Matthew Allen, Co-founder and Co-CEO of Social Security Advisors, says that divorce benefits also surprise many of his clients.
- To qualify, you must be 62 years old.
- Â Your marriage must have lasted for at least 10 years.
- Â The divorce has to be at least two years old.
- Your ex has to qualify for social security benefits, but does not have to be claiming them.
- Your ex’s benefit has to be worth more than yours.
- If you meet those guidelines your benefit is equal to half of your ex’s: Â If she is eligible for $2,000 a month, you get $1,000; even if they remarry.
- If  you remarry, all bets are off unless your new marriage ends by death, divorce, or annulment.
“The two biggest mistakes most couples make is failing to coordinate spousal benefits and failing to claim benefits in the proper way so that it maximizes the survivor benefit for the surviving spouse. These two errors cost the average couple roughly $40k to $50k in lost spousal benefits, and another $70k to $80k in lost survivor benefits.  It really comes down to these two issues,†says Allen.
If you currently have a financial adviser, be sure to ask if she has training in Social Security planning. If not, you may want to find a financial professional who does.
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