As our ongoing discussion of Social Security benefits continues from our earlier 2014 Private Client Roundtable, this weeks discussion makes its way into conversation frequently at the confines of our office in Dallas Texas during financial planning discussions.
Social Security Divorcee Benefits Explained
- There could be a penalty if you are not careful – remarrying a lower-income earner may cause benefits to decrease
- Divorced spouse can receive benefits on the former spouse
- Divorcee’s must have been married 10 years
- Must be unmarried when apply for benefits
- Must meet all benefits just as if currently married
- Ex-Spouse (benefit earner) not affected from drawing on benefits
- Widow divorcee after age 60 gets to choose benefit if multiple spouses
- The benefit is the greater of the divorcee’s own benefit, or the higher income earner’s former spouses 1/2
Please listen to the audio as it gives greater granularity. There are also several humorous jokes that are worth a short listen and a laugh …. We had lot’s of fun at the event!
Have a Great Day!
John A. Kvale CFA, CFPhttp://www.jkfinancialinc.com http://www.street-cents.com 8222 Douglas Ave # 590 Dallas, TX 75225