You may want to rethink that second walk down the aisle if you are approaching retirement, and counting on income from Social Security.
If you're eligible to collect benefits on your ex-spouse's record, you will no longer be eligible for those benefits if you remarry.
That rule, plus others, is one of the reasons financial advisors like Stacy Francis, president and CEO of Francis Financial in New York City, sit down with savers to plot out a careful strategy when it comes to claiming Social Security.
Knowing these strategies becomes more important with the rise of gray divorce. The divorce rate for adults age 50 and over has nearly doubled in the past 25 years, according to data from the U.S. Census Bureau.
To be eligible to claim on your ex-spouse's Social Security benefits, whereby you receive half of their benefit amount, you must have been married at least 10 years and be at least 62 years of age.
If you're eligible to collect benefits on your ex-spouse's record, you will no longer be eligible for those benefits if you remarry.
That rule, plus others, is one of the reasons financial advisors like Stacy Francis, president and CEO of Francis Financial in New York City, sit down with savers to plot out a careful strategy when it comes to claiming Social Security.
Knowing these strategies becomes more important with the rise of gray divorce. The divorce rate for adults age 50 and over has nearly doubled in the past 25 years, according to data from the U.S. Census Bureau.
To be eligible to claim on your ex-spouse's Social Security benefits, whereby you receive half of their benefit amount, you must have been married at least 10 years and be at least 62 years of age.
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