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Divorced? Social Security Might Provide You With an Additional $1,672 Every Month!

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Even if you divorced years ago, your prior marriage may have a hidden benefit: In some cases, someone can obtain Social Security based on their ex-wage spouse’s record. In 2022, the maximum monthly benefit is $1,672.50 based on a live former spouse’s salary.

Is it possible to receive more money by claiming Social Security payments on your ex’s rather than your own? Learn about Social Security and divorce rules.

If you were married for 10 years and divorced for two, you can claim benefits based on your ex’s record instead of your own once you turn 62. But only if your ex’s record entitles you to a larger benefit than your own.

Notably, you would not be taking anything from your ex by doing so. Your claim for Social Security based on their record has no effect on their payments.

An ex-spouse can get up to 50% of their full retirement age payment. Benefits up to full retirement age are $3,345 in 2022. So, as an ex-spouse, you might collect up to $1,672.50 monthly.

Except for one important exception, most rules are the same for receiving benefits based on a current spouse’s record. To claim Social Security based on their present spouse’s earnings record, the spouse must already be receiving benefits.

However, to file a claim on an ex-record, the spouse’s your ex need merely be qualified. Who cares whether they’re truly taking them?

Also, Social Security will provide you with a larger of your own or your ex’s payout. But not both.

Few will be eligible for the maximum benefit. Your ex must have earned the maximum taxed income for at least 35 years to be eligible. In 2022, it’ll be $147,000. Income exceeding that threshold is not subject to the Social Security wage tax and has no impact on benefit size.

The average monthly Social Security benefit for retirees was $1,657 in January. Remember that you can only claim 50% of your ex’s benefit by utilizing their salary history. So, if your ex is entitled to a typical benefit, you could get $828.50 per month.

Divorced

If you file for Social Security before your full retirement age, you will be penalized. Your full retirement age is 67 if you were born after 1960. A former spouse’s benefit at 62 would be only 32.5 percent of their full retirement age payout.

Unlike when you accept your own benefits, you can’t receive 8% delayed retirement credits for every year you wait until 70. After full retirement age, the benefit is capped.

Si an ex-spouse is eligible for benefits, he or she can claim them on their ex-record. spouse’s Even though their ex-spouses outearned them greatly, many persons who worked most of their adult life will qualify for larger benefits on their own.

More Updates:

Applying for divorced spouse benefits is similar to applying for regular retirement benefits. Online is the simplest method. Copy of marriage certificate or divorce decree may be required. Apply anyhow if you lack these documents. Social Security can assist you to get the data you need.

To begin, you must be 62 or younger. The best way to maximize your Social Security payments is to delay retirement until you reach full retirement age.

Remember that you can get up to 50% of your ex-entire spouse’s payout, but taking Social Security early reduces that. Delaying as long as possible — preferably until you reach full retirement age — may be worthwhile if you don’t need the money for immediate needs.

Most retirees ignore the $18,984 Social Security bonus

Like most Americans, you’re behind on your retirement savings. Certain “Social Security secrets” may help you increase your retirement income. For example, one simple method might add up to $18,984 each year!

Knowing how to optimize your Social Security benefits could help you retire with the confidence we all seek.

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