3 Things You Must Know About Social Security Survivor Benefits

(don’t forget to checkout the video of this blog)

Social security is one of the primary sources of guaranteed income for most retirees.

It also happens to be the best inflation-protected annuity on the planet.

For most retirees Social Security makes up about 50% of their retirement income (which is one of the most important elements of your financial plan throughout retirement).

But, what happens if one spouse passes away❓

Can you keep collecting both income sources❔

These are questions I receive frequently, so here are 3 things you must know about Social Security survivor benefits:

✅ It’s not only a benefit for spouses

It can be for children, grandchildren, and even ex-spouses as well.

Children can claim a monthly benefit if they’re under age 18 (which can even include step-children, grandchildren, and step grandchildren)

Divorced spouses may be able to collect survivor benefits as well if they were married at least 10 years (and both spouses had or would have reached age 62)

✅ You can collect the survivor benefit as early as age 60

Although you’ll get the full benefit if you wait until full retirement age, you can create an income source for retirement earlier than usual with the survivor benefit.

Surviving spouses can claimed a reduced survivor benefit as early as 60 (provided they were married at least 9 months).

✅ You can continue collecting the survivor benefit while allowing YOUR benefit to max out at age 70 (and then switch benefits)

This is a rule that went away for spousal benefits, but it’s still something you can use as a strategy to maximize your income from social security if one spouse passes away.

These are important items to understand as so many people leave money on the table with social security…

Simply because they don’t know all of the ins and outs of it.

Let’s chat 💬😎