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Think about a lady whose ex-husband's complete benefit is $2,400, Dr. Reichenstein said. Possibly her own benefit at full retirement age is $800. If she applies for a spousal advantage at 67, she will receive $1,200 a month, accumulating $259,200 by age 85. If she declares at 62, her month-to-month benefit will be $830 a drop of $30,000 by age 85.

And if one of the ex-spouses dies, she can switch to a bigger survivor advantage. An ex-wife loses the spousal benefit once she remarries. variations -husband is not alerted when his former other half gets an advantage on his record. His advantage will not be reduced, nor will any spousal advantage of his present wife.

Boosting the "benefit" for widows in this more youthful range is essential, stated Laura Mattia, a qualified monetary planner with Atlas Fiduciary Financial in Sarasota, Fla. "A widow can live for another 30 years and will need to be financially responsible for herself," she stated. A widow who claims the survivor advantage at her complete retirement age is eligible for one hundred percent of the advantage her late partner was getting, or was eligible to receive.

A younger widow might be qualified if she is caring for the late spouse's children. A widow in her late 50s or early 60s who has no or little incomes of her own will likely enjoy the biggest life time payout by waiting to declare up until 66 or 67. Nevertheless, Dr.

One alternative is to claim her own smaller retirement advantage at 62 and then switch to the bigger survivor benefit at 66 or 67. By doing this she produces an income stream at 62, while increasing the size of her survivor benefit. But an other half whose retirement advantage at 70 will be larger than the survivor advantage must take the survivor advantage early, maybe at 60 or 62, and let her own advantage grow, boosted by delayed retirement credits, professionals advise." The most important rule for a widow is to compare her retirement advantage at 70 and her full survivor advantage, which would start at her complete retirement age," Dr.