Divorce can be a difficult process in Texas, both emotionally and financially. One issue that often arises among divorcing couples is how to make ends meet when they retire. One option that is available is Social Security benefits.
What are Social Security benefits?
Social Security benefits are payments that are made to individuals who have retired or become disabled. The amount of the payment depends on the individual’s work history and earnings.
Can divorced couples receive Social Security benefits?
If you’re divorced, you may be able to claim Social Security benefits based on your ex-spouse’s work record. This can be a significant source of income, especially if your ex-spouse has a high salary. However, you can only receive up to 50% of your ex-spouse’s benefits.
Who is eligible for Social Security benefits?
To be eligible for Social Security benefits based on your ex’s record, you must be at least 62 years of age and previously married to your spouse for at least 10 years. On top of that, you must be unmarried when you claim benefits.
When should you apply for Social Security benefits?
You can apply for Social Security benefits as early as age 62, but your monthly payment will be lower than if you wait until full retirement age. Full retirement age varies based on your year of birth, but it is currently 66 years old. You can delay claiming benefits until age 70, and your monthly payment may be even higher.
What are the benefits of Social Security benefits in retirement?
The monthly payment can be a significant source of income, and the payments are tax-free. Also, you may be able to receive health insurance through Medicare, and you may be eligible for other government programs, such as food stamps or housing assistance. Social Security benefits can help you maintain your standard of living in retirement.
If you’re divorced, it is important to understand your options and how Social Security benefits can impact your retirement plan. It is also important to understand that Social Security benefits are not just for those who are retired. If you become disabled, you may also be eligible for Social Security benefits.