Divorce and Social Security Benefits
Divorce and social security are important topics that should be reviewed prior to accepting a settlement. Here are some basic facts… If you have been married at least 10 years and are unmarried, you are eligible to receive either your monthly Social Security benefit or up to half of your spouses benefit, whichever is larger. This does not affect your spouses benefit. While most people start receiving benefits at 62, their monthly payment is less than if they waited until their full retirement age (age 66–67, it depends on your date of birth). If you start taking your benefits at 62, your monthly benefit amount will be 75% of your monthly benefit if you waited to begin payments at full retirement age. If you wait until 70 to take your benefit, the monthly payment will be 32% higher than the amount at full retirement age. If you are not yet full retirement age and are still working, your monthly benefit will be reduced by one dollar for every two dollars you earn over $15,720. If you are still working at full retirement age, begin your monthly benefit, and earn more than $41,880 per year, your monthly benefit will be reduced by one dollar for every three dollars you earn over $41,880. I encourage you to thoroughly review your social security benefits and options before you elect to begin payments.