Laurence Kotlikoff is a professor of economics at Boston University who has been answering questions and writing columns about Social Security each week for the past two years on PBS NEWSHOUR’s website. OpenRetirement has asked Professor Kotlikoff to post a Q&A each day from those columns. He has also developed software, called Maximize My Social Security, to help retirees secure the highest lifetime Social Security benefits. You can find the software here: www.maximizemysocialsecurity.com
Question: Is it true that I can only claim half of my ex’s Social Security benefit? I live in Texas and we were married for 37 years. I have not remarried.
Answer: The truth may be worse than this. If you ever filed for your own retirement benefit, even if you suspended it after reaching full retirement age in order to start it up at a higher value later, you won’t get the full spousal benefit, which is half of your ex’s full retirement benefit (not what he actually collects as a retirement benefit, which can be larger or smaller than his full retirement benefit). Instead, you’ll get an excess spousal benefit equal to your full spousal benefit (i.e., half of his full retirement benefit) minus 100 percent of your full retirement benefit if you filed at or before full retirement age or your actual retirement benefit if you filed at or after full retirement age.
___________
When it comes to personal finance, economics and our software care about one thing—your living standard. All questions in personal finance boil down to your living standard. Your decision about when and how to take Social Security can affect your living standard throughout your retirement.
I am a professor of economics and I’ve spent a good part of my academic career studying personal financial behavior. Here’s why my colleagues and I developed Maximize My Social Security. Deciding, on your own, which Social Security benefits to take and in which month to take them is incredibly difficult. Most households face millions of options. You can easily lose tens of thousands of dollars making the wrong choices.
My company’s software, Maximize My Social Security, can help you avoid costly mistakes and instead discover your maximized lifetime household benefits.
