There are a few guidelines you need to be aware of when claiming a social security payment based on your ex-spouses income. Here are the most pertinent:
- You have to have been married for at least 10 years. It doesn’t matter if that was 40 years ago, you just have to meet the 10 year threshold.
- You have to have been divorced at least 2 years ago before you can claim.
- You both have to be 62 or older; your spouse doesn’t actually have to be drawing social security yet for you to start drawing. Your ex just needs to be eligible for payments.
- Whether or not you want it to, if your claim based on your ex’s income it will not affect their draw of social security.
- Your ex-spouse will not be notified that you are drawing based on their work history. If your ex were to call the SS office and ask, they could tell him you are drawing from it, but they would not disclose how much or any of your contact information.
- You will only qualify for 50% of their income based on their Full Retirement age (FRA) (currently-67 years old). You will also need to wait until you are at FRA to get the full 50%. For each year early you draw this money you will lose 6.66% of it. Or if you wait longer than your FRA to draw your benefit, it will go up each year. The last year you can wait to receive your benefit and increase your income is age 70.
The best way to find out if it makes more sense to draw your own social security benefit versus your ex’s benefit is to contact social security and ask how much you get based on your own qualification and your ex-spouses qualification. You can also create an account at www.ssa.gov/myaccount to find out your own qualification, your death benefit, order a SS Benefit letter or SS card, or to apply to begin your payment. Once you begin drawing your payment, you only have 12 months to change your mind and delay your benefit for a later date. I highly recommend that you consult with a qualified financial advisor and get an overview of your retirement picture before drawing your social security payment. This way you can be sure your income will last you as long as you need it in retirement. A reverse mortgage is a great tool that you can use to pull money from so you can delay taking your SS benefit and receive a larger monthly check as you are older.
If you have questions regarding a reverse mortgage loan program or would like to see what you or your client qualifies for, you may contact Robert Krepps firstname.lastname@example.org or toll-free at 877-567-7476.
Robert Krepps, NMLS #255191, at HighTechLending Inc. HighTechLending Inc, NMLS # 7147, is an Equal Housing Lender. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act.