can two wives collect social security from one husband

Yes, you can. Both spouses in a married couple can get full Social Security benefits, at the same time. (Whats the most commonly asked Social Security question?). Example: John Smith has a $1,200-a-month retirement benefit. Social Security provides benefits to retirees, survivors, and disabled workers. You can even begin drawing benefits before your ex has retired, as long as they qualify and youve been divorced at least two years. Even if the husband's ex-spouse is receiving benefits, this does not prevent the current spouse from receiving benefits as well. Can My IRA Be Garnished for Child Support? In order to receive these benefits, the divorced spouse must reach full retirement age to qualify for these amounts. As noted above, you must have been married to your ex for at least 10 years if you want to claim their Social Security benefits. If your benefit is lower, Social Security will first pay you an amount based on your record, then make up the difference between that and what you're eligible for on your ex-spouse's record. However, the benefits will last only until the child reaches age 16 or is no longer disabled. On the other hand, if you haven't reached full retirement age, your Social Security benefits can be withheld if you earn more than a certain amount. Filing for these benefits is a fairly straightforward process, and to protect your privacy, your ex-spouse won't be notified when you do. Social Security Can a Divorced Person Collect Social Security From an Ex? Published 5 July 23. What's Your Strategy for Maximizing Your Social Security Benefits? May 21, 2021 Anyone who was married to a Social Security beneficiary can potentially receive survivor benefits on the death of that person. benefit on your record if you die before he does. If you have children in any of the following categories, you should take them into consideration when deciding the best time to start collecting benefits: If you have children in any of these categories, they can be entitled to a Social Security benefit of as much as half of your full retirement benefit, but you have to have already claimed benefits in order for them to get anything. "Retirement Benefits," Page 3. ", Social Security Administration. What is the 20/20/20 Rule in Military Divorce? Three Things to Consider Before You Unretire, IRS Quietly Changed the Rules on Your Childrens Inheritance. They can also receive widow benefits from a prior marriage that ended in widowhood. This allows their own benefit to keep growing by 8% a year up to age 70 when their benefit maxes out. If you claim survivor benefits between age 60 and your full retirement age, you will receive between 71.5 percent and 99 percent of the deceased's benefit. "If You Are the Survivor. At age 62, you will get 81% of the monthly benefit. You can receive up to 50% of the amount your former spouse would receive in benefits at their full retirement age (this equation applies to all spouses, not just exes). Can I leave my money in super after I retire? If the low earner claims the spousal benefit at or after FRA L, her benefit amount equals the PIA S. You can begin collecting your Social Security benefits as early as age 62, but you'll get smaller monthly payments for the rest of your life if you do. Larry Kotlikoffs Social Security original 34 secrets, his additional secrets, his Social Security mistakes and his Social Security gotchas have prompted so many of you to write in that we now feature Ask Larry every Monday. The Windfall Elimination Provision reduction rules affect about 2 million people or about 3% of Social Security beneficiaries. If that's the retirement benefit, then the retirement benefit is all you'll get. It will increase to 66 and 2 months for people born in 1957 and rise incrementally to 67 for people born in 1962 and after. Why wait 10 years? Family members who may collect benefits include a surviving spouse who is: Age 60 or older. How do banks determine how much house you can afford? William is now 88. I assured the reader that if her husband were to die, both she and his ex-wife would each receive full survivor benefits, assuming the ex-wife had not remarried. In other words, if your monthly Social Security check (based on your own earnings record) would be $1,000, and your exs benefit would be $1,500, you would not be eligible for former spousal benefits ($1,000 is more than $750, which is half of $1,500). If the spouse begins receiving benefits before full retirement age, the spousal benefit is reduced unless the spouse is caring for a qualifying child. A widow who remarries before age 60 is not entitled to their late spouse's Social Security benefits; however, if that widow marries and then divorces the latter spouse, the widow may become eligible for survivor benefits from the deceased spouse. Furthermore, if the couple has been divorced for at least two continuous years, the ex-spouse can claim benefits based on the other partners earnings even if the latter has yet to file for benefits. A previous column about how to fail as a leader struck a chord with readers, so lets dive into how to succeed as a leader. Even though some divorce decrees specify that one spouse will relinquish their rights to collect the other spouse's benefits, the Social Security Administration says these provisions are worthless and are never enforced.. William Gigolo worked not a day in his life, but instead lived off the relatively high earnings of three lovely wives Sarah, Sally and Suzie. Divorced spouses can receive up to 50% of their ex-spouse's benefit. Be sure to have your ex's Social Security number on hand. Since hes now eligible to collect on two S exes, he can file for benefits on both. They also have the option of filing for their own benefit first, as early as age 62, then filing for survivor benefits when they reach their FRA (66 to 67 for most people) if that will result in a higher benefit. Private Foundations: Which Giving Strategy Is Right for You? What Is the Full Retirement Age (FRA) for Social Security? You can also use their date of birth, place of birth, and their parents' names. According to the Social Security Administration, you can receive your ex-spouse's benefits based on your own record as long as you were married for at least 10 years. If you received a benefit worth $2,289 per month in 2021, then you will see an increase worth over $200. Further, the more you earn the less your SSI benefit will be. What Are Social Security Benefits? Social Security benefits are payments made to qualified retired adults and people with disabilities, and to their spouses, children, and survivors. ", Social Security Administration. Who can get Social Security survivors benefits and how do I apply? "Retirement Benefits: Benefits for Your Spouse. There are several factors that you should consider, and the best time for you to start Social Security depends on your life situation and personal goals in your retired years. Here's the key point: If your spouse anticipates collecting a benefit based on your work record, it rarely makes sense to wait beyond their full retirement age to apply. William leaves the funeral early in order to get to the local Social Security office before it closes and file for a full (unreduced) survivor benefit on Sandras account. Yes, you can cash in on multiple exes' Social Security benefits | PBS NewsHour By Laurence Kotlikoff Leave your feedback Yes, you can cash in on multiple exes' Social Security benefits. Is Now the Time to Collect Social Security? 5 Green Lights to - Nasdaq Also, if your own retirement benefit is bigger than what youd get on any former spouses record, they youll get the bigger benefit. "If You Are the Survivor. This is only an estimate. This compensation may impact how and where listings appear. However, if you remarry and become part of a new marital unit, your eligibility for benefits based on the previous unit ends. To maximize his lifetime Social Security benefits, William files for a divorced spousal benefit at 62 and starts to collect half of Sarahs full retirement benefit, but reduced by 30 percent because he takes it early. A worker must earn a certain amount of Social Security credits (no more than 40) to qualify for benefits. If the benefit is taken after Full Retirement Age, Delayed Retirement Credits2 apply. Immigrants Over 65 and Social Security Benefits, Qualifying for Social Security as a Legal Immigrant, How to Advise Non-U.S. Citizens on Social Security, Receiving Social Security Benefits Abroad, 5 Tips To Increase Your Social Security Check, 9 Ways to Boost Your Social Security Benefits, 3 Reasons Why Your Social Security Check Was Short This Month, Pros and Cons of Taking Social Security Early, Understanding Earned Income and the Earned Income Tax Credit, Legal Separation: Definition, How To Prepare, Types, and Example, Canada Pension Plan (CPP): Overview, How to Apply, FAQs, Ex-Spouse Benefits And How They Affect You, Old-Age Benefits for Workers Retiring Before Age 65. The major indexes tumbled as data on private payrolls and weekly jobless claims raised expectations for more rate hikes. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Marguerita is a Certified Financial Planner (CFP), Chartered Retirement Planning Counselor (CRPC), Retirement Income Certified Professional (RICP), and a Chartered Socially Responsible Investing Counselor (CSRIC). Social Security Dependent Benefits: Your Guide, When To Take Social Security: An Overview, 8 Types of Americans Who Arent Eligible to Get Social Security, 10 Common Questions About Social Security. That benefit increases to 100% if the ex is deceased. That includes divorced former spouses as well as the deceased's husband or wife at the time of death. If you turn 62 on or after January 2, 2016, and: Can I collect Social Security as a divorced spouse if my ex-spouse remarries? The marriage must have lasted for at least 10 years and the divorced spouse must be at least 62 years old. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Laurence Kotlikoff Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. At 65, you will get 95.3% of the monthly benefit. To claim a spousal benefit, the low earner must wait until the later of (1) reaching age 62 or (2) the month in which the high earner claims his own-record benefit. Say you and your mate both claimed Social Security at full retirement age. The next highest earner was Sally, who is 60. Find exclusive interviews, smart advice, free novels, full documentaries, fun daily features and much more all a benefit of your AARP membership on Members Only Access. This is 44.7% of your final year's income of $75,629. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. Williams cash-out plan is working. As a widow or widower, you can collect survivor benefitsbeginning at age 60 (or 50 if you are disabled), as long as the marriage lasted at least nine months. They will automatically receive whichever benefit is higher, but they can no longer take one type of benefit now and switch to another one later. Actual benefits depend on work history and the complete compensation rules used by Social Security. Even if the husband's ex-spouse is receiving benefits, this does not prevent the current spouse from receiving benefits as well. Have I Lost the Right to Collect Spousal Social Security Benefits Before My Own? This benefit is not available to divorced spouses unless their ex has died. An ex-spouse can file a claim for spousal benefits even if their ex-spouse has not filed for their own benefits. You have not remarried. Social Security provides benefits to retirees, survivors, and disabled workers. You can apply for benefits online by going to SSA.gov, or making an appointment at your local Social Security office. We are determined to continue it until the queries stop or we run through the particular problems of all 78 million Baby Boomers, whichever comes first. The general idea is that if you're planning to quit your job and/or work part time, you probably won't be affected, but if you are still working and haven't reached full retirement age, it can be a good reason to wait. Kotlikoffs state-of-the-art retirement software is available here, for free, in its basic version. A legal separation is a court-ordered arrangement whereby a married couple lives apart, leading separate lives. Simply click here to discover how to learn more about these strategies. 8 Types of Americans Who Arent Eligible to Get Social Security, How to Navigate Spousal Benefits Under New Social Security Rules. AARP is a nonprofit, nonpartisan organization that empowers people to choose how they live as they age. Taking benefits on your exs record will not reduce the amount they or their current spouse will receive. How Are Social Security Benefits Affected by Your Income? Only these percentages can be withheld. 12 Mistakes to Avoid When Divorcing Over 50, What Is a Qualified Domestic Relations Order (QDRO)? Can My Retirement Pay and Social Security Be Garnished? Social Security Explained: How It Works, Types of Benefits, Old Age, Survivors, Disability Insurance (OASDI) Program Basics. If the person files before reaching retirement age, the benefit will be permanently reduced. "Ex-Spouse Benefits And How They Affect You. 1996 - 2023 NewsHour Productions LLC. Workers who earn $60,000 per year pay payroll taxes on all of their income because the wage base limit on Social Security taxes is almost twice that amount. Can a Former Spouse Inherit Their Ex's IRA Assets? These include white papers, government data, original reporting, and interviews with industry experts. "What is the 20/20/20 Rule in Military Divorce?". And for a spouse to collect a benefit, the primary earner must have claimed their benefit already. "Widows Waiting to Wed? So, if you have a part-time job that pays $25,000 a year $5,440 over the limit Social Security will deduct $2,720 in benefits. However, if you are the parent of your spouse's child, the one-year rule does not apply. You can learn more about the standards we follow in producing accurate, unbiased content in our. Earned income includes wages, salaries, bonuses, commissions, tips, and net earnings from self-employment. Subscribe to Here's the Deal, our politics newsletter. This happens when someone is approved for SSDI, but their monthly check is lower than the full SSI Federal Benefit Rate (FBR)*. You will receive the higher of the two benefits. But there is one other big difference: You can begin receiving survivor benefits at age 60, or 50 if youre disabled. Can I collect Social Security spouse's benefits and my own - FAQ A divorced spouse is generally entitled to a Social Security benefit that's equivalent to 50% of the ex-spouse's retirement benefit even if the ex-spouse remarried. In a nutshell, this can make it worthwhile to claim Social Security before you truly want to. At that pointor sooner, if they wishthey can switch over to their own, higher benefit. Future US, Inc. Full 7th Floor, 130 West 42nd Street, If your benefit amount as a spouse is higher than your own retirement benefit, you will get a combination of the two benefits that equals the higher amount. Flat dollar amounts are not accepted. A Comprehensive Guide To Social Security After Divorce, Widows Waiting to Wed? Your actual earnings are adjusted or indexed to account for changes in average wages since the year the earnings were received. ", Social Security Administration. Published 6 July 23. What happens if I retire at 65 instead of 66? A dependent is a person who relies on you for their support. When Do Social Security Benefits Start and End? He has 5+ years of experience as a content strategist/editor. Social Security Administration. A workers spouse might also be eligible for a benefit based on the workers earnings. Are Social Security Benefits a Form of Socialism? This will apply to the 8million people that are projected to receive SSI in 2022, according to the Social Security Administration. (Re)Marriage and Economic Incentives in Social Security Widow Benefits. I thought Id provide this outrageous tale of William Cooper Caldwell Gigolo to illustrate another peculiarity of our Social Security system. You can claim Social Security while you're still working, and if you have already reached your full retirement age (between 66 and 67 years old, depending on when you were born), there's no penalty for doing so. In the meantime, Ill try to plow through the more than 365 questions that I received from InvestmentNews readers before and during the webcast. Divorced Spouse Social Security: Rule Change, Alternatives to Court: Mediation and Arbitration, Top Financial Mistakes to Avoid in a Divorce Settlement, Decoupling Your Finances: How to Divide Your Money in a Divorce, Splitting Property After a Common-Law Marriage, Who Gets the Frozen Embryos in a Divorceand Other Issues. A former spouse is entitled to military benefits if their marriage lasted for at least 20 years, the serviceperson had at least 20 years of military service, and there were at least 20 years of overlap between the marriage and military service. For more information go to the Benefits for Your Family page. Performance & security by Cloudflare. The maximum benefit depends on the age you retire. The offers that appear in this table are from partnerships from which Investopedia receives compensation. You can both collect your full amounts at the same time. Generally your ex-wife would have the same rights as you after divorce, including a right to marital property, alimony (depending on your state) and access to the children. Social Security Ex Spouse Benefits 36 related questions found Can I stop my ex wife from getting my Social Security? When applying for Social Security on your own record, your timing affects the amount you receive. And as long as they wait until 60 or later to remarry, both women could continue to collect their survivor benefits. Learn about all of your options before you retire, so you can get the amount you deserve. And if, like Elizabeth Taylor, you have been married more than once, you can choose which spouses benefits you want to collect on. In other words, if your monthly Social . Kiplinger is part of Future plc, an international media group and leading digital publisher. "Delayed Retirement Credits.". Do not delay applying for benefits because you do not have all the documents, it says in bold letters on the SSA website. How much you receive depends on your age and income. California is another state where benefits are below average for the U.S. What are 3 ways to improve your credit score? The child and dependent care credit helps you pay for childcare expenses and the care of other qualifying individuals while you work or look for work. Heres how it works. 3 Ways To Recession-Proof Your Retirement. There's a Social Security program known as spousal benefits that is designed to provide retirement income in situations where one spouse in a married couple either didn . The Motley Fool->. After age 60, the widow receives the full survivor's benefits even if remarried. Technically speaking, you can wait as long as you want to start collecting Social Security. The rule about not switching benefits does not apply to Social Security survivor benefits, which divorced spouses may be eligible for if their former partner is deceased. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. On the other hand, spousal benefits do not get larger for waiting beyond full retirement age. ", Social Security Administration. Plus, there's no one factor that determines whether you're ready for Social Security, and the best move is to consider all of the reasons for or against starting your benefits before making your decision. So now William files for and begins collecting an unreduced spousal benefit on Sallys record equal to 100 percent of Sallys full retirement benefit. Widows and surviving divorced spouses who have not remarried can collect Social Security survivor benefits as early as age 60, but their benefit would be reduced to just 71.5% of what the. William realizes that he can marry Sandra and, after nine months, qualify for survivor benefits on Sandras earnings record. If you remarry while receiving benefits based on your ex-spouse's entitlement, and that person is still alive, you will no longer be eligible for those benefits.
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