Posted on 03/10/2024 6:53:46 AM PDT by where's_the_Outrage?
Social Security benefits are the major source of income for most people over age 65, according to the Social Security Administration. That means living standards in later life can depend heavily on how well retired workers and spouses understand the program.
Unfortunately, misunderstandings are all too common. A recent survey from Nationwide Retirement Institute found that 44% of adults were unaware that, upon the death of a spouse, the surviving spouse would inherit the bigger Social Security benefit.
Social Security old-age and survivor benefits is a broad term that includes two subcategories: retired-worker benefits, and benefits for spouses and other family members. They share certain things in common. For instance, eligibility begins at age 62 in both cases. But there are important differences married couples should understand.........
When a married person dies while receiving Social Security retirement benefits, the surviving spouse is eligible for survivors benefits if he or she satisfies certain conditions. The most common qualifications are as follows:
The surviving spouse must be at least 60 years old (or 50 years old with a disability).
The surviving spouse must not remarry before age 60 (or age 50 with a disability).
The Social Security Administration must be notified when a beneficiary dies. In most cases, the funeral home will handle the reporting, but the surviving spouse can also report the event by contacting the local Social Security office. Once that's done, the surviving spouse can begin receiving a survivors benefit in place of his or her current benefit.
(Excerpt) Read more at msn.com ...
Your point being?...
my husband worked until he was 70 so his SS was larger than mine since I took early retirement to care for him. When he died, my SS was increased to what he would have received. So my SS check was larger, but the family income went down, since it was only one check not two.
Everything one pays into social security gets converted into an IOU. Your money goes into the general fund.
Life insurance will give her more benefits than Social Security, ever would
“ always am mystified by those who say, “I want what I put in.” lol.”
Especially with Medicare. What you put in will last 3 days in the ICU.
That is what happen when my dad died when he was 55. Seven kids, 4 under 18. She got his SS and continue to until her death at the age of 75. The SS card had a capital D in front of his SS#.
That is a major plus. :)
OTOH you should, especially if you have children, get a term life policy to cover that time.
At least enough to pay the house off.
She can choose to keep hers, or draw on yours. Math says she would go with yours.
Absolutely. This needs to be shouted from the rooftops endlessly. And no tax implications, either.
Normally, yes - but life insurance premiums greatly increase as we get older, to the point that it becomes unaffordable. I have been very disciplined in saving and investing, so there is a good stash of money to help her in her future.
I have also paid off my mortgage and built a very solid will for her and our kids.
If I die before she turns 62 (over a decade away) the income will about be cut in half. But it is still more than enough to live comfortably, and we’re debt free. Plus our minor daughter is getting SS for at least 7 more years. The wife can sell the house and move back to Thailand to live like a queen.
She has to have had a baby at 44 or older to maintain social security payments without a break. Otherwise payments to her will end when the child turns 16 and resume when she turns 60. The child may continue receiving payments to 18 or 19 years of age.
My wife, also, is considerably younger than me...
She is almost 86... We were married in 1960...
She gets a very small SS payment now, since she never had to work, since high school...
We firmly believed that a wife’s job was to supervise the home and raise children...
IAC, we do not depend on SS to live on, since we have an ample retirement package from my employment...
yeah I understood my wife who gets 300 a month would get my 1400 if I die first. Widows benefit.
My GF, not married yet, is disabled and 61. I am afraid to marry her, because I am unsure what happens after I pass first. I think if she passes first and we are married, I am responsible for her debts. I am debt free, and make more as I am 70 years old and fully eligible. Anyone know what is the most advantageous for us both?
I believe you are correct.
Why shout something from the rooftops which is blatantly stupid?!?
There are too many variables on the table to determine its truthfulness.
Are we talking about a $30K policy? Then it is not even close. Even a $1Million policy would not suffice for some. Most people do not buy multimillion dollar policies.
That’s how it was when my dad died at 86. Mom lost her small benefit and began to get Dad’s larger one.
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