Former Spouse Social Security
Financial plans with only one client will have the option to add the Spouse Social Security income card. This card can be used to model benefits based on a divorced or deceased spouse’s record. To add the Spouse Social Security income card, navigate to the Profile > Income section, and then click Add Income > Other > Spouse Social Security:
Divorced Spouse Benefit
If a client is divorced, they may be eligible to receive benefits based on their ex-spouse’s record. A divorced client can receive up to 50% of their ex-spouse’s full retirement benefit (PIA) starting as early as age 62, as long as the marriage lasted at least 10 years, the divorce occurred more than 2 years prior, and the client is unmarried. Select ‘Ex-spouse married for 10+ yrs’ within the Relationship field to reflect a benefit from a divorced spouse:
- If the ex-spouse is already receiving Social Security Income, the client’s benefit will be based on the ex-spouse's Social Security Income and when the ex-spouse filed for benefits.
- If the ex-spouse is not already receiving, the client’s benefit is based on the ex-spouse’s monthly benefit value (PIA).
- If the ex-spouse is not already receiving, they must be divorced for over two years before the client starts to receive benefits.
Clients may also receive a survivor benefit after the ex-spouse is assumed to have passed away, based on their birthday and life expectancy as entered in the Spouse Social Security card.
Note on Spousal Benefits in Joint Plans
In financial plans that include a co-client, spousal and survivor benefits will be automatically calculated from the default Social Security income cards. The Spouse Social Security income card is only used when a single client needs to document spousal/survivor benefits from a previous relationship. The Spouse Social Security card will be automatically removed if a co-client is added to the plan.
