Are you approaching retirement and also facing a divorce? You are in good company. The divorce rate has doubled in the past 25 years for those over 50. In fact there is even a term for it coined by researchers. “Gray divorce” is here to stay and I want to help you navigate it.
While approaching retirement and divorce at the same time can be scary, it’s important to prepare yourself now to make sure you get the most out of your money. Most people don’t realize that if they were married for 10 years or more, they can most likely collect social security on their ex’s earnings record. This is especially helpful if you had lower earnings throughout the marriage.
Many women are surprised to learn they can receive Social Security based on what their ex-husband earned. This can be a lifeline to many in retirement and is an important consideration as you plan your financial future.
To be eligible for Social Security benefits on your ex’s earnings record, you must meet the following requirements:
- You were married to your ex for at least 10 years.
- You and your ex-spouse are both at least 62 years old.
- You have not remarried.
- Your ex must be eligible for Social Security retirement or disability benefits.
The process of collecting benefits on your ex’s earnings is simple, and you don’t need him to participate in the process. You simply need to contact the Social Security Administration and fill out some paperwork. They will be able to tell you how much your won Social Security benefit is, how much 50% of your ex’s benefit would be, and help you collect whichever is greater. (You cannot collect both your benefit and 50% of his… you get one or the other.)
You should also know that collecting benefits on your ex’s earnings does not affect what he will get from Social Security. He will still get his full benefit and this will not affect him in any way. You don’t need his permission, and he does not have to know that you have applied for this. It’s between you and the government.
Get the highest amount from Social Security that you can! And know that your ex won’t “lose” because of this.
The ten year mark is critical to this benefit, so if your marriage is coming to an end but nearing the ten year mark, you have a decision to make. It could make a significant difference in your retirement benefits, so it may make sense to wait until your marriage has reached ten years before finalizing your divorce.
If you’re considering divorce but don’t know where to start with the financial part of it, download my free resource, Planning For Divorce. Don’t settle your divorce without all the financial facts on the table. You can do this!
