One of the sessions I attended at the Association of Divorce Financial Professionals (ADFP) conference this year was “Everything You Didn’t Know About Social Security” presented by Jacqueline Roessler, CDFA and Melissa Joy, CFP. Their presentation covered the basics of Social Security, including:
The Complexities of Divorce Planning
Spousal Benefits for Divorcees & Claiming Strategies
Income Equalization for Grey Divorcees
Social Security Bridges in Pension Plans
Revisiting Claiming Strategies for Amicable Divorcees
In this blog, I want to discuss Social Security and divorce a little further. Here are some statistics:
Life expectancies are increasing
25% of all new divorce cases filed are by those aged 50 and older
The Baby Boomer generation is creating a new dynamic
Low to middle income workers are impacted more than high-earners
Divorcee Spousal Benefits:
They must have been married at least 10 consecutive years to collect 50% of the ex-spouse’s benefit or their own, whichever is greater.
Even though the spouse with the lower benefit can get 50% of their ex-spouse’s benefit, the ex-spouse still gets 100% of their own benefit.
The spouse with the lower benefit must be unmarried in order to collect the benefit.
Both parties must be at least 62.
There is a lot of information that people have to be aware of, and it is highly recommended that you seek advice from professionals that can help. For more information, contact me at 1.888.U2.AGREE.