Can My Spouse Get Half of My Social Security
Will I Lose Half My Social Security In A Divorce?
Will a divoce toll you half of your Social Security retirement income?
Recently, I've spoken with several people who are worried almost losing some or all their Social Security benefits because of a divorce. This business concern points to the confusion surrounding spousal benefits for Social Security. Divorce and subsequent marriages may alter your Social Security claiming options, merely volition a divorce hateful your ex-spouse can accept some of your hard-earned Social Security? Keep reading to find out.
One specific chat with Mike started similar this, "My attorney just told me Jim, my ex-husband, would be getting 50% of my Social Security benefits at retirement. Is this true?" This could exist both truthful and untrue at the same time. Spousal Social Security benefits are typically l% of the higher-earning spouse'south benefits. And then, potentially, the ex-husband would get a benefit worth 50% of the high-earning spouse's benefit. This could also exist untrue as the 50% spousal do good does not take anything away from the higher-earning spouse's Social Security benefit. The spousal do good is merely based on higher-income spouses' Social Security benefit.
Practise Yous Authorize for Social Security Spousal Benefits?
In this case, bold the couple has been married for at least ten years (before getting divorced), Jim would authorize for the spousal Social Security benefit based on Mike'due south piece of work tape. Jim would also need to non get remarried. If he does get married, he would need to merits Social Security based on his ain piece of work record or take the spousal do good from his new husband.
When Social Security was originally created, the spousal do good was likely envisioned for the stay-calm wife. Today with many double-income households, the gap between your own Social Security benefits (based on your work record) and the spousal benefits may not be that wide. And so, when planning to maximize your Social Security benefits in retirement, it tin pay to review your diverse Social Security claiming options.
What Is the Maximum Spousal Social Security Benefit?
To answer this question, you will need to compare the loftier-earning spouse'southward estimated Social Security do good at total retirement historic period (FRA). The maximum the ex-spouse can get from Social Security would be l% of the college-earning spouse'southward do good at their FRA. (Current FRA for those near retirement is likely 66 and a few months, pushing into 67+ a few months for younger workers). If the ex-spouse's own do good exceeds half of this amount, they will not receive any ex-spousal benefits. In this scenario, if Jim (the lower-earning ex) had a Social Security benefit less than one-half of Mike's, he would receive a spousal Social Security benefit. And then for maximum Social Security Spousal benefit in 2022 is $1506 per month at full retirement historic period.
The good news here is that the spousal benefit does not affect the primary earner's benefits in any style. Whether Jim takes his own benefit or receives spousal benefits, it will not alter or change Mike's Social Security benefits ane bit.
I must point out that I am writing this postal service based on Social Security rules and regulations. At that place is a pocket-sized chance that your divorce settlement assigned role of your pension or Social Security to your ex. In this case, in that location is most likely some time alimony or palimony based on when you lot retire or brainstorm Social Security. Every bit far as alimony splitting is concerned, it can be carve up during the divorce, and each spouse can eventually make their own choices about when and how to receive the pension lifetime income.
When splitting retirement accounts or making significant financial decisions during a divorce, make sure to review the revenue enhancement consequences with a trusted Fiduciary Certified Fiscal Planner.
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Source: https://www.forbes.com/sites/davidrae/2021/08/02/will-i-lose-half-my-social-security-in-a-divorce/
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