mickeyd
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Does anyone know how this SCOTUS ruling will affect the future ability of SS/government pensions to pay additional benefits that they had not previously had to consider? I assume that there will be a negative impact on these funds.
How Gay Marriage Ruling Gave $36,000 in Benefits to a Client | Financial Planning
- Social Security: Same-sex couples who are married in a state where marriage is legal are now entitled to spousal and survivor benefits which can amount to thousands of dollars in additional income over a lifetime. Regarding spousal benefits specifically, there are a number of planning strategies that are now on the table and will allow couples to maximize their collective benefits. The ‘file and suspend’ strategy is one of many. To name just a few of the other benefits, for couples who have minor dependent children, the child may also be eligible for benefits at the time one spouse claims benefits. In addition, same-sex couples who end up divorcing would be eligible for benefits based on their ex’s record as long as their marriage lasted at least 10 years, they are not currently married, they are 62 or more, and their ex is entitled to retirement or disability benefits.
- Entitlement to government and military pension and health care benefits: Same-sex couples who are entitled to a pension through their military service or government employment will have the peace of mind that this income stream will continue to their spouse when they pass away. Prior to this change, married same-sex couples often spent a great deal of money on life insurance policies in order to provide a lump sum to their spouse because they knew their spouse would be denied spousal income benefits. Going forward, many gay couples will be able to significantly reduce or eliminate this coverage for this purpose. In addition, the spouse would have access to health care benefits, worth thousands of dollars of savings.