how does social security survivors benefits work?
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Your survivors benefit amount is based on the earnings of the person who died. The more they paid into Social Security, the higher your benefits would be. The monthly amount you would get is a percentage of the deceased's basic Social Security benefit.
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Social Security works by pooling mandatory contributions from workers into a large pot and then paying out benefits to those who are eligible for them. When you work, you pay into the system by having a portion of your earnings taxed and earmarked for Social Security.
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The only people who can legally collect benefits without paying into Social Security are family members of workers who have done so. Nonworking spouses, ex-spouses, children or parents may be eligible for spousal, survivor or children's benefits based on the qualifying worker's earnings record.
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The Social Security Administration pays retirement benefits to workers who have paid into the system over the years through payroll deductions. ... If you die while drawing Social Security, your benefits will cease, but your survivors might be entitled to receive benefits based on your work history instead of their own.
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Key Takeaways. Social Security survivor benefits paid to children are taxable for the child, although most children don't make enough to be taxed. If survivor benefits are the child's only taxable income, they are not taxable. If half the child's benefits plus other income is $25,000 or more, the benefits are taxable.
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Social Security Payments When you die, the benefits cease – there is no accrued balance that is paid out to your estate or to your survivors. Social Security does not pay benefits for the month of your death.
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Social Security Retirement Benefits You must be "insured" under the Social Security program before you or your family can receive retirement, survivor, or disability benefits. Once you start receiving benefits, they continue for your lifetime.
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Survivors Benefits If you need to report a death or apply for survivors' benefits, call 1-800-772-1213 (TTY 1-800-325-0778). You can speak to a Social Security representative between 7 AM and 7 PM Monday through Friday. You can also contact your local Social Security office.
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Social Security allows you to claim both a retirement and a survivor benefit at the same time, but the two won't be added together to produce a bigger payment; you will receive the higher of the two amounts. You would be, in effect, simply claiming the bigger benefit.
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You will not receive a survivor benefit in addition to your own retirement benefit; Social Security will pay the higher of the two amounts. ... He or she can still collect benefits on the deceased spouse's work record.
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You can get Social Security retirement or survivors benefits and work at the same time. But, if you're younger than full retirement age, and earn more than certain amounts, your benefits will be reduced. The amount that your benefits are reduced, however, isn't truly lost.
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Social Security benefits saved in an ordinary investment account may be used for college education expenses. You may deposit your survivor benefits into a savings account or some other type of account that earns a fixed or variable rate of return.
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Full Retirement Age for Survivors Born In 1962 or Later: 67 The earliest a widow or widower can start receiving Social Security survivors benefits based on age is age 60. 60, you will get 71.5 percent of the monthly benefit because you will be getting benefits for an additional 84 months.
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If the spouse or child was already receiving family benefits on the deceased's record, the death benefit will typically be paid to them automatically once the death is reported to Social Security. If that is not the case, the survivor must apply for the death benefit within two years of the death.
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Within a family, a child can receive up to half of the parent's full retirement or disability benefit. If a child receives survivors benefits, they can get up to 75 percent of the deceased parent's basic Social Security benefit. ... It can be from 150 to 180 percent of the parent's full benefit amount.
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Can I collect my deceased spouse's Social Security and my own at the same time? ... When you are eligible for two Social Security benefits — such as a survivor benefit and a retirement payment — Social Security doesn't add them together but rather pays you the higher of the two amounts.
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You can get Social Security retirement or survivors benefits and work at the same time. But, if you're younger than full retirement age, and earn more than certain amounts, your benefits will be reduced. ... Your benefit will increase at your full retirement age to account for benefits withheld due to earlier earnings.