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The loss of a spouse is devastating, and in that situation, the last thing you want to worry about is money. Unfortunately, as a widow or widower, money is often one of the most important things to think about. And Social Security benefits are usually one of the first—and trickiest—financial resources to navigate. To help you wade through these waters, we’ve put together a comprehensive guide to Social Security survivors benefits.
If you’re an eligible age and meet other qualifications, Social Security benefits are available to you after your spouse passes away. But it can be tough figuring out if you can receive these benefits and when you should start. Here are some of the main factors that impact how much survivors benefits you’re entitled to:
Understanding these factors and the rules to which they apply can help you make informed decisions and maximize your benefits payments.
In nearly every case, you need to have been married for at least nine months to claim Social Security survivors benefits. However, there are a few exceptions:
What if you were married more than nine months and later divorced? Surprisingly, you can receive survivors benefits from an ex-spouse if you were married for at least 10 years. In fact, if you were married for at least 10 years to more than one ex-spouse who is now deceased, you can choose the biggest benefit. But if you remarried before the age of 60 and are still married, you cannot receive these benefits.
Also, any amount you do receive may be shared with other family members who are also entitled to survivors benefits.
We all know that there are age requirements for collecting Social Security benefits, and those rules remain intact for survivors benefits. Survivors benefits are first available when you turn 60, but you stand to collect more benefits if you wait until full retirement age at 66 (if you were born before 1957) or 67 (if you were born in 1957 or later). Here’s a look at how age affects your Social Security survivors benefits:
If you don’t need Social Security benefits right away to stay financially sound during retirement, consider waiting as long as possible for the most benefits.
Because the benefits payment increases with time, it’s smart to look at your budget and determine if you need to start collecting benefits immediately. Another important thing to note is that you can only collect one Social Security benefit—your spouse’s or your own. But you can switch from one to the other.
If you are still working, or plan to work until full retirement age, consider taking your spouse’s survivors benefits when they are available and then switching to your full benefits when you retire. This can get tricky, though, so it’s important to pay attention to a few financial areas:
Sorting through the ins and outs of Social Security survivors benefits isn’t easy, especially after suffering the loss of your spouse. But a solid understanding of what you can receive and how to maximize those benefits can make your transition to single living somewhat easier. Before making any decisions, you should consult an expert—either a Social Security representative or a financial planner you trust. They can guide you through all the regulations and paperwork to make sure you’re taken care of.
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