3 edition of Social security and the timing of divorce found in the catalog.
Social security and the timing of divorce
Gopi Shah Goda
|Statement||Gopi Shah Goda, John B. Shoven, Sita Nataraj Slavov.|
|Series||NBER working paper series -- no. 13382., Working paper series (National Bureau of Economic Research) -- working paper no. 13382.|
|Contributions||Shoven, John B., Slavov, Sita N., National Bureau of Economic Research.|
|The Physical Object|
|Pagination||20 p. :|
|Number of Pages||20|
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Couple’s total earnings credits are split equally at the time of divorce. In this paper, we focus on the efficiency implications of Social Security’s divorce rules.
One might expect these rules to affect the timing of divorce. For a couple married 9 years, there is a strong incentive to wait until the 10th year to divorce. Moreover, a. In this paper, we focus on the behavioral implications of Social Security’s divorce rules.
For example, a one-earner couple married 9 years has a strong financial incentive to wait until the 10th year to divorce. Of course, these incentives only apply to couples in which the secondary earner intends to claim spousal.
If your ex-spouse has not applied for retirement benefits, but can qualify for them, you can receive benefits on their record if you have been divorced for at least two continuous years.
If you are eligible for retirement benefits on your own record and divorced spouse's benefits, we will pay the retirement benefit first. If the benefit on your ex-spouse's record is higher, you will get an additional amount on.
Social Security and the Timing of Divorce Gopi Shah Goda, John B. Shoven, Sita Nataraj Slavov. NBER Working Paper No. Issued in September NBER Program(s):Economics of Aging. Social Security provides spousal benefits in retirement to secondary workers in married couples based on the primary worker's earnings record.
The Social Security system contains many features designed to provide an adequate retirement income for families, rather than just individual retired workers.
The most important of these features is the spousal benefit, under which secondary earners are entitled to receive a monthly payment of 50 percent of their spouse’s monthly Social Security benefit.
Social Security Rules to Know If You're Divorced You can claim Social Security benefits on your spouse's work history in most cases, but don't assume this means you can delay claiming your own Author: Christy Bieber. Molly visits her local Social Security office and learns that she does not qualify for a widow’s benefit.
The 9-month requirement only applies if you were married to your spouse at the time. The standard divorce rules for Social Security say that if an individual was married for at least ten years to their spouse and then divorced, he or she is eligible to collect spousal benefits.
Social Security operates with a philosophy that a divorced person may deserve a personal benefit, having been the long-term partner and helpmate of a member of the workforce.
The benefit is similar, in fact, to the spousal benefit that is available to a person who is still married. If you are divorced, your ex-spouse can receive benefits based on your record (even if you have remarried) if: The benefit that your ex-spouse is entitled to receive based on their own work is less than the benefit they would receive based on your work; and.
You are entitled to Social Security retirement or disability benefits. Social Security filing strategies for married couples. By Shelly Gigante The timing of taking Social Security benefits is a key variable for everyone, but the impact of that decision is potentially more significant for married couples, who must plan for their joint life expectancy.
or divorce because your marital status may affect your. If your late ex-spouse took reduced benefits by filing for Social Security early, you may qualify for the highest possible share of those benefits — that is, the highest possible survivor benefit — before your own FRA.
If this is your situation, contact Social Security to see how it will affect your survivor benefit. When someone dies, their Social Security benefits may become available to their current or former spouse, depending on certain circumstances.
But even if there’s no death, you can collect a Social Security spousal benefit equal to half of what your spouse gets, if that’s higher than what you’d get on your own.
Here’s what you need to know. Social Security Timing is now easier to use than ever. We've deeply integrated the updated Social Security Timing into Covisum's portal. You can help optimize your clients' Social Security claiming strategy and increase their retirement value by up to $, To get a Social Security widow or widower’s (survivor) benefit, you typically must have been married to a covered worker for at least nine months and be 60 years old.
Benefits also are provided for disabled widows or widowers who have reached Divorced spouses may qualify for widow’s or widower’s benefits if the marriage lasted ten. If you are caring for your ex-spouse's child who is disabled or under the age of 16, you would receive 75 percent regardless of your age.
6 7 Article Sources. Social Security Administration. " Benefits for Your Divorced Spouse." Accessed Feb. 17, Social Security Administration.
" If You Are Divorced." Feb. 17, My husbsnd, and I are about to get a divorce. I’ve been married, to this man for 12 years, he is disabled, he gets social security benefits, how long do I have to wait or can my Lawer put in for me to receve half his benefits, when he does our divorce.
Sometimes, being divorced is an advantage Most of the divorce rules make it harder for ex-spouses to claim Social Security than current spouses.
But in one respect, being divorced can actually. If you are unmarried, and divorced from someone entitled to Social Security retirement or disability benefits, you may be eligible to receive benefits based on his or her record. To be eligible, you must have been married to your ex-spouse for 10 years or more.
If you have since remarried, you can’t collect benefits on your former. With Social Security, there are always plenty of questions to answer, but perhaps the most fundamental one can be boiled down to one word: When. and Whittington () find no evidence that taxes influence the timing of divorce.
The literature on Social Security and marriage is more scarce, although at least two papers find that widow(er)s respond to incentives in the Social Security (Brien, Dickert-Conlin and Weaver, ) and Canadian Income Security (Baker, Hanna and Kantarevic. In Sewell's practice, when working with couples going through a divorce, she asks to see all four pages of each spouse's Social Security statement because this provides a.
A great article to understand social security and Medicare. Thanks for sharing important information on social security and Medicare. I know that divorce is difficult.
But for a divorced woman, social security plays a very important role. Also, At the time of retirement age, Medicare plays a very important role in getting the health benefits. To Get All The Social Security You Deserve, Read A Book That Shouldn't Need To Exist.
or neglected to read the fine print about Social Security and divorce. Yet at any time Author: Janet Novack. How to Maximize Social Security With Spousal Benefits If you have been divorced for at least two years, you can apply if the marriage lasted 10 or more years.
as well as how the timing of. On behalf of The Marks Law Firm, L.L.C. posted in Divorce and Social Security Benefits on Tuesday, J When most people focus on dividing assets at divorce, they think of the marital residence, automobiles and retirement plans. Yet the most ubiquitous retirement plan of all – Social Security – most people forget, sometimes to their own peril.
Social Security If your marriage lasted 10 years or more and you're 62 or older, you can collect retirement benefits on your former spouse's Social Security record, without reducing your former spouse's benefits, even after your divorce -- welcome news if. Divorce is difficult, even under the best of circumstances, but adding a disability into the equation creates a new level of difficulty.
By answering these three questions in advance, your current divorce will begin on the path towards future freedom and financial security for you and your spouse.
Free Online Tools to Optimize Your Social Security Benefits. There are free tools available to optimize your Social Security benefits. Five tools are listed, but despite the title of this section, #5 isn't free. However, it's an outstanding tool, which is why we're including it.
SSA's Retirement Estimator. If you meet the criteria of a surviving divorced spouse, you stand to receive Social Security benefits. In this situation, the benefits are a full % of the amount your ex collected at the time.
Social Security is a significant source of income in your retirement years, so it’s important to find out how a divorce might impact your Social Security : Tom Sightings. To collect Social Security benefits after your ex-spouse dies, your ex-spouse had to have been collecting SSDI (or Social Security retirement) benefits at the time of death.
Also, you must still be unmarried (with some exceptions—see below), and: 60 years old or older. Updated By Lina Guillen, Attorney. Becoming a Financial Victim. The biggest mistake divorcing spouses can make is being in the dark about finances.
If your spouse has always handled all of the financial decisions in your household and you don’t have any information about you and your spouse’s income and assets, your spouse will have an unfair advantage over you when it comes time to settle.
This book discusses only social security benefits, although we briefly discuss the Supplemental Security Income (SSI) program in Chap Miscellaneous Provisions.
Many people confuse SSI with Social Security, because the SSI program provides payments for the aged and the disabled and both are administered by SSA. Covisum is not connected with, affiliated with or endorsed by the United States government or the Social Security Administration.
The local advisor offering Covisum products may be an insurance agent, financial advisor, accountant or attorney. If you’re not sure then you need to seek a lawyer who understands military divorce, the RCSBP, and Former Spouse Coverage. Finally, you probably already know that you may be entitled to a portion of your ex-spouse’s Social Security benefits based on his and your earnings records.
The following is an adapted excerpt from my book Social Security Made Simple: Social Security Retirement Benefits and Related Planning Topics Explained in Pages or Less. In general, the primary factors that determine when married people should take Social Security are the same as those for determining when unmarried people should take Social Security.
Social Security Timing® is not connected with, affiliated with or endorsed by United States government or the Social Security Administration. The local advisor offering Social Security Timing® may be an insurance agent, financial advisor, accountant or attorney. Advisors may offer other products or services and are compensated by commissions.
Deciding The Right Time To Claim Social Security When it comes to collecting Social Security benefits, there is no magic age. Today's boomers can begin collecting full. Larry is eligible for a $2,/month Social Security benefit at his full retirement age, but chooses to delay his benefits by 4 years, boosting his benefits by 32% to $2,/month (though in reality, by the time he reached his benefits would be slightly higher, due to 4 years’ worth of cost-of-living adjustments as well).
If this is your first time registering, please check your inbox for more information about the benefits of your Forbes account and what you can do next! Getting Social Security Benefits After Author: John F. Wasik. Social Security spousal benefits are also available to divorced people if they aren’t remarried and their marriages lasted at least 10 years, but the rules are slightly different.
How Social.Dear Liz, I am 67 and still working part time. My wife does not work anymore and we are trying to hold off until we are 70 before collecting Social Security in order to get the maximum benefits.