Social Security serves as a lifeline for millions of retired seniors. And you could find those benefits extremely helpful if you don't have a particularly large retirement nest egg.
Now, you might be aware that if you worked and paid into Social Security all your life, then you're generally entitled to a monthly benefit once you reach age 62. And you might also know that even if you never worked, but your spouse did, you can generally claim Social Security in the form of a spousal benefit.
But spousal benefits aren't just for married folks. You could be entitled to spousal benefits from Social Security even if you're divorced. And going after a spousal benefit could result in a higher monthly income than what you would get from Social Security based on your own earnings record.
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Don't pass up the chance to boost your retirement income
A spousal benefit can be worth up to 50% of what a current or former spouse is eligible to collect from Social Security every month. This means that if someone is entitled to $3,200 a month, their current or former spouse could be in line for up to $1,600 a month from Social Security.
You might be hesitant to claim spousal benefits from Social Security if you're no longer married to the person whose record you would be filing against. But that's a big mistake.
Claiming spousal benefits on an ex-spouse's record doesn't affect the amount of money your ex and, if applicable, your ex's current spouse are eligible to receive from Social Security. But filing for spousal benefits as a divorced person could lead to a higher monthly benefit for you.
Let's say you worked and are entitled to a monthly benefit from Social Security based on your own wage history. If 50% of your ex-spouse's benefit is higher than your total benefit, then you would want to file for a spousal benefit to get bumped up to the higher amount.
To put it another way, let's say that based on your personal earnings history, you're eligible for $1,500 a month from Social Security. If you wait until full retirement age to file and then claim a spousal benefit, you'll be bumped up to a monthly income of $1,600 if your ex-spouse is eligible for $3,200.
When can you file for spousal benefits?
People who are married cannot claim a spousal benefit until their current spouse files for Social Security. But if you're divorced for at least two years, you can claim a spousal benefit once you turn 62, even if your ex-spouse hasn't filed yet. However, if you want your full spousal benefit, you'll have to wait until your own full retirement age to sign up.
You should also know that you must have been married to your former spouse for 10 years or longer to be eligible for spousal benefits from Social Security. If you've remarried since, you can only claim a spousal benefit on an ex's record if your subsequent marriage ended by divorce, death, or annulment.
As a divorced person, you might not realize you are entitled to Social Security income based on a former spouse's record. But giving up that money could be a huge mistake, so read up on the rules on spousal benefits to get all of the income you're eligible for.
