Question: I was married for more than 10 years and never remarried. I will turn 62 in October. I want to take my benefit early at 62 on my record and then when I reach full retirement age at 66 I want to switch to my ex-husband's record (since 50% of his benefit will be greater than 100% of my full retirement benefit). People in the social security office give me conflicting answers. I am afraid to begin taking early retirement for fear I won't be able to switch to my ex's record later.
Answer: You are right to be concerned; this strategy will only work IF your ex-husband is younger than you.
Why? Because you will have to apply for both your retirement and divorced wife's benefits if your ex-husband is age 62 or older when you apply. And both will be permanently reduced if you start receiving benefits before your full retirement age of 66.
The only way you will be allowed to choose between the two is to wait until you reach your full retirement age of 66 to apply. Keep in mind that at that point, there is no advantage to waiting longer to apply as a divorced spouse since you will have already reached your FRA (full retirement age).
But, if you are still working or if you can afford to wait to start your benefits, it may be advantageous to apply for the divorced wife's benefit at 66 and then switch to your own maximum retirement benefit at age 70 (if that is higher).
Will the increase in benefits at age 70 be worth the wait? Request a Personalized Benefit Analysis and I will compute your benefits under each option and compare your lifetime benefits at five year intervals so you can make an informed decision!
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I was just told by the SS rep that I could draw on my former husband's SS without penalty on my own benefits, which I will access when I turn 66 next January. The key was that I make less than $14,000 a year. Actually, she said I could have drawn off him last year, but I did not know about it. We were married for 33 years. I want to be sure I will not be penalized when I start drawing off my own benefits. Thanks.
ReplyDeleteIf you wait until your full retirement age of 66 to apply you will be allowed to restrict your application to divorced wife's benefits only. IF you do that you can switch to your own retirement later and your payment rate will be based on your age at the time you apply for your retirement.
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