If you have been married and divorced, even more than once, your Ex can still provide for your retirement. If you have been divorced at least two years and are age 62 or older, you can claim Social Security up to 50% of your Ex’s benefit. The best thing is, your Ex doesn’t even have to file for Social Security benefits or have to know that you are claiming the Spousal Benefit. This also applies if you can claim a Survivor’s benefit on your Ex.
At full retirement age an Ex-Spouse can claim 100% of what the Ex received as a Survivor’s Benefit. If your Ex passes before full retirement age, you can claim a reduced Survivor’s Benefit as long as you are at least 60 yrs. old.

Disclosures

This past Saturday we received a number of calls regarding who can file for the $255 Death Claim through Social Security, here is the answer:

The lump-sum death benefit of $255 is payable upon the death of a person who has worked long enough to be insured under Social Security.
The one-time lump-sum death payment of $255 is payable to:

•A surviving spouse if he or she was living with the deceased; or, if living apart, was receiving certain Social Security benefits on the deceased person’s record; or
•If there is no surviving spouse, a child who is eligible for benefits on the deceased person’s record in the month of death.
If no spouse or child meeting these requirements exists, the lump-sum death payment will not be paid. The lump-sum death payment cannot be paid to funeral homes or estates for funeral expenses.

To file for the benefit, call 1-800-772-1213

disclosures:http://www.hechteffect.net/?page_id=31

You have done it all the right way: exercised, ate right, and did not indulge in too many vices. This clean living may cost you in the long run – if you take Social Security too early.

If you delay taking Social Security, you will have a bigger check, it is that simple. Many of us are tempted to start drawing at age 62; however, if you can wait, please do. I hear all of the reasons: Social Security is going to run out of money, “I have paid in for so long I want to get every cent I can as soon as possible”, and “I have no idea how long I will live.” Let’s just take a step back from these arguments for a moment.

If you pull Social Security prior to full retirement age, you will pay in extra tax and penalties depending on your income. If you delay taking benefits until after full retirement age, you will receive a credit of approximately 8% each year you delay. With the average life expectancy today being 86yrs. of age, the decision as to when you start Social Security becomes a very big decision.

So pat yourself on the back for the wonderful healthy way you have been living your life. Crunch the Social Security numbers while you are crunching your abs. You just may be able to win the longevity race fiscally as well as physically by delaying Social Security.

disclosures:http://www.hechteffect.net/?page_id=31

A common question I hear is: “when should I take Social Security”? This may be one of the biggest decisions you can make. For those born between 1943-1954 full retirement age is 66. It climbs to age 67 for those born between 1955-1959. You can start taking Social Security at age 62 but you will condemn yourself to a 25% reduction in benefits.

Besides waiting to full retirement age to avoid a haircut, waiting can open up a variety of choice for married couples. Your decision is much greater than taking these benefits early or waiting to full retirement age or beyond.

On January 24th Denise Kovach and I will discuss all of the Social Security choices and the impact each can make in your retirement. Go to www.financialgroup.com to make a reservation for our Social Security Seminar.

Disclosures:http://www.hechteffect.net/?page_id=31