A few years back I wrote a post about things to consider when divorcing later in life. One of these considerations was Social Security. Social Security continues to be an important topic of discussion for any couple divorcing later in life, because it can have a significant impact on income and sometimes retirement benefits.
Of course, just when we get comfortable with the rules and how they’re applied, Congress goes and shakes things up. As part of the Bipartisan Budget Act of 2015, just signed by President Obama on November 2, 2015, the federal government is eliminating two key pieces of Social Security that are important for retirement planning for married and divorce spouses alike.… Keep reading
Gray divorce is on the increase. As Boomers age they are deciding to divorce. There are a number of issues that are of particular importance. My very talented colleague Andrea Dunbar has written today about Social Security and Medicare benefits.
While each divorce case presents its own set of complex facts and circumstances, divorces involving older clients (also known as “gray divorce”) can be especially complex. Issues such as Social Security, Medicare, retirement benefits and estate planning are, more often than not, fringe issues when dealing with couples divorcing at other points in life. These issues come to the forefront, and sometimes become of critical importance when a divorce occurs later in life.
It is important to know the ins and outs of Social Security when going through a divorce during advanced age. The rules of Social Security, like most other federal benefits programs, are counter-intuitive and often lead to surprising results.
A widow or widower at full retirement age or older receives 100% of a deceased spouse’s basic Social Security benefit amount. The same is true even if the spouses are divorced, as long as they were married for at least … Keep reading