Paring Knives
How You Will Proceed With Social Security Survivor Benefits After Your Spouse Passes Away When Social Security was first developed, it only paid retirement income to workers who qualified. It was later revised to include benefits for spouses and survivors, that made it more of a family or insurance plan, instead of only 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 huge loss financially as well, particularly since the survivor will lose the money earned by the spouse that has passed away. The Social Security survivor benefit was created to ensure that the surviving spouse wouldn't lose all of their earnings 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 already receiving Social Security, if the spouse with the greater amount of Social Security dies first, the spouse with the lower payment will get an increase in her income. However if the spouse with the lower payment passes first, the surviving spouse's benefit will not change. There are some guidelines in order to qualify for Social Security death benefits: The couple must have been married for no less than 9 months before the spouse's death, except if his death was a result of an accident. Also, divorced spouses may qualify for widow's benefits as long as they were married for minimum 10 years. Widows can apply for survivor benefits starting at age 60, or age 50 if they are disabled. Just as with retirement and spousal benefits, the widow may not want to start collecting at age 60 because the benefit will be reduced for every month received before attaining full retirement age. A widow can hope to receive anywhere from 71.5% to 100% of her deceased spouse's benefit based 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 higher. So your benefit will go up if your spouse's benefit was more than your own, however you will still miss one benefit, so your total income from Social Security could be 1/3 to 1/2 lower than it was before your spouse died. One strategy to help maximize your total benefits assuming your spouse passes before you reach full retirement age is to start collecting widow's benefits as soon as your spouse passes (assuming you are more than age 60 or your are age 50 and disabled), then switch to your own benefit once you attain 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 apply for your own benefit early, then move to the survivor benefit when you are at full retirement age. You should apply for Social Security widow benefits right away after a family member has passed. To do so, you can contact 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 Death Benefits Can Really Help Financially After A Spouse Or Other Loved One Has Passed Away Qualifying relatives of individuals who have passed away can receive assistance from social security death benefits. The payments provided vary and depend on a number of things such as the payments that have been made to social security as well as the relationship of the relative to the individual. Prepare For Retirement-Start Saving Toady 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. Social Security Benefits: A Helpful Discussion On Terms To Get The Benefit & Ways 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? 3 Ways A Financial Planner Can Help You Reach Your Financial 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. How Are Financial Planners Paid? Which Kind Of Financial Advisor Is Perfect 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. Why Women Need To Know Regarding Social Security Spouse And Survivor Benefits 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. How Social Security Spousal Benefits Work 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: |
Disclaimer Privacy Policy Contact
Copyright 2009 @
