Women usually live longer than men. Many women will marry multiple times. These women may even become widows and multiple divorcees.
If you are a woman and your last husband did not believe in life insurance; so, he did not leave you much in the way of life insurance benefits. Or, if your divorce settlements did not leave you with a substantial cash settlement or alimony for life, do not loose heart. You may not have to resign yourself to a life of poverty. There are some things you should know about Social Security Retirement Benefits.
There is a way that you can make the most of your Social Security Benefits. Just because you and your Ex-husband could not live together does not mean that he cannot be financially beneficial to you in your Golden Age.
Many people start collecting benefits at 62 years old. If you do, then you will be penalized for starting before your full retirement age or “normal” retirement age. According to the Social Security Administration (SSA), the normal age has been 65 for many years. However, beginning with people born in 1938 or later, that age gradually increases until it reaches 67 for people born after 1959.
Here is some interesting information about how you can cash in on your former spouse’s Social Security Retirement Benefits. If you were married to someone at least 10 years and even if you are now divorced, you can still collect 50% of his benefits; and, your former spouse can collect 50% of your retirement benefits, if your retirement benefit is more than what he is entitled to receive. You need to be at least 62 years old, unmarried and are not entitled to a higher Social Security benefit on your own record.
Most men are the primary bread winners in their family. So, their Social Security Retirement Benefit amount will be larger than their wives or Ex-wives. When you apply for your retirement benefits, if your calculated benefit amount is less than you former spouse’s, you may elect to collect on his earnings record.
According to the Social Security Administration, you must be entitled to receive your own retirement or disability benefit. If you as a former spouse are eligible for a benefit, but you have not yet applied for it, you can still receive a benefit if you meet the eligibility requirements above and have been divorced from your former spouse for at least two years. Generally, the SSA cannot pay you benefits based on your Ex-spouse’s earnings record if you remarried someone other than the former spouse. If you get married again, if had better be to the same guy, or you loose you eligibility to collect on his earnings record.