The Federal Social Security Administration is responsible for providing Social Security retirement and disability benefits to qualified applicants. For this blog discussion, we’ll cover Social Security retirement benefits.

Almost all of us have a right to claim Social Security retirement benefits once we reach retirement age. For those born in 1929 or later years, you can claim Social Security retirement benefits if you’ve earned a sufficient number of work credits. Usually, you must have earned at least 10 years to qualify. The Social Security Administration determines our benefits based on our work history and age of retirement. Typically, you can begin collecting Social Security retirements at age 62, but the longer you delay retirement, the greater your chances of receiving a higher monthly benefit amount. You can also receive partial benefits while you continue working after age 62.

The Social Security Administration also provides benefits to some dependents and spouses based on an applicant’s earnings and history. Each year you can delay your benefits, you may increase your monthly Social Security benefits by almost 8 percent. You can contact the Social Security Administration and ask them for a statement of earnings to calculate your monthly benefits and plan accordingly. If you are eligible for survivorship benefits, you’ll need to make sure you contact the administration to report your spouse or other family member’s date of death. However, other agencies or funeral homes may have reported it for you.

Northern California Estate Planning Counselors, LLP is a member of the American Academy of Estate Planning Attorneys.

If you are like most people paying into the social security system, you wonder if you will ever see a return on your investment.  Will social security benefits be there for you in your time of need?  Social security is not just for retirement, it helps if your spouse dies.

Good news!  Social security has survivorship benefits.  This means that if your spouse dies, you and your minor children receive benefits.

Here’s a rundown of your social security benefits as a spouse:

• You receive a $255 lump sum death benefit.
• If you are at least 60 years old, you can claim any social security benefits due.
• As a disabled spouse who is at least 50, you can claim any social security benefits due.
• If your spouse was receiving social security and his checks were bigger than yours, you can now receive his larger amount.
• A spouse caring for a child under the age of 16 or a disabled child who was disabled before the age of 22 receives benefits.

Other family members may also receive social security benefits:

• Unmarried children, under the age of 18
• Disabled children, if disabled before the age of 22
• Dependent parents who are age 62 or older
• A divorced spouse qualifies for the same benefits as a spouse if the marriage lasted 10 years or longer.  But if a spouse gets remarried before the age of 60, that marriage must end before he/she can get benefits based upon the divorced spouse.

No benefit period

Benefits end for a spouse once the youngest child attains the age of 16 and do not start again until the spouse is 60 (or 50, if disabled.)  It is wise to have life insurance and comprehensive estate planning to cover this time period and to supplement social security benefits.

If you have questions about social security survivorship benefits, contact the Social Security Administration or consult with a qualified, experienced estate planning attorney.

Northern California Estate Planning Counselors, LLP is a member of the American Academy of Estate Planning Attorneys.