1 Lesser-Known Social Security Rule All Retirees Should Know

Social Security can go a long way in retirement, but it's important to ensure you know the rules regarding how your benefits are calculated. If you head into your senior years unprepared, you may not receive as much as you're expecting.

There are some lesser-known rules, however, that could benefit you. If you're divorced (or get divorced later in life), you could be owed extra money each month from Social Security.

Here's what you need to know.

Who qualifies for divorce benefits?

You may be entitled to divorce benefits if you're not currently married. Your previous marriage must have also lasted for at least 10 years, and you also need to be at least 62 years old to begin claiming.

The maximum you can collect in divorce benefits is 50% of your ex-spouse's full benefit amount -- or the amount they'll receive at their full retirement age. You'll also need to wait until your own full retirement age to collect the full amount you qualify for, and filing early will result in smaller checks each month.

Data source: The Motley Fool.

If you've worked long enough to qualify for retirement benefits, it's possible to collect those payments in addition to divorce benefits. However, you'll only receive the higher of the two amounts.

For example, say you qualify for $1,000 per month in retirement benefits, while your ex-spouse will receive $3,000 per month at their FRA. In this case, you'd receive a maximum of $1,500 per month in total benefits -- not $2,500 per month.

The average spouse of a retired worker collects over $900 per month from Social Security, as of May 2024. By taking advantage of divorce benefits if you qualify, you could significantly boost your monthly income.

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