Mary Beth Franklin: For Social Security, it's 'till decade do us part'

Mary Beth Franklin: For Social Security, it's 'till decade do us part'
Marriage must last at least 10 years to claim Social Security benefits on ex-spouse
JAN 07, 2013
During a recent gathering of Social Security wonks at the Newseum in Washington, DC, last month, I joked that perhaps marriage vows should be rewritten to raise awareness about the value of Social Security benefits for divorced individuals under certain conditions. Forget 'til death do us part. After all, about half of all marriages end in divorce. But if you can't make it for the long haul, at least hang in there until you cross the ten-year mark. That's how long a marriage has to last in order for you to collect Social Security benefits on your ex. I hope divorce attorneys everywhere heed this message. Case in point: I have a girlfriend who was married twice, both times for eight years each. She's out of luck. In addition to being married for at least 10 years, you must be unmarried to collect spousal benefits on your ex (even if you were subsequently married as long as that union ended in either death or divorce). But there's one exception when it comes to collecting survivor benefits on you ex. If you wait until age 60 or later to remarry, you can still collect your ex's survivor benefit if that would create a bigger benefit than collecting spousal benefits based on your current spouse's earnings record. You can't collect on both. Recently, I realized that this exception deserves more than a footnote when I received an e-mail from an adviser in Alabama. Sometimes fact is stranger than fiction. Andy wrote: “My mother and father were married for more than ten years before divorcing. Unfortunately, she married and divorced three more times. She married her fourth husband right after turning 60 last year. My father remarried only once and passed away this year. My mother received a letter from Social Security saying she may be eligible for a survivor benefit and is now receiving my father's check. Is this correct? I don't want them to say they made a mistake and make her re-pay. “ Yes, Andy's mother is entitled to her ex-husband's survivor benefit because they were married for at least ten years and she waited until after age 60 to marry her current husband. ( A survivor benefit is worth 100% of what the worker received, or was entitled to received, at the time of death). And because her ex also remarried, his widow is entitled the same survivor benefit, too. They don't have to share the benefit. They each are entitled to the full amount. I can't make this stuff up!

Latest News

Edward Jones facing more race bias claims in new lawsuit
Edward Jones facing more race bias claims in new lawsuit

A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.

Advisor moves: LPL recruitment momentum continues with $815M Northwestern Mutual team
Advisor moves: LPL recruitment momentum continues with $815M Northwestern Mutual team

Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.

SEC chief Atkins signals caution on prediction market ETFs amid broader rethink of novel fund structures
SEC chief Atkins signals caution on prediction market ETFs amid broader rethink of novel fund structures

Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.

Private capital's $1 trillion bet on the American retirement account
Private capital's $1 trillion bet on the American retirement account

From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.

Advisor moves: Wells Fargo Advisors pulls in $9.6b in fresh talent during first half of May
Advisor moves: Wells Fargo Advisors pulls in $9.6b in fresh talent during first half of May

Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management