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When Social Security was first created, it only paid retirement income to workers who were eligible. It was later amended to include benefits for spouses and survivors, that made it more of a family or insurance program, instead of just a retirement plan.
Sadly, it is inevitable that many spouses will find themselves widowed around their retirement. This is not only a huge loss emotionally, but can be a major loss financially as well, especially since the survivor will lose the money 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 dies. Basically, the survivor income is 100% of the spouse's income before he or she passed. Assuming that both spouses are currently receiving Social Security, if the spouse with the higher amount of Social Security dies 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 income will not change.
There are some policies in order to qualify for Social Security death benefits: The couple should have been married for at least 9 months before the spouse's death, except if 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 request for survivor benefits starting at age 60, or age 50 if they are disabled. Same as 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 reaching full retirement age. A widow can hope to get anywhere from 71.5% to 100% of her deceased spouse's benefit depending on how old she is when she starts receiving the survivor benefit.
It's important to note that as a widow you will get the survivor benefit or your own benefit, whichever is more. So your benefit will go up if your spouse's benefit was higher than your own, however you will still miss one benefit, so your total benefit from Social Security could be 1/3 to 1/2 lower than it was before your spouse passed.
A technique to help maximize your total benefits considering your spouse passes before you reach full retirement age is to begin collecting widow's benefits when your spouse passes (assuming you are more than age 60 or your are age 50 and crippled), then switch to your own benefit once you reach your full retirement age. This will permit your own retirement benefits to continue earning credits and therefore will raise your retirement benefit. Or, if the survivor benefit is significantly higher than your own benefit, you could request your own benefit early, then switch to the survivor benefit when you are at 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 closest to you. It's important to understand how Social Security survivor benefits operate so you can maximize your retirement income, especially after the loss of a loved one.
Social Security Benefits: A Few Key Details On COLA 2011
For the second year in a row people who rely on Social Security will not be receiving a cost of living increase. This is only the second time since the cost of living adjustment (COLA) was adopted that recipients have not received an increase.
Social Security Eligibility: 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.
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Social Security Benefits: A Helpful Discussion On Terms & Conditions To Obtain The Benefit & How To Collect 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?
Social Security Income: Guidelines To Help You Maximize Your Social Security Retirement Income
As you get closer to retirement, choosing when to take your Social Security may seem like rolling the dice. There are so many decisions to make, such as:
Sadly, it is inevitable that many spouses will find themselves widowed around their retirement. This is not only a huge loss emotionally, but can be a major loss financially as well, especially since the survivor will lose the money 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 dies. Basically, the survivor income is 100% of the spouse's income before he or she passed. Assuming that both spouses are currently receiving Social Security, if the spouse with the higher amount of Social Security dies 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 income will not change.
There are some policies in order to qualify for Social Security death benefits: The couple should have been married for at least 9 months before the spouse's death, except if 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 request for survivor benefits starting at age 60, or age 50 if they are disabled. Same as 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 reaching full retirement age. A widow can hope to get anywhere from 71.5% to 100% of her deceased spouse's benefit depending on how old she is when she starts receiving the survivor benefit.
It's important to note that as a widow you will get the survivor benefit or your own benefit, whichever is more. So your benefit will go up if your spouse's benefit was higher than your own, however you will still miss one benefit, so your total benefit from Social Security could be 1/3 to 1/2 lower than it was before your spouse passed.
A technique to help maximize your total benefits considering your spouse passes before you reach full retirement age is to begin collecting widow's benefits when your spouse passes (assuming you are more than age 60 or your are age 50 and crippled), then switch to your own benefit once you reach your full retirement age. This will permit your own retirement benefits to continue earning credits and therefore will raise your retirement benefit. Or, if the survivor benefit is significantly higher than your own benefit, you could request your own benefit early, then switch to the survivor benefit when you are at 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 closest to you. It's important to understand how Social Security survivor benefits operate so you can maximize your retirement income, especially after the loss of a loved one.
Social Security Benefits: A Few Key Details On COLA 2011
For the second year in a row people who rely on Social Security will not be receiving a cost of living increase. This is only the second time since the cost of living adjustment (COLA) was adopted that recipients have not received an increase.
Social Security Eligibility: 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.
3 Ways A Financial Planner Could Help You Reach Your Financial Goals And Objectives
Many people wonder exactly what a financial planner does, and how they can help you. Here are just three ways a financial planner can help you achieve your financial dreams and goals.
On The Subject Of Social Security Disability: What You Must Know Before Filing For Handicap Benefits
Most people think of retirement when they hear Social Security, however Social Security provides benefits to people who are disabled as well. The list of requirements that must be met for Social Security disability benefits is pretty long, and many people don't meet those requirements.
How Are Financial Planners Remunerated? Which Kind Of Financial Advisor Is Right For Me?
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.
Social Security Benefits: A Helpful Discussion On Terms & Conditions To Obtain The Benefit & How To Collect 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?
Social Security Income: Guidelines To Help You Maximize Your Social Security Retirement Income
As you get closer to retirement, choosing when to take your Social Security may seem like rolling the dice. There are so many decisions to make, such as: