|
   
How You Will Go With Social Security Survivor Benefits After Your Spouse Passes Away
When Social Security was first established, it only paid retirement income to workers who were eligible. It was later revised to include benefits for spouses and survivors, which made it more of a family or insurance program, instead of just a retirement plan.
Unfortunately, it is inevitable that many spouses will find themselves widowed during their retirement. This is not only a huge loss emotionally, but can be a major loss financially as well, particularly since the survivor will lose the income earned by the spouse that has died.
The Social Security survivor benefit was created to ensure that the surviving spouse wouldn't lose all of their income when the first spouse passes. Basically, the survivor income is 100% of the spouse's benefit before he or she passed. Assuming that both spouses are currently receiving Social Security, if the spouse with the greater amount of Social Security passes away first, the spouse with the lower income will get an increase in her income. However if the spouse with the lower benefit passes first, the surviving spouse's benefit will not change.
There are some rules in order to qualify for Social Security death benefits: The couple should have been married for more than 9 months before the spouse's death, unless his death was a result of an accident. Also, separated spouses may qualify for widow's benefits as long as they were married for at least 10 years.
Widows can apply for survivor benefits starting at age 60, or age 50 if they are disabled. Just like with retirement and spousal benefits, the widow may not want to start collecting at age 60 because the benefit will be decreased for every month received before touching full retirement age. A widow can expect to get anywhere from 71.5% to 100% of her deceased spouse's benefit depending on how old she is when she starts collecting the survivor benefit.
It's important to note that as a widow you will receive the survivor benefit or your own benefit, whichever is more. So your benefit will go up if your spouse's benefit was more than your own, however you will still lose one benefit, so your total benefit from Social Security could be 1/3 to 1/2 lower than it was before your spouse passed.
One strategy to help maximize your total benefits assuming your spouse passes before you reach full retirement age is to begin collecting widow's benefits as soon as your spouse passes (assuming you are at least age 60 or your are age 50 and crippled), then switch to your own benefit once you reach your full retirement age. This will allow your own retirement benefits to continue earning credits and therefore will increase your retirement benefit. Or, if the survivor benefit is significantly higher than your own benefit, you could request your own benefit early, then move to the survivor benefit when you reach full retirement age.
You may apply for Social Security widow benefits right away after a family member has passed. To do so, you can call the Social Security Administration or visit the office nearest to you. It's important to understand how Social Security survivor benefits work so you can maximize your retirement income, especially after the loss of a loved one.
Social Security Survivor Benefits- The Thing Women Should Learn About
When Social Security was established most women did not work. Lower or no earnings combined with a longer life span meant poverty for many women when their husbands passed away. Social Security recognized these challenges and have implemented several changes to the system to help women avoid poverty.
Social Security Eligibility Rules: What Are The Requirements For A Homemaker To Collect Social Security?
When Social Security was first established, most families only had one bread-earner, and only the working spouse qualified for retirement benefits. This caused financial difficulties for the spouse who didn't work (and therefore didn't qualify for Social Security) if the working spouse passed away first.
Spousal Benefits: Applying For Social Security Benefits
Can a spouse collect on her husband's social security if she reaches retirement age before her husband? No. In order for a wife to collect Social Security benefits on her husband's earnings the following requirements must be met:
Using Government Awards In Order To Make Improvements To Your Property.
Being on the property ladder whether renting or owning your own home it can be a very expensive ordeal.
What You Need To Know About Financial Planners
There are many different types of financial planners. Not only are financial advisors compensated differently, but the services they provide vary quite a bit as well. Here is a quick summary of the different types of financial advisors and how they can help you.
Few Fundamental Points- To Learn About Getting A 401K Plan.
Retirement income is often referred to as the three-legged stool because traditionally retirement income has come from three sources: pensions, Social Security and your own savings. Well, the three-legged stool is looking pretty lopsided for many people these days as pensions become extinct and Social Security changes take place.
Social Security Benefits: A Useful Discussion On Terms To Get The Benefit & How To Get After A Family Member's Death
The loss of a family member can be devastating, both emotionally and financially. Social Security is meant to be a survivor program as well as a retirement program. Most people are aware of Social Security retirement benefits, but are you aware that there are Social Security death benefits as well?
How To Increase Your Current Credit Check Score In 5 Painless Methods
Having a good credit check score is an absolute must in today's lending environment. In this lagging economic environment, your credit check score is certainly more important than ever.
Some Key Exceptional Roth IRA Withdrawal Rules Which Might Assist You To Take Money Out Of A Roth IRA
Roth IRAs are governed by the IRS; as such there are many Roth IRA withdrawal rules that must be followed before you take money out of your account. In this article we'll discuss Roth IRA distributions; when they can be taken, when and if they are taxable, when and if penalties might apply.
Saving For Retirement- It's No Longer Your Parents Retirement
Getting ready for retirement is a lot harder than it used to be. Companies no longer offer pensions and many are reducing or eliminating matching contributions to 401K plans. In addition, Social Security benefits are expected to be smaller and you may have to wait longer to collect them.
Related Posts
Associated Resources
|