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Friday July 30,2010

What you need to know about survivor benefits: Part 1

by Social Security Administration

"Life Insurance" From Social Security

Many people think of Social Security as a retirement program. But, retirement benefits are just one part of the Social Security program.

Some of the Social Security taxes you pay go toward survivors insurance. In fact, the value of the survivors insurance you have under Social Security is probably more than the value of your individual life insurance.

When someone who has worked and paid into Social Security dies, survivor benefits can be paid to certain family members. These include widows, widowers (and divorced widows and widowers), children, and dependent parents.

You, along with millions of other people, earn survivors insurance by working and paying Social Security taxes. Right now, 98 out of every 100 children could get benefits if a working parent should die. In fact, Social Security pays more benefits to children than any other federal program.

How You Earn Survivors Benefits

When you die, certain members of your family may be eligible for survivors benefits if you worked, paid Social Security taxes and earned enough "credits." You can earn a maximum of four credits each year. The number of credits you need depends on your age when you die. The younger a person is, the fewer credits he or she needs to have family members be eligible for survivors benefits. But nobody needs more than 40 credits (10 years of work) to be eligible for any Social Security benefits.

Under a special rule, benefits can be paid to your children and your spouse who is caring for the children, even though you don't have the number of credits needed. They can get benefits if you have credit for one and one half years of work in the three years just before your death.

Who Can Get Survivors Benefits?

When you die, Social Security survivors benefits can be paid to your:

• widow or widower—full benefits at 65 or older (if born before 1940)or reduced benefits as early as age 60. (The age for receiving full benefits gradually increases for persons born after 1939 until it reaches age 67 for persons born in 1962 and later.) A disabled widow or widower can get benefits at 50-60. The surviving spouse's benefits may be reduced if he or she also receives a pension from a job where Social Security taxes were not withheld. For more information, call us to ask for the factsheet Government Pension Offset (Publication No. 05-10007);
• widow or widower at any age if she or he takes care of your child under 16 or disabled who get benefits;
• unmarried children under 18 (or up to age 19 if they are attending elementary or secondary school full time). Your child can get benefits at any age if he or she was disabled before age 22 and remained disabled. Under certain circumstances, benefits also can be paid to your stepchildren, grandchildren, or adopted children; or

• dependent parents at 62 or older.

Special One-Time Death Benefit

There is a special one-time payment of $255 that can be made when you die if you have enough work "credits." This payment can be made only to your spouse or minor children if they meet certain requirements.