Yes, you can take survivor benefits first and then switch to your own retirement benefit later if your own benefit is higher, a common strategy to maximize Social Security, especially by delaying your own claim until age 70 to get the maximum amount. You cannot receive both simultaneously but can file an application to switch once, usually between your full retirement age (FRA) and age 70, letting your own benefit grow while collecting survivor benefits, notes the SSA and T. Rowe Price.
To switch from survivor benefits on a late spouse's work record to retirement benefits on your own record, you'll need to file a new application. You should apply four months before you want your retirement benefit to start.
Widows can begin collecting survivor benefits at age 60, but earnings above the annual limit may reduce payments until full retirement age (67). At full retirement age, benefits increase and earnings limits no longer apply. Transitioning to your own higher Social Security benefit is possible between ages 67 and 70.
You can't collect a spousal benefit if you're eligible for a retirement benefit of your own that's larger than your potential spousal-benefit entitlement; you can claim your own larger benefit or the spousal benefit, but not both.
Social Security survivor benefits can last for life for a surviving spouse (or ex-spouse) if they don't remarry before age 60 (or 50 if disabled) and collect at their full retirement age (FRA), or for a disabled child, but typically end when a child turns 18 (or 19 if still in K-12 school) unless disabled. Benefits for a parent caring for a young child (under 16) also end when the child reaches 16.
Claim early at age 62
And a surviving spouse can collect on his or her own record first, then switch to the deceased spouse's record at the surviving spouse's full retirement age (FRA) if the deceased spouse's benefits are higher. Collecting Social Security at 62 has some advantages.
The Social Security spousal benefits loophole, primarily the "File and Suspend" and "Restricted Application" strategies, allowed a higher-earning spouse to delay their own benefits (earning delayed retirement credits) while the lower-earning spouse collected a spousal benefit based on the higher earner's record; however, a 2015 law closed these loopholes for most new applicants, meaning if one spouse claims spousal benefits, their own benefits are also considered claimed, and benefits can't be suspended to let spousal benefits accrue. A separate, less-known exception allows a spouse caring for a disabled adult child (under 22) to receive benefits even if they haven't reached retirement age, as noted by Special Needs Answers.
In most cases, no. If you are eligible for both spousal and retirement benefits, you are subject to Social Security's “deemed filing” rule: When you file for Social Security, you are deemed to be simultaneously claiming both types of benefit and will receive whichever amount is higher.
Generally, the higher-earning spouse should delay claiming until age 70 to maximize income. This aids the household by ensuring that the surviving spouse can receive the largest possible benefit, regardless of who passes away first. (For more on the process of claiming, see “How to apply for survivor benefits.”)
Yes, you can get Social Security survivor benefits, and you might also receive your own Social Security retirement benefit, but you'll only get the higher of the two amounts, not both added together, though you can start one and switch to the other later (like starting survivor benefits and waiting until age 70 to switch to your own higher retirement benefit). If you receive a government pension (like from CSRS or FERS), rules like the Government Pension Offset (GPO) might reduce your Social Security, but the recent Social Security Fairness Act removed WEP/GPO for many public employees, allowing full benefits.
To be your own payee, you need to show Social Security you are physically and mentally able to manage your money. Some ways of proving this to Social Security include: A statement from your treating medical doctor or a psychologist stating that, in his/her opinion you are able to manage your own money.
Survivor benefits are also available to spouses who are taking care of the worker's dependent minor children under the age of 16. Spousal benefits are capped at 50 percent of the worker's benefit. Survivor benefits are set at 100 percent of the deceased worker's benefit.
The extra $144 added to Social Security usually comes from the Medicare Part B Giveback benefit, offered by some Medicare Advantage (Part C) plans, which pays back some or all your Part B premium, showing up as extra money in your check if it's deducted from your Social Security. To qualify, you need Original Medicare (Parts A & B), pay your own Part B premium, live in a plan's service area, and enroll in a specific Medicare Advantage plan that offers this "rebate," with the amount varying by plan and location.
To make the switch from a survivor benefit to your own retirement benefit, which will reach its highest amount at age 70, you may either apply online at SSA.GOV or make an appointment with your local office to apply in person.
Dependent children, however, will receive survivor benefits only until they turn 18. (A child can also continue to be eligible up to age 19 if enrolled full time in an elementary or secondary school, and a disabled child may be eligible to get benefits for life.)
The #1 regret of retirees is not saving enough money, with studies showing a large majority wish they had saved more and started earlier, leading to financial stress and limitations in their desired lifestyle. Other major regrets often center around a lack of planning for time, health, and experiences, such as working too long, putting off travel, or not planning for future healthcare costs, says financial experts and financial planning sources.
The $1,000 a month rule is a retirement guideline suggesting you need about $240,000 saved for every $1,000 per month in desired income, based on a 5% annual withdrawal rate (5% of $240k is $12k/year, or $1k/month). It's a simple way to set savings goals, but it doesn't account for inflation, taxes, or other income like Social Security, so it's best used as a starting point, not a complete plan.