Many people overlook the importance of benefits for the surviving spouse when they initially file for Social Security. Postponing collection of benefits can earn workers 8% in delayed retirement credits every year from full retirement age to age 70. Since survivor benefits will reflect any delayed credits, this is a very important strategy for the higher-earning spouse.
If the higher-earning spouse dies first, the higher benefit transfers to the survivor and continues for the rest of their life. Even if the higher-earning spouse dies before ever claiming a benefit, those credits earned will still boost the survivor benefits.
To be eligible for survivor benefits, the survivor had to have been married for at least 9 months or be a caregiver of the deceased’s child under age 16.
The surviving spouse can claim survivor benefits as early as age 60, 50 if disabled, but the benefit will be reduced. By waiting until full retirement age, the surviving spouse can collect 100% of the late worker’s benefits, including any delayed credits.
Decisions on when to begin receiving Social Security benefits have a lifelong impact for you and your spouse – so call us today for more information.
We invite you to call 978-887-1121 or email andrew@tapparocapital.com to schedule a “get acquainted call”—let’s see if we are a good fit for each other!
About Andy
Andrew Tapparo is a fee-only financial advisor at Tapparo Capital Management, a financial planning firm in Topsfield, MA, helping clients turn their savings into a retirement income that lasts. Inspired by the quote “Choose a job you love, and you will never work a day in your life,” Andy founded Tapparo Capital Management in 1997 with a passion for helping clients enjoy a truly worry-free and fulfilling retirement and experience financial freedom. As a Retirement Income Certified Professional (RICP®), he designs retirement strategies along with sound money management to help clients retire with confidence.
Andy holds a Bachelor of Science in Industrial Engineering from Rochester Institute of Technology in Rochester, New York, and a Master of Science in Finance from Bentley University in Waltham, Massachusetts. Specializing in retirement income planning, Andy completed a comprehensive financial industry education program at The American College of Financial Services and was awarded the Retirement Income Certified Professional® designation. He is frequently quoted in the media as a financial expert.
Andy and his wife, Susan, live in Topsfield, Massachusetts, and have two beautiful daughters. Outside of work, he is an automobile enthusiast, enjoys taking road trips, and loves the Outer Banks of North Carolina. In his spare time, he volunteers with the local high school varsity girl’s basketball team as the team statistician and runs the team’s website. He is passionate about supporting charities that serve our veterans and their families. To learn more about Andy, connect with him on LinkedIn.
