Divorce and Social Security

by | May 4, 2024 | Spousal IRA | 2 comments

Divorce and Social Security




| If you have an ex-spouse, you really need to understand the rules on Social Security and divorce.
From my side of the desk, I often see the financial impact of a divorce. I’ve yet to see a single divorce where either spouse emerged with a higher net worth. Everything changes. So before you sit down with your financial planner to rethink out your retirement income strategy, here’s what you need to know about Social Security and divorce.

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⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government. I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇
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Social Security is a federal government program that provides financial assistance to individuals who are retired, disabled, or survivors of deceased workers. In the event of a divorce, Social Security benefits can be a complex issue that requires careful consideration and planning.

When a couple divorces, one of the key factors that may affect Social Security benefits is the length of the marriage. In order to receive benefits based on an ex-spouse’s record, the couple must have been married for at least 10 years. In addition, the ex-spouse must be at least 62 years old and the other ex-spouse must be eligible for benefits, either through retirement or disability.

See also  Exclusions from Social Security earnings limit: Pension, IRA, unemployment & more #socialsecurity #ssdi

If these requirements are met, the ex-spouse may be entitled to up to half of the other ex-spouse’s benefit amount. It’s important to note that receiving benefits as an ex-spouse does not affect the other ex-spouse’s benefits in any way.

Another important factor to consider is timing. A divorced spouse must be unmarried in order to receive benefits based on an ex-spouse’s record. If the divorced spouse remarries, they will no longer be eligible for benefits on the ex-spouse’s record.

It’s also worth noting that Social Security benefits can be impacted by other factors, such as earnings from work and other sources of income. In some cases, receiving benefits as an ex-spouse may affect the amount of benefits the individual is eligible to receive on their own record.

If you are considering divorce and are nearing retirement age, it’s important to carefully review your options and consult with a financial advisor or legal professional who is knowledgeable about Social Security benefits. By understanding the rules and regulations surrounding Social Security benefits and divorce, you can make informed decisions that will ensure you receive the maximum benefits to which you are entitled.

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2 Comments

  1. @user-tc7fb2pb6j

    Social security and divorce is worse things in the life its good for people who think money is everything some people thinks money is dust but nobody to any body money on street for free everyone looking for money

  2. @LuisGarcia-eq5sc

    How can I block my ex from getting her greedy hands off my benifits

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