Social security is a type of an insurance program and it can make a huge difference to a person’s income. It has some great benefits. Follow this article to learn more about the benefits of social security and how much social security does an ex spouse get.
Social security is a program started by the US government. It is an insurance program for the old age survivors and disabled people, through this program people get survivor benefits and they can have a steady income after their retirement. It is a program that pays retired people some amount which is deducted from the employed workers taxes. This amount helps a lot of people with the cash flow.
There are two social security funds. One for the people who are retiring from their jobs and one for the people who are living with any disability. The money comes from the tax funds that are paid by the eligible citizens. Till the time a person reaches a certain age, their social security is safe in the trust funds. And if the money is not being used then, it will remain safe in the trust funds.
Follow this article and explore more about the benefits of social security and how much social security does an ex spouse get.
Table of Contents
What are the benefits of social security?
Social security is a type of income that can help a citizen after their retirement. It is like social protection provided by the government of the USA. There are many benefits of having social security, following are some important points.
- More than a retirement plan
- Increases the cost of living
- Retirement protection
- Modest benefits
- Children’s stake
- Lifts people above the poverty line
- Source of income
- Beneficial for women
- Beneficial for people of color
More than a retirement plan:
It is an insurance plan for people who are retired. It is a source of income for a lot of people, it provides a steady income, and people do not have to worry about their financial situations. Over 65 million people in the USA get monthly benefits from social security. It is like a stable retirement plan.
Increases the cost of living:
Social security is a very progressive way for people to live their lives. Most of the time, a person’s social security is much higher than what they were actually earning. According to a survey research, people who were retired reported a 35% increase in their monthly income. Your social security can help you rise above the poverty line and live a peaceful life. Social security is a stable income and it is never subjected to any market fluctuations.
Retirement protection:
When a person retires then, it is natural for them to worry about their future and think about their income. Social security is a stable and steady income. It provides a retired person with steady income, sometimes more than their previous incomes. It is a private pension and no funds leak out. It encourages people and provides them protection.
Modest benefits:
Along with the retirement benefits, it also makes the country more developed and it provides a chance to have a low poverty rate in the country. When people are still getting an income after their retirement or if they are disabled then, it will help the country’s population to grow above the poverty line.
Children’s stake:
Social security is also important for children. According to a survey research, there are approximately 6 million children below the age of eighteen who are living with their family that survives on social security as their income. Also if your parents are dead or disabled then, children get the benefits of their parent’s social security.
Lifts people above the poverty line:
When people have a steady income even after their retirement then, they will not have to worry about their financial situation. Social security is a steady and stable source of income that lifts people of a country above the poverty line. According to research, more than ten million people are living above the poverty line and there has been a reduction in the poverty rate since then.
Source of income:
Social security is a stable source of income for adults who are retired or disabled. This way they will have to worry about their family and they will not face any major financial issues. The money they get from social security, in most cases it is more than what a person was previously earning. It is a protected pension income that has been saving families from low income and in this way the people of the country are also able to live above the poverty line.
Beneficial for women:
Social security is extremely necessary for women because according to a survey research, women tend to earn less than men. Also there are so many women who have no source of income and they have a family to feed. Social security is beneficial for women and it provides them with a decent monthly income.
Beneficial for people of color:
People from different races or colors tend to earn less than the rest of the citizens. The main cause of this problem is racism, to fight that and to bring those people above the poverty line, social security can be extremely beneficial. According to a survey research, people of color are mostly offered less workplace retirement benefits. So, social security helps them a lot to live a stable life without any financial issues.
What are the types of social security?
Social security is received by people who fall under one of the four categories. Following are the four types of social security that helps people have a steady income.
- Retirement
- Disability
- Survivor
- Supplemental benefits
Retirement:
It is the most commonly used type of social security. People who are retired from their work will not have to worry about their finances. Social security will provide them support in the form of monthly, this monthly income will be stable and it will not get affected by any market fluctuation. It will help a retired person stay away from debt and other financial crises.
Disability:
People who are disabled also don’t have to worry about their income. Social security takes care of people who are unable to work because of their mental and physical health conditions. It is your insurance and the amount you get will depend on your age. And if a person was healthy before their disability and they were not born that way then, their income will depend on their previous salary.
Survivor:
A person who falls under this category are mostly widows, divorced spouses, and children. This type of social security benefits the spouse or children of a person who deceased during their work. In that case, the money goes to the spouse or children, the money is approximately 255$ and this is also known as the death benefit.
Supplemental benefits:
A supplemental social security helps the people who earn below the sufficient income. Most of the time it is given to adults who are disabled or to children who have no one who can support them. The amount given in this social security totally depends on the income a person is currently earning and their expenditures, like do they have any major monthly expenditure or not.
How much social security does an ex spouse get?
A person can get at least 50% of their ex spouse’s social security. If your retirement age is near, that means you are more than 66 years of age then, you can receive a maximum of 64% of your ex spouse’s social security. But that does not mean that your ex spouse cannot reduce the amount you get from their social security.
If your ex has been dead and you two had no children together then, you will be the one who will get his/her social security. But that is only possible if your marriage lasted at least 10 years and if you are not remarried to someone else. Otherwise, your ex spouse’s social security will be protected by the security funds for someone else.
If your spouse is disabled himself/herself then, they can have your percentage reduced to 32.5%. It is okay for you to get your ex spouse’s social security beside yours, only if you are eligible. A person is eligible to get their ex spouse’s social security if they meet the following conditions.
- Time period of your marriage
- You have not remarried
- Age limit
- You are disabled
Time period of your marriage:
A person can collect their ex spouse’s social security if they have spent at least 10 years being married to their ex. This is the set limit by the government. If you have been married to each other for at least ten years or more than ten years then, you are eligible to collect your ex spouse’s social security otherwise, you cannot have it.
You have not remarried:
It is also one of the major conditions you have to meet if you want to get your ex spouse’s social security. You can only get the security money if you have not remarried to someone else. If that is the case then, you will have no ground to claim your ex spouse’s social security. That amount will be protected by the Social Security Organization (SSO).
Age limit:
The set age limit by the SSO is that a person has to in their retirement years to claim their ex spouse’s social security. That means they have to be at least 62 years of age. Otherwise, they are not eligible
You are disabled:
A person can also get their ex spouse’s social security if they are disabled and they cannot work to earn their monthly income anymore. In that case, a person will be eligible to get their ex spouse’s social security. But in most cases the amount is decided by the ex spouse himself/herself.
What type of a person is not eligible to get social security?
There are many things that can stop a person from being eligible to get social security. Following are some of the things that can cause a hindrance for a person to get their social security.
- Few social security credits
- People who die before retirement age
- Certain spouses
- People who retire in a foreign country
- Certain noncitizens
- Specific railroad and government employees
Few social security credits:
A person who has less social security credit will have a hard time qualifying for their social security. A person must have at least more than 40 credit scores to qualify. If someone has less than 40 then, they should start working part time to increase their credit scores. This way you will qualify for your social security. You can look at your statement anytime and anywhere through the social security website.
People who die before retirement age:
According to the social security organization, a person must be of retirement age if they want to qualify for their social security. But if a person dies before their retirement age, that is 62 then, they will not get their social security. But if you are disabled or terminally ill then you can apply for your dead spouse’s social security and see what happens.
Certain spouses:
People who have been divorced can also collect their ex spouse’s social security, but there are certain things that a person must keep in mind if you want to qualify for your ex spouse’s social security. You must be unmarried after your divorce, your marriage must have lasted at least 10 years, and you must be more than 62 years of age. If these needs are not met then, you might not get your ex spouse’s social security.
People who retire in a foreign country:
According to the rules and regulations of the Social Security Organization, any person who lives in a foreign country and retires over there will not receive their social security. Countries like North Korea, Cuba, Azerbaijan, Turkmenistan, and Uzbekistan will not be able to receive social security from the US government. But if a person tries then, some exceptions can be made except for people who are living in North Korea and Cuba.
Certain noncitizens:
Although social security is for every person who is living in the United States, there are certain noncitizens who do not qualify for social security. We all know that for a person to qualify for social security they have to have at least forty credit points, but there are some immigrants who have less than 40 points. In that case, they will not be able to receive social security from the US government.
Specific railroad and government employees:
Although every person who has a job gets their social security as their points are deducted from their salary. But there are still some jobs that do not qualify for social security. In 1984 the government announced that railroad employees and federal employees will not get their social security because their points are not deducted from their salary and they get their full paycheck. But for a railroad employee this rule cand bend a little only if they have completed their ten years of service.
Conclusion:
Social security holds great importance to every person who lives in the United States. It is a great source of income for a person when they retire. It can help a person with the cash flow and keeps them above the poverty line. But not everyone gets social security. A person has to qualify before the organization if they want to have their social security. The Social Security Organization only considers people who have a credit score of forty or more than forty. Otherwise, you will not be able to qualify for social security.
If a person wants to collect their ex spouse’s social security even then, they have to fulfill some requirements if they want to get their ex spouse’s social security. But you have to understand that you will not be able to get your ex’s full social security. The amount will be decided by your ex spouse and if they are dead and you two do not have any children together and you have not remarried then, you can get the full social security. Even there is a set age limit and the organization does not compromise on that. A person has to be of retirement age, that means above 62 years of age if they want to qualify for social security.
