The Most Common Social Security Blunder for Widows

Many widows and widowers make big strategic mistakes when applying for social security survivor benefits. - LOOK BELOW- 1. What happens to my Social Security if my spouse passes away? - 2. Can you work while collecting social security? (maybe) 3. David Kennon's new Retirement Revolution Interview on ABC News Cast Bradenton/Sarasota - If this video was helpful and you want more, please SUBSCRIBE. Video Presenter: David Kennon Blog Link: Radio Show Link: Learn more with ...(read more)

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Title: The Biggest Social Security Mistake for Widows: Overlooking the Options Introduction Losing a spouse is an emotionally challenging experience, and the last thing a widow wants to deal with during such a time is financial uncertainty. In the United States, the Social Security Administration offers widows benefits that can help provide for their future financial stability. However, failing to explore the various Social Security options available can result in a significant mistake that can jeopardize their financial wellbeing. In this article, we will discuss the biggest social security mistake widows often make and how they can avoid it. The Mistake: Failing to Maximize Survivor Benefits The most common mistake widows make is claiming their benefits too early. Many widows, mostly due to unawareness, choose to start receiving their survivor benefits as soon as they become eligible, usually as early as age 60. Unfortunately, by doing so, they inadvertently lock themselves into a lower monthly benefit for the rest of their lives. Survivor benefits are typically based on the deceased spouse's earnings record. Still, by claiming the benefits early, widows are exposed to a permanent reduction that can cost them thousands of dollars over their lifetime. It's essential to understand that widow's benefits grow by 8% per year if they delay claiming them between ages 60 and full retirement age (FRA), which is typically between 66 and 67 years. The Solution: Strategically Delaying Benefits To avoid this mistake, widows should consider delaying their survivor benefits to maximize the amount they could potentially receive. By suspending the benefits until reaching FRA, a widow can obtain the maximum possible monthly payment, ensuring financial security throughout their life. However, it's worth noting that implementation varies depending on individual circumstances. Other factors such as a widow's financial situation, lifespan expectations, and their own work history might impact the decision. Seeking advice from a financial advisor or consulting with the Social Security Administration can help widows make informed decisions based on their unique situation. Additional Considerations 1. Remarriage: If a widow remarries, they must be aware of the implications it has on their Social Security benefits. Generally, they lose their survivor benefits after remarriage unless they marry at age 60 or later. 2. Earnings Limit: If a widow decides to claim benefits before their full retirement age and continues earning more than the yearly limit, their benefits may be reduced. However, once they reach their FRA, there are no longer restrictions on how much they can earn while receiving full survivor benefits. 3. Spousal Benefits: In some cases, a widow might be eligible for spousal benefits if their own Social Security benefits would be lower than that of their deceased spouse. This consideration emphasizes the importance of exploring all available options. Conclusion Losing a spouse is a difficult and life-altering experience. While grieving, it is easy for widows to make hasty decisions regarding Social Security benefits. However, failing to explore the various options available can result in a substantial financial loss. By strategically delaying benefits, widows can maximize their monthly payments, ensuring long-term financial security. Understanding the implications of remarriage and earnings limits alongside investigating eligibility for spousal benefits further reinforces the importance of informed decision-making. Widows should consult professionals and educate themselves to avoid the biggest Social Security mistake and lay a foundation for a stable future. https://inflationprotection.org/the-most-common-social-security-blunder-for-widows/?feed_id=122592&_unique_id=64c6d5bb6d38a #Inflation #Retirement #GoldIRA #Wealth #Investing #benefits #DaveKennonsRetirementRevolution #DavidRobertKennon #deceased #income #IncomePlanning #Mistake #Retirement #retiring #socialsecurity #socialsecurityspouse #spouse #survivor #Survivorbenefits #Widow #Widower #SpousalIRA #benefits #DaveKennonsRetirementRevolution #DavidRobertKennon #deceased #income #IncomePlanning #Mistake #Retirement #retiring #socialsecurity #socialsecurityspouse #spouse #survivor #Survivorbenefits #Widow #Widower