5. No, you can’t collect two benefits at the same time
Don’t count on receiving a double payment if your spouse passes before you. If you’re entitled to both a retirement benefit and the survivors benefit, you’ll receive only one — the larger — of the two amounts.
If the surviving spouse is at full retirement age or older, they can receive 100% of the deceased's benefit amount. If they’re between 60 and full retirement age, they’ll get between 71.5% and 99%. To offset any social security income losses when your spouse passes, consider purchasing life insurance to help make sure your family’s future is secure after you or a loved one passes away.
With Lifeplans — an online marketplace of insurance companies — you can connect with insurers near you that suit your needs and will help you make the right choice for your spouse and your family.
All you need to do is fill in a bit of information about yourself and your coverage needs and in under 3 minutes you can browse rates and coverage amounts to determine which is best for your future.
With coverage options starting at $15 a month, you can easily compare term, final expense and whole life insurance to find the best coverage for you and your family’s needs.
4. In some circumstances, spouses can get survivor benefits before they turn 60
Disabled spouses 50 or older can be eligible, as can spouses of any age who are caring for a deceased person’s child younger than 16.
Incidentally, other family members may also be eligible for survivor benefits. Some examples include:
- An unmarried child of the deceased who is under 18
- A stepchild, grandchild, step-grandchild or adopted child
- Parents of the deceased, 62 or older, who were dependent on the deceased for at least half of their support
If you’re unsure of what spousal benefits you qualify for and want to be prepared, Advisor.com can help.
Advisor.com is an online platform that matches you with vetted financial advisors suited to your unique needs.
Once you’re matched with an advisor, you can book a free consultation with no obligation to hire.
3. You can still get the benefit if you’re divorced, but not if you’re remarried before 60
A survivor can be an ex-spouse if the marriage lasted at least 10 years and the ex-spouse is at least 60 years old (or 50, if disabled).
A surviving ex-spouse is eligible for the same benefit as the surviving spouse, but it won’t impact the surviving spouse’s ability to collect survivor benefits — they will both receive the amount they’re entitled to.
However, if the ex-spouse remarries before the age of 60, they become ineligible to collect survivor benefits unless the marriage ends.'
2. There isn’t a time limit
There’s no time limit on claiming your survivor's benefits — and it could be in your best interest to wait. While you should report the death as soon as possible, you can decide when to claim survivor benefits based on what makes sense for your financial situation. For example, you may want to wait until you reach full retirement age, so you’re entitled to 100% of your late spouse’s benefit.
If one spouse earned considerably more than the other during their working life, it may make sense to delay filing for one benefit over the other. Avoid leaving money on the table by talking to a professional at Empower about the best strategy for your particular situation.
Empower is a unique digital suite of finance tools designed to help you stay on top of your finances — from investment strategies to budgeting and even wealth management.
When you sign up for Empower, you can connect with one of their financial professionals to help build a personal strategy with your unique financial goals in mind.
Empower’s team of professionals will help you make the most of your survivor’s benefits so you don’t have to tackle it all on your own
1. If your late spouse filed early, the widow(er)’s limit could help
If the late spouse filed early for Social Security, it means the surviving spouse will be limited to the resulting lower payout indefinitely. The widow(er)’s limit came about to offer some protection for spouses in this situation. Technically called RIB-LIM (which stands for retirement insurance benefit limit), the provision allows surviving spouses to collect up to 82.5% of the deceased’s full-retirement-age benefit.
Preparing for end-of-life needs
Also important to know: if, at the time of death, the deceased hadn’t yet claimed Social Security, survivors are still eligible to receive benefits.
Beyond Social Security, there are multiple other factors to consider when you are thinking about what happens to you, your money and your possessions.
While it can be tempting to procrastinate on this subject and possibly leave planning for death until you reach old age, you may want to consider preparing well ahead of time — especially if you have children, or will be leaving behind a large portfolio of assets without clear divisions for your beneficiaries.
LegalZoom is an online platform that simplifies the legal process by providing easy-to-use tools, customizable templates, and access to licensed attorneys — without the high costs and other hassles associated with hiring a lawyer from a traditional law firm.
For example, the platform allows you to easily create a will for as little as $99 and get step-by-step support from a licensed attorney to make sure everything is handled correctly, without needing to hire and pay for a lawyer the old-fashioned way. LegalZoom has upfront pricing that allows you to decide if you want to DIY or work with a licensed attorney — so you only pay for the legal services you actually need.
With a 4.3 rating on TrustPilot, LegalZoom can give you peace of mind knowing that your legal documents will be filed correctly and accepted in your state and your wishes for your estate will be honored.
If you aren’t sure where to begin, you can also call LegalZoom for free to figure out exactly what you need and how to get started.