Social Security Survivor Benefits: What Happens to Your Social Security Benefit When Your Spouse Dies?
Married couples should understand how Social Security survivor benefits are calculated.
Overview
Social Security benefits are generally the largest source of retirement income for seniors aged 65 and older, according to the Social Security Administration. But many Americans misunderstand certain aspects of the retirement program, and knowledge gaps can lead to poor financial decisions.
For instance, Nationwide Retirement Institute says 44% of surveyed adults were unaware that, upon the death of a spouse, the bigger Social Security benefit can be inherited by the surviving partner. But survivor benefits are usually paid from the claim date, not retroactively to the spouse's death, which means the surviving partner could permanently lose income if they fail to apply promptly.
Details
Read on to learn more.
Source
Originally published at www.fool.com.