I’m 63 years previous, disabled and gather SSDI. My ex-wife at present pays me alimony ($360 per 30 days) and can accomplish that till I flip 65. I can not work, and I’m frightened I gained’t be capable of assist myself solely on my SSDI month-to-month revenue with out that extra $360.
We had been married from 1980 till 2017. She was the plaintiff within the divorce and filed on the idea of irreconcilable variations. I don’t have a duplicate of our marriage license, however I do have the divorce decree. I’ve no method of acquiring her Social Safety quantity. She at present lives in Florida. (Her return deal with on the alimony checks is a Florida deal with.) She was born in 1959.
She is at present, or had been self-employed as a licensed psychological well being counselor. I don’t know her present employment standing now, as now we have no contact with one another. Due to this fact, I don’t know if she has filed for Social Safety advantages.
I consider she inherited a major amount of cash when her mother handed away not lengthy after the divorce which (I’m guessing) she has in a belief fund. I used to be instructed I don’t have any rights to any portion of that inheritance, although we had been married 36 years.
Since she is in a a lot better place financially, I’m questioning if I’ve the appropriate to say a portion of her Social Safety when she information, if she hasn’t already.Â
-R.
Pricey R.,
You’d qualify for spousal advantages primarily based in your ex-wife’s earnings. However that most likely gained’t do you a lot good. Social Safety doesn’t permit for double-dipping. You may obtain your individual profit or a spousal profit, however not each. Social Safety provides you whichever one is increased.
Social Safety Incapacity Insurance coverage (SSDI) advantages are primarily based by yourself earnings. Primarily, your profit is calculated as in case you’d reached full retirement age. However the most spousal profit is simply 50% of the opposite particular person’s full retirement age profit.
Even when your ex-wife considerably outearned you, your SSDI profit might be greater than you’d obtain by spousal advantages. As of August 2022, the typical Social Safety incapacity profit was about 63% increased than the typical spousal profit.
This doesn’t should be a guessing sport, although. You may name Social Safety and supply them with the knowledge you may have about your ex-wife. Whereas having her Social Safety quantity would make issues simpler, employees can nonetheless assist you find her earnings file with out it. That method you’ll know with certainty that you simply’re not leaving cash on the desk.
Sadly, I’ve to layer on extra unhealthy information: The one who instructed you that you’ve zero rights to your ex’s inheritance was appropriate. Even in case you’d stayed married, you wouldn’t have been entitled to that cash. Inheritances are usually handled as separate property, relatively than marital property, which means they belong completely to the inheriting partner.
So the place does that go away you? You already know that you simply’re dealing with a possible $360 price range shortfall. You already know that the chances of compressing extra money out of Social Safety are slim and that the opening gained’t be crammed by your spouse’s inheritance. So you may have two years to organize.
In case you personal your property and have important fairness, take into account taking out a reverse mortgage. In any other case, when you have an additional bed room, maybe you would soak up a renter to generate additional revenue.
You also needs to examine whether or not you qualify for advantages past your SSDI funds. place to begin is benefits.gov. For instance, perhaps you’d qualify for the Supplemental Diet Help Program (SNAP) or a Medicare Financial savings Program.
Although you say that you simply’re unable to work, take into account simply how a lot work has modified in the previous couple of years. Even in case you’re not capable of report back to an on-site job with common hours, would possibly it’s potential so that you can earn extra cash with gig work or a distant job?
You solely want to interchange about $90 every week. You’re allowed to earn as much as $1,350 a month (or $2,250 in case you’re blind) whereas receiving Social Safety incapacity in 2022. These limits will most likely rise barely in 2023. And when you attain full retirement age at 67, your incapacity will convert to retirement advantages, and also you’ll don’t have any revenue limits.
You’re most likely on a decent price range already. But when it’s potential to put aside any cash out of your alimony now — even when it’s simply $25 or $50 a month — strive to take action, as a way to construct your self a cushion for when these checks finish.
Understanding that your alimony funds will ultimately dry up must be anxious, given that you simply’re on a hard and fast revenue. However at the very least you may have time to organize. Use the subsequent two years to discover different sources of revenue and advantages.
Robin Hartill is an authorized monetary planner and a senior author at The Nourishmoney. Ship your tough cash inquiries to [email protected].