s online calculators to estimate how a lot you’d get from retirement advantages vs. spousal advantages.
When it’s time to use, Social Safety might want to find your ex-wife’s document. This course of can be simpler if you happen to nonetheless have her Social Safety quantity. In any other case, you might want to offer her date of start, the place she was born, and the names of her mother and father. Even be ready to offer a duplicate of your marriage certificates and divorce decree.
The underside line right here is that your ex’s Social Safety doesn’t should occupy any actual property in your mind. Concentrate on getting the utmost profit for your self, whether or not it’s by your individual profit or your ex’s.
Robin Hartill is an authorized monetary planner and a senior author at The Nourishmoney. Ship your tough cash inquiries to [email protected] or chat along with her in The Nourishmoney Community.