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Why Women Should Know Regarding Social Security Spouse And Survivor Benefits When Social Security was launched back in 1935 it was usual for women to remain inside home to raise the family. In the majority of families the husband was the major earner or the only earner in the household. In addition, women statistically outlive men, particularly if the wife is younger compared to the husband. The coincidence of lower or no income and a longer life span implied many women noticed themselves in poverty at the time their husbands expired, as their husband's Social Security retirement benefits ended at their death. The Social Security Board recognized the problems that women face and have adopted several adjustments to the system over the years to account for these requirements. One important amendments to the Social Security system was to permit women to apply for benefits at 62 instead of waiting until 65 under the assumption that they were younger than their spouses and that they would like to retire simultaneously. Then in 1939 two other categories of benefits were included: Social Security survivor benefits and dependent benefits (payable to the spouse and minor kids of retired employees). These changes transformed Social Security from a retirement plan that only paid benefits to retired employees into a family-based system, where spouses and children are able to receive benefits of retired, disabled or departed workers. This was an enormous help to women who were not eligible for retirement benefits on their own, or who had much smaller benefits than their spouses. Today, although it's not strange for women to earn as much or greater than their spouses, they however may take time off to look after families, and they still statistically live longer than their spouses. Similarly, the number of divorced women attaining retirement age is greater than it has ever been. As a result of of this, a number of women still get Social Security spousal benefits or survivor benefits rather than benefits depending on their own work period. This is why it's important for women - no matter what their relationship status is - to learn the spousal and survivor benefits open to them as well as the retirement benefits so they can enjoy the optimum benefits they are eligible to. Social Security Benefits: A Useful Discussion On Conditions To Get The Benefit And Methods To Collect After A Family Member's Death The loss of a family member can be devastating, both emotionally and financially. Social Security is meant to be a survivor program as well as a retirement program. Most people are aware of Social Security retirement benefits, but are you aware that there are Social Security death benefits as well? What You Need To Know 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. Questions To Ask When Selecting A Financial Planner 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. How The Social Security Spousal Benefit Works 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: Methods To Get Approval 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. About Social Security Disability: What You Must Understand Prior To Filing For Handicap Benefits Most people think of retirement when they hear Social Security, however Social Security provides benefits to people who are disabled as well. The list of requirements that must be met for Social Security disability benefits is pretty long, and many people don't meet those requirements. 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? |
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