You never dreamed that you would get divorced later in life. But now that it’s inevitable, you need to know how things work with your social security benefits.
Divorce at an older age can carry with it much more uncertainty than when we were younger. We must consider healthcare costs, greater division of assets, and how to meet the monthly budget on a fixed income.
Were you married over ten years? If so, you’ll be able to receive benefits from your former spouse’s record– even if he or she has remarried– but you did not.
And if your ex-spouse is 62 or older, you can claim from their record when yours is smaller.
Furthermore, you can collect benefits from your ex-spouses record even if he or she has not yet filed for themselves. However, if you remarry you will lose that benefit.
New averages say it’s estimated that 10 out of 1,000 marriages, of those over 50 years of age, end in divorce. And for those over 65, it’s 6 in 1,000. Because most remarry, there are a lot of technicalities when it comes to SS benefits.
Be sure to check with the SS Administration to know where you stand when it comes to ex-spousal benefits.
Divorcing When It’s Time to Retire and Collect
According to Market Watch, most couples over 50 years of age divorce with incompatibilities as being the top motivator. Social security rarely enters the picture. So, make sure to figure it into your decision.
If you’re thinking about divorce, as your nearing retirement age or thereafter, see a qualified financial advisor as well as your attorney. Gather all the facts and make the best decision for your financial security as well as your physical and emotional wellbeing.
Market Watch also reports that baby boomers not only increased the numbers of multiple marriages and divorces but are retiring at a much later age– perhaps there’s a connection.
But one thing’s for sure, boomers or not, we desire the best for our entire families. We have children and grandchildren to consider in our decision and want to continue to build a vibrant future.