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 get the best Social Security benefit possible.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Delivered daily
Kiplinger Today
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. Smart money moves start here.
Sent five days a week
Kiplinger A Step Ahead
Get practical help to make better financial decisions in your everyday life, from spending to savings on top deals.
Delivered daily
Kiplinger Closing Bell
Get today's biggest financial and investing headlines delivered to your inbox every day the U.S. stock market is open.
Sent twice a week
Kiplinger Adviser Intel
Financial pros across the country share best practices and fresh tactics to preserve and grow your wealth.
Delivered weekly
Kiplinger Tax Tips
Trim your federal and state tax bills with practical tax-planning and tax-cutting strategies.
Sent twice a week
Kiplinger Retirement Tips
Your twice-a-week guide to planning and enjoying a financially secure and richly rewarding retirement
Sent bimonthly.
Kiplinger Adviser Angle
Insights for advisers, wealth managers and other financial professionals.
Sent twice a week
Kiplinger Investing Weekly
Your twice-a-week roundup of promising stocks, funds, companies and industries you should consider, ones you should avoid, and why.
Sent weekly for six weeks
Kiplinger Invest for Retirement
Your step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.
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. This is where one spouse receives half of the other spouse's Social Security benefit in the case where it's higher than their own. The higher-income spouse must have claimed their own benefit, and the spouse claiming the spousal benefit must be at least 62 years of age.
Now let's change the circumstances and assume you are receiving a spousal benefit on an ex-spouse's work record. In order to receive this benefit, you must have been married for at least 10 years, and both you and your ex must be at least 62 years of age. If you're close to the 10-year mark and contemplating a divorce, you may want to wait until after you reach that anniversary if you don't want to lose the spousal benefit.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
If you remarry, you will no longer be eligible for those ex-spouse benefits. But you will be eligible for spousal benefits on your new spouse's record as long as you both have reached age 62.
If you do get remarried and later your second marriage also ends in a divorce, as long as you were married to each spouse for 10 years or longer, you can choose between the two spouses' benefits. If your second marriage did not last 10 years, you will still be eligible to collect benefits on your first spouse's record.
The last scenario to look at is when a spouse or ex-spouse is deceased. If it's a deceased spouse, you can claim survivor benefits starting at age 60, providing the marriage lasted nine months before the spouse passed away. If it's an ex-spouse, you can claim survivor benefits starting at age 60, providing the marriage lasted at least 10 years before the divorce. And, in that case, you can remarry, and it wouldn't affect your benefit.
The critical thing to remember in receiving survivor benefits in both of these situations is that if you remarry before age 60, this will cut off your eligibility to collect on your deceased spouse's or ex-spouse's record. This could be very expensive, because while a spousal benefit entitles you to half of the other spouse's Social Security, a survivor benefit would entitle you to all of it. If you wait until age 60 or later to remarry, you can still collect those survivor benefits from your deceased spouse/ex-spouse. You can also let your own benefit continue to grow until age 70, and if it's larger than the survivor benefit at that time, you can switch over to your own then.
The lesson to be learned is that seniors considering marriage need to plot out their strategy carefully when it comes to claiming Social Security, even if it means in some cases delaying your wedding day, or your divorce.
-
Ask the Tax Editor: Federal Income Tax DeductionsAsk the Editor In this week's Ask the Editor Q&A, Joy Taylor answers questions on federal income tax deductions
-
States With No-Fault Car Insurance Laws (and How No-Fault Car Insurance Works)A breakdown of the confusing rules around no-fault car insurance in every state where it exists.
-
7 Frugal Habits to Keep Even When You're RichSome frugal habits are worth it, no matter what tax bracket you're in.
-
For the 2% Club, the Guardrails Approach and the 4% Rule Do Not Work: Here's What Works InsteadFor retirees with a pension, traditional withdrawal rules could be too restrictive. You need a tailored income plan that is much more flexible and realistic.
-
Retiring Next Year? Now Is the Time to Start Designing What Your Retirement Will Look LikeThis is when you should be shifting your focus from growing your portfolio to designing an income and tax strategy that aligns your resources with your purpose.
-
I'm a Financial Planner: This Layered Approach for Your Retirement Money Can Help Lower Your StressTo be confident about retirement, consider building a safety net by dividing assets into distinct layers and establishing a regular review process. Here's how.
-
The 4 Estate Planning Documents Every High-Net-Worth Family Needs (Not Just a Will)The key to successful estate planning for HNW families isn't just drafting these four documents, but ensuring they're current and immediately accessible.
-
Love and Legacy: What Couples Rarely Talk About (But Should)Couples who talk openly about finances, including estate planning, are more likely to head into retirement joyfully. How can you get the conversation going?
-
How to Get the Fair Value for Your Shares When You Are in the Minority Vote on a Sale of Substantially All Corporate AssetsWhen a sale of substantially all corporate assets is approved by majority vote, shareholders on the losing side of the vote should understand their rights.
-
How to Add a Pet Trust to Your Estate Plan: Don't Leave Your Best Friend to ChanceAdding a pet trust to your estate plan can ensure your pets are properly looked after when you're no longer able to care for them. This is how to go about it.
-
Want to Avoid Leaving Chaos in Your Wake? Don't Leave Behind an Outdated Estate PlanAn outdated or incomplete estate plan could cause confusion for those handling your affairs at a difficult time. This guide highlights what to update and when.
