From: Frank M

Hello, been reading and watching your information for a while now, got a question that I haven’t seen, My sister was married Twice, Both railroaders, first time approx. 13 years, second time, about 1 year. Number one had close to 40 years. Number two had 40+ years. Both late 60’s age. Number one remarried. Sister is going to be 58. She has several health issues. She has applied for SS disability, Just this past year, nothing yet.Is there Anything she can do? As far as RR Retirement, does she have to wait till 60 years of age? Thank You

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Disclaimer: This video is provided for general information and illustration purposes only. Nothing contained in the material constitutes tax advice, a recommendation for purchase or sale of any security, or investment advisory services. Highball Advisors encourages you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation. Reproduction of this material is prohibited without written permission from Highball Advisors, and all rights are reserved.

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When a marriage comes to an end with a divorce, a lot of things change. Not only do both partners have to adjust to a new life without each other, but they also have to consider their financial stability independent of one another. In some cases, one partner might be entitled to a divorced spousal annuity. But what is a divorced spousal annuity, and how can you get one?

A divorced spousal annuity is a type of retirement benefit that is paid to a former spouse of someone who is receiving a pension or retirement annuity. This annuity is paid out to the ex-spouse if the marriage lasted for at least ten years, and the individual qualifies for the benefits. Essentially, a divorced spousal annuity is a way for the former spouse to receive a portion of the pension or retirement benefits that were earned during the marriage.

To qualify for a divorced spousal annuity, you need to meet certain criteria. First, you must have been married to the individual for at least ten years. Second, you must be at least 62 years old or have a qualifying disability. Finally, you must not have remarried.

If you meet these requirements, you can apply for a divorced spousal annuity from the Social Security Administration (SSA). The amount of your annuity will depend on various factors, including your age, the length of your marriage, and the amount of money your former spouse earned during his or her career. Typically, the amount you receive will be up to half of your ex-spouse’s benefit amount.

It’s worth noting that if you are receiving a divorced spousal annuity, it will not affect your former spouse’s benefits in any way. Additionally, if you have been married more than once, you can only receive benefits from one ex-spouse at a time. However, if you have multiple ex-spouses who meet the criteria, you can choose which one’s benefits to receive.

In conclusion, if you’re going through a divorce and are concerned about your financial stability in retirement, a divorced spousal annuity could be an option for you. By meeting the necessary criteria and applying for the annuity through the SSA, you could receive a portion of your former spouse’s pension or retirement benefits. While it may not be the solution for everyone, it’s worth looking into to see if it could benefit you in the long run.