An important area to learn about, that many people overlook during a divorce, is how divorce may effect your Social Security benefits. Most people who are going through a divorce have so much to think about, that retiring is the last thing on their minds.  They think they will have to work forever.  At Westfield Mediation, LLC, we are able to take the long view and help people plan for their future, including their retirement. 

Here is some helpful information to consider, especially if you are close to age 62 when you get divorced.  When you are divorced, if your marriage lasted 10 years or longer you can receive benefits based on your ex-spouse’s work history record (even if he/she has remarried) if you meet the following criteria:

• you are 62 years old or above
• -you are unmarried at the time (never remarried or remarried but currently divorced/annulled/widowed)
• -your ex-spouse is entitled to Social Security
• -your ex-spouse’s benefit is higher than your own

The amount of benefits you get has no effect on monies your ex-spouse or his/her current or ex-spouse may receive.  So, even if your ex-spouse remarries and that marriage lasts for more than 10 years, two spouses (one current and one ex or two exes) benefit will be based off of the same person.  If you have been divorced for at least two years and you reach age 62, you can elect to start receiving Social Security benefits based on your ex-spouse’s record, even if your ex-spouse is eligible for benefits but has not yet elected to receive them.  You can start collecting even if your ex-spouse has not. 

There can be a lot of “government speak” about the rules, so it is always a good idea to talk to someone at Social Security or check out their website http://www.ssa.gov/retire2/yourdivspouse.htm to make sure you understand all the ins and outs of this benefit.  Sometimes it makes more financial sense to not start collecting Social Security at age 62, even though you are eligible.  The amount you receive may be higher when you have a later start date. 

During a divorce you have to plan for your future, a future different than you had previously imagined.  It is important that you take into consideration all the financial factors, including Social Security.  At Westfield Mediation, LLC, we can help you do just that.

For more information about Divorce Mediation contact Randi M. Albert, JD, or Michelle Weinberg, LMFT, at Westfield Mediation, LLC, at 908.913.0373.  View our website at www.westfieldnjmediation.com or email us at info@westfieldnjmediation.com