Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits.
Today’s Social Security question is about how taking early spousal benefits affects retirement benefits.
Question: I am 61, was married to my ex for 16 years, have been divorced for 15 years and have not remarried. My ex is 66 and made considerably more money during her working years than I did. I want to draw spousal benefits from her figures when I turn 62 until my full retirement age of 66. Do I lose the yearly 8 percent increase to my potential benefits during the time I am drawing spousal benefits?
In your book, “Get What’s Yours,” you seem to imply I can remarry if I’m over 60 and still benefit from my ex’s numbers, but that does not seem to be the case. Is it only for survivor’s benefits?
Answer: To answer your last question first, it’s yes. You can’t remarry and collect divorcee spousal benefits. But if you remarry after 60, you can collect divorcee widower benefits once your ex passes away.
Now responding to your first question, please check out the discussion about deeming in the book (Chapter 3) and Social Security gotchas (Chapter 25). If you file early for your divorcee spousal benefit, you’ll be deemed to also be filing for your retirement benefit. You’ll end up getting a 25 percent reduced retirement benefit and a reduced excess spousal benefit, which could well be zero. Your optimal strategy—assuming you stay single—is to wait until full retirement age and file only for your divorcee spousal benefit. Then at 70, file for your own retirement benefit. This assumes you have a high maximum age of life.
My weekly Social Security column appears on PBS NEWSHOUR’s website.
