On today’s show, Marc and Jim review a handful of situations divorced couples are encountering as they consider retirement strategies, as well as when the Social Security offices might be open again.
4:34 – Amanda was recently divorced and is only eligible to collect off of her ex husband. She is wondering how to obtain information on her ex-husband’s benefits. She has to prove that she was married to her ex spouse for over 10 years. If her divorce decree shows the date of marriage on it, that is all she needs; if it does not, she will also need her marriage certificate. Since the Social Security offices are currently closed, she would have to call 800 772 1213 to provide this proof.
8:39 – Alex divorced 3 years ago. He learned that his ex-wife was collecting off of his record while her benefits accrue delayed retirement credits. He was wondering if he could also file a restricted application to earn spousal benefits before filing for his own. As long as he was born by January 1st, 1954 he could do that. Since they have been divorced for more than two years, they are both what is called an independently entitled divorced spouse, which means they can both receive the spousal benefit even if their ex-spouse is not receiving their own benefit.
10:34 – Chloe was married 3 times for 10 years each. She has been collecting off of ex-spouse #1 and just learned the ex-spouse #2 has just reached age 62. She heard that she can now collect off of ex-spouse #2. Is this possible? If ex-spouse #2 was a higher earner than ex-spouse #1, she can switch her benefits; since they were married for over 10 years, and have been divorced more than 2 years, it does not matter if ex-spouse #2 has filed for benefits or not.
14:43 – Cindi is age 65 and is eligible for her own benefits, but she wants to file a restricted application off of her ex-spouse to let her own benefits earn delayed retirement credits. Cindi was born in March of 1954. Can she file a restricted application? She cannot file a restricted application. To be eligible, she would have to have been born by January 1st, 1954.
16:16 – Betty is age 65 and has been divorced for 18 months. She wants to collect off of her ex-husband, but her ex-husband wants to wait until age 70 to maximize benefits for his current wife. What are Betty’s options? She has to wait another 6 months to be able to draw off of her ex if he is not receiving benefits himself. She has to be divorced for 2 years or more before she becomes an independently entitled divorced spouse.
Tune in to find out!