As we near the end of the Social Security Retirement Benefits portion (Medicare up next), the final Three Parts will be directly related to spousal benefits. Spousal benefits are EXACTLY the same no matter gender, so insert your preference for the easiest understanding.
Parts (8-10) will deal with the status of the spouse and how it effects retirement benefits for the other spouse:
As just a heads up, each section will become more detailed and complicated – so let’s get started on the various spouse benefits depending on the other’s status!
In Part 10, from our Social Security Event earlier this year, Expert, Mr. Tom Clark, continued with the specifics of Social Security, Retirement Benefits for DIVORCED spouses …. that Social Security Provides. As a refresher, Part 1 Here , Part 2 Here , Part 3 Here, Part 4 Here, Part 5 Here, Part 6 here, Part 7 here, Part 8 here , Part 9 here, and Direct Audio Here on our site for your viewing/listening pleasures:
Retirement Benefits for DIVORCED Spouses
In this clip, it becomes very apparent that Divorce and Deceased Ex Spouses carry burdens by us the consumer to check with Social Security for possible increased benefits – also of note there IS a disadvantage to remarrying a lower income spouse :
- Divorced Spouse must have been married 10 years, unmarried and meets all the benefits of current/regular Spouse to draw benefits – and is still unmarried.
- Ex Spouses DO NOT effect in any way other benefits for others – Ex Spouse or new spouse’s benefits – Technically someone could be married and divorced as many times as longevity would allow, and as long as each time they were married 10 years all would receive benefits and NOT effect any others benefits!
- If get remarried, cannot draw benefits on a living Ex husbands benefits.
- Example: Married to high income earner and get divorced, remarry to a low income earner, likely will reduce benefits spousal benefits if yours are not greater on your own.
- Near end of audio – important statement – If you are divorced, especially if your former spouse has remarried and the current spouse is drawing a spousal benefit, Social Security likely has no record of your marriage to that spouse – see next point
- Should your EX spouse pass away, you may be entitled to and increase in benefits if you meet the requirements of current wife of widow.
- Because of the first two points, you may consider calling Social Security to confirm your Ex is still living, if this is not the case, you may be entitled to an increase in benefits- again, something Social Security would have no idea due to remarriage of your Ex
Dealing with Divorced Spousal benefits carriers obligations in order to maximize Social Security Benefits …
Be sure to listen to the audio below from the event, it is very informative!
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Have a Great “DIVORCED Spousal Benefits and Obligations Explained” Day!
John A. Kvale CFA, CFP