The process of claiming Social Security benefits, whether retirement or disability benefits (or other benefit type), can be confusing. If you are divorced, the process may be even more complicated, as you may have the right to collect an ex-spouse’s benefits. If you live in Schererville and are divorced, but were married for at least 10 years prior to your divorce, it is essential that you understand your option for claiming Social Security on your ex-spouse’s record. Here’s what you need to know:
You may claim Social Security benefits on the record of your ex-spouse when:
Your full retirement age is dependent upon the year that you were born; the same is true for your spouse. However, you and your spouse both have the right to begin claiming your Social Security benefits before reaching full retirement age – benefits can be claimed as early as age 62.
As long as your spouse is eligible to claim their Social Security benefits, even if they are not yet claiming then, you can begin collecting Social Security benefits on their record.
If you are currently working, you may wish to continue working while simultaneously receiving Social Security retirement benefits on the record of your ex-spouse. While this is possible, keep in mind that working while earning benefits will result in a reduction of your benefit amount.
If you start claiming your Social Security retirement benefits on the record of your ex-spouse before reaching full retirement age and while earning an income, then your benefit amount will be reduced by $1 for every $2 that you earn above the annual limit. Once you reach full retirement age, things change – your benefit amount will be reduced by $1 for every $3 earned up to the annual limit, but this limit is much greater than the former.
Going through a divorce can be complicated and emotional, and can have some serious financial consequences. Luckily, how much you receive from the Social Security Administration in retirement or disability benefits doesn’t have to be one of them. If you think that you are eligible to receive Social Security benefits on the record of your ex-spouse, you should seek out the information that you need. One way to learn more is to attend a free Social Security workshop near Schererville – you can sign up today online.
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