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Present Situation Regarding Social Security Spouse And Survivor Benefits When Social Security was established back in 1935 it was normal for women to reside in home to raise the family. In most families the husband was the higher earner or the only earner in the family. In addition, women statistically outlive men, particularly if the wife is younger than the husband. The combination of lower or no income and a longer life span implied many women found themselves in poverty when their husbands passed away, as their husband's Social Security retirement benefits ended at their death. The Social Security Board recognized the problems that women face and have implemented several changes to the system over the years to account for these requirements. One important amendments to the Social Security system was to allow women to apply for benefits at age 62 instead of waiting until 65 under the assumption that they were younger than their spouses and that they would want to retire at the same time. Then in 1939 two other categories of benefits were included: Social Security survivor benefits and dependent benefits (payable to the spouse and minor children of retired workers). These changes transformed Social Security from a retirement plan that only paid benefits to retired workers into a family-based program, where spouses and children may receive benefits of retired, disabled or departed workers. This was a tremendous help to women who did not qualify for retirement benefits on their own, or who had significantly smaller benefits than their spouses. Today, although it's not strange for women to earn as much or more than their husbands, they however may take time off to look after families, and they still statistically live longer than their spouses. In addition, the number of divorced women reaching retirement age is greater than it has ever been. As a result of of this, many women still receive Social Security spousal benefits or survivor benefits rather than benefits according to their own work records. Therefore it's important for women - no matter what their relationship status is - to understand the spousal and survivor benefits available to them along with the retirement benefits so they can enjoy the maximum benefits they are entitled to. Don't Overlook The Social Security Spousal Benefit Can a spouse collect on her husband's social security if she reaches retirement age before her husband? No. In order for a wife to collect Social Security benefits on her husband's earnings the following requirements must be met: How You Will Find The Best Financial Planner To Reach Your Goal Many people hire financial planners to help them meet their financial goals. Whether you are a beginner investor with very little experience or whether you have a good knowledge and understanding of financial planning topics, a financial planner can be a valuable asset when planning for your financial goals. A Few Significant Particulars That You Require To Know About Social Security Spouse Benefits When most people think about Social Security, they naturally think of retirement benefits. However about 1/5 of all Social Security benefits are spousal or survivor benefits, so when you're planning for retirement, it's important to consider the fact that you or your spouse may collect Social Security survivor benefits Submitting Your Social Security Application: When And How As you get closer to retirement one of your top questions is probably when and how to submit your Social Security application. Should you apply at age 62 or 66? What are the steps to applying for Social Security once you've decided to start collecting retirement benefits? How Are Social Security Benefits Calculated? Several Points And Issues Having Effect On The Benefits One of the most popular Social Security questions that I hear from baby boomers getting ready to retire is "how are Social Security benefits calculated?" This is an important question because it could affect how long you need to work, whether you should continue to work during your retirement years Important Information About Financial Planners There are many different types of financial planners. Not only are financial advisors compensated differently, but the services they provide vary quite a bit as well. Here is a quick summary of the different types of financial advisors and how they can help you. Brand New Regulations Mean Much More Men And Women Doing Roth IRA Conversions In 2010 As we near the end of 2010, countless people have already done Roth IRA conversions, and many others are questioning if a Roth IRA conversion in 2010 is the right move for them. The Tips On How To Submit An Application For Social Security Benefits Social Security was originally created to provide retirement benefits to workers, but the program has grown tremendously and now Social Security provides disability benefits, death benefits and other family benefits in addition to retirement benefits. |
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