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So crazy, it might work! Of course, suppose your spouse is at fault in a car accident and kills a bunch of people? Or makes a bunch of income, but doesn't pay taxes on it? Or runs their credit into the ground? Get's pregnant?
SS was never intended to be someone's sole means of support in retirement. For most retirees, it's just a supplement to their own savings/investments, pensions, rental income, etc. In our case, it's less than 30% of our retirement income.
Rather than focusing on how to find loopholes in SS and exploit the SS system, how about focusing on how to maximize your savings for investment (finding higher paying jobs, living below your means, utilizing employer matches, and investing in tax-advantaged accounts), finding the best investment vehicles, getting into real estate in a way that you can take advantage of rising RE markets, finding passive income opportunities?
(If there are flaws is there a way it COULD work, and be worth it?)
I'm just trying to figure out how to make a plan work.....
Never having been married, but always hearing about spousal benefits.....I know you have to have been married to a person for 10 years, right?...so IF a person wanted to get in on that "gravy train" (my words, as a person who doesn't have that option. Envious much?)) ....could....
...two people decide to get married, get their 10 years of marriage in before age 62, then divorce.
For example, think ahead and marry someone at 50-52...then divorce at 60-62.
They could do it from 18 to 28 if they wanted which might be even better....just be married on paper. They waive each other pension. And if the do it REAL early and get divorced they may not have to even wait any pension rights if they don't have jobs by then that have pensions. The could waive each others 401K rights (I don't know if those plans have a minimum number of years to had to be married anyway.)
They could put those waivers in a prenup...AND of course in the divorce agreement.
Always file married filing separately. Don't even live together. Keep their credit separate (and clean). Divorce after ten years, and go one their merry way.....
Then at 62 file on each others Social Security record.
Can each ex-spouse file on the other's record, at the same time?
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What can I say..... I'm off today and clearly have some free time to ponder this.
I just saw a financial planner talking about how a person could file -- and their KIDS even get Soc. Sec.
I'm sitting here single thinking....I've got to get SOME of this money!
Spouses can file, kids get benefits.
What EXTRA do singles get? Squadoosh!
So how could a plan like the one I proposed work?
I do have a life-long bachelor friend of mine. Could this have worked if we'd thought ahead?
Thanks.
No, No and no. Not saying there aren't scenario's depending on age it might have worked previously. Remember you still have to be married ten years and if you are old enough to have been born before the cut off date, your married ten years is well beyond 62.
However I say no not because of that but your bachelor friend or any bachelor is going to want friends with benefits to do that I suspect. What does he get out of it in your scenario? If he is the highest paid of the two of you he could collect spousal from 66-70. I did that but was really married. What's in it for him and how much is 50% of your spousal going to give him without side benefits?
So crazy, it might work! Of course, suppose your spouse is at fault in a car accident and kills a bunch of people? Or makes a bunch of income, but doesn't pay taxes on it? Or runs their credit into the ground? Get's pregnant?
Quote:
Originally Posted by TheShadow
SS was never intended to be someone's sole means of support in retirement. For most retirees, it's just a supplement to their own savings/investments, pensions, rental income, etc. In our case, it's less than 30% of our retirement income.
Rather than focusing on how to find loopholes in SS and exploit the SS system, how about focusing on how to maximize your savings for investment (finding higher paying jobs, living below your means, utilizing employer matches, and investing in tax-advantaged accounts), finding the best investment vehicles, getting into real estate in a way that you can take advantage of rising RE markets, finding passive income opportunities?
#1 It's outright Fraud and legally corrupt.
#2 You are liable for any debt that person creates and you are also liable for any income that person does not report.
#3 It's morally corrupt.
Why don't you find someone you actually want to marry? Or, stay single and make the best of your life which ever way you can (work more, work longer, side gigs, etc.). Stay on the straight and narrow and find solace in being a good person.
1 -- No. Fraud would be if the person filed for spousal benefits and was never married to the (non) ex or ten years.
2 -- I think that depends. As for the debt/taxes, if you've always filed separately, and never commingled accounts, never signed that other person's return, I don't think that's true.
3 -- No. It would be applying for a benefit to which the person would be entitled.
But the window for being grandfathered has passed anyway.
1 -- No. Fraud would be if the person filed for spousal benefits and was never married to the (non) ex or ten years.
2 -- I think that depends. As for the debt/taxes, if you've always filed separately, and never commingled accounts, never signed that other person's return, I don't think that's true.
3 -- No. It would be applying for a benefit to which the person would be entitled.
But the window for being grandfathered has passed anyway.
Getting married strictly for purposes of defrauding the government is fraud. Period. I'm not going to argue with someone who doesn't know the difference between right and wrong.
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)) ....could....
