Ask an Advisor: My wife passed away at 55 with 38 quarters of Social Security earnings. Can I collect survivor’s benefits when I retire?

Ask an Advisor: My wife passed away at 55 with 38 quarters of Social Security earnings. Can I collect survivor’s benefits when I retire? – Randy

I’m sorry for your loss. The good news is that you may be eligible to receive survivor’s benefits from your late wife’s Social Security record. In order to qualify for survivor’s benefits, you must meet certain criteria.

First, you must be at least 60 years old (or 50 if you are disabled) to start receiving survivor’s benefits. Next, your late wife must have earned enough Social Security credits to be eligible for benefits. 

The amount of survivor’s benefits you are eligible to receive will depend on various factors. For example, if you wait until your full retirement age (FRA) to start receiving benefits, you may be eligible to receive up to 100% of your late wife’s Social Security benefit. However, if you start receiving benefits earlier than your FRA, your benefit amount may be reduced. In general, any year in which you take Social Security before your FRA, your benefit is reduced by about 8%.

It’s important to note that survivor’s benefits are not the same as spousal benefits. Spousal benefits are based on the earnings of a living spouse, while survivor’s benefits are based on the earnings of a deceased spouse. If you were still married to your late wife at the time of her death, you may be eligible to receive both spousal benefits and survivor’s benefits, but you will only receive one benefit at a time.

To apply for survivor’s benefits, you will need to contact the Social Security Administration (SSA) and provide them with the necessary information, such as your late wife’s Social Security number and a copy of her death certificate. You may also need to provide other documents, such as your marriage certificate and your own Social Security number.

It’s important to note that survivor’s benefits are not automatic, and you will need to apply for them in order to receive them. You can apply for survivor’s benefits online, by phone, or in person at your local Social Security office.

Another factor to consider is your own retirement benefits. If you are eligible for both survivor’s benefits and your own retirement benefits, you should have the option to choose which benefit to receive. If your own benefit is higher than your survivor’s benefit, it may make more sense to start receiving your own benefit and delay your survivor’s benefit until a later date.

It’s also important to note that if you start receiving survivor’s benefits before your FRA and continue to work, your benefit amount may be reduced if you earn more than a certain amount. This is known as the earnings limit, and it changes each year. In 2021, for example, the earnings limit was $18,960 per year. If you earned more than this amount, your benefit amount would be reduced by $1 for every $2 you earned above the limit.

There’s a lot of information here, but in summary, if your late wife had enough Social Security earnings, you may be eligible to receive survivor’s benefits from her record. The amount of your benefit will depend on various factors, such as your age and the age at which you start receiving benefits.

It’s important to apply for survivor’s benefits in order to receive them and to consider your own retirement benefits when making decisions about when to start receiving benefits. Finally, be aware of the earnings limit if you start receiving benefits before your FRA and continue to work.

I hope this information is helpful to you. If you have any further questions or concerns, don’t hesitate to contact the Social Security Administration or speak with a financial advisor.

Jamie Lima is a financial advisor and Certified Divorce Financial Analyst who helps mid-career professionals better manage, maximize, and grow their wealth. Based in Ramona, California, Jamie serves clients nearby and nationwide.

Get to know Jamie by visiting his profile page on Wealthtender or visiting his website at woodsonwm.com.

Please note that Wealthtender earns a nominal monthly fee from Jamie in exchange for providing access to the benefits described here, subject to these terms. This compensation creates a natural conflict of interest when we favor promotion of Jamie and other financial advisors in the Wealthtender community over advisors not featured on our platform. Wealthtender is not a client of these advisors or firms.

This article is intended for informational purposes only, and should not be considered financial advice. You should consult a financial professional before making any major financial decisions.

Find a Financial Advisor

Do you have questions about your financial future? Find a financial advisor who can help you enjoy life with less money stress by visiting Wealthtender’s free advisor directory.

Whether you’re looking for a specialist advisor who can meet with you online, or you prefer to find a nearby financial planner, you deserve to work with a professional who understands your unique circumstances.

Have a question to ask a financial advisor? Submit your question and it may be answered by a Wealthtender community financial advisor in an upcoming article.

–

Do you already work with a financial advisor? You could earn a $50 Amazon Gift Card in less than 5 minutes. Learn more and view terms.

This article originally appeared on Wealthtender. To make Wealthtender free for our readers, we earn money from advertisers, including financial professionals and firms that pay to be featured. This creates a natural conflict of interest when we favor their promotion over others. Wealthtender is not a client of these financial services providers.