Social Security benefits are a lifeline for millions of older Americans. While most people are familiar with retirement benefits, there are other types of Social Security you may be entitled to, as well.
If you're divorced, it could affect how much you'll collect in benefits each month. In some cases, you may qualify for hundreds of dollars more per month. Here's how to see whether you're eligible.
Who qualifies for divorce benefits?
Divorce benefits are sometimes available to those who were previously married, but there are some strict requirements you'll need to meet in order to qualify.
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For one, you can't currently be married. However, if your ex-spouse has remarried, it won't affect your ability to claim divorce benefits based on their work record.
Also, your previous marriage must have lasted for at least 10 years. If you've been divorced for fewer than two consecutive years, you'll also need to wait until your ex-spouse begins claiming Social Security before you can file for divorce benefits.
Finally, you must be at least 62 years old to begin taking benefits. To receive the full amount you're entitled to, you'll need to wait until your full retirement age (FRA) -- which is age 67 for anyone born in 1960 or later. If you file before your FRA, your monthly payments will be reduced.
How much can you receive in divorce benefits?
The amount you'll collect in divorce benefits will depend on your income, as well as how much your ex-spouse is entitled to from Social Security. The maximum you can receive is 50% of the amount your ex-spouse will collect at their FRA. You'll also need to wait until your own FRA to collect this amount, as claiming early will reduce your monthly payments.
If you're entitled to Social Security based on your own work record, you'll only receive the higher of the two amounts -- not both.
For instance, say you're entitled to $800 per month at your FRA based on your own work history, and your ex-spouse will receive $2,000 per month at their FRA. In this instance, you'd qualify for $1,000 per month in divorce benefits, so that's how much you'd receive -- not $1,800 per month.
Finally, the amount you collect in divorce benefits will not affect how much your ex-spouse collects each month. If your ex has also remarried, it won't impact any spousal benefits their current spouse is eligible to receive.
Survivors benefits for divorced spouses
In addition to divorce benefits, you could also be entitled to survivors benefits if your ex-spouse has passed away.
Survivors benefits are generally available to widows and widowers, but divorced spouses can also sometimes qualify for them if you were financially dependent on the deceased. Other family members -- including parents and children -- are also sometimes entitled to survivors benefits.
How much you could collect in survivors benefits depends on several factors, such as your age and the deceased person's income. Also, if you remarry before age 60, you won't qualify for survivors benefits based on an ex-spouse's work record.
Social Security can go a long way in retirement, and if you're divorced, it pays to see whether you qualify for divorce or survivors benefits. By taking advantage of every benefit you're entitled to, you can set yourself up for a more financially secure retirement.
