For those in Florida who are thinking about declaring separation and are approaching retirement, the financial implications of ending the marital relationship are far various from for their counterparts in their 30s and 40s. When retirement looms, each and every financial choice made throughout a divorce needs to be customized to fulfill an individual’s monetary objectives. The initial step in reaching a comfortable retirement is understanding where one’s income will come from as soon as their occupation ends.
For lots of, retirement income is obtained from a mix of sources. Some people will draw from their personal cost savings throughout their later years. Others will depend on investment income that was set aside simply for the function of retirement. Still others will turn to Social Security benefits to money a huge section of their monetary requirements throughout retirement. For these individuals, understanding precisely what advantages they are entitled to can make a world of difference in their bottom line.
Many spouses are able to claim social security benefits based upon the work record of their former spouse. In order to do so, both the asserting party and the ex lover partner need to be at least 62 years of ages. The marriage should have lasted for a minimum of ten years, and have been over for at least two years. The declaring partner can not be qualified to get a greater advantage based on their own work record.
If these requirements are met, a wise spouse can claim on the work record of their ex up until they reach their complete old age. This approach enables the capability to take full advantage of one’s own benefits, while bringing in years of additional repayments based upon the benefits of a previous spouse. For those in Florida who will money their post-divorce retirement primarily with Social Security advantages, comprehending the best ways to take full advantage of those payments can have a significant influence on their ultimate earnings.
Source: SeacoastOnline.com, Social Security decisions after divorce, David T. Mayes, Nov. 17, 2013