When working with high-net-worth clients, I look at cash flow and retirement benefits in order to do some projections. One of the more confusing items considered is social security.
When you turn 62, if you were married for 10 years or longer, are divorced, and still single, you may qualify for either all of your own social security or half of your ex-husband's social security. To determine if you are eligible, all you have to do is go to the social security website, ssa.gov, enter your social security number, and you can review all your information. Remember, if you decide to take your social security at 62, it will be reduced. The year you were born determines your full retirement age (this might not be 62). If you take you social security before your full retirement age, you will get reduced benefits. If you wait until full retirement age, or even after that, you will get even higher benefits.
Social security is confusing, but it is extremely important which is why Certified Divorce Financial Analysts, like myself, are here to help!
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