If you weren’t the top wage earner in your marriage, or your job was raising the children, then Social Security’s spousal benefit could prove advantageous. It provides the lower-earning spouse with 50 percent of the higher-earning spouse’s benefit at full retirement age, even if you’re no longer married. AARP.org explained:
“Social Security operates with a philosophy that a divorced person may deserve a personal benefit, having been the long-term partner and helpmate of a member of the workforce. The benefit is similar, in fact, to the spousal benefit that is available to a person who is still married.”
To qualify, you do have to answer ‘yes’ to a significant list of requirements:
- You were married for at least 10 years
- You are unmarried now
- You are age 62 or older
- Your ex-spouse is entitled to Social Security benefits
- The benefit you qualify to receive, based on your work, is less than the benefit your ex-spouse qualifies to receiveThere are other factors that could affect your application for spousal benefits, including whether your ex-spouse has begun taking benefits. If you would like to learn more, contact a team member at Ryan Financial, Inc., or visit www.ssa.gov.
DISCLOSURES
LPL TRACKING# 1-562995
SOURCES:
https://www.ssa.gov/planners/retire/divspouse.html
http://www.aarp.org/work/social-security/info-2016/divorced-social-security-benefits.html