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Divorce can change financial stability; 'Yet being informed about your entitlement to Social Security benefits as the former spouse of a Rogers Corporation employee may provide some comfort and security. As you wade through these maze of rules, review your options carefully to ensure a comfortable retirement,' says Brent Wolf of The Retirement Group.
Understanding how Social Security benefits work post-divorce is critical - especially for those previously married to Rogers Corporation employees. Seek out financial advisors to explain these options and optimize your Retirement benefits, says Kevin Landis of The Retirement Group.
In this article we will discuss:
1. Eligibility Criteria: Knowing the requirements for claiming Social Security benefits through your ex-spouse - including age and marital status - is important.
2. Benefit Calculation: How much Social Security benefits you get depends on how much your ex-spouse earned over 35 years.
3. Strategic Claiming: Post-divorce timing of Social Security benefits to maximize Retirement income based on research by the Center for Retirement Research at Boston College.
Divorce can create special financial challenges. If you were married to a Rogers Corporation employee for 10 years or longer, you can still get benefits through your ex-spouse if they remarried.
Social Security Administration lets you keep the benefits based on your ex's income if you remarry after age 60, 'she said.'
It has a few basic requirements. 62 or older. If you qualify, you need an ex-spouse who gets Social Security benefits. You must be eligible for less through your former spouse than on your own.
If you're under 60 and a Rogers Corporation customer, you must be single to qualify for an ex-spouse's benefits. Our Rogers Corporation clients over 60 who wish to remarry are welcome to do so. If you remarry after age 60, Social Security Administration lets you keep receiving benefits based on your former spouse's earnings.
Now consider quantity. How much money you get depends on how much your ex-spouse earned in average over 35 years. You receive fifty percent of the full retirement benefit of your ex-spouse. Be fearless if your ex-spouse is eligible for benefits but hasn't claimed them yet. You can still receive some spousal benefits if you are divorced for at least two years and your ex-spouse has not started Social Security yet.
These aren't the only important aspects of Social Security for divorcees - the interaction of the various Social Security rules is often confusing. Our Rogers Corporation customers experiencing this need to weigh their options.
Read our e-book here for more: https://retirekit.theretirementgroup.com/cultivating-social-security-benefits-ebook-offer
Added Fact:
A Report by Boston College Center for Retirement Research in 2021 said that claiming Social Security benefits could raise Retirement income for divorcees dramatically. The report says delaying the claim until full retirement age or beyond may mean higher benefits for divorcees, helping them maximize their monthly income in retirement. It points out that timing Social Security claims for divorcees is important to optimize retirement income.
Added Analogy:
As a divorce could divide up couple's assets, Social Security benefits could be split as well. Social Security for divorcees is like a joint bank account. You could have some of their benefits if you were married to a Rogers Corporation employee for at least 10 years - even if they remarried. It's like getting the interest on that shared account. Your share depends on what your ex-spouse makes - just like the interest on the account. And if your former spouse hasn't cashed in on the account yet, you still could get your share even if they haven't withdrawn any money. But the rules are complicated, so you might want to work with a professional to maximize your shared Social Security 'account' after a divorce.
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- Corporate Employees: 8 Factors When Choosing a Mutual Fund
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- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
Sources:
1. Social Security Administration. 'Ex-Spouse Benefits And How They Affect You.' SSA , 8 Mar. 2021, www.ssa.gov/benefits/retirement/learn.html .
2. Social Security Administration. 'More Info: If You Had A Prior Marriage.' SSA , last modified 29 July 2022, www.ssa.gov/help/iClaim_marriagePrior.html .
3. Social Security Administration. 'Family Benefits.' SSA , www.ssa.gov/benefits/family/ .
4. Social Security Administration. 'POMS: RS 00202.005 - Divorced Spouse.' SSA , 23 Aug. 2023, policy.ssa.gov/poms.nsf/lnx/0300202005.
5. Social Security Administration. 'Will Remarrying Affect My Social Security Benefits?' SSA Blog , 17 Feb. 2025, www.ssa.gov/blog/2025/02/remarrying-affect-benefits.html .
What type of retirement plan does Rogers Corporation offer to its employees?
Rogers Corporation offers a 401(k) retirement savings plan to its employees.
How can employees of Rogers Corporation enroll in the 401(k) plan?
Employees of Rogers Corporation can enroll in the 401(k) plan by completing the enrollment form available through the HR department or the company's benefits portal.
Does Rogers Corporation match employee contributions to the 401(k) plan?
Yes, Rogers Corporation offers a matching contribution to employee 401(k) contributions, subject to certain limits.
What is the maximum contribution limit for the Rogers Corporation 401(k) plan?
The maximum contribution limit for the Rogers Corporation 401(k) plan is in accordance with IRS guidelines, which may change annually.
When can employees of Rogers Corporation start contributing to their 401(k) plan?
Employees of Rogers Corporation can start contributing to their 401(k) plan after completing their eligibility period, which is typically outlined in the employee handbook.
Are there any fees associated with the Rogers Corporation 401(k) plan?
Yes, there may be administrative fees associated with the Rogers Corporation 401(k) plan, which are disclosed in the plan documents.
What investment options are available in the Rogers Corporation 401(k) plan?
The Rogers Corporation 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Can employees take loans against their 401(k) savings at Rogers Corporation?
Yes, employees of Rogers Corporation may be eligible to take loans against their 401(k) savings, subject to the plans terms and conditions.
What happens to my Rogers Corporation 401(k) if I leave the company?
If you leave Rogers Corporation, you have several options for your 401(k), including rolling it over to another retirement account, cashing it out, or leaving it in the Rogers Corporation plan if allowed.
How often can employees change their contribution amounts to the Rogers Corporation 401(k) plan?
Employees of Rogers Corporation can change their contribution amounts during designated enrollment periods or as specified in the plan guidelines.
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