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?
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!
Wendy's other site... because Aging Matters!