Posted on: June 8, 2012
For many senior citizens Social
Security benefits are essential to not only their retirement but to their
continued financial existence. If you’re a baby boomer in
charge of helping with your parents’ finances or a retiree in need of income,
then you should know that under certain circumstances you could be entitled to
additional money from the Social Security Administration. If a woman (or a man,
the law is gender neutral) is divorced or has been married more than once, or
her husband delayed taking Social Security, she might be entitled to a bigger
monthly benefit than she is currently receiving. Though the difference may not
be enormous, it could be welcome relief to someone on a fixed income.
Though the Social Security
regulations can affect both men and women, the fact that women typically earn
less over their working lives means that they are more likely to be collecting
less in benefits then they may be entitled to due to the earnings of a former
spouse. The rule says that an individual is entitled to collect Social Security
benefits according to one of the following formulas: 1) based on his or her own
earnings history; 2) 50% of his or her spouse or former spouse’s benefit if it
is greater than their own; or 3) 100% if the former spouse is now deceased.
There
are a few specific requirements that must be met to receive this upward
revision in benefits: 1) the marriage must have lasted 10 years or longer, and 2) the
individual seeking a former spouse’s benefit must currently be unmarried,
unless the second marriage occurred after the age of 60.
Enough with the rules, you may be
asking how this would work in practice. Here’s a good example: Let’s say your
mom only ever worked part-time while raising you kids. She’s now retired and
receives an $800 per month Social Security check. Her former husband (your dad)
made more money down at the plant, working longer hours over a longer span of
time and now brings home a $2,000 per month Social Security check. Rather than
continue collecting the $800, your mother is entitled to collect $1,000 per
month if your dad is still alive and the full $2,000 if he is deceased. As an
added bonus, if the Social Security Administration determines someone is
eligible for increased benefits then that person will receive retroactive benefits
going back for six months.
This increase in benefits is
important not only for the senior in need of money but for the family members
watching over their elderly loved ones. If you find yourself facing the
prospect of divorce, contact an experienced Ohio
family law attorney
who can help guide you through the difficult process. Count on the expertise of
Twinsburg family law attorney Carol
L. Gasper.
See
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