I am ignorant of rules, but just would like a simple answer to this. My wife and I are both planning on waiting until FTA to collect SS (2-5 yrs out).
If I pass away, will she be able to collect both her SS and my SS monthly income and vis-versa? Not talking about a one time “benefit” but actual monthly income.
If I Die or Wife Dies – Monthly SS income?
byu/ShannonPoppy inpersonalfinance
Posted by ShannonPoppy
6 Comments
Pretty sure you get the higher of the 2 not both
No. You get the higher of the two, not both. If your earnings were very different you might do best by taking the lower until age 70 and then switching to the higher. That’s my plan. I’m a widow, and I’ll collect my own paltry amount from age 62-70 and then switch to the widow’s benefit under my late husband’s record.
Social Security benefits for the deceased will end at their death. She cannot collect your payments and vice versa. If any payments are made after death, they have to be returned. The survivor should contact SSA (the funeral home will probably do it, but the survivor should make sure) to stop payments to the deceased.
However, the survivor can apply for Survivor benefits, and if approved then those payments will pay out monthly.
https://www.ssa.gov/survivor
Short answer – NO. And I am surprised many/most retirees and near retirees do not know this. When the spouse dies, the surviving spouse gets the higher monthly benefit of either their earned Social Security benefit, or their Spousal Survivor benefit based on spouses Social Security benefits/earnings. Mu sister-in-law also thought that she would get her benefit plus her deceased husband’s. It was more than a bit of a shock to her when I informed her that was not going to happen.
This is a real income risk for many couples. When one is drawing say $3000 a month and the other is drawing $1500 a month, they have $4500 each month, but when one dies the other can take the higher, in this case $3000, but the household income still drops by a third from $4500 to $3000.
The survivor only gets the highest of the two. It’s generally recommended that the lower-paid spouse starts drawing at 62 and the higher earner starts drawing at 70 if possible.