Single? Retired? Need Money?

WHO DOESN'T?
You've all seen those ads offering you ways to make more money in retirement doing everything from addressing envelopes to phone soliciting.  99% of them are schemes and you actually spend more money than you'll make.

But you might be able to increase your monthly retirement income just by reviewing your Social Security (SS) Benefits!   That simple -- YES!!

As I talk with divorced and widowed retirees (especially single women), I'm finding out that many of them are not getting the maximum SS benefit that they could receive in retirement because they have had to take their SS payment at the earliest eligibility date rather than wait until age 70.

What they are unaware of is that they "might" be eligible to claim benefits from their former or deceased spouse instead when they reach the minimum eligibility age, and hold off collecting under their own work record.   I stress "might" because each case is different and there are certain criteria that have to be met.   The exact wording from the SSA website:

"If you qualify for benefits as a widow, widower or surviving divorced spouse on another record, you may choose to apply for survivors benefits now and delay your retirement benefit until later."
http://www.ssa.gov/retire2/otherthings.htm

In cases of divorce, your EX must be retirement age eligible, BUT the EX does not have to be retired.

To apply you must have a copy of your marriage certificate, divorce papers or proof of death and that other person's SS number.  You can easily start your research online, but I highly recommend you go in person to a SS office for a final determination of your benefits.

Why not take a few minutes and explore the SS website?  Who knows, you just might be one of the lucky ones and find hundreds of dollars in unclaimed benefits waiting for you!

Who writes the checks?

Many married couples have continually argued about money during their marriage -- who earns the most, how to spend it, how much to save. Just because you're older, doesn't mean that the 2 of you have gotten wiser about how to manage your money.

In fact, if you're retired and living on a fixed-income you might even have more money problems than ever!

What concerns me most about money management and retired Boomer women is the fact the whoever writes the checks is usually the one who has control of the money. In many traditional marriages , the man has had total control of the checkbook and other financial records; so, the wife doesn't know where they stand financially.

60, suddenly single, financially strapped -- That's where you'll be if you don't get involved in the process of managing the marital money.

I'd like to encourage you to have a frank discussion with your husband regarding your finances. You need a financial snapshot of exactly what you have right now in January 2009 and where the financial records are located.

Some critical documents to have include: monthly pensions (what portion of it do you get if he dies first and how do you claim it); 401Ks, other IRAs, interest income, insurance policies, your will, deed to your home, income tax returns, computer passwords to your accounts and your monthly expenses. Get a binder with clear plastic pockets and put everything together in one place.

I know it's a tough topic. Some people just don't like to discuss money. Most spouses don't want to have that "when I die" conversation, but just do it this weekend and get it over with. Taking the time to have that 'talk' is a very loving gesture because it helps ensure your spouse can handle things when you're gone.