Where your Social Security check goes when you die (pension, benefits, wife)
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An interesting issue that I personally encountered. My father died on April 30, 2009. I dutifully contacted social security the day after that to inform them of his death. The gentleman on the phone was very understanding, but indicated social security would take back the payment it had already made that month to his account. Sure enough, the day after I informed them, the account balance had dropped by that amount. They move quickly!
In Mom's case, it made little difference. However, I could see how those living on the margins could have been devastated. Good financial planning means knowing many of the "ins and outs" of social security.
An interesting issue that I personally encountered. My father died on April 30, 2009. I dutifully contacted social security the day after that to inform them of his death. The gentleman on the phone was very understanding, but indicated social security would take back the payment it had already made that month to his account. Sure enough, the day after I informed them, the account balance had dropped by that amount. They move quickly!
In Mom's case, it made little difference. However, I could see how those living on the margins could have been devastated. Good financial planning means knowing many of the "ins and outs" of social security.
I wonder if the bank would still charge bank fees if any checks bounced? Even with assets folks need to answer the question of how much money can the survivors access while things get straightened out.
I most cases now they are at utomatic informed by computer whe fenral home makes the entry.No need any more for a death ceretifcate with mnay thinsg alike before to do mnay things.
I most cases now they are at utomatic informed by computer whe fenral home makes the entry.No need any more for a death ceretifcate with mnay thinsg alike before to do mnay things.
A number of us will bypass funeral homes and go directly to a preplanned crematorium with death certificate.
That surprised me when my dad passed away. He got his check the first part of the month, passed away almost at month end and Mom had to pay it back. You'd think they would at least prorate it and only pay back part of it since it WAS used to care for him. But no....
That surprised me when my dad passed away. He got his check the first part of the month, passed away almost at month end and Mom had to pay it back. You'd think they would at least prorate it and only pay back part of it since it WAS used to care for him. But no....
At what time reference point did survivors benefits begin
Correct me if I'm wrong but SS pays in arrears. Therefore, payments for the previous month should be safe.
Arrears is correct. What most people don't realize is they benefited from this the very first month they started SS. For instance, if their birthday is June 30th, their very first payment in July is a full 30 day credit for month of June. So when they take back the payment for the month of the death (made the next month), it evens out.
Indeed, if people "have not considered" the matter, then they will be grateful for the information. But it staggers the imagination to think of married couples who have not faced up to basic reality that they will probably not both die on the same day. Isn't that an absolute minimum consideration for retirement/estate planning? Do people really expect that Social Security is analogous to the tooth fairy? No, there are rules and procedures set out by law; these are not secret.
Everyone needs some cash in the house for things like this. By cash I don't mean in the checking or savings account I mean $100 bills well hidden away in the house somewhere.
For an amount I would would an amount to cover all living expenses for a minimum of three months. Six months would be better but for most people three would be better than none.
Share the location with your children just in case.
Everyone needs some cash in the house for things like this. By cash I don't mean in the checking or savings account I mean $100 bills well hidden away in the house somewhere.
For an amount I would would an amount to cover all living expenses for a minimum of three months. Six months would be better but for most people three would be better than none.
Share the location with your children just in case.
I live in earthquake country, so I keep some cash in the house in $20 bills, but not enough for three months of living expenses. In the case of the death of a spouse, and assuming the bank accounts are joint accounts in the names of both spouses, the surviving spouse can continue to use the bank accounts normally. Therefore, I'm not sure I understand your recommendation even though I do think everyone ought to have some cash on hand for emergencies; in the case of a three-day power outage, we cannot use ATM's for three days, and the banks will be closed as long as they are without power.
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