When Social Security was initially established, 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, rather then simply a retirement plan.
Sadly, it is inevitable that many husbands and wives 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 money earned by the spouse that has passed away.
The Social Security survivor benefit was designed to ensure that the surviving spouse wouldn't lose all of their income when the first spouse dies. Actually, 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 dies first, the spouse with the lower payment will get a rise in her income. However if the spouse with the lower benefit passes first, the surviving spouse's income will not alter.
There are some rules 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 income as long as they were married for more than 10 years.
Widows can request for survivor benefits beginning 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 attaining full retirement age. A widow can hope to receive anywhere from 71.5% to 100% of her departed spouse's benefit depending on how old she is when she starts receiving the survivor benefit.
It's essential 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 less than it was before your spouse passed.
A technique to help optimize 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 move to your own benefit once you reach your full retirement age. This will permit your own retirement benefits to keep on 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 attain full retirement age.
You should apply for Social Security widow benefits right away after a relative has passed. To do so, you can call the Social Security Administration or visit the office closest to you. It's important to know how Social Security survivor benefits work so you can maximize your retirement income, especially after the loss of a loved one.
Social Security Eligibility: What Are The Requirements For A Homemaker To Qualify For 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.
Get Ready 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.
Questions To Ask When Choosing A Financial Planner
Many people hire financial planners to help them meet their financial goals. Whether you are a beginner investor with very little experience or whether you have a good knowledge and understanding of financial planning topics, a financial planner can be a valuable asset when planning for your financial goals.
The Best Way To Apply For Social Security Benefits
Social Security was originally created to provide retirement benefits to workers, but the program has grown tremendously and now Social Security provides disability benefits, death benefits and other family benefits in addition to retirement benefits.
Submitting Your Social Security Application: When And How
As you get closer to retirement one of your top questions is probably when and how to submit your Social Security application. Should you apply at age 62 or 66? What are the steps to applying for Social Security once you've decided to start collecting retirement benefits?
Using Government Grants To Upgrade And Improve Your House.
Being on the property ladder whether renting or owning your own home it can be a very expensive ordeal.
How Are Social Security Benefits Calculated? Some Specifics And Factors Affecting The Benefits
One of the most popular Social Security questions that I hear from baby boomers getting ready to retire is "how are Social Security benefits calculated?" This is an important question because it could affect how long you need to work, whether you should continue to work during your retirement years
Social Security Benefits: A Useful Discussion On Terms To Get The Benefit & Methods 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?
New Rules Mean A Lot More Individuals Doing Roth IRA Conversions In 2010
As we near the end of 2010, countless people have already done Roth IRA conversions, and many others are questioning if a Roth IRA conversion in 2010 is the right move for them.
Key Points You Need To Know About The Social Security Spousal Benefit
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:
Associated Articles
- The Best Way To Apply For Social Security Benefits
- 3 Key Reasons To Use A Fee-Only Financial Experts
- Submitting Your Social Security Application: When And How
- Using Government Grants To Upgrade And Improve Your House.
- So How Exactly Does Pay Day Loans Help.
- Making Use Of Government Grants So That You Can Make Improvements To Your Property.
- Making Use Of Government Awards To Make Improvements To Your Property.
- Making Use Of Government Awards So That You Can Upgrade And Improve Your Own House.
- How To Increase Your Credit Check Score In 5 Straightforward Steps
- How You Can Restore Your Current Credit Check Score In 5 Simple Actions
- Using Government Grants In Order To Upgrade And Improve Your Own House.
- Utilizing Government Awards In Order To Make Improvements To Your House.
- Utilizing Government Awards To Upgrade And Improve Your House.
Partner Sites
| Carpet Cleaners Houston |
| Upholstery Cleaning Houston |
| Houston Carpet Cleaning |
| Carpet Cleaners in Houston |
| Carpet Cleaner Houston |
Delicious
Digg
Diigo
Facebook
Google Bookmarks
Reddit
Stumbleupon
TechnoratiDisclaimer Privacy Policy Contact
Copyright 2010 @
