Seniors own the bulk of the state's wealth in savings, home equity and other property. At this point in your life, you may have more at stake when you change your marital status. Or, you may be a widow living on Social Security income alone. If you choose to remarry, be aware of your decision's potential impact on your finances.
Yes, if your ex-husband is receiving benefits or is deceased. However, you must have been married for at least 10 years and you must remain single. In addition, if your ex-husband is 62 years old or older and has not applied for benefits, you can still receive benefits on his record as long as you are at least 62 as well. You must, however, be divorced and single for at least two years before seeking such benefits.
Yes, if you are at least 60 when you remarry. A widow or widower isn't actually eligible for benefits until age 60 or, if disabled, until 50. You could apply to receive benefits based on your new spouse's work record instead if those benefits would be higher. If you remarry before turning 60, however, you will be ineligible for widow's benefits throughout your marriage. For more information, call Social Security.
Unless your will states otherwise, your divorce or termination of your domestic partnership automatically revokes any provisions naming your ex-spouse or partner as a beneficiary or as an executor, trustee, conservator or guardian. (Prob. §§ 6122, 6122.1) You would, however, have to change the beneficiary designations for your life insurance and individual retirement accounts.
Maybe. The so-called marriage penalty has been on the decline since 2005 for those in the lower-income tax brackets. At higher taxable income levels, however, getting married may increase your tax bill. (IRS Publication 505)