I’m within the technique of divorce. It’s been two years since I’ve filed. My husband makes more cash than I do. I’m disabled and may’t work. I hardly have an revenue coming in proper now!
I’m going to be 62 in 4 months. He’s 54. Would I have the ability to get his Social Safety if I retire at 62?
-Legally Separated
Pricey Separated,
Unhealthy information first: When you’re amassing Social Safety primarily based on a former partner’s earnings, your ex must be eligible for advantages. Which means when you apply after your divorce is finalized, your soon-to-be-ex would both must be age 62 or on incapacity. When you utilized for advantages on his report whilst you’re nonetheless married, he’d not solely must be eligible for advantages. He’d have to truly be taking them.
Now for the excellent news: Because you’re over age 60 and unable to work, qualifying for Social Safety incapacity insurance coverage (SSDI) advantages could also be simpler than you assume. It’s possible you’ll get more cash every month than you’d when you took retirement advantages at 62.
Loads of older employees are tempted to start out Social Safety retirement checks early when a well being situation precludes them from holding a job. That’s comprehensible, as a result of getting authorised for incapacity is usually a lengthy and cumbersome course of. However beginning retirement advantages early as a substitute of making use of for incapacity is a mistake in lots of circumstances.
Social Safety weighs a number of things while you apply for incapacity, together with the kind of work you probably did beforehand and what job abilities you discovered. In case your incapacity prevents you from doing a job that’s just like your previous work, Social Safety considers your potential to regulate to different kinds of work.
Social Safety wouldn’t deem you disabled solely primarily based on how previous you might be. However by the point you’re 55, your age is taken into account a big issue that impacts your potential to regulate to new kinds of work. The foundations are much more favorable for individuals ages 60 and older. You’re about twice as prone to gather SSDI when you’re 60 or older than you might be at age 50, in accordance with the Middle on Funds and Coverage Priorities.
The large benefit of taking SSDI over early Social Safety is that you just gained’t completely cut back your advantages. Incapacity checks primarily based on the quantity you’ve paid into Social Safety, as when you’d already reached full retirement age. When you attain full retirement age — which is 67 when you had been born in 1960 or later — you’ll robotically convert to retirement advantages. Your fee in all probability gained’t change. After 24 months of SSDI, you’d additionally robotically qualify for Medicare Elements A and B.
Nonetheless, when you took retirement advantages at age 62, your funds shall be diminished by about 30%. If you take advantages primarily based on a partner’s or ex-spouse’s report, probably the most you possibly can obtain is 50% of their full retirement profit. Even when one partner earns extra, the opposite partner will typically get extra by claiming advantages primarily based on their very own work historical past.
To spice up your odds of success, seek the advice of with a Social Safety incapacity lawyer. Sometimes, they work on contingency, which suggests they don’t receives a commission until you win your declare. If that happens, their charges are normally capped on the lesser of $6,000, or 25% of your again pay.
If SSDI doesn’t appear possible, it’s important to barter for alimony as you finalize your divorce. Doing so may help you maintain out for a much bigger retirement profit.
Claiming Social Safety is kind of a everlasting choice. When you’re unable to work, it’s very important that you just attempt to get incapacity first earlier than you settle for decrease funds for the remainder of your life.
Robin Hartill is a licensed monetary planner and a senior author at The PNW. Ship your difficult cash inquiries to [email protected].