I used to be married 22 years. The wedding led to 2002. When my ex-wife retires, will I be capable to acquire half of her Social Safety? In that case, how do I am going about that? I’m 61; she is 62 now.
Additionally, would she be capable to come after half of my Social Safety? How can I forestall the latter? (I earned lower than she did.)
-R.
Expensive R.,
In case your ex-wife earned greater than you, she’d nearly actually get extra money by taking her personal Social Safety. However even for those who made extra money, there’s no motive to fret that your ex may “come after” your Social Safety. Her profit has zero affect in your profit, and vice-versa.
There appears to be a false impression on the coronary heart of your query — which is the concept once you declare your ex’s Social Safety, you’re by some means taking cash from them. That’s merely not true.
Social Safety doesn’t have a pot of cash put aside for you. As a substitute, you pay into the Social Safety belief by payroll taxes. While you change into eligible to begin gathering, your advantages are calculated based mostly on how a lot you paid in. Alternatively, for those who’re married or divorced, you could qualify for spousal advantages. In that case, Social Safety bases your profit in your present or former partner’s earnings as an alternative of your individual.
The necessary level is that this: Social Safety wouldn’t take cash out of your ex’s test and ship it to you. Nor would they ship half of your test to your ex. They’ll merely use the previous partner’s work report if it ends in extra money for the one who’s making use of. Social Safety will provide you with whichever profit is larger, however not each.
There’s nothing anybody can do to stop their ex from claiming their Social Safety. Though some divorce decrees specify that one partner will relinquish their rights to gather the opposite partner’s advantages, the Social Safety Administration says these provisions “are nugatory and are by no means enforced.”
Now to reply your query: It sounds such as you’d qualify on your ex-wife’s advantages, so long as you’re not presently married. Your marriage lasted for 10 years and also you’ve been divorced for greater than two years, as Social Safety requires.
However don’t be stunned for those who qualify for extra Social Safety by yourself. The utmost profit you will get by spousal advantages, whether or not you’re a present or former partner, is 50% of their major insurance coverage quantity. That’s the profit you’re eligible for at full retirement age, which is 67 for anybody born in 1960 or later. Individuals who work for many of their grownup lives typically qualify for extra on their very own, even when they have been married to somebody who earned extra.
Your profit could be even lower than half for those who declare Social Safety early. In the event you began gathering at 62, as quickly as you’re eligible, you’d solely obtain 32.5% of your ex-wife’s full profit. You can also’t earn 8% delayed retirement credit annually do you have to maintain out previous full retirement age. Your profit would cap out at 50% of your ex’s major insurance coverage quantity.
Luckily, you don’t have to make this right into a guessing recreation. While you apply for Social Safety, you’ll be able to ask them to calculate each your retirement profit and your spousal profit. You’ll get whichever profit is extra. You can too use Social Security’s online calculators to estimate how a lot you’d get from retirement advantages vs. spousal advantages.
When it’s time to use, Social Safety might want to find your ex-wife’s report. This course of might be simpler for those who nonetheless have her Social Safety quantity. In any other case, you could want to offer her date of delivery, the place she was born, and the names of her dad and mom. Even be ready to offer a replica of your marriage certificates and divorce decree.
The underside line right here is that your ex’s Social Safety doesn’t should occupy any actual property in your mind. Concentrate on getting the utmost profit for your self, whether or not it’s by your individual profit or your ex’s.
Robin Hartill is a licensed monetary planner and a senior author at The PNW. Ship your tough cash inquiries to [email protected] or chat together with her in The PNW Community.