Can I collect survivor benefits and my own benefits? This is a common question among individuals who are either planning for their retirement or dealing with the loss of a loved one. Understanding the rules and regulations surrounding survivor benefits and how they interact with your own retirement benefits is crucial for making informed decisions. In this article, we will explore the eligibility criteria, the process of claiming survivor benefits, and how they can be collected alongside your own retirement benefits.
Survivor benefits are designed to provide financial support to the surviving spouse or dependent children of a deceased worker who was covered by a pension plan or social security program. These benefits can be a lifeline for those who rely on the deceased’s income, and they can be collected in addition to the individual’s own retirement benefits.
Eligibility for Survivor Benefits
To be eligible for survivor benefits, the deceased worker must have earned sufficient credits in the pension plan or social security program. The number of credits required varies depending on the specific program and the individual’s age at the time of death. In general, a worker needs to have worked and paid into the program for a certain number of years to qualify.
For social security survivor benefits, the surviving spouse must be at least age 60, or age 50 if disabled. If the surviving spouse is caring for a child of the deceased who is under age 16 or disabled, they may be eligible for survivor benefits at any age. Additionally, dependent children can receive survivor benefits until they reach age 18 or 19 if they are still in high school.
Claiming Survivor Benefits
Once eligibility is established, the process of claiming survivor benefits involves several steps. The first step is to contact the pension plan or social security administration to initiate the claim. This can typically be done online, by phone, or in person at a local office.
For social security survivor benefits, the surviving spouse or dependent children can file a claim up to three months before the month in which they wish to start receiving benefits. It is important to note that survivor benefits are not retroactive, so there is no benefit to delaying the claim.
Collecting Survivor Benefits and Your Own Benefits
In many cases, it is possible to collect survivor benefits and your own retirement benefits simultaneously. However, the amount of survivor benefits you receive may affect the amount of your own retirement benefits.
For social security survivor benefits, the surviving spouse’s benefit is calculated as a percentage of the deceased worker’s benefit. If the surviving spouse is eligible for their own retirement benefit, they can choose to receive the higher of the two amounts. This is known as the “file and suspend” strategy, where the surviving spouse files for their own retirement benefit but suspends its payment to receive a higher survivor benefit.
For pension plans, the rules regarding survivor benefits and the individual’s own retirement benefits can vary. It is important to review the plan documents to understand the specific provisions and options available.
Conclusion
Understanding whether you can collect survivor benefits and your own benefits is essential for ensuring financial security for yourself and your loved ones. By familiarizing yourself with the eligibility criteria, the claiming process, and the interaction between survivor benefits and your own retirement benefits, you can make informed decisions that will help you navigate this complex area. Always consult with a financial advisor or the relevant program administrator to ensure you are making the best choices for your unique situation.
