Did you know that you may be able to collect social security benefits based upon your deceased spouse’s earned income?
Here’s a brief overview of Social Security Benefits for Surviving Spouses (even if you were divorced from your ex-spouse when he or she died).
This is something to explore if you were married for at least nine months at the time of your spouse’s death or if you were divorced at the time of your ex-spouse’s death but were married for at least 10 years prior to the divorce.
Here’s an overview of what you should consider:
If you are age 60-61
As a widow (or widower) you can choose to receive a survivor benefit at age 60 (50 if you are disabled). Once you reach your retirement age, you can switch to your own retirement benefit. However, the benefit you receive at age 60 as the surviving spouse, will be smaller than if you wait to start receiving benefits.
If you are age 62 and not yet at full retirement age (FRA)
If you wait until age 62, you can choose to receive a reduced survivor benefit based upon your deceased spouse’s salary. You will receive this benefit for the remainder of your life. Or – here’s a neat trick – you can collect social security based upon your own reduced benefit and if your deceased spouse earned more than you, you can switch to that spouse’s benefit when you reach your own full retirement age.
If you are at full retirement age or older
You can receive a full benefit based upon your own salary history or a reduced survivor benefit based upon your ex-spouse’s earnings history. If your deceased spouse earned more than you, the deceased spouse’s reduced benefit may be greater than your own full benefit.
The takeaway – To maximize your social security – if your spouse earned more than you
Start collecting your own reduced benefit at age 62, and switch to your deceased spouse’s benefit when you reach your full retirement age.
Before taking any action, be sure to consult with your social security caseworker and ask them to determine your expected benefits at different ages as well as the benefits you could collect based upon your spouse’s earned income. If the caseworker does not understand what you are asking, then ask to have their supervisor help.
Social security regulations change, often with little notice or fanfare, so remember that today’s advice may change tomorrow. And of course, this blog post does not create an attorney-client relationship between you and Kahan Law, P.C. It is intended to assist you, the reader, in asking questions to explore your Social Security benefit options.
If you would like for us to explore another topic regarding estate planning, please let us know.