Dear Liz: I am 62 years old and will be retiring later this year on my public pension. About a month later, the divorce from the spouse who had been married for more than 10 years will be finalized. The settlement agreement assigns 100% of her public pension to me. He turns 65 this year and his social security benefits have not yet started. Can I claim ex-spousal benefits when I retire and claim the full amount when I turn 70? What percentage am I eligible for? Are there tax or other adverse considerations?
answer: If you apply for spouse or divorced spouse benefits, you are also applying for benefits for yourself. You get the higher of the two amounts, but you can’t switch later.
Your divorced spouse’s benefit will be up to 50% of your ex-husband’s benefit, but the amount will be reduced if you apply before you turn 67 when you yourself are fully retired. If you were still married, your husband must apply for benefits. You have the ability to apply for spousal benefits, but that requirement does not apply to the benefits of a divorced person.
Public pensions can also affect how much you receive from Social Security. If your pension is derived from work that was not paid to Social Security, your Social Security retirement benefits may be reduced by up to half. Benefits based on the performance of others (spousal benefits, survivor benefits, and equivalent benefits for divorced people) could be eliminated entirely. The Human Resources department has detailed information, and his Social Security website has calculators to help estimate the impact of these provisions.
If you have paid social security taxes while in this government job, or have paid social security taxes for 30 years on your “significant income” from your previous job, what are the implications of these provisions? do not receive
Why don’t you consider consulting with paid financial planner Or use a paid social security billing site like social security solutions again Get the most out of my Social Security.
Liz Weston is a certified financial planner and US personal finance columnist. nerd wallet. Questions can be directed to 3940 Laurel Canyon, No. 238, Studio City, CA 91604 or by using the “Contact Us” form below. Askrizweston.com.
