May 2023
Social Security – How does it work if you are divorced?
Social Security is a government program that provides financial support to millions of Americans during their retirement years. I often encounter folks who are or have been divorced and have questions about how their Social Security Benefits will work. In this post, I have outlined two of the main points you should know.
10 Year Rule
If you were married for at least 10 years and are currently unmarried, you may be able to claim Social Security benefits based on your ex-spouse's work history. This benefit can be claimed as early as age 62, but it's important to note that claiming benefits early can reduce the amount you receive each month. Your ex-spouse will not be notified about you starting your benefits and it will not impact his/her personal benefits.
Your Work History
It's also important to consider your own work history and how it may impact your Social Security benefits. If you've worked and paid into the Social Security system, you may be eligible for your own benefit, which could be higher or lower than the benefit based on your ex-spouse's work history.
Understanding your Social Security options as a divorced person can be complex. By taking the time to learn about your Social Security options, you can make informed decisions that will help you maximize your benefits and secure your financial future.
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The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Greg Reabold and not necessarily those of Raymond James. Investing involves risk and you may incur a profit or loss regardless of strategy selected.
