Is there a difference between social security survivor benefits and spousal benefits? Should you wait until you have reached retirement age until you start drawing from your survivor benefits? If you find yourself lost in the weeds when it comes to navigating social security and all the ins and outs, you’ve come to the right place! An essential part of planning for your future is making sure that you have your finances covered so you don’t have to worry and stress about it when the time comes. I’ve spent time researching and studying social security, retirement strategies, and so much more so savvy business professionals like you can get the head start that they need. So what are you waiting for? Grab pen and paper and make sure to pay close attention to this informative episode! 

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You will want to hear this episode if you are interested in...

• Who gets a Social Security Survivor benefit? [1:20] 
• Why waiting to collect your benefits can be helpful [3:30] 
• Collecting a survivor benefit. [8:00] 
• How survivor benefits work with minor children involved [10:00]
• Why survivor benefits are more helpful than spousal benefits. [13:00]
• Closing thoughts [15:00] 

Social Security Survivor benefits 

In the past, I’ve touched on social security spousal benefits (linked below) but I wanted to take some time to go through social security survivor benefits as they are a bit different. Did you know that more than 5.9 million people were receiving Social Security survivor benefits in May 2020? It’s true! These monthly payments typically go to the spouse, former spouse, or children of someone who was receiving or eligible for Social Security benefits. 

Most of the time, social security survivor benefits are based on the amount the deceased was receiving from Social Security at their time of death (or was entitled to receive if he or she died before filing for benefits). You can apply by phone at 800-772-1213 or by visiting their website (linked below.) 

About two-thirds of social security survivor recipients are widows and widowers. They can collect survivor benefits from age 60 (50 if they are disabled), at rates ranging from 71.5 percent to 100 percent of the late spouse’s Social Security benefit, depending on the survivor’s age. There is an exception if you are caring for a child of the deceased who is under 16 or disabled; in this case, there is no minimum age and the survivor benefit is 75 percent of the deceased’s Social Security payment.

Look before you leap

When is the right time to jump in and collect your social security survivor benefits? Don’t assume you have all the right information before you take the plunge! For example, If you are already drawing Social Security on your work record, you will receive social security survivor benefits only if they exceed your own payment. Social Security will pay the higher of the two benefit amounts. Widowed spouses and former spouses who remarry before age 60 (50 if they are disabled) cannot collect survivor benefits. Eligibility resumes if the later marriage ends. There is no effect on eligibility if you remarry at 60 or older (50 or older if disabled). 

Other than the remarriage issue and the age parameters for children, there is no time limit on survivor benefits — they are payable for life. I know that this is a lot to take in and a lot to plan for! I hope you have found the information you need to get started in the right direction. If you have any questions or if I can help in any way, make sure to chime in the comments section below - we’d also love to hear your feedback and reviews! 

Resources Mentioned on This Episode

• Collect Social Security Now or Wait? Ep #4
• How To Apply For Social Security Benefits #38
• Collecting Divorced Social Security Benefits #41
• Are You Eligible For A Social Security Spousal Benefit? #42
• www.ssa.gov

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