What Widows Need To Know About Social Security
As a widow, it's important to understand how Social Security can play a role in your retirement income. Social Security is a federally-funded program that provides financial assistance to eligible individuals, including widows. Here are a few key things that widows need to know about Social Security:
1. Eligibility: To be eligible for Social Security benefits, you must have worked and paid Social Security taxes for a certain number of years. The exact number of years required may vary depending on your age and the type of benefits you are seeking.
2. Types of benefits: There are several types of Social Security benefits available to widows, including:
• Widow's benefits: If you are a widow age 60 or older (50 or older if disabled), you may be eligible for widow's benefits based on your deceased spouse's work record.
• Surviving divorced spouse's benefits: If you are a surviving divorced spouse and your marriage to your deceased ex-spouse lasted at least 10 years, you may be eligible for surviving divorced spouse's benefits based on your ex-spouse's work record.
3. Calculating benefits: The amount of Social Security benefits you are eligible for will depend on your deceased spouse's work history and earnings, as well as your own work history and earnings. The Social Security Administration (SSA) uses a formula to calculate benefits based on these factors.
4. Applying for benefits: To apply for Social Security benefits as a widow, you will need to provide proof of your relationship to the deceased and proof they’ve passed such as: Marriage Certificate, Death Certificate, and Social Security Numbers.
5. Timing of benefits: You can choose to start receiving your Social Security benefits at any time between the ages of 60 and 70, although the amount you receive may be higher if you wait until your full retirement age, which is typically between 66 and 67 depending on your year of birth.
In conclusion, Social Security can be an important source of income for widows during retirement, but it's important to understand the eligibility requirements and how benefits are calculated. Seeking the advice of a financial planner or the SSA can also be helpful in determining the best strategy for maximizing your Social Security benefits.
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Jeremy Raffer, MBA
Director, Partner & Wealth Manager
m. 201-773-4641
e. jeremy.raffer@stewardpartners.com
Steward Partners Global Advisory, LLC
Country Club Plaza
115 W. Century Rd, Suite 145
Paramus, NJ 07652
The views expressed herein are those of the author and do not necessarily reflect the views of Steward Partners or its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Past performance is no guarantee of future results.
Steward Partners Investment Solutions, LLC (“Steward Partners”), its affiliates and Steward Partners Wealth Managers do not provide tax or legal advice. You should consult with your tax advisor for matters involving taxation and tax planning and your attorney for matters involving trust and estate planning and other legal matters.
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