My husband and I are divorcing after 30 years of marriage. Will I still be able to receive Social Security retirement benefits based on his earnings record after our divorce?
Divorce in later years is almost always accompanied by a lower standard of living, in some instances in can result in real financial hardship. Women need to understand all the details of pension payouts, retirement plans, stocks, property, insurance and other assets. It may be necessary to use a financial consultant to sort through all the couples financial optionsSocial Security benefits among them.
Yes. If you already receive Social Security based on his earnings record, you'll continue to receive it as long as you live (or in some cases, until you remarry). If you don't receive Social Security yet, you can apply for a reduced benefit when you turn 62 or wait until age 65 if you want to receive an unreduced spousal retirement benefit. If you've been divorced for more than two years, you can apply as soon as your ex-husband becomes eligible for benefits, even if he hasn't started receiving them (assuming you're at least 62). However, if you've been divorced for less than two years, you must wait to apply for benefits based on your ex-husband's earnings record until he starts receiving his own benefits.
You don't have to worry about losing your benefit even if your ex-husband remarries. Benefits for a divorced spouse are calculated separately from those of a current spouse.
The 360 Degrees of Financial Literacy Web site offers general information for managing personal finances and does not recommend specific financial actions. For financial advice tailored to your situation, please contact an expert such as a CPA or a personal financial advisor.