Social Security Ex-Spousal Benefit
What is the Social Security ex-spousal benefit? Who can receive it? When?
What is the Social Security ex-spousal benefit? Who can receive it? When?
The ex-spousal benefit is available to anyone who was married to someone for at least 10 years and are now divorced and single. This benefit begins at age 62, but it the vast majority of cases, it would be wise to wait on this benefit until full retirement age which is 65, 66 or 67 based on the birth date of the person as the amount will rise dramatically over those 3 to 5 years.
One needs to be careful with a thing called deeming when they take this benefit. If you apply for this benefit prior to age 70, you will have been deemed to be taking your individual benefit as well. This means that the Social Security folks will give you the bigger of the two benefits, but not both. Learn more on this issue by reading Graduation! and Get What’s Yours (updated version that includes the new 2015 Social Security legislation).