What you need to know about Social Security and a divorced woman. You are probably not thinking about
Social Security payments when you are getting divorced and that’s a big mistake!
When you actually receive your divorce decree can affect your financial future. It is estimated that one out of five women over sixty five gets her total income from Social Security.
That is pretty frightening, especially with the questionable future of Social Security.
If you have worked prior to your divorce, you will get your own benefits. In too many cases, your ex-husband’s benefits may be larger and you need to know where that leaves you.
The average benefit paid to a worker in 1999, who retired at 65, was $780.00 per month.
The average benefit paid to a couple in 1999, who retired at 65, was $1310.00 per month.
The average benefit paid to a woman was about 25% less than the husband’s because they were often out of the work force for longer because of raising a family. In addition, women still earn less than men in most industries. The scary part is that a woman earns about 75% of what a man earns. Therefore, women will receive less Social Security than men.
This is the part that many women don’t know. If you have been married for ten or more years and don’t get remarried, you can may get Social Security benefits based on your ex-husband’s earnings when you reach age 62.
That is still true if he has remarried or hasn’t retired. So, you are entitled to 50% of your ex-husband’s Social Security. Keep in mind that the benefits you receive will be either based or your own income or your ex-husband’s and you will receive your benefit based on the larger of the two payment numbers – his income vs. yours.
Photo by kevbeaux
