Maybe the best financial planning I’ve ever conducted is working with ex-spouses in planning for their retirement.
I can’t tell you how many ex’s do not understand the benefits they are entitled to off their ex-spouses record.
And once they are made aware of this opportunity, it’s like a dark curtain is lifted and a whole world of new opportunities opens in front of them.
For instance, I had a client who lived in Pennsylvania. She had been married many years to a high-income doctor. But, as is this case with 50% of marriages, they divorced.
My client wanted out of the relationship as quickly as possible and turned out, in hindsight, she didn’t hold out for as much as she probably should have.
And now, as retirement approached, she was worried how she was going to pay for everything. She was especially worried about if she had a long term care need and would have to have her daughter care for her.
It was very important to her to have Long Term Care Insurance policy. But it was out of her reach given her limited retirement income.
So, here comes ole Josh. And I simply asked her, “were you married more than 10 years?”
“Yes,” she replies.
“Do you plan on getting remarried anytime soon?”
“Nope.”
“Were you making much money when you were married?”
She chuckled at this. “Hardly! I was taking care of the kids. So I had NO INCOME!”
Light goes off over my head. She needs to march down to the Social Security Administration office and see if she can qualify for a spousal benefit on her Ex-hub’s record.
“But what if he says no?” She asks me.
“Doesn’t matter, because he will NEVER KNOW! Has NOTHING to do with him.”
Long story short, she qualifies for an additional $300-$400 a month or so on his record.
That was almost the EXACT cost of her Long Term Care Insurance policy too.
So, it was a win/win for her.
She felt a bit more vindicated in not holding out for more assets from her divorced husband. And she was able to get more income to cover an insurance policy she wanted.
Will this happen all the time? Of course not.
Does it happen enough, though, that it’s worth pursuing?
Absolutely!
It’s YOUR money too!
Oh, by the way, did you know if you’re a widow you will likely pay MORE in taxes even though you have LESS income? Yup. Watch this video:
Oh, it doesn’t stop there. How about paying more in Medicare B and D premiums too? Yup.
Oh, how about Social Security taxes too? Yup!
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Social Security is a vital source of income for many Americans, especially those who are retired or unable to work due to disability. But did you know that Social Security benefits can also be available to divorcees who were married for more than 10 years? If you’re in this category, here’s what you need to know about Social Security for divorcees.
According to the Social Security Administration, if you were married to your ex-spouse for at least 10 years, and you are at least 62 years old, you may be eligible to receive benefits based on your ex-spouse’s earnings record. This is true even if your ex-spouse has remarried. However, there are a few key criteria to keep in mind.
Firstly, you need to be unmarried in order to claim benefits on your ex-spouse’s record. If you have remarried, you will not be eligible to receive benefits based on your ex-spouse’s earnings. Additionally, you must also be eligible for Social Security benefits yourself – either through your own work history or through a combination of your work history and your ex-spouse’s.
It’s also important to note that if you are entitled to benefits on your own record, the Social Security Administration will pay that amount first. If the benefit on your ex-spouse’s record is higher, you will receive a combination of benefits that equals the higher amount. It’s also worth mentioning that claiming Social Security benefits before full retirement age (which is currently 66 or 67, depending on your year of birth) will result in a reduction in your benefits.
Another important factor to consider is your ex-spouse’s consent – they do not need to be receiving benefits themselves for you to claim on their work record. However, if your ex-spouse has not yet filed for benefits but is eligible to do so, you will need their cooperation in order to claim on their record. If your ex-spouse is deceased, you may still be able to claim survivor benefits based on their work record, provided you were married for at least 10 years.
In conclusion, Social Security benefits for divorcees married for more than 10 years can provide a valuable source of income in retirement. If you believe you may be eligible for benefits based on your ex-spouse’s earnings, it’s worth exploring this option further. You can contact the Social Security Administration or visit their website for more information and to determine your eligibility. Planning for your retirement is important, and understanding all of your potential sources of income can help you make the most of your post-work years.
back when I was still trained to wear a flippin' tie! UGH. Can't remember if the audio was great. I think this may have been the 5th video I ever did. Still a good piece of info all these years later though.
The first video I did that actually received a comment and got over 100 views too.
Hmmpf…makes sense why women file for divorce 80-90% of the time. #1 reason? Bordeom and/or financial issues. But thankfully they can leave the marriage with nice cash and prizes. And don't give me that BS that men cheat more than women…newer studies show women cheat more than men. But…that narrative can't be discussed because it goes against the feminine narrative. Shoooocking.
Any woman that this triggers, watch The Red Pill movie or Divorce Corp. Facts don't care about your feeeelings
St. Patty's day 2018! You've come a long way.
What if my ex claimed his benefits early at 62 ? Would I still get half his PIA or half his benefit he gets at 62 ? Which is only $1600 right now ! I think he took his SS early just to screw me.
What if someone had multiple ex's 3 or 4 , all married to this partner for 10 years each. Would they all be eligible for the full 50%.
Happily my ex got -0- from SS as we ere married 5 years. She also tried to get alimony. I fought that and she got zilch there too. It's sad you marry one person and divorce someone totally different. I retired at 52 five plus years ago. She's still working. Karma baby, karma.
Two ways to end a marriage, Divorce and Death. Josh has these both covered. Thank you
What if you were married > 10 years, divorced, and the Ex has passed away?
I believe you can file on widower benefits from 62-70, then collect your full amount from 70+ provided you never remarried. Is that true?