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i was 59 when my husband died, working as i had been for 38 years, and my husband had just begun receiving his pension. the pension had been worked out so that i would receive his entire pension amount in the event of his death. i continued to receive the pension,continued working for another 18 months, at which time i was eligible (age 60 ) to receive social security survivors. i also filed, at that time, for my own pension, which i was vested in from 15+ years working for the state. with the two pensions and survivors social security, i decided to "retire". i continued to receive survivors until i was 68, at which time i began receiving my own social security check( not eligible for both checks ) ) which was substantially higher than my husband's; i had worked more years and we had always made similar salaries.
i have been fortunate in that i probably have more money than i did when working, and i have fewer expenses ( home equity loans, car loans, monthly payments for home security systems, hoa payments, etc.); also i live in an area of somewhat lower cost of living, and much lower real estate taxes.
i purchased a long term care policy when i was 63, and like to feel that it might provide some extra security for me if/when needed. i am usually able to save/invest several hundred dollars each month, unless my aging animals need additional meds or testing.
of course i don't know what the future will bring, but , at this point in time, i feel grateful to have what i do.
Not in addition to your own, right? Whichever is higher, yours or his. Unless I'm mistaken.
Yes, that's what I meant. Whichever is higher. For many mothers who gave up years of earning power and career building to stay home and raise children and manage the home front, the difference between their own SS benefit (if any) and their former husband's SS benefit is considerable. Even half their former husband's benefit is more than they would get on their own record.
If my wife dies before I do, I am screwed, blued, and tattooed......LOL
One of the real questions on financial planning for retirement/the future is OK, what happens if one of dies?
In our case my wife's retirement income is more then 3/4ths our monthly income and it includes supplemental health care. Plus I spend more then I earn.
The picture is not that bleak in that we have no need to use/touch our investments. Even our RMD's get reinvested. Upon her death, I will have to start spending the RMD's and withdrawing from other investments. Also I get a good deal on continuing the supplemental health care for myself. In our case, this was all planned on.
If I die first, she is in fat city primarily as the spending (me) will drop.....LOL
This happened in 1984, and yes she really did have to struggle. It is particularly sad because she actually worked doing clerical work for almost 30 years starting in the 1950's! The pay was very low of course, even though she had 2 years of college at USC.
You see, this is probably what occurred and let me know if I am mistaken on a point. When looking to see if a spouse (divorced or otherwise) is due on her husband- we compare the "full amounts"- the Primary Insurance Amounts (PIA's)". Those, were your mom's age 65 rate and the ex's age 65 rate.
Now, you mentioned she was living on $570.00. If she retired pre age 65, say at 62, her PIA in those days would have been 20% higher or around $715.00. So, the $715.00 has to be less than 1/2 of his full which would have to have been over $1430.00.
So, if is full was $1429.00, half of his would be greater than 100% of her full and she would not be due anything. Although you say he earned a great deal more than her, in those days, from my recollection a benefit of $1430.00 was considered "pretty high". Even if his full was $1435.00, 1/2 would be $717.00. From that they would subtract her $715.00, leaving 2 dollars, the $2.00 would be reduced for her age at the time and then added to her $570.00.
Now, when he passed away, she should have gone back and applied for divorced surviving widow's benefits. She would go up to 100% of what he was getting. Hopefully, she did that.
If she is still alive, have her go in immediately and claim it. They will pay her back 6 months.
This whole scenario- of not receiving on an ex- because your own exceeds 1/2 of his full is extremely common and unfortunately, women, especially divorced women, live on very low SS benefits. Being blunt, their ex's only become "valuable" when they die.
The newer scenario of waiting until FRA and then only claiming as a spouse, is still rare. If a person does that, it doesn't matter that their own exceeds 1/2 of their spouse.
My husband died unexpectedly at age 49 when I was 44. I am an R.N. and was self supporting until I married at age 29 so it was not too difficult for me to financially manage after my husband's death. What helped was our mortgage was paid off, we had no other major outstanding debt, and no children to have to provide for. Also being age 44, I had 20 years or so ahead of me to work which would fund my own retirement no different than the millions of single individuals who go it alone before and after retirment.
So, at the point you retired, did they (SSA) work up a widow's vs. worker's benefit for you? Did you start on one, and switch at a later date to a higher one? Do you remember that discussion?
So, at the point you retired, did they (SSA) work up a widow's vs. worker's benefit for you? Did you start on one, and switch at a later date to a higher one? Do you remember that discussion?
I am still working, but interestingly had a telephone appointment yesterday with my local SSA regarding this exact issue. The woman I spoke with was quite rude to say the least, and was very reluctant to give me much info. I felt like I was taking to Nancy Pelosi, "appy for the benefit then you will know what you will get." I had spoken with another agent several months back who gave me an estimate on taking my survivor's benefit at ages 62, 64, and 66.5, and taking the survivor's benefit at 64 was doable with that ballpark estimate but I wanted to have this informational appointment yesterday as I had additional questions. The agent yesterday came up with an estimate for me taking the survivors's benefit at 64 nearly $400 less than the first agent I spoke with. That is a huge difference!! Any hoo, following this appointment I called the SSA main number, spoke with a very nice agent and he is arranging someone from my local office to contact me with more accurate info.
This process can be so frustrating in getting semi accurate info which is very much needed in trying to plan for retirement and hopefully choosing the best options. If the rude local agent I spoke with yesterday is more accurate, looks like I will be retiring at 66.5 on my own benefit
We had been planning on two pensions, one an annuity and the other with COLA, two social security payments and our 401k. When he got ill we were able to take a lump sum from the larger pension and convert to IRA. Then his life insurance gave me a cushion to defray the lost of one ss payment, the decrease in the second pension, and the decrease I ss benefits due to early death.
His insurances through work has made the difference for me. Especially since I was the lower wage earner. I was very fortunate.
My dad died at age 32; my mom was just 27. My brother and I were very young, just toddlers, and we have very little memory of him. One thing he did have - not mentioned here - was life insurance! The proceeds from that policy enabled us to live quite well. My mom started college, took 11 years to get her degree (she was also working), and then went on to get a good-paying state job.
...
I cannot emphasize life insurance enough for older couples - above and beyond final expenses. It can mean the difference between a good later life and elder poverty. Buy up!
My husband and I have life insurance - more than enough to cover not only paying off the mortgage, but a percentage of college tuition should our kids still be in school (or want to go to school) when one of us passes away. This way the house and possible educational needs will not be an overwhelming burden on the one left behind.
I am still working, but interestingly had a telephone appointment yesterday with my local SSA regarding this exact issue. The woman I spoke with was quite rude to say the least, and was very reluctant to give me much info. I felt like I was taking to Nancy Pelosi, "appy for the benefit then you will know what you will get." I had spoken with another agent several months back who gave me an estimate on taking my survivor's benefit at ages 62, 64, and 66.5, and taking the survivor's benefit at 64 was doable with that ballpark estimate but I wanted to have this informational appointment yesterday as I had additional questions. The agent yesterday came up with an estimate for me taking the survivors's benefit at 64 nearly $400 less than the first agent I spoke with. That is a huge difference!! Any hoo, following this appointment I called the SSA main number, spoke with a very nice agent and he is arranging someone from my local office to contact me with more accurate info.
This process can be so frustrating in getting semi accurate info which is very much needed in trying to plan for retirement and hopefully choosing the best options. If the rude local agent I spoke with yesterday is more accurate, looks like I will be retiring at 66.5 on my own benefit
Highly unacceptable, and makes my blood boil! But, she probably didn't know how to do it - which could or could not be her fault. Here is why. We originally were trained as specialists- either in SS or SSI. Actually, when I started, there was no SSI so we were all trained in Social Security and then all learned SSI. Then, the programs became so complex that they began just to hire people in one program or the other. But, then, they weren't allowed to hire anyone, so they decided to make us "generalists" and gave everyone cursory training in the other program. Then, all initial training was by video (horrible) and some people came out of training not particularly good at anything. Because, without an excellent basis, there is just too much to know and with video training, you need to speak up, ask your questions etc. If no one speaks up, the instructor just moves on. Most new workers are totally overwhelmed, and many are still overwhelmed after years and thrust into whatever program the supervisor needs for interviews that day. So, they will tell an SSI rep to be on phones and they will have to deal with any SS calls, like yours.
Widow's vs. workers is still an area that the public cannot be expected to figure out, but I would say you would need a person very comfortable with Social Security to assist you properly. But, there are such people, and being new doesn't mean they don't know it. I mentored a new employee, who was smart as a whip, and understood all the complex situations. So, if your situation happens again, ask to speak with a supervisor, explain the response you were getting, and the discrepancy in figures and tell the supervisor you want an expert in Title II (Social Security) to call you. You see, it is not just getting the numbers, it is determining when, it may be advantageous, to start with a lower benefit, and at a later date, switch to a higher benefit amount.
When you get your figures and your widow's figures, you can direct message me and I can look over what they told you. Take good notes. You want your figures and your widows for all the critical dates- like you listed above.
Good luck!
Last edited by ilovemycat; 06-04-2015 at 04:35 PM..
What affects survivor's benefits? Is it just a matter of reduction in benefits if you take them before your full retirement age? (I have looked at all the charts, read about it, but am still confused).
If I go ahead before my full retirement age and sign up for spousal benefits, will the fact that I have accepted reduced benefits mean my survivor's benefits will also be reduced, even if I am at full retirement age (or older) when my spouse dies?
Assumptions: spouse retired at FRA; I am considering filing for spousal benefits early (prior to my FRA); 8 year age difference; husband in tenuous health status.
Any clarification would be so very appreciated! Thank you!
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