Dallas County Living Well Magazine Spring 2015 | Page 22
Factoring Social Security
Survivor Benefits into Retirement
Courtesy Barlow Capital Advisors, Dan and R. Brennan Barlow
A
lthough there’s a great deal
of speculation these days
surrounding the future of
Social Security, we know
many Americans have factored Social
Security benefits into their retirement
plans.
If you have a family, Social Security
also provides dependent benefits to
surviving spouses (and ex-spouses),
surviving children and, in some cases,
surviving parents. Here are some good
things to know if you or your loved
ones fit into one of these categories.
Surviving spouses. If you were
married to your deceased spouse for
at least nine months and you are not
remarried, you may begin to draw Social Security benefits as early age 60
(age 50 if you are disabled). If you are
taking care of a child who is younger
than 16 or disabled, there is no minimum age requirement. The nine-month
duration-of-marriage requirement may
be waived under certain circumstances.
Surviving ex-spouses. If you were
married to the deceased for at least
ten years and you are not remarried,
you may begin to draw Social Security
benefits as early as age 60 (age 50
if you are disabled). A surviving divorced spouse may draw a benefit at
any age if taking care of a child who
is younger than 16 years or disabled.
The 10-year duration-of-marriage requirement does not apply to child-incare benefits.
Surviving children. An unmarried surviving child can draw benefits
while younger than 18, and between
age 18 and 19 if still a full-time high
school student. An unmarried disabled
adult child may be able to draw survivor benefits if under a disability
that began before the child turned 22
years old.
Surviving parents. As a surviving
parent, you may be able to draw a survivor benefit based on your deceased
child’s Social Security work history. To
qualify, you must be at least age 62,
and you must have been dependent on
your deceased child for at least onehalf of your support.
Amounts of survivor benefits vary depending on the category:
Children, and spouses who have a
child-in-care, may each draw a benefit
up to 75% of the deceased worker’s
Social Security benefit.
Other surviving spouses may draw
benefits ranging from 71.5% to 100%
of the deceased worker’s Social Security benefit.
A surviving parent may receive 82.5%
of the deceased child’s benefit.
However, a family usually can draw
between 150-180% of the deceased
worker’s benefit.
A widow’s or widower’s benefits may
be reduced if he or she starts drawing
these benefits before a certain age.
The age requirement to receive full
benefits is based on the survivor’s year
of birth. In addition, if your deceased
spouse drew reduced retirement benefits from Social Security, it may reduce
the amount you receive as a surviving
spouse.
Survivors may apply for benefits over
the phone (1-800-772-1213) or in a
loca