Many people stay employed past their age of retirement to secure better Social Security benefits. However what most do not realize is that Social Security benefits are also more lucrative the longer one stays married before a divorce. Ten years of marriage qualifies many divorcees with higher Social Security benefits, depending on whether the couple stays single or remarries before 60 years of age. Those that divorce later in life after a brief marriage, or remarry after a divorce, stand to lose out on crucial retirement income.
Anyone who was married ten years prior to divorcing and remains single may be entitled to a portion of their ex-spouse’s Social Security benefits. This person may also be entitled to a divorced-spouse survivor benefits if their ex dies and they are single up to their 60th birthday. Likewise, a widowed spouse remains eligible for survivor benefits so long as they remain single or remarry after they turn 60 years old. Any ex-spouse that remarries before the age of 60 forfeits their divorced-spouse survivor benefits.
To help people plan efficiently for their future, the Social Security Administration website offers a divorce planning calculator that lays out various advantages to divorcing at different ages and time frames. Users are able to fill in information for different situations to see how their life choices will affect their future benefits. With a little careful planning, users can estimate the best time frame to divorce or remarry to protect their financial future.
Anyone who is planning on divorcing would be wise to consult a financial planner to see how the divorce will affect their future income and retirement funds. Moreover, competent legal counsel will be able to look at the long range benefits of staying married for a few more years as opposed to proceeding with a divorce. Couples who carefully plan the timing of their divorce or remarriage stand to secure maximum Social Security benefits in their future. Though this may not be feasible in every divorce situation, it may benefit a couple to plan alternate living arrangements for the short term to benefit in the long run.
Towson Divorce Lawyers at Huesman, Jones & Miles, LLC Offer Experienced Counsel and Representation to Divorcing Couples
Divorce is a stressful situation with many factors to consider. The timing of a divorce can be crucial to your future financial health. If you or someone you know is considering a divorce, the experienced team of Towson divorce lawyers at Huesman, Jones & Miles, LLC can help determine your best course of action.
Call us at 443-589-0150, or contact us online to schedule a consultation today. Our offices are conveniently located in Hunt Valley, Towson, and Pikesville, Maryland proudly serving clients throughout Baltimore County, Harford County, Carroll County, and Howard County including the towns of Essex, Columbia, and Bel Air.