Davon Barrett Quoted By CNBC on Social Security in Divorce
By: Francis Financial
January 14, 2021
Davon Barrett, a Certified Financial Planner™ and Certified Divorce Financial Analyst at Francis Financial was recently been quoted by CNBC on how your divorce may affect how much you receive from social security.
“In 2022, the maximum monthly Social Security retirement benefit is $3,345 per month for those who retire at full retirement age. The difference between half of that — around $1,672 per month — and zero can be incentive enough for some couples in unhappy marriages to stick it out until they reach that 10th year anniversary, said Davon Barrett, a lead advisor and certified financial planner at Francis Financial, a New York-based wealth management firm specializing in divorce planning.
Barrett has advised clients who are going through a divorce that they may be able to take their retirement benefit on their own work record or half of their spouse’s, whichever is higher. “That does provide a little bit of a safety net in some people’s minds,” he said.”