Losing a life partner can be a major blow. And while Social Security can't step in and ease your pain and grief, it can at least potentially make your life easier from a financial standpoint. That's because the program is set up to pay survivors benefits to the surviving spouses of recipients who pass away.
It's important to understand how survivors benefits work in the context of Social Security. Here are some rules to know.
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1. You can get survivors benefits as early as age 60
When you're claiming Social Security based on your own earnings record, the earliest age you can sign up for benefits is age 62. But when you're claiming survivors benefits, you can get that money as early as age 60.
That said, your survivors benefits will be reduced if you don't wait until your full retirement age (FRA) to claim them. At FRA, you'll be eligible for 100% of the monthly benefit your deceased spouse received while they were alive. If you need the money sooner, you have options, but you'll be looking at less monthly Social Security income for life if you don't wait until FRA to file.
2. You can collect survivors benefits even if you're entitled to benefits based on your own earnings record
Survivors benefits aren't just reserved for people who aren't eligible for Social Security themselves. It may be that you held down a job and accrued enough work credits to qualify for Social Security based on your own earnings record. If so, you can still receive survivors benefits -- just not at the same time as your own benefits.
Basically, Social Security will only pay you a single monthly benefit. But luckily, the program will pay you the larger amount you're entitled to.
Let's say you're eligible for a $1,600 monthly Social Security benefit based on your personal earnings history, but your spouse is collecting $2,000 a month from the program. Once your spouse passes, you'll be entitled to have your monthly benefit bumped up to $2,000. But you won't get $3,600 (your $1,600 plus a $2,000 survivors benefit).
3. If you're getting spousal benefits, they'll convert to survivors benefits automatically
Some people collect spousal benefits from Social Security, which are benefits you can receive while your spouse is alive and collecting Social Security. If you wait until FRA to sign up for spousal benefits, you'll receive 50% of the monthly benefit your spouse collects.
Survivors benefits can be worth twice as much as spousal benefits, though. So if you're getting spousal benefits and your spouse passes away, once you notify the Social Security Administration of their death, your spousal benefits should be bumped up to survivors benefits automatically.
Losing your life partner is beyond heartbreaking. Thankfully, though, you won't necessarily be left in the lurch financially, because you'll generally be entitled to survivors benefits from Social Security. But it's a good idea to read up on how those work so you know what to expect. This may be an especially useful thing to do if your spouse is in poor health or is considerably older than you are.
