{"id":4672,"date":"2020-07-28T06:00:45","date_gmt":"2020-07-28T13:00:45","guid":{"rendered":"http:\/\/springwaterwealth.com\/?p=4672"},"modified":"2020-07-20T15:04:08","modified_gmt":"2020-07-20T22:04:08","slug":"understanding-social-security-benefits-for-divorced-women","status":"publish","type":"post","link":"https:\/\/springwaterwealth.com\/understanding-social-security-benefits-for-divorced-women\/","title":{"rendered":"Understanding Social Security Benefits for Divorced Women"},"content":{"rendered":"

Our country\u2019s Social Security program provides economic security to millions of Americans. Social Security provides you with a source of income when you retire, or if you can\u2019t work due to a disability. It can also provide support to your legal dependents (spouse, children, or parents) with benefits in the event of your death. It is especially important to understand social security benefits for divorced women so you can make informed decisions during your finances. <\/span><\/p>\n

Social Security replaces a percentage of your pre-retirement income based on your lifetime earnings. The portion of your pre-retirement wages that Social Security replaces is based on your highest 35 years of earnings and varies depending on how much you earn and when you choose to start benefits.<\/p>\n

But what if you took time out of the workforce, perhaps because you were raising kids and maintaining your home? Well, even if you never worked under Social Security, you may be entitled to a so-called spousal benefit.<\/p>\n

And what if you were married and later divorced?\u00a0 You may still be able to receive a spousal benefit on your ex-spouse\u2019s record, depending on a number of factors.<\/p>\n

If this sounds complicated, it\u2019s because it is.\u00a0 The Social Security system is complex, and the rules and regulations aren\u2019t easily summed up in a few sentences.\u00a0 But it\u2019s also a very generous program, and your lifetime benefits are a very valuable resource for your retirement.\u00a0 For those reasons, it\u2019s important to understand the benefits of Social Security for divorced women.<\/p>\n

Social Security Benefits for Divorced Women<\/h2>\n

If you qualify for benefits on your own earnings record, you\u2019ll be entitled to receive them as soon as you\u2019re eligible.\u00a0 Eligibility is based on your age. The earliest you can claim your benefit is 62, but it will be a reduced benefit.\u00a0 Your so-called \u201cfull retirement age\u201d is when you\u2019re eligible for an unreduced Social Security benefit. Your full retirement age depends on when you were born<\/a><\/strong><\/span>. If you\u2019re willing and able to delay the start of your benefits<\/a><\/strong><\/span>, you can receive a higher monthly payment.<\/p>\n

But if your own earnings record is limited, you may be better off claiming a spousal benefit. As a spouse, you\u2019re entitled to receive the greater of your own benefit and one-half of your spouse\u2019s benefit.\u00a0 The maximum spousal benefit is 50% of the worker\u2019s benefit at full retirement age. If your spouse delays filing for benefits beyond full retirement age, their benefit will increase, but your spousal benefit will not.<\/p>\n

To receive your maximum spousal benefit, you should wait to claim until you reach your full retirement age.<\/p>\n

Perhaps somewhat surprisingly, you may be able to claim a spousal benefit on your ex-spouse\u2019s record.\u00a0 To be eligible to do so:<\/p>\n