May 24, 2013

Maximizing Social Security Survivor Benefits

Mary Beth Franklin is a highly regarded financial expert and editor for several industry publications including Kiplinger. In this short video she provides a quick primer on how to maximize Social Security Survivor Benefits. As a widow or widower, many people forget that you are left with a few different Social Security income options.

One important takeaway is to distinguish between your own retirement benefit and the survivor benefit. These are two separate benefits, and although you may not take them simultaneously, there are ways to maximize your lifetime benefit with careful planning. Franklin points out an example of one strategy that we commonly recommend. Her explanation is very logical and understandable that it makes the strategy seem intuitive. But you would be surprised how many clients come to us after it’s too late and fail to maximize their benefits.

If you think you may be eligible for a survivor benefit, contact your local Social Security office to request a benefit estimate. But don’t stop there! Give us a call to review your options to make sure you aren’t leaving any Social Security money on the table.