Let's talk life insurance

Mac said:
I'm going to highjack this thread a bit.

Social Security. This seems to change a lot. After 10 years of marriage, your spouse can apply take YOUR Social Security. This is a backup plan I have. I want my wife to take mine as it will be WAY MORE than her's. I have seen the Fed go back and forth on this. I hope it works out that we can do this and she'll have more to live on. (Yes, chances are my wife is going to outlive me by a long shot). And yes...Social Security "might" not be around when we come of age. But here we are...a bunch of old fuckers and the day is coming up sooner than we'd like to admit, and they are still paying Social Security, so don't write it off.

So...with this said...for those of us that divorced beyond 10 years...unless you protect it, your ex-spouse can still claim YOUR Social Security. They don't even have to tell you. When I got divorced, I made sure this was in our divorce decree that we keep our own. It's little things no one thinks of that can matter down the road.
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Just a little side note that I'm sure you are aware of but not everyone else. If your wife draws on your SS she will not be able to draw on hers at the sametime.
 
RIDERED said:
Just a little side note that I'm sure you are aware of but not everyone else. If your wife draws on your SS she will not be able to draw on hers at the sametime.
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Also, she would be penalized the same as anyone else if she were to take it early. For example, I get the max amount from SS and when I die, if my wife chooses to draw SS at say 62, she would only receive the reduced share of my amount for drawing on SS early. She would have to wait until age 67 to receive the full amount.
 
Mt wife and I are 47 and we just up our $500K policies we have had for years to $3M each for around $7K/yr combined total. I thought $7K/yr was pretty reasonable. We just finished up a family business buy-out so the time to up it was right. This is a 15 year term thru Banner William that has a conversion policy.
 
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