One of the more common questions and concerns surrounding social security is “what happens to my benefits once my spouse dies?”
Most people shy away from this inevitable reality for as long as possible, but the sooner you come to terms with it, the better off you’ll be
And not just from a personal perspective either…
Death can also have a financial impact on those left behind, which is what I’m going fill you in on today.
Here’s everything you need to know about these so-called Social Security survivor benefits.
Even though money is probably the last thing on you mind in the event of such a tragedy, there are still gains in the event of losing a loved one.
Before we dive into all the details, it’s important to note that this type of compensation is completely separate from any retirement benefits that may exist and is paid out for life.
After the death of a current or ex-spouse, you’re eligible to receive these survivor benefits as long as you’re at least 60 years old (50 if you’re disabled), single and were married to your partner who passed for 9 months.
If you don’t meet these age requirements, you can still qualify if you’re caring for a child who is either under the age of 16 or disabled.
It may be tough to opt-in to these Social Security survivor benefits right off the bat, but it’s ideal to claim them ASAP as they only start once you apply.
Just know that a deduction is involved if you’re under the full retirement age of 65.
As a rule of thumb, the further away from this age you are, the bigger the financial drawback will be.
Unlike regular Social Security benefits, there are no advantages to holding off on this money if you’re already 65 or older.
Keep in mind that you’re entitled to receive your deceased spouse’s full retirement age benefit if they have not filed and passed away before age 65.
But even if your spouse did file for benefits prior to this age, you can take still take on whatever payouts they were receiving at the date of death with a penalty.
However, if they filed on or after full retirement age, you can claim the exact amount they were receiving beforehand.
I know it’s a touchy subject, but one day death will come for each and every one of us.
It’s simply the way of life, but there’s no reason to suffer any more financially than you are emotionally when it happens to your husband or wife.
Take this information for what it is and when the time comes, contact Social Security so you can receive whatever survivor benefits are rightfully yours.