If you are married and you and/or your spouse paid into the Social Security system, both of you likely are or you soon will be collecting retirement benefits. But what happens to a deceased spouses Social Security benefits when one spouse passes away?
Social Security Survivors Benefits
When a spouse dies, and both he or she and the surviving spouse were collecting benefits from Social Security, the survivor is eligible to continue receiving income. But the amount of that income will likely change.
As an example, a surviving spouse is allowed to collect 100% of his or her deceased spouses benefit, provided that the survivor has reached their full retirement age (FRA). However, the dollar amount of the benefit will be less if the spouse who is deceased started collecting their benefit before they had reached their full retirement age.
Your FRA can be anywhere between age 65 and 67, depending on the year of your birth. If you wait until after you have reached your full retirement age, the dollar amount of your Social Security retirement benefits and in turn, the survivors benefit to your surviving spouse will be more.
Social Security Full Retirement Age
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Source: Social Security Administration
If both spouses were collecting Social Security, and one of them dies, the other will not be allowed to retain both income payments. Rather, the surviving spouse will continue receiving whichever of the two amounts was higher.
As an example, if Jack receives $2,000 per month from Social Security, and Lynda receives $900, Jack will retain his monthly benefit of $2,000 if Lynda passes away before he does. But Jack will lose Lyndas $900 Social Security benefit.
Alternatively, if Jack predeceases Lynda, she will lose her own $900 per month Social Security. But she will continue to receive $2,000 per month because Jacks benefit was the higher of the two.
Applying for Social Security Survivors Benefits
In order to apply for Social Security survivors benefits, you can contact the Social Security Administration by phone at (800) 772-1213 and speak with a representative. It is important to note that you may not report the death of a Social Security income recipient or apply for Social Security survivors benefits online.
Contact Information:
Email: [email protected]
Phone: 9187441333
Bio:
Mark, a lifelong Tulsan graduated from Westminster College, Fulton, Missouri with a Bachelor of Arts in Accounting. Mark served in the United States Army as a Captain in the 486th Civil Affairs BN. Broken Arrow, Oklahoma and retired in 1996. Mark is married to his high school sweetheart Jenny and has four beautiful children. Mark’s passion for his work, which includes over 20 years in the Financial Industry started as an Oklahoma State Bank Examiner. Mark examined banks throughout Oklahoma gaining a vast knowledge and experience on bank investments, small business and family investments. Mark’s experiences include being formally trained by UBS Wealth Management, a global investment firm where he served as a Financial Consultant specializing in Wealth Management for individuals & families. Mark is a licensed Series 24 and 28 General Securities Principal and an Introducing Broker Dealer Financial Operations Principal. Additionally, Mark is a Series 7 and 66 stockbroker and Investment Advisor focusing on market driven investments for individuals, businesses and their families. Mark specializes in providing financial knowledge, ideas, and solutions for federal employees, individuals, families and businesses. We serve as your advocate, and assist you in the design and implementation of financial strategies while providing the ideas to maximize your security and wealth. Our goal is to give you maximum control of your financial future. We provide the expertise to help you with personal issues such as: practical tax Ideas, risk management, investment solutions, and estate preservation. Additionally, we’ve counseled hundreds of employees on their transitions from careers in federal government, and private industry to their next life stage, whether that is retirement or a second career. We specialize in devising strategies that roll your TSP, 401(k), pension plan, to a suitable IRA to meet your objectives.
Disclosure:
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