Wife of my brothers wants half of his 401K and half of his retirement...is his retirement his social security or what?
2007-09-27 10:41:44 · 8 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
Their getting divorced after 11 years.
2007-09-27 10:42:19 · update #1
Neither of those have to do with his social security. His 401k and his retirement money are most likely through his job, and he may not even have access to them. Social security is a governmental program, and he couldn't get his "total sum" out to give her half even if he wanted to.
2007-09-27 10:46:39 · answer #1 · answered by Kimberly B 3 · 2⤊ 0⤋
Social security and retirement are apples and apples of a different type, but both apples. Social security was intended to help people that would never otherwise save money for the day that they no longer work, a forced savings. Retirement is another story. For example, my company had a retirement plan that pays me for the rest of my life and this is separate from social security. At this time I have a company retirement, Social security and money from a 401k portfolio which my company also contributed to. All of this is fair game in a divorce. My wife could get half of everything, especially in California. She can also put in for Alimony and child support if the case warrants it. But, if she made more money than me, I could turn the tables and request all of this. This has happened to a couple of friends. Hope this answers your questions. The old saying, cheaper to keep her is true, as is the other version of this(Him).
2007-09-27 10:57:10 · answer #2 · answered by Robert D 4 · 0⤊ 0⤋
In the context of your question, a divorce settlement, retirement savings is considered part of the martial estate. Retirement savings include 401(k) accounts, pension accounts (whereby the employer gives a retirement benefit to the employee in terms of x dollars a month for life), profit sharing accounts (employer puts x dollars in a lump sum into an employee's account). For social security benefits, in terms of a divorce settlement, courts usually do not segregate government retirement benefits unless the spouse has not worked enough to qualify on her own.
Hope this helps.
2007-09-27 11:05:42 · answer #3 · answered by viscontc 2 · 0⤊ 0⤋
Retirement is savings, investments, funds stuck away meant for use after age 65 or so, give or take. It can be halved in the case of a divorce (each spouse is entitled to one-half of what was accumulated during the marriage in community property states like CA). Social security is a govt. program and I don't think ex-spouses have any claim to that- it's to each his own.
2007-09-27 11:03:03 · answer #4 · answered by Flatpaw 7 · 1⤊ 0⤋
And the winner of the worst answer is.... Wizard09. 1. Yes the fund has $2.4 trillion but it is in US TREASURY bonds ( aka government backed debt). They are IOUs. It is like saying "I have $100,000 in my 401k, but have a loan against it for $100,000 and that was spent years ago. Got it? Good. 2. So 1 handles 2 because the money was spent and places back as treasury bonds which get paid from the government wgo borrowef it so stull there but really just an accounting trick. 3. The saddest of all... Yes the CBO states that it will last until 2052 or whatever you said but that assumes the bonds are cashed in and the government has the money to pay it back which it doesn't at all right now. Think before you talk or type in this case
2016-05-20 01:52:35 · answer #5 · answered by glennis 3 · 0⤊ 0⤋
Social Security is monthly payments you receive from the government when you turn 65. Retirement is money that is giving to you by the company you worked for.
2007-09-27 10:47:05 · answer #6 · answered by mkarakey 2 · 0⤊ 0⤋
no its not social security is not the same as retirement
2007-09-27 10:51:24 · answer #7 · answered by Anonymous · 0⤊ 0⤋
In basic terms, your retirement is what you get from your employer, your social security you get from the govt. (hopefully!)
2007-09-27 10:46:26 · answer #8 · answered by C M 3 · 1⤊ 0⤋