How divorce later in life affects social security

Grand Rapids, Mich. (WOTV) - More divorces are being filed by couples over 50 than ever before.  It used to be that 1 in 10 involved older couples while now it is 1 in 4.  Whether you are still working or retired and you are over 50, and filing for divorce, you need to learn the in's and out's of social security and know your options.  This will give you valuable information so that you can adequately plan your financial future after your retirement accounts have been split during the divorce.

Social Security is not divided in a divorce.  If you were married for 10 or more years you can collect retirement benefits on your ex-spouse's record once you reach age 62 if you have not earned enough credits on your own.    If you have worked throughout your life and have earned enough credits to collect social security on your own record, you may be able to increase those benefits through your ex's record.

If your ex-spouse dies, you may still be eligible to receive 100% of his benefits if you were married 10 or more years and you are over 60 years old.  It is worth a   visit to,  www.ssa.gov,  to familiarize yourself with the basics before sitting down with someone at the Social Security Administration.  They will be able to answer your questions so that you can know how social security will fit into your financial plan going forward.

Disclaimer: Nothing herein constitutes legal advice.