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If you rely on your spouse’s Social Security check to pay your bills — or if your spouse relies on yours — you need to understand what happens to that money when the recipient of those benefits dies.
Depending on the timing, your financial institution may have to return payments to the government. And that can leave you (or your surviving spouse) without the money needed to buy groceries or pay bills.
The above is presented as information for any who have not considered.
The above is presented as information for any who have not considered.
Gloom-and-doom. Doesn't take into account survivor benefits; especially not for spouses whose "awards" are less than the spouse's or wholly dependent upon them.
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.
Gloom-and-doom. Doesn't take into account survivor benefits; especially not for spouses whose "awards" are less than the spouse's or wholly dependent upon them.
If it bleeds it leads!
The article deals with that and is not intended for everyone. It tells folks to apply for spousal benefits asap but reminds them if the last check was needed for their next meal they may have a problem. Money in their account can be taken back if the payment was dated after the date of death and future checks stopped until SS has made the requested benefit change. It is intended for the many who are living check to check with little or no reserve. Also at the time of death there are burial expenses etc and if that is accompanied by income drying up that could be a problem. It is not for everyone and I posted it for those it might apply to who had not considered or were not aware of. It was as stated informational.
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.
Absolutely something each married couple or even if they are not married. Two people living together sharing resources will need to keep that in mind. This is not a vacuum so just a little forethought is needed here.
Quote:
Originally Posted by TuborgP
The article deals with that and is not intended for everyone. It tells folks to apply for spousal benefits asap but reminds them if the last check was needed for their next meal they may have a problem. Money in their account can be taken back if the payment was dated after the date of death and future checks stopped until SS has made the requested benefit change. It is intended for the many who are living check to check with little or no reserve. Also at the time of death there are burial expenses etc and if that is accompanied by income drying up that could be a problem. It is not for everyone and I posted it for those it might apply to who had not considered or were not aware of. It was as stated informational.
I just mentioned it to my wife. I don't know if she will remember it. She does have selective memory. In this case I will not forget. I will remind her as we go along in our planning. Thanks for posting that TuborgP. Awesome post as always.
The article deals with that and is not intended for everyone. It tells folks to apply for spousal benefits asap but reminds them if the last check was needed for their next meal they may have a problem. Money in their account can be taken back if the payment was dated after the date of death and future checks stopped until SS has made the requested benefit change. It is intended for the many who are living check to check with little or no reserve. Also at the time of death there are burial expenses etc and if that is accompanied by income drying up that could be a problem. It is not for everyone and I posted it for those it might apply to who had not considered or were not aware of. It was as stated informational.
Not a problem. However, as Escort Rider observed, it's something every couple really should be aware of and have thought about already.
Sorry! Just seemed like a slow news day type of thing to me. In the end I guess there really are those who need to be spoon fed.
Great mine did also but I want her to know how she will be the affluent widow and appropriately thank me. Sorta gives me the chance to feel good also about having planned things out and having them work out. Glad your wife is happy and knows she will be secure amidst all the negativity on retirement. It is easier to help others when we are secure. Makes writing charitable checks out that much easier. But that's another thread on seniors and charitable contributions.
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Not a problem. However, as Escort Rider observed, it's something every couple really should be aware of and have thought about already.
