This option is available to most married couples.
With survivor benefits, there are a number of different rules than with other benefits. If you’re confused at the end, call us.
How much is the benefit?
Social Security uses the deceased worker’s basic benefit amount1 to calculate how much a survivor gets. However, the widow or widower’s age determines what percentage of the basic benefit is paid.
The good news is this benefit is available as early as age 60 (most other benefits start at 62). However, starting that early will reduce your amount.
The widow or widower, at full retirement age or older, generally gets 100% of the worker’s basic benefit amount.
Another factor is whether the spouse started collecting benefits prior to death. If so, you receive a percentage of the benefit he or she collected prior to death. If not, you receive what your spouse would have been eligible for at his or her full retirement age (FRA).
There’s more!
If you remarry before age 60, you don’t get a survivor benefit. But, if you remarry after age 60, you may be eligible to receive a benefit.2
What about surviving children?
Each child can also receive a survivor benefit, worth up to 75% of the deceased parent’s benefit; and a widow or widower, who cares for the deceased’s children younger than age 16, can get a benefit too. However, these benefits combined are subject to a maximum family benefit limit.2
It can be complicated! There are many different options. Don’t make these decisions alone; discuss it with a financial professional who can help you weigh all the factors.
As always we are here to help create your best 2nd Half.
Email or call us at (719) 630-0600
See the index showing all of our Social Security Strategies and Tips.
