Some people find new love that leads to another marriage. While your finances may not be top of mind at that time, there are some important money-related questions to get the answers to — including around Social Security.
It’s important to understand the rules around survivor benefits based on your former spouse’s records. Here’s what to know and how your age impacts your benefits.
The age 60 remarriage rule
Survivor benefits are monthly payments to eligible family members of people who paid Social Security taxes before they passed away. Sometimes, ex-spouses are eligible.
If you remarry after 60, you may still be eligible for your former spouse’s survivor benefit. However, marrying before 60 generally makes you ineligible for survivor benefits unless the new marriage ends due to a divorce, death or annulment. The Social Security Administration’s handbook also says that a person with a disability can marry at 50 or older without losing eligibility to their former spouse’s survivor benefit.
The rules are different for ordinary spousal benefits of a living ex-spouse. You cannot receive divorced spousal benefits based on a living ex-spouse’s record if you’re in a new marriage. Though if the new marriage ends, you may qualify again.
The ordinary spousal benefit is only applicable if you stayed married to your ex-spouse for at least 10 years.
Why this rule matters financially
The rule can have a major impact on your long-term finances if Social Security is a key part of your retirement. A survivor benefit may be much higher than the benefit you would earn based on your own wages. Remarrying before 60 generally prevents widows and widowers from receiving survivor benefits.
While you can claim survivor benefits upon turning 60, you will receive the maximum benefit if you wait until full retirement age to tap into your benefits. These benefits do not accrue delayed retirement credits like regular benefits, so there is no financial incentive to wait until 70 before claiming survivor benefits.
This doesn’t mean you should necessarily delay marriage before turning 60. However, it is important to consider all your options, and how much a marriage will impact your finances if you had to rely on your own benefit instead of the survivor benefit.
What to check before the wedding
The simplest thing to assess is if you will be 60 years or older on the wedding day. People who are 59 can wait an extra year, but it’s a bit more complicated to wait that long if you are in your 40s or early 50s.
You should also assess if the ordinary spousal benefit you will receive from your new spouse is higher than the survivor benefit you can receive from your deceased spouse. The Social Security Administration’s website has plenty of resources and tools that can help you estimate your benefits in various situations.
Social Security isn’t the only thing to check before you remarry. Marrying a new spouse can also affect Supplemental Security Income, pension-related survivor payments and other benefits.
