Too many people end up getting less than what’s due them from Social Security when they retire because they don’t know the rules and the real financial impacts, says independent retirement advisor Gary Marriage, Jr.
“There’s a lot of talk about the future of Social Security, but we still have this benefit and if you’re 50 or older, you should be planning to make the best use of it,” Marriage says.
Here is an important fact to keep in mind as you plan for how Social Security will factor in your retirement:
If divorced, were you married for at least 10 years? Were you married for a decade and aren’t currently remarried? You may be eligible to received benefits based on the former spouse’s work record. Here are some of the other requisites: you must be age 62 or older, and the former spouse must be entitled to receive his or her own benefits. If the former spouse is eligible for a benefit, but has not yet applied for it, the divorced spouse can still receive a benefit. Additionally, two years must pass after the divorce.