How was your retirement financially affected when your spouse dies ? (pensions, divorce)
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Most retirement projections that I have read are based on couples with two social security checks and two or more streams of income. I would like to know how people are doing when there is only one person left. I don't want to hear about plans set up for plans that are being set up in the event of each dies. I want to hear the stories of the survivors and how they manage going on alone unexpectedly and their financial pitfalls and surprises. I want to hear from people who expected to have a companion to share the expenses who are now doing it alone and what they have learned.
OK, so I've seen this up close a number of times. IF a good fraction of the joint retirement budget was based on portfolio income, well, one person can certainly get by on what supported two people before.
A lot of household expenses do not reduce at the first death in a couple, but some of them do. Dead people don't use medical care, have insurance premiums, buy clothes or eat groceries.
Bottom line, I believe each situation needs its own careful review.
I was widowed at a very young age, but I see that you haven't gotten any responses, so I thought I might share what I can.
Expenses do not drop by half when your spouse dies.
Often times you will find that you have to hire someone to do something that your spouse might have done that you can't do. I know that I had more of a reliance on my handyman and that cost money that I would not have spent had my spouse been alive.
It is difficult to figure out how to buy groceries for one person when you have been used to buying for two people.
There tends to be more reliance on adult children to help with things that your spouse might have done... such as heavy lifting, accompanying you to medical procedures, things like that.
Friendships change once your spouse dies. Many friends will disappear. You will eventually find yourself doing different things to make single friends. Sometimes this costs money that you would not have spent had your spouse been alive.
I chose to purchase long-term care insurance because there was no one to take care of me in older age and I would need a nursing home.
The more savings/income you have when your spouse dies, the easier the adjustment because you don't have the added worry about how to pay the bills on top of everything else.
The widowed learn that they are stronger than they think.
Traditionally men have had considerably higher lifetime earnings and thus higher SS. Men have also been more likely to have pensions. Of course both of these usually end or are reduced upon the man's death, leaving the woman to manage on less. This is I think the main reason I've seen so many "poor" widows among the WWII and earlier generations. For the boomers this should be less of a problem because women worked more outside the home, but still averaged less total income. In my family, I've seen my mother (divorced), several aunts (widowed), and even a cousin my age experience this. The ones who survived the best were those who owned homes free and clear and had investment income. Several were in abject poverty.
I lost my husband to divorce. Whether widowed or divorced, as long as you meet certain criteria regarding age, length of marriage, and marital status, you will qualify to receive your deceased husband's or ex-husband's entire Social Security benefit. When I get worried about future finances, I feel a bit calmer keeping this in mind.
Regarding life going on, I was always very handy, but I've learned to do many more routine household repairs and maintenance tasks. My lost husband was not handy, but there was always enough money to hire a handyman before. Not now.
Its all based on planning with us. The only effected income is SS as both pension opinion chosen are life of survivor also. Then we have investment income not touched to more than replace the SS loss. Others use life insurance; just as we did when we were working in case of even greater risk of loss of income. Actaully more secure as to income than loss when working in our case.
I lost my husband to divorce. Whether widowed or divorced, as long as you meet certain criteria regarding age, length of marriage, and marital status, you will qualify to receive your deceased husband's or ex-husband's entire Social Security benefit. When I get worried about future finances, I feel a bit calmer keeping this in mind.
Regarding life going on, I was always very handy, but I've learned to do many more routine household repairs and maintenance tasks. My lost husband was not handy, but there was always enough money to hire a handyman before. Not now.
I'm not sure how it all works about receiving SS from an ex husband when divorced, but they told my mom she couldn't get any of it as long as he was alive and collecting it himself. He received quite a bit and she only got the minimum, which was $ 570 a month at that time. He lived considerably longer than she did, so she never did collect on his. They were married for 20 years and neither remarried.
I'm not sure how it all works about receiving SS from an ex husband when divorced, but they told my mom she couldn't get any of it as long as he was alive and collecting it himself. He received quite a bit and she only got the minimum, which was $ 570 a month at that time. He lived considerably longer than she did, so she never did collect on his. They were married for 20 years and neither remarried.
The good news is that a divorced woman can receive Social Security benefits without filing any special papers at the time of divorce, and it doesn’t matter if her ex-husband has remarried.
A divorced woman must meet certain criteria to collect benefits based on her ex-husband’s work record:
You must have been married for 10 years or longer.
You must not be currently married.
If you re-married and your second spouse is deceased, you qualify to claim benefits from either your first or your second husband as long as each marriage lasted at least 10 years.
You will receive whichever benefit amount is higher.
You must be age 62 or older.
If your former husband is deceased, you may collect benefits as early as age 60 as a surviving divorced spouse.
If he is deceased and you are disabled, you can collect as early as age 50.
Do I have to wait for him to start collecting benefits?
If your ex-husband has not applied for benefits, but can qualify for benefits and is age 62 or older, you can start receiving benefits if you have been divorced for two or more years.
How much of his benefit will I receive?
In general, you will receive one-half of his retirement benefit. If he should die before you, you will receive his full retirement benefit.
Your full retirement age will also affect the benefit amount you receive.
If you take any benefit before your full retirement age, the benefits you receive will be reduced. (So, that 50 percent of your former spouse’s benefit or that 100 percent of your deceased spouse’s benefit could be reduced if you decide to take it at age 62 or 63.)
The age for full retirement has been gradually increasing from 65 to 67 based on a person’s birth year. To find out your full retirement age, go to SSA.gov.
If his second wife is collecting benefits based on his record, will that reduce my benefits?
No. Neither will your taking a benefit reduce or in any way affect the second wife’s benefit or your ex-husband’s benefit.
Will he be notified in any way that I am receiving benefits based on his work record?
No, the Social Security Administration will not notify him.
How do I apply for benefits on my ex-husband’s record?
You can apply for benefits on-line by going to SSA.gov. You can apply on the phone by calling 800-772-1213 or you can find your local office by going to SSA.gov and making an appointment. To apply for benefits on your ex-husband’s work record, you will need to know his Social Security number. If you don’t’ know it, you can provide his date and place of birth and his parents’ names.
Can he collect benefits based on my work record?
Yes. Social Security is gender neutral. All of this information applies to ex-husbands as well as ex-wives.
Can I collect benefits for our children if my ex-husband dies?
Yes, if you are raising his child or children, you may receive benefits for their care until they are age 16. Then they can receive benefits based on your ex-husband’s work record until they are 18, or 19 and still in high school full-time. Older children can receive benefits if they are disabled.
Can I collect benefits based on my own work record at early retirement age and then collect based on my ex-husband’s record when I reach full retirement age?
Yes, but don’t forget that when you receive benefits before you reach your full retirement age, your benefits will be reduced. You could, for example, receive reduced benefits based on your work record at age 62, and then at 65 start receiving benefits based on your ex-husband’s record.
Don’t Forget:
You must apply for Social Security benefits. You can do so by going on-line to SSA.gov, calling 800-772-1213, or making an appointment with your local office.
I'm not sure how it all works about receiving SS from an ex husband when divorced, but they told my mom she couldn't get any of it as long as he was alive and collecting it himself. He received quite a bit and she only got the minimum, which was $ 570 a month at that time. He lived considerably longer than she did, so she never did collect on his. They were married for 20 years and neither remarried.
How unfortunate. Somebody must have misunderstood her situation.. After 20 years of marriage and never having remarried, she would have been eligible (at FRA) to collect 50% of her former husband's benefits while he was living, even if he was collecting benefits for himself, and even if he had remarried. If she had outlived him, she would have been able to collect 100% of his benefit amount.
ETA: Cross-posted with Renee.
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