Q. I’m 71 and amassing Social Security. I used to be married one time for 13 years. My spouse divorced me once I was 44 and she or he was 34, born in 1960. I’ve by no means remarried. I’ve by no means lived with anybody else. Can I gather my ex-wife’s Social Security full advantages when she reaches the age of 66 and I’ll be, lord keen, 76?
A. We’re glad you’re making an attempt to plan, however we could have a shock or two for you.
There are a number of gadgets that come into play to be eligible for Social Security advantages primarily based on a former partner’s earnings file.
You could have been married to that partner for 10 years or extra, you and your ex should be at the very least age 62 and you’re single, mentioned Joseph Sarnecki, a licensed monetary planner with U.S. Monetary Companies in Fairfield.
As you’re eligible and amassing retirement advantages by yourself file, the Social Security Administration (SSA) pays you that quantity first.
“If 50% of the profit in your former partner’s file is greater than your present profit, you’re going to get a further quantity in order that the mixture of advantages equals that greater quantity,” he mentioned. “The max quantity is 50% of the previous partner ‘s retirement profit, not 100%. In case your former partner was deceased, you could be eligible for a survivor’s good thing about as much as 100%.”
Sarnecki supplied this instance. Let’s say your profit was $1,000 per 30 days, and your former partner’s profit was $1,500. You’d proceed to obtain $1,000 as that is greater than $750 — half your ex’s profit. In case your former partner ‘s profit was $2,500, you’ll get your $1,000 plus a further $250 to get your profit as much as 50% of your former partner’s. Ought to your former partner cross, you could then be eligible for the $2,500, he mentioned.
This doesn’t have an effect on you, but when somebody filed earlier than reaching their full retirement age, the profit can be completely decreased, he mentioned.
One essential observe is your former partner solely must be 62 so that you can gather off her work file, he mentioned.
Electronic mail your inquiries to [email protected].
Karin Worth Mueller writes the Bamboozled column for NJ Advance Media and is the founding father of NJMoneyHelp.com. Observe NJMoneyHelp on Twitter @NJMoneyHelp. Discover NJMoneyHelp on Fb. Join NJMoneyHelp.com’s weekly e-newsletter.