Early Withdrawal of x-spouses SS benefits verses taking my portion of his retirement

by Lisa S
(Lisa S )

Is x-spouse who is charge of retirement fully in charge of how he wishes to divide Social Security and Retirement Benefits? What are my choices. I am not even 60 yet and he wants me to draw on his SS and sign away from receiving any retirement. We have a child under the age of 18 and I will not do this. what are some of my other options?
Thanks.

Wendy Social Security is Social Security.. it has nothing to do with his pension. If you've been married at least ten years, they will pay you the higher of your own SS or half of his, at age 62. That's the earliest, don't let him fool you that he has any control over that.. it is Federally regulated. period.

DO NOT SIGN OFF of the pension. If you do, get something equitable (and that's not SS that you will get anyhow). Honestly, I personally would never sign off of a pension... yes, its not a anything to help you TODAY, but later. Your attorney should get a pension calculation, to see the value of same (multiply by 20 years.. age 62-82, for example, just to see the true lifetime value of it).

Pensions are hard to come by in today's society... your attorney, I am sure, will advise you to get half of it (assuming a long term marriage). It will be split by his employer and sit there until you are eligible to draw a benefit, probably age 60. That's ok.. you are more secure at that point between pension and SS payments to live a nice retired life.

I don't blame him wanting to keep his pension -- I wouldn't want to give mine up either -- but think twice!

Comments for Early Withdrawal of x-spouses SS benefits verses taking my portion of his retirement

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Distinction between pension and SS benefits
by: Anonymous

In reading my earlier comments concerning an ex-husband's PENSION through his job and his SS benefits, I didn't make myself clear.

Two comments for clarity:

1. Do NOT sign off on your equity in your
ex-husband's job pension.

2. At age 62 or beyond, apply for HALF your
ex-husband's SS benefit. You're entitled
to it if you and he were married for a
minimum of 10 years prior to your divorce.

Even if he remarried, you will qualify for
half his SS benefit provided that you have
not remarried.

His subsequent wife will also be entitled
to half his SS benefit, and he will receive
his full benefit when he reaches his
qualifying age (65 - 67) OR a reduced benefit
at age 62.
Do NOT sign off on your ex's pension
by: Anonymous

Hello:

If you sign off on your ex-husband's pension, you lose ALL equity in it, particularly if you were married to him for a long time, which is any time over 10 years these days :-(.

At age 62, you will be able to draw on half his SS even though he may remarry. I think that if YOU remarry, however, you're not entitled to any of your ex-husband's SS benefit. (I may be incorrect about your remarrying and not being entitled to the first husband's SS benefit.)

I'm a widow who ALMOST married again in my mid-50s. Thank heaven I didn't because I discovered just in time that the man was a real problem drinker.

Anyway, I will teach one more year of high school until I turn 66. Then I will qualify for FULL benefits under my deceased husband's SS account.

At 70, I'll drop his SS benefits and take my own, which will grow by 8% a year for each year I delay taking it. That's 32% of growth for me by the time I'm 70.

Single women (whether single by choice or not) MUST educate themselves about SS benefits, job pensions, etc. in order to ensure that they can live securely after they retire.

Otherwise, many single women will find themselves in a financial mess when they reach age 62 or above.

Don't let your ex-husband bamboozle you . . .

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