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How getting married can mess up your Social Security

Married couples often make a big mistake when it comes to deciding when to start taking their Social Security benefits. Instead, they should be looking at the joint life expectancy of both partners. In order to make the most beneficial claiming decision, marrieds must factor in spousal and survivor benefits.

The U. In its survey, that number jumped to 1,— a 14 percent increase. It is just too costly. The catch: They have to take the first distribution before Dec. Remarriage in retirement could be a health hazard for the poorer partner.

You may want to rethink that second walk down the aisle if you are approaching retirement, and counting on income from Social Security. If you're eligible to collect benefits on your ex-spouse's record, you will no longer be eligible for those benefits if you remarry. That rule, plus others, is one of the reasons financial advisors like Stacy Francis, president and CEO of Francis Financial in New York City, sit down with savers to plot out a careful strategy when it comes to claiming Social Security. Knowing these strategies becomes more important with the rise of gray divorce.

Romance aside, you may want to delay your wedding date or divorce, if that's the case to get the best Social Security benefit possible. You may want to push the pause button before taking that walk down the aisle if you're close to retirement and counting on income from Social Security. There are some important rules you need to know to time that wedding day to maximize your Social Security benefits. The most uncomplicated scenario would be getting married for the first time, with no ex-spouse or deceased spouse in the background of either spouse. In this case, you must be married at least one year in order for one of the spouses to be eligible for a spousal benefit.

Javascript must be enabled to use this site. Please enable Javascript in your browser and try again. Science is honing in on better ways to treat chronic pain. Read about it in this AARP series. Marriage has no impact on your Social Security retirement benefit, which is based on your work record and earnings history. You and your spouse, assuming he or she also qualifies for retirement benefits, each collect your own separate benefits, and the amounts do not limit or otherwise affect each other. However, remarriage can affect your benefits — not your retirement benefits, but any benefits you are collecting on the record of a deceased or former spouse.

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The personality-altering disease took a toll on me as well. But that was , and this is now. Like many caregivers, I met a wonderful partner in my dementia support group. She invited me to coffee after Liz passed and our conversations flourished into a love affair that continues to deepen. I made it clear at the outset that I had no desire to remarry. Yet thoughts of marriage continue to tug at me. We love one another. As Russ Weiss, a certified financial planner with the Marshall Financial Group in Doylestown, Pennsylvania, says when older couples raise this issue:

Javascript must be enabled to use this site. Please enable Javascript in your browser and try again. Science is honing in on better ways to treat chronic pain. Read about it in this AARP series. Both can receive retirement payments based on their respective earnings records and the age when they claimed benefits. One payment does not offset or affect the other. Winston White Shorts is also a maximum individual retirement benefita limit on Ss Older Married Single amount an individual can collect per month from Social Security.

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Jan 28, Married couples often make a big mistake when it comes to deciding when to start taking their Social Security benefits. In order to make the most beneficial claiming decision, marrieds must factor in spousal and survivor benefits. Keep in mind the following relevant factors when. Oct 10, How does marriage affect Social Security benefits? much a family can receive from Social Security based on a single wage earner's record. from Social Security on a single worker's earnings record (including spousal, If they qualify based on their own work histories, a married couple can each Does my spouse's income affect my Social Security retirement benefits? @ fbwilliams69 based on my experience, my wife is 5 years older and took SS at

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Mar 1, Senior Marriage and Social Security: Rules to Know. Romance aside, you may want to delay your wedding date (or divorce, if that's the case) to. When it comes to taxing Social Security, the marriage penalty is very much alive and well. Older married couples that have modest incomes and receive Social. Jan 27, If you were previously married for 10 years or more, you may be eligible to collect Social Security benefits on your ex-spouse's record.