Finances For Your Family?

There are many financial considerations for your family, but often overlooked are the Social Security Benefits you and your family might be entitled to. It’s good for you to know and good to share this information with your family.

Good, brief overview of Social Security –  Retirement Information from Social Security.

There are many scenarios, but here are a few examples. There is an option with two living spouses for one to bring their lower income benefits up to the level of the higher wage earner. Such as the higher wage earner receives $1,000 a month Social Security, and the lower wage earner receives only $400. The lower wage earning can apply for an additional $100 to bring their new income benefit up to $500, which is half of the higher spouse’s income amount of $1,000. Note that you do not get the full amount of both your benefits, that would kinda be like double dipping.

A surviving family member of a deceased person may be entitle to as much as 50% – 100% of your Social Security retirement benefits, it varies by circumstances. There are options like applying for a deceased spouse’s benefits and allowing your own to grow until your full retirement age. There are options for a divorced spouse to apply for a deceased, ex-spouse’s benefits, depending on age and the length of the marriage. See a list at ssa.gov: Planning For Your Survivors.

People are often unaware that there may be benefits available to them as a family survivor, a current spouse, or even a divorced spouse. It only takes a few minute to check it out.

Planning For Your Survivors at ssa.gov

Retirement Information – Social Security Overview at ssa.gov PDF.

What You Need to Know About Widow’s Benefits at Capital One

Social Security: What Every Woman Needs To Know at Wiser

Medicare for Individuals Who are Divorced or Widowed at AARP

How does Social Security work when a spouse dies? at AARP

What Widows and Widowers Need to Know About Social Security Survivor Benefits at Prudential

Social Security Survivor Benefits for a Spouse at The Balance

AARP & Amac Senior Groups
Good Sources of Finance & Planning Articles

Some Example Articles From AARP

1040-SR Tax Form – AARP

There is a newer IRS tax form for seniors, designed with seniors’ filing needs in mind, and even features larger type.

Should I Use the New 1040-SR Tax Return Form for Seniors? at AARP

Still Working – Can Medicare Be Delayed?

Some people can delay taking Medicare, for example, if they continue to work and have both medical and prescription drug coverage. But there can be penalties if you do not apply for Medicare when you are first eligible and do not have other credible medical or drug coverage.

I will not retire until age 70. Do I still have to sign up for Medicare at age 65? at AARP

Social Security Spousal Benefits

Spouses can sometimes be entitled to Social Security benefits.

If I wait until 70 to claim Social Security, will my spouse get a bigger benefit as well? at AARP

Divorced Spouse Benefits – Amac

Should I Claim Social Security Now or Wait Until I’m 70? at Amac

About Survivor Benefits, My Own Benefits and Taxes at Amac

Why Include Life Insurance In Your Investmemts?

There are lots of ways to plan, save and invest in your retirement, and life insurance should be a strong contender for your attention. Life Insurance is not just a safety net for your family, but it can be an investment for your future!

There Are Many Reasons To Invest In Life Insurance

This Tom Hegna video gives his top 3 reasons to invest in life insurance, and there are so many other reasons, depending on who you are. Maybe married, kids, business owner, land owner, home owner, wealthy, middle-income, breadwinner, single and like to travel, enjoy the good life, and the list can go on.

How will your family pay off the mortgage without mortgage or life insurance?
If you own a farm and have 3 kids, will all your hard work be split and sold off without something like 2nd To Die insurance?
How will you continue the good life without savings, which can include life insurance?
How will your spouse put the kids through college without your combined incomes?
How will your business continue without you?

I am here to tell you that I have seen many of these scenarios with my own family and friends. Husband passed away and his life insurance only lasted a couple of years and family lost the house, and no college for the kids. Senior couple thought they were wealthy with half-a-million dollars, until one of them got Alzheimer’s, and after years at home eventually had to go to a long term care facility, which wiped out their half-mil in a few years time. Parents holding onto their home until time to go into a nursing home and leaving their children nothing for  all their years of hard work, after the state seizes their home. The stories are endless.