Social Security Sense by Dana Anspach

Author:Dana Anspach
Language: eng
Format: epub
Tags: financial, financial planning, retirement planning, social security, financial literacy, financial knowledge, planning for retirement, retirement financial planning, retirement advice, retirement decisions
Publisher: Dana Anspach

Again using John as an example, if he started benefits at 66 and is receiving $1,000 a month, his wife is entitled to the same $1,000 a month as a survivor benefit. If John passes at age 66 and Betty is 60 (and assuming she was born in 1956), if Betty chooses to begin receiving her widower benefit at 60, the $1,000 a month benefit will be reduced to $810 (based on looking up Social Security’s Survivor FRA Chart by Year of Birth to see the reduction that applies based on the fact that she is claiming before her survivor FRA). Betty’s survivor FRA is 66 so she would need to wait until her age 66 to receive the full $1,000 a month.

If John waited until age 70 to begin benefits his benefit would be $1,320 per month and this would then be the survivor amount Betty could receive. This amount would be further reduced if Betty began receiving it before reaching her own survivor FRA.

If you have not started your benefits yet and have not reached your FRA

Your spouse can receive what you would have received at your FRA. (This amount can be further reduced if the surviving spouse has not yet reached their own survivor FRA.)

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