Retirement Planning/SS at 64

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Question
I am now unemployed and want to start collecting Social Security benefits next month when I turn 64.  My question is can I switch to benefits to half of my ex-husband's when I turn 66?
Thanks

Answer
The Financial Quarterback
The Financial Quarterb  
First thing is to receive the information from the Social Security Admin and go over this information with them and with a Certified Financial Planner to understand how these benefits marry with your other retirement income, assets, and taxes.

First, you must have been married to your ex-spouse for at least 10 years. Second, you must be at least 62. Third, you must be unmarried currently. And fourth, you can't be entitled to a higher Social Security benefit on your own accord.

Assuming you satisfy this four-part test, in turn, you have effectively the same rights vis-a-vis your spousal share of an ex's Social Security. Namely, while the ex is living, you're entitled to as much as 50% of his or her monthly payout. And when that person dies, you assume survivor's benefits, which qualify you for as much as 100% of the deceased ex-spouse's benefits.

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Richard E. Reyes, CFP

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I can provide answers to questions relating to retirement especially relating to; income distribution, tax efficiency, long-term care insurance, life insurance, estate planning, asset protection, variable and fixed annuities, alternative investments and prudent portfolio design.

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Through the years Richard has built a reputation as one of Central Florida's expert on retirement income distribution by providing sound, unbiased wealth coaching. We believe that Financial Planning is the problem and Wealth Coaching is the solution. The Wealth Coaching process gives you Peace of Mind, so you can stop worrying about your future. It helps you find happiness as it guides you in the TRUTH of investing, by teaching you how to make wise choices as you journey through your life’s stages. It is all about your relationships and what you value, not your net worth.

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Seminole Success Magazine “Retirement Planning” Seminole Success Magazine “Small Business Snapshot” The Orlando Sentinel – Ask the Expert Financial Section (Various) Greater Orlando Broker Agent Magazine “The New It” Senior Market Advisor “Random Reader, Random Questions”

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B.S. University of Florida, Gainesville, FL
CFP Certificate, University of Central Florida, Orlando, FL

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