Tip:
Highlight text to annotate it
X
[ THEME MUSIC ]
>> A couple more scenarios I want to run before I get into my other Social Security questions.
What if I'm divorced?
>> Yeah. Well, I think the take‑away and the rule of thumb for divorcees is just know
that you're entitled to benefits. So the rules are if you've been married for ten years and
your divorce has been over for two, then you are entitled as if you were still married
to your ex, and we are shocked at how many divorcees have no idea that they are entitled
to benefits. So what I want listeners to understand is
go and run your numbers. You may be entitled to a lot of money right away.
>> What if you're divorced and remarried?
>> Well, there's two scenarios that you need to think about here. If you're remarried before
the age of 60, it doesn't count. You're basically under the rules with your new spouse. If you
remarried after the age of 60, the government doesn't consider you to be married. So you're
still entitled to your divorced benefits so back to run the numbers.
>> And if you're widowed?
>> Widowed is a whole different set of strategies. So here are the simple ones that everyone
needs to know. You can get widow's benefits as early as age 60. So your own retirement
benefits at 62, but widow's benefits can start as early as 60. Now, your widow's benefits
increase every year up to your full retirement age and then they plateau. You don't get any
more. So said a different way, for every year you take your widow's benefits after the age
of 60, you get a little bit more. So the strategy for widows which we can find hundreds of thousands
of dollars for people is a single‑switch strategy. So what I want a widow or widower
to think about is should you take widow's benefits early at age 60, you know, discounted,
and then at full retirement age switch back to your own benefits or conversely, the other
strategy is should you take your own benefits early at 62 and then switch to the higher
widow's benefits at 60? Now all this‑‑ you're going to bonk me on the head and say,
Bill, this sounds complicated. It sounds complicated but we're talking about two strategies that
you compare side by side and you'll see significant, tens of thousands of dollars of difference
in many cases for a widow. So don't leave money on the table. Run your numbers and find
the strategy that's right for you.
[ MUSIC AND DISCLOSURES ]