Losing a loved one often creates a unique set of emotional and financial challenges for the survivor. Survivor benefits were created to allow the survivor to continue receiving the Social Security income of the retired decedents within various circumstances. According to a U.S. Census Bureau Survey in 2014, more widows navigate these circumstances, with 54% of women aged 75 and up being widowed compared to 19.5% of men being widowers. Understanding Social Security benefits for widows can help surviving spouses plan and prepare for the next chapter of their lives after losing their partner.
Getting Started: Notification of Death
To start receiving survivor benefits, the Social Security Administration should be promptly notified when a person passes. However, that notification of death cannot be made online. To report, the surviving beneficiary can call the Social Security Administration or visit a local Michigan office. In many cases, the funeral home will report the death of an individual if they have the decedent’s Social Security number, which can help streamline the process for the survivors.
When Can Widows Begin Receiving Social Security Benefits?
Individuals who work long enough under Social Security can qualify for Social Security benefits throughout retirement. When that person passes, their surviving spouse can begin receiving the decedent’s monthly benefits if:
- They are aged 60 or over.
- They are age 50 with a disability that started before the worker’s death or within seven years of their death.
- They are caring for the deceased’s child who is under the age of 16 or who has a disability and is receiving the child’s disability benefits. The surviving spouse can then receive the benefits at any age.
Widows who qualify for Social Security benefits can switch to their own retirement benefits at age 62.
Amount of Social Security Benefits for Widows
The amount of Social Security benefits for widows is based on the deceased’s earnings paid into the program. The more the worker paid into their Social Security, the higher the Social Security benefits would be for their widow. However, the percentage of the benefit the surviving spouse is eligible to receive is based on several factors. For example, a surviving spouse could receive:
- 100% of the decedent’s benefit amount if the surviving spouse is retirement aged or above.
- 71 ½ to 99 % of the benefit amount from 60 to full retirement age.
- 71 ½ percent of the benefit amount if aged 50 to 59.
- 75% of survivor benefit amount at any age if caring for a child under 16 or caring for a decedent’s child with a disability.
Losing a loved one is challenging, but understanding Social Security benefits for widows, can help survivors plan for their financial future. Since benefits will vary based on eligibility and age, a Michigan financial advisor can help surviving spouses navigate this new territory with confidence moving forward.
About Michigan Financial Advisor, Larry Davis
Larry has been active in the financial planning field since 2004 and is the founder of Davis Capital Management. As a well-known financial planner in the Southeast Michigan area, he works primarily with small business owners, post-divorce planning, and people transitioning from their working years into retirement. Through his experience he has developed and refined wealth management processes including the PET FORMula™. He is an active member in the Financial and Estate Planning Council of Macomb County and is currently serving on the Board of Trustees for the Greater Romeo/Washington area Chamber of Commerce. Larry is also actively involved with the Rochester Chamber of Commerce. He resides with his wife and three children in Washington Township and feel very blessed to be a part of this community.
Sources: Social Security Administration, U.S. Census Bureau
census.gov/library/stories/2021/04/love-and-loss-among-older-adults.html