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Social Security Survivor Benefits 101 - How It Works - YouTube
Channel: Holy Schmidt!
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in this video i break down social
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security survivor benefits for those
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unfamiliar with how they work
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coming up next on holy schmidt
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holy schmidt
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a few days ago one of our viewers angela
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l
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asked me urgently to post a video on
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social security survivor benefits
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she recently lost her husband and just
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needed to know what her options were
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normally i follow a video release
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schedule but i moved a few things around
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so that i could get this out asap angela
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i heard you loud and clear and
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this video will give you a solid start
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please make sure you chat with the
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social security administration
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and other trained professionals before
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you make any decisions
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all right let's get into it but before
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we do please make sure you click
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subscribe and notifications
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there's a lot going on with social
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security and i want to make sure that
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you're alerted
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the next time i post a video on this
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subject or a related subject
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i post about twice a week the name
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social security implies that there's a
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system in place to help those that don't
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have the ability to earn
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still be able to sustain themselves
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nothing would be more representative of
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that
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than a spouse whose partner has just
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passed their world has just changed and
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they're uncertain about what the
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challenges are that lie ahead
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many times they aren't the financial
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breadwinner of the family
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and to make matters worse oftentimes
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their partner was the one who handles
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the money so they don't know
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what they don't know but now they need
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to learn very fast
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the survivor benefit is one of the best
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ways to dull the financial pain
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of losing a partner and in my personal
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opinion one of the best offerings of the
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ssa
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this video breaks down the survivor
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benefit into two parts
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part one is how to qualify and part two
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looks at how much
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the survivor receives based on a couple
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of different factors
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let's start off with how to qualify for
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survivor benefits
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the social security administration and
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countless politicians
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have made in their infinite wisdom
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qualifying for
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survivor benefits pretty easy if you are
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married for nine months or longer
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you qualify for survivor benefits as
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long as you were still married
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when your partner departed the nine
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month rule is waived
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if the survivor is a parent
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of a joint child either natural or
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adopted
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or if the death was the result of an
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accident
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if you meet those requirements you're
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good to go the next question is how much
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does the survivor actually receive
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this is where it gets a little more
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complicated first it's important to note
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that the surviving spouse gets the hire
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of their own benefit
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or the survivor benefit but not both
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let's begin by talking about the primary
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insured
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and their social security benefit
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when the primary earner the primary
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insured
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passes one of two things has happened
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they've either filed for
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social security benefits or they have
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not
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let's start off with what happens if
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they've not yet filed
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this often happens when the deceased was
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not of filing age meaning less than 62
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years old
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or they were a filing age but they were
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waiting because they wanted to get a
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higher benefit
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in either case the rights of the
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survivor
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are the same they get the deceased's
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full retirement age benefit adjusted for
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their current age
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this is where everybody gets confused so
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i'm going to use an example and make
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this
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really obvious let's assume that the
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deceased was 63
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and his or her spouse was 33.
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it happens at age 33 the surviving
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partner
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couldn't draw on survivor benefits
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simply because their partner had passed
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if they actually could
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they would be getting retirement
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benefits for
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60 or 70 years in many cases because of
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this there's a second calculation that
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needs to be done
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and this is a calculation that haircuts
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the
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full retirement age benefit based on the
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age of the surviving spouse
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by the way if you like this video please
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make sure that you hit the like button
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youtube uses the thumbs up as its
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algorithm to drive
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a video in the search results higher and
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i want to help as many people as i can
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now back to the video now let's change
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the facts a bit
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and say that the deceased was 63 but the
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spouse is 59
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as you can see from the chart the spouse
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would have to wait at least a year
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because you can't claim survivor
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benefits until you're 60
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with the exception of those that are
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disabled
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you can claim survivor benefits at age
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50 in that case
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this is the survivor multiplier chart
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that we're going to be using
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i will also put the chart in the
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description below so you don't have to
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start
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and stop the video if the survivor
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filed for survivor benefits at age 60
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they would receive 71.5 of the
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deceased's full retirement age benefits
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even though the deceased
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passed at age 63. if the full retirement
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age benefit
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of the deceased was twenty one hundred
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dollars and the surviving spouse filed
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at age
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sixty they would get seventy one and a
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half percent
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of twenty one hundred dollars which is
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fifteen hundred and two dollars
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if the survivor was age 65 they'd get
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91.86 percent of the full retirement age
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benefit
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or 1929 dollars and six cents
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and if the surviving spouse was
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full retirement age themselves they'd
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receive 100 percent
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of the fra which is 2100
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so the math is simple it's just the
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percentage haircut
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based on the age of the surviving spouse
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multiplied times
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100 of the deceased's full retirement
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age benefit
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but what if the deceased was receiving
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social security benefits
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but they waited until full retirement
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age
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before they applied for those benefits
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it's exactly the same
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it's a percentage schedule based on the
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age of the surviving spouse
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times 100 of the fra benefit
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also really important the surviving
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spouse cannot get more than
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100 of the deceased's full retirement
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age benefit
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so there's no need to wait past full
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retirement age in the example we're
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using here that's age 67
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because waiting does not equal more
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after age 67.
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and the last example what if the
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deceased filed for social security
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before
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full retirement age in the first example
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there was no telling
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when the deceased was going to file for
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social security so the ssa gave them the
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benefit of the doubt
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and they benchmarked the survivor
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benefit based
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on the deceased's full retirement age
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benefit in the second example the
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deceased actually filed for
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social security at forward hammered age
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so there was no question
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what the benchmark was in this next
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example let's assume
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that the deceased drew social security
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at age 63
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and passed away at age 66 so he or she
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drew social security for three years
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which meant that they had
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received 75 percent of their full
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retirement age benefit
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if the full retirement age benefit was
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2100
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the deceased was receiving fifteen
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hundred seventy five dollars
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since the deceased crystallized the
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payment at seventy five percent of fra
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does that mean that the surviving spouse
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haircuts off of that number
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no fortunately not there's something
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called a widow's limit which provides
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the survivor with the larger of eighty
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two and a half percent of the fra
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payment
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or one hundred percent of the actual
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payment itself
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and this is a really important
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distinction if you look at this chart
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about midway through age 62 it makes no
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sense for the survivor to
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wait any longer to file for survivor
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benefits
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because the survivor will not get a dime
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more by way so in this example
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you would never wait you would file at
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62 and a half
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because you're just leaving money on the
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table by waiting
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your payment won't go up anymore if you
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like this video and you want to see more
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of me
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please make sure you click subscribe and
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notifications i post about two or three
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times a week
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also check out this video on the average
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net worth of a 62 year old
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it's one of my more popular videos
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you're going to be surprised at the
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numbers that you see
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this is jeff schmidt thanks for watching
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