Social Security Widow Benefits - What Happens To Your Social Security Income When One Spouse Passes Away When Social Security was initially established, it only paid retirement money to workers who were eligible. It was later amended to include benefits for spouses and survivors, which made it more of a family or insurance program, rather then only a retirement plan. Unfortunately, it is inevitable that many husbands and wives will find themselves widowed during their retirement. This is not only a massive loss emotionally, but can be an immense loss financially as well, especially since the survivor will lose the income earned by the spouse that has died. The Social Security survivor benefit was developed to ensure that the surviving spouse wouldn't lose all of their earnings when the first spouse passes. Actually, the survivor income is 100% of the spouse's benefit before he or she passed. Supposing that both spouses are at present receiving Social Security, if the spouse with the higher amount of Social Security passes away first, the spouse with the lower income will get a rise in her income. However if the spouse with the lower payment passes first, the surviving spouse's benefit will not modify. There are some rules in order to be eligible for Social Security death benefits: The couple should have been married for at least 9 months before the spouse's death, unless his death was a result of an accident. Also, separated spouses may qualify for widow's income as long as they were married for minimum 10 years. Widows can apply 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 prefer to start collecting at age 60 because the benefit will be lowered for every month received before reaching full retirement age. A widow can expect to get anywhere from 71.5% to 100% of her departed spouse's benefit based on how old she is when she starts collecting the survivor benefit. It's useful to note that as a widow you will receive the survivor benefit or your own income, whichever is more. So your benefit will go up if your spouse's benefit was higher than your own, however you will still lose one benefit, so your total benefit from Social Security could be 1/3 to 1/2 less than it was before your spouse died. One strategy to help optimize your total benefits assuming your spouse passes before you attain full retirement age is to begin collecting widow's benefits when your spouse passes (assuming you are at least age 60 or your are age 50 and crippled), then move to your own benefit once you attain your full retirement age. This will allow your own retirement benefits to keep on earning credits and therefore will increase your retirement benefit. Or, if the survivor benefit is considerably higher than your own benefit, you could request your own benefit early, then switch to the survivor benefit when you reach full retirement age. You may apply for Social Security widow benefits right away after a relative has passed. To do so, you can contact the Social Security Administration or visit the office nearest to you. It's important to know how Social Security survivor benefits work so you can maximize your retirement income, particularly after the loss of a loved one. Some Important Information Which You Should Know About Social Security Spouse Benefits When most people think about Social Security, they naturally think of retirement benefits. However about 1/5 of all Social Security benefits are spousal or survivor benefits, so when you're planning for retirement, it's important to consider the fact that you or your spouse may collect Social Security survivor benefits Social Security Old Age Earnings: Ideas To Help You Maximize Your Social Security 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: Brand New Policies Imply More People 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. Three Major Reasons To Use A Fee Only Financial Advisors There are three different types of financial advisors: the commission broker who sells a product for a commission, the fee-based advisor who provides investment management for a percentage of the assets invested, and the fee only financial planner who provides a comprehensive financial plan for an hourly fee. Three Ways A Financial Planner Can Easily Help You Attain Your Very Own 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 You Will Get The Best Financial Planner To Reach Your Goal 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. A Few Major Exceptional Roth IRA Withdrawal Rules Which May Help You To Take Money Out Of Roth IRA Roth IRAs are governed by the IRS; as such there are many Roth IRA withdrawal rules that must be followed before you take money out of your account. In this article we'll discuss Roth IRA distributions; when they can be taken, when and if they are taxable, when and if penalties might apply. Below Is Some Information On The Americans Buying Gold Coins Buy gold coins is becoming popular as an investment for two key reasons. First, they can be easily purchased and easily sold because they are guaranteed by the United States government. Buying gold coins in trust Gold Eagles Gold Coins: Putting Profit In Your Profile Some invest in coins for their durable value, which has increased reliably. Offering protection against inflation, gold coins do not diminish in buying power like cash. Whatever the buyer's motive, gold coin prices |
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