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Old 02-03-2016, 11:43 AM
 
Location: SW US
2,216 posts, read 2,033,474 times
Reputation: 3814

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Quote:
Originally Posted by NYgal2NC View Post
I'm sitting here wondering why the OP wrote about the single, never-married women.

I was married for 21 years. I am divorced almost 33 years. I got nothing out of divorce except for a little more than half of our house value. I used most of it to put a down payment on a condominium. That was 1982/83. I did not receive half of his pension or half of his SS.
If you were married for 21 years, you are entitled to a percent of his SS whether or not he wants you to have it. Call SS and ask about it. It will not affect his own SS benefits.
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Old 02-03-2016, 12:18 PM
 
Location: Central NY
4,653 posts, read 3,237,575 times
Reputation: 11907
Quote:
Originally Posted by Windwalker2 View Post
If you were married for 21 years, you are entitled to a percent of his SS whether or not he wants you to have it. Call SS and ask about it. It will not affect his own SS benefits.

This is explained in one or two postings above this message. Please check it out and you will see why I can't get it.

Thanks.
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Old 02-03-2016, 12:26 PM
 
Location: Arizona
182 posts, read 111,543 times
Reputation: 734
Quote:
Originally Posted by NYgal2NC View Post
This is explained in one or two postings above this message. Please check it out and you will see why I can't get it.

Thanks.
Unless you're now married to someone else you should be eligible to collect on your ex's SS (1/2) assuming it's larger than yours. (and you were married at least 10 years) It doesn't matter what it said in a divorce decree and if someone led you to believe differently, you were misinformed. Collecting on someone else's pension is a different matter.
https://socialsecurity.gov/planners/...divspouse.html
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Old 02-03-2016, 12:38 PM
 
2,517 posts, read 3,504,493 times
Reputation: 5070
Quote:
Originally Posted by SunGrins View Post
I'm trying to convince my 30 year old daughter to save up for retirement. She is single and looks to stay that way for a while. She is working at a good (public service) job with a career path and paying off her college loan and has few other debts. She has nothing going toward retirement that I know of apart from a future work pension and social security.


Most retirees I know were couples with two incomes and gained some financial leverage over time. I have one friend who has remained single and just retired but she is fearful of every bump in the road. How does a single-for-life person plan for retirement? How different from a couple?
I don't think it is any different than what a couple does. At this age she should be working to pay down her debts and taking advantage of any 401K plan her work offers to the maximum extent possible. If she has money left over she should have her own Roth IRA that she pays into every year. Is she still has money left over she should have her own stock/bond investment account so she learns about asset allocation, investing for growth, investing for income etc.

You may be planning to leave her an inheritance. If so you really want her to have years managing her own accounts (IRA and individual) under her belt so she doesn't get taken advantage of by unscrupulous financial advisers who will manage her money for a 1% fee and then put her in a bunch of bad funds.

It is really nice she has a pension but sometimes pensions go away or are reduced through early job termination or underfunded pensions so the benefits are changed etc. Also some state jobs like teachers get pensions but no SS. You might want to make sure she is really getting both. Even SS may not be like it's current form by the time she gets to retirement. Age of start may be pushed back. Benefits may be reduced. Etc. We just don't know.

She is going to need to have her own resources if she wants to be sure of anything. Relying on outside programs like pension and SS as sole sources are risky.

You sound like you are financially savvy. One way to start is to incorporate her in your own financial planning. Show her what you do to manage your accounts. Involve her in your monthly, quarterly or yearly review (whichever you do). Talk to her about the selections you make and why you are selecting them. Talk over world financial trends and affairs with her as they are going on so she is aware of recessions, pullbacks, irrational run-ups, the different market sectors and how different asset classifications react to different events. Let her see your failures in addition to your successes so that she will learn from them.
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Old 02-03-2016, 01:27 PM
 
26,589 posts, read 52,257,058 times
Reputation: 20397
Several I know have invested well in rental property...

One of my dear friends has been a widow 50 years... she owns a lovely 3 unit Victorian and the rents from the two of the units more than cover... plus she has a little social security...
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Old 02-03-2016, 01:28 PM
 
7,790 posts, read 4,381,326 times
Reputation: 11568
Low overhead. If you can't increase your income or retirement benefits, reduce the amount you need to live on. I'm extremely frugal, I absolutely don't spend anything I don't have to, and I enjoy finding new ways to save. Although my pension/SS won't be much, I have no doubt that I'll be able to live on it via both my accrued savings and my penny-pinching ways.
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Old 02-03-2016, 01:44 PM
 
Location: Ohio
1,217 posts, read 2,349,730 times
Reputation: 2214
If the ex-spouse dies, only then can a divorced person claim up to 100% of their ex-spouse's SS benefit.

Thanks to the posters who clarified what a divorced spouse can claim from SS.
I LOVE the citation that they can collect 100% after spouse dies. Some women would get a lot of satisfaction from knowing this. Does Social Security notify you when the spouse dies? Just wondering.

Imagardener
Happily married to 1st spouse :-)

PS The 2 women I know who collected on ex-spouses SS were either stay-at-home OR in one case worked on the family dairy farm (like a dog) for many, many years and husband never paid into SS for her but DID pay SS for himself.
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Old 02-03-2016, 02:41 PM
 
Location: Central NY
4,653 posts, read 3,237,575 times
Reputation: 11907
Quote:
Originally Posted by Sibay View Post
Unless you're now married to someone else you should be eligible to collect on your ex's SS (1/2) assuming it's larger than yours. (and you were married at least 10 years) It doesn't matter what it said in a divorce decree and if someone led you to believe differently, you were misinformed. Collecting on someone else's pension is a different matter.
https://socialsecurity.gov/planners/...divspouse.html

I don't know how many ways I can tell you the answer to that is NO. I never remarried.

Here's how it works. I talked to the person at SS when I applied for mine. She checked into my ex-husband's SS. Since I could only get HALF of his IF it was more than the WHOLE of mine, then I could get his. However, the whole amount of my SS was larger than half of his. Therefore, I cannot get his.

I hope you "get this."

There is a book that SS that would explain it all to you. Perhaps you could get one and read it??
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Old 02-03-2016, 03:48 PM
 
Location: Columbia SC
8,948 posts, read 7,725,979 times
Reputation: 12144
My golfing buddy and I each have a single, never married, no children, son in their mid 40's. They both spend it as fast as they make it. Neither in debt but neither with any plans (savings, investments, etc.) for the future.

Not matter what we suggest or advise they read, they keep doing the same.

Now want the ironic part? His son is a financial planner.
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Old 02-03-2016, 03:57 PM
 
Location: Central NY
4,653 posts, read 3,237,575 times
Reputation: 11907
Quote:
Originally Posted by johngolf View Post
My golfing buddy and I each have a single, never married, no children, son in their mid 40's. They both spend it as fast as they make it. Neither in debt but neither with any plans (savings, investments, etc.) for the future.

Not matter what we suggest or advise they read, they keep doing the same.

Now want the ironic part? His son is a financial planner.

Life is stranger than fiction.

Do you ever have long chats with these guys to see what they are thinking about? No accusations, no suggestions, just give and take conversation? Treat them like the men they are. I'm all for anyone doing what pleases them if they don't have an eye looking at me to take care of them later.

If I had more guts, I'd be outta here in a flash. At 73, low income, big debt, no way.
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