How getting married can mess up your Social SecurityMarried 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.
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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:
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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.