My now-ex-husband is 13-plus years older than I’m, and he earned extra money over the course of his profession than I did. We have been married for greater than 10 years, and I’ve not remarried.
I’ve consulted a few Social Safety planners. As a result of my Social Safety advantages are larger than 50% of his advantages AND I’m more likely to outlive him by a decade or two, they advocate I declare Social Safety ASAP alone advantages and acquire the much-higher survivor advantages when he passes.
When my ex utilized for Social Safety, he famous I used to be his spouse at the moment, and I’ve earnings taxes and a divorce decree as proof of our common-law marriage lasting greater than 10 years, so I plan to offer that info to Social Safety after I declare subsequent yr.
My inquiries to you: Since he and I are estranged, will Social Safety robotically notify me of his demise, so I can change to the much-higher survivor profit? If not, how can I presumably know when to make the change?
Do you agree with the 2 Social Safety planners that my greatest plan of action primarily based on our age and earnings variations is to assert my very own advantages early and survivor advantages later?
-Ok.
Pricey Ok.,
I wouldn’t depend on Social Safety connecting the dots right here.
Normally, the funeral dwelling alerts Social Safety when somebody dies. If somebody is already claiming spousal advantages — that are additionally out there to ex-spouses in lots of instances — Social Safety will robotically convert them to survivor advantages. The distinction will be substantial. Spousal advantages max out at 50% of the particular person’s full profit, whereas survivors can obtain as much as 100%.
Earlier than I’m going additional, let’s acknowledge the elephant within the room: Planning Social Safety advantages round an ex-spouse’s demise can really feel a bit crass. However this isn’t about rooting on your former husband’s demise. Your aim is to make sure you’re not leaving advantages on the desk, which is a should for anybody receiving Social Safety.
It’s completely allowable to assert an ex-spouse’s Social Safety in the event you have been married not less than 10 years, you’ve been divorced for 2, and also you haven’t remarried. The logic is that each spouses contribute economically, even when one partner doesn’t work or earns considerably much less.
That infuriates lots of people. But it surely actually shouldn’t. While you take advantages on an ex-spouse’s report, it has zero affect on their advantages or the advantages their surviving partner receives.
Social Safety opinions its data yearly to see if beneficiaries qualify for increased widow or widower’s advantages. However lots of people fall by the cracks. Final yr, an inside Social Safety audit discovered that about 15,000 folks claiming on their very own data certified for increased survivor advantages.
So how do you just remember to’re not one in all them? One choice could be to arrange a Google Alert on your ex-husband’s title. If a web-based obituary have been to be printed, you’d get a notification. This isn’t foolproof, and it might not show sensible if he has a brilliant widespread title.
One other good answer is to name Social Safety each six months. So long as you have got your ex’s Social Safety quantity, the company ought to have the ability to decide whether or not he’s nonetheless residing. The explanation to name twice a yr is that Social Safety pays as much as six months’ of retroactive advantages, so in the event you be taught that your ex-husband lately died, you’d have the ability to get again pay for the survivor profit.
To get survivor advantages, you’ll need to fill out a brand new software by telephone or by visiting your native workplace. There’s no strategy to apply for survivor advantages on-line. Maintain onto the paperwork you have got, as you’ll want to offer proof that you simply have been married.
In the end, I’m not so involved about the way you’ll discover out about your ex-husband’s demise. That type of info tends to unfold shortly on this digital age.
What worries me extra is your plan to take advantages as quickly as you flip 62. The truth is that about half of seniors depend on Social Safety for not less than 50% of their incomes. By taking your profit at 62, you’d get about 76% much less per thirty days than you’d by beginning at 70.
Statistically, sure, you’re more likely to outlive your ex-husband. However you may’t make such essential monetary choices solely on the premise of a life expectancy desk. Your ex-husband might reside to be 95 or 100. Are you ready to reside off your individual decrease profit for 20 years or extra?
I wouldn’t make any choices on the idea that you simply’ll get a better survivor profit sooner or later. Solely begin taking Social Safety subsequent yr in the event you’re OK with receiving a completely decreased profit for the foreseeable future.
Robin Hartill is an authorized monetary planner and a senior author at The Penny Hoarder. Ship your difficult cash inquiries to [email protected].
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