Battle-of-the-bands.info/Articles

When Social Security was initially created, it only paid retirement income to workers who were eligible. It was later revised to include benefits for spouses and survivors, that made it more of a family or insurance plan, instead of simply a retirement plan.

Sadly, it is inevitable that many husbands and wives will find themselves widowed around their retirement. This is not only a massive loss emotionally, but can be a major loss financially as well, particularly since the survivor will lose the money earned by the spouse that has passed away.

The Social Security survivor benefit was created to ensure that the surviving spouse wouldn't lose all of their earnings when the first spouse dies. Actually, the survivor income is 100% of the spouse's income before he or she passed. Assuming that both spouses are currently receiving Social Security, if the spouse with the greater amount of Social Security dies first, the spouse with the lower payment will get an increase in her income. However if the spouse with the lower payment passes first, the surviving spouse's income will not alter.

There are some policies in order to qualify for Social Security death benefits: The couple should have been married for more than 9 months before the spouse's death, except if his death was a result of an accident. Also, divorced spouses may qualify for widow's benefits as long as they were married for more than 10 years.

Widows can request for survivor benefits beginning at age 60, or age 50 if they are disabled. Same as with retirement and spousal benefits, the widow may not prefer to start collecting at age 60 because the benefit will be decreased for every month received before touching full retirement age. A widow can hope to receive anywhere from 71.5% to 100% of her deceased spouse's benefit based on how old she is when she starts receiving the survivor benefit.

It's essential to note that as a widow you will get the survivor benefit or your own benefit, whichever is more. So your benefit will go up if your spouse's benefit was more than your own, however you will still miss one benefit, so your total income from Social Security could be 1/3 to 1/2 lower than it was before your spouse died.

A technique to help optimize your total benefits considering your spouse passes before you reach full retirement age is to begin collecting widow's benefits as soon as your spouse passes (assuming you are more than age 60 or your are age 50 and disabled), then switch to your own benefit once you attain your full retirement age. This will permit your own retirement benefits to keep on earning credits and therefore will raise your retirement benefit. Or, if the survivor benefit is considerably higher than your own benefit, you could request your own benefit early, then move to the survivor benefit when you are at full retirement age.

You should apply for Social Security widow benefits right away after a family member has passed. To do so, you can contact the Social Security Administration or visit the office closest to you. It's important to know how Social Security survivor benefits operate so you can maximize your retirement income, especially after the loss of a loved one.

Some Important Information That You Must Know About Social Security Spouse Benefits
When most people think about Social Security, they naturally think of retirement benefits. However about 1/5 of all Social Security benefits are spousal or survivor benefits, so when you're planning for retirement, it's important to consider the fact that you or your spouse may collect Social Security survivor benefits

Social Security Benefits: A Useful Discussion On Terms To Obtain The Benefit And Ways To Collect After A Family Member's Death
The loss of a family member can be devastating, both emotionally and financially. Social Security is meant to be a survivor program as well as a retirement program. Most people are aware of Social Security retirement benefits, but are you aware that there are Social Security death benefits as well?

Submitting Your Social Security Application: When And How
As you get closer to retirement one of your top questions is probably when and how to submit your Social Security application. Should you apply at age 62 or 66? What are the steps to applying for Social Security once you've decided to start collecting retirement benefits?

Three Reasons To Use A Fee-Only Financial Advisors
There are three different types of financial advisors: the commission broker who sells a product for a commission, the fee-based advisor who provides investment management for a percentage of the assets invested, and the fee only financial planner who provides a comprehensive financial plan for an hourly fee.

Present Situation Regarding Social Security Spouse And Survivor Benefits
When Social Security was established most women did not work. Lower or no earnings combined with a longer life span meant poverty for many women when their husbands passed away. Social Security recognized these challenges and have implemented several changes to the system to help women avoid poverty.

Pay Day Loans:Understand More On It.
Have you ever found yourself in an emergency situation? Do you require a substantial amount of money fast but don't know where to get it? Payday loans may be just the thing you need.

How To Transform Your Credit Check Score In 5 Easy Ways
Having a good credit check score is an absolute must in today's lending environment. In this lagging economic environment, your credit check score is certainly more important than ever.

Points To Consider When Looking For A Financial Planner
Many people hire financial planners to help them meet their financial goals. Whether you are a beginner investor with very little experience or whether you have a good knowledge and understanding of financial planning topics, a financial planner can be a valuable asset when planning for your financial goals.