divorced

Cabin update – waiting

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It’s been awhile since I have written a cabin update on my mountain property. The reason is heartbreaking really. A year ago my son-in-law and I removed the tongue and groove pine and the rodent infested insulation from the cabin’s interior. We stripped it down to the studs. I signed a contract with a structural engineer to begin work on improving the cabin and adding a septic system. I also got a bid on refurbishing the original 1938 stone fireplace. Everything was working according to plan until I received an email from my ex-husband.

It read, “I am retiring in January.  40 years. Per previous communications, I will be filing to terminate maintenance. I am traveling for the next week.  If we can not come to an agreement, I anticipate we will file for maintenance termination in September with a January effective date.”

It could not have been worse timing. I made an appointment with an attorney to discuss options. His advice was to put off improvements until I knew what my income was going to be and whether I would be able to keep the property. So, I cancelled the contract with the structural engineer and put the fireplace work on hold. I was heartbroken. My childhood dream was possibly going to be taken from me. A dream possibly unfilled. I waited to be served court papers.

And waited.

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Social Security for exes

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Social Security for Exes
Social Security Admin. Poster, 1956

Social Security’s Legacy to Ex-Wives, Kids

By Kim Blanton, SquaredAwayBlog.bc.edu

June 13, 2017

“Many women are fuzzy on how Social Security benefits for widows work and even more unclear about the program’s spousal benefits.

I know two of these women. Their situations nicely illustrate how this federal program promotes the well-being of older women and families.

One is my divorced aunt. She was surprised to learn, after my uncle died a few years ago, that her widow’s – or survivor’s – benefit, based on his decades of work as a housing developer, would be double the spousal benefit she’d received while he was alive. Divorced spouses are eligible for the same spousal and survivor’s benefits as still-married spouses, though only if the marriage lasted more than 10 years.”

Read more about Social Security for exes

 

Social Security Advice

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Social Security Advice
aarp.com

Always Verify Advice on Social Security

by Laurence Kotlikoff, Seattle Times 

March 4, 2017

“Investing

Q: I am now retiring and dealing with Social Security at age 66 after being married 18 years, divorced six years, and still single.

When I attempted to file and suspend, and then file for a restricted benefit based on my ex’s income (so I can delay until age 70 filing for my own maximum benefits), the local Social Security office told me I cannot file on my ex unless she has already filed for benefits. She is now 65 and does not want to file, but my understanding is it does not matter if she files or not. Am I correct? If so, how do I convince the local office?

A: My estimate is that half of Social Security’s answers to questions are either fully or partially wrong. And if they aren’t wrong, they are misleading.”

Questions: kotlikoff@economicsecurityplanning.com

Financial decision making resources for divorcing or newly widowed women

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If you are facing a divorce or if you are recently widowed, you may find the following financial decision making resources helpful.  When I was divorcing over 12 years ago, the judge ordered a qualified domestic relations order (QDRO) written and submitted to my ex’s workplace so I was guaranteed a portion of his pension when he retires.  The QDRO also required I hire an expert to figure out the value of the account at the time of the divorce.  The judge ordered my ex and I to split the cost of these extras.

Learn more about QDROs and other important issues from the resources below from the Women’s Institute for a Secure Retirement (WISER). 

“Both divorce and widowhood can be extremely emotional and oftentimes unexpected events in a woman’s life. The difficulties are often further compounded by the practical issues that arise during these transitional periods. WISER has developed various resources to help make this time a bit less stressful and to help newly divorced or widowed women make smart and informed financial decisions.

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Kiplinger’s Social Security Strategies

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Social Security Strategies if You’re Widowed

“A survivor benefit is worth up to 100% of a deceased spouse’s benefit.

You’re eligible for a survivor benefit based on your deceased spouse’s earnings. You can claim this benefit as early as age 60, or 50 if you’re totally disabled. The amount is based on your late spouse’s benefit when he or she died. If your spouse died before claiming Social Security, the benefit will be based on 100% of the amount due at your late spouse’s full retirement age.”

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Social Security Strategies if You’re DivorcedSocial Security strategies

“Meet certain criteria and you may qualify to claim a benefit off an ex-spouse’s earnings record.

…In order to claim either spousal or survivor benefits, you must have been married for at least 10 years and not be entitled to a higher benefit based on your own record. In addition, you must be at least 62 and unmarried.”

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Social Security Strategies if You’re Single

“There are steps singles can take to boost their benefits.

…Single retirees who never married don’t need to concern themselves with survivor benefits — benefits will end when they do. That gives single beneficiaries a less compelling reason to postpone claiming benefits after full retirement age, says Marc Kiner, co-founder of Premier Social Security Consulting in Sharonville, Ohio.”

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Social Security Strategies for Married Couples

“Spouses can boost their benefits by coordinating the timing of their claims.

Married beneficiaries can claim benefits based on their own earnings record or choose to receive up to 50% of the amount for which their spouse is eligible at full retirement age.”

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All four of these articles are by Sandra Block, from Kiplinger’s Personal Finance, January 2015.