Ex-Spouses Are Still Entitled to Receive Social Security Benefits
Marriage (Photo credit: Lel4nd)
Did you know that even after divorce you still may be entitled to receive Social Security benefits based on your ex-spouse’s contributions? It’s an area many divorced couples may overlook, but one that can be crucial to your the financial well-being.
According to an article on iVillage.com, one in five women age 65 and older relies solely on Social Security for her income. Social Security benefits are based on contributions which, in turn, are based on income. Women’s benefits, the article noted, are generally lower than men’s by an average of about 25%, partly because women spend more time out of the workforce taking care of family commitments and partly because, in many industries, women continue to earn less than men. (1) This is one reason not to overlook spousal benefits even after the marriage ends.