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February 25, 2024
By
The Admiral Staff
A woman, “Missing Out,” is regretting remarrying before age 60, as it disqualifies her from receiving Social Security survivor benefits from her deceased ex-husband, with whom she shared a lucrative business venture for a decade. While technically legal and sometimes done for financial reasons (a “strategic divorce”), the author advises against divorcing her current husband solely for increased Social Security benefits. She suggests first contacting Social Security to estimate potential benefits and highlights the costs and complications of divorce, recommending
February 4, 2024
By
The Admiral Staff
A woman inquired about receiving survivor benefits from her late husband’s Social Security record, but was told she earned too much to qualify. The article explains that while survivor benefits are available, claiming them before full retirement age (67 in her case) results in a reduced benefit, and that benefit can be further reduced or eliminated if earned income exceeds certain limits ($19,560 in 2022 for those not yet at full retirement age). The author advises her to continue working
January 18, 2024
By
The Admiral Staff
Retirement brings new financial considerations, particularly concerning taxes. Income from sources like Social Security, 401(k) distributions, pensions, and savings accounts can all be taxable. Social Security benefits may be taxed depending on your “combined income,” with 50% or 85% potentially subject to taxation. Traditional retirement accounts are taxed upon withdrawal at your ordinary income rate, while Roth accounts offer potential tax-free income if certain rules are followed. Other income sources like annuities, pensions
January 7, 2024
By
The Admiral Staff
A long-term unmarried partner may face challenges receiving a deceased partner’s retirement benefits, particularly Social Security, which typically requires marriage. While workplace retirement plans like 401(k)s can designate a non-spouse beneficiary, IRAs offer more flexibility. Estate planning, including beneficiary designations on retirement accounts, life insurance, and bank accounts, alongside a will and medical power of attorney, becomes crucial to protect assets and ensure the surviving partner’s well-being. The author suggests considering
May 31, 2021
By
The Admiral Staff
A reader asks if they can collect half of their ex-wife’s Social Security benefits, and if their ex could claim half of theirs. The expert clarifies that Social Security benefits are not taken from one person’s check and given to another. Spouses or former spouses may qualify for benefits based on their ex’s earnings record, but only if certain requirements are met (marriage lasting 10 years, divorced for over two years, and not currently remarried). The maximum spousal benefit
