You may also be able to benefit from your Social Security retirement record if some members of your family are receiving Social Security benefits.
It is possible for certain extended family members to receive up to half the value of your retirement benefit, according to the Social Security Administration (SSA).
Your retirement benefit amount will not be reduced by payments from Social Security to your family.
According to The Sun report, it depends on your benefit amount and the number of eligible family members on record how much is paid to family members.
The Social Security Administration stated that you and your family will receive between 150% and 180% of your full retirement benefit. Spouses, ex-spouses, and children are included.
You may be able to earn thousands by taking advantage of seven Social Security benefits.
Benefits for Spouses
Your spouse may be eligible for retirement benefits based on your earnings when you file for them.
You must also have a spouse who is at least 62 years old or cares for a child under the age of 16 or a child who receives disability benefits.
Your spouse will receive a reduced benefit if you had started receiving benefits before full retirement age.
As an example to demonstrate how much your benefit will be reduced: based on $1,000 in monthly Social Security benefits, if you were born in 1960 and began receiving benefits at age 62, your benefit would be reduced to $700.
Depending on the spouse’s age at retirement, the spousal benefit can equal half of your benefit.
A spouse’s spousal benefit is not reduced if he or she looks after a qualifying child.
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Divorced Spouses’ Benefits
In the event of a divorce, your ex-spouse may be able to collect benefits based on your record, even if you have since remarried.
The ex-spouse must have been married to you for a minimum of ten years in order to qualify for your record.
The applicant must be unmarried and at least 62 years old.
Furthermore, they cannot qualify for a higher Social Security benefit on their own record or on another individual’s record.
Ex-spouses who are eligible for retirement benefits on their own records will receive those benefits first.
Generally, if the benefit on your record is higher, you will receive an additional benefit, so that your combined benefits equal the higher benefit.
You or your spouse’s current benefits are not affected by the number of benefits your ex-spouse receives.
Benefits for Survivors
Your family members could be entitled to survivors benefits when you die.
It is important to know that you earn one credit for each $1,510 you earn from wages or self-employment in 2022, for example.
You will have earned your four credits when you reach $6,040.
More so, one’s age at the time of death determines how many credits are needed to provide benefits to your survivors.
Social Security benefits are not limited to 40 credits or 10 years of work. However, when a person is younger, they have fewer credits available to their family members for survivors’ benefits.
Meanwhile, widows and widowers can receive benefits if they are 60 or older.
If they are 50 or older and disabled, they can start to receive your benefits too.
If they are caring for a child, under the age of 16, who is disabled and younger than 16, they can also receive your benefits.
The following is a breakdown of how much they would receive:
- Widow or widower, full retirement age or older: 100% of your benefit amount
- Widow or widower, age 60 to full retirement age: 71.5% to 99% of your basic amount
- Disabled widow or widower, age 50 through 59: 71.5%
- Widow or widower, any age, caring for a child under age 16: 75%
There are also certain requirements for making a one-time payment of $255 to a spouse or child.
To be eligible for this payment, survivors must apply within two years of the date of death.
Children’s Survivors Benefits
Your unmarried children under the age of 18, or up to the age of 19 if attending a full-time school, may be able to receive Social Security benefits after your death.
Benefits are also available to your child if he or she has a disability that started before the age of 22.
Up to 75% of your benefit amount may be received by a child under age 18.
You may be able to receive benefits for your stepchildren, grandchildren, step-grandchildren, or adopted children in certain circumstances.
Benefits of Being a Parent
If you meet certain requirements, your parents can receive benefits upon your death.
To be eligible for a benefit, a parent must meet all of the following conditions:
- At least 62 is the parent’s age.
- At the time of the deceased worker’s death or at the beginning of his or her disability, the parent was receiving at least half of their support from the deceased worker.
- The parent provided documents that prove the deceased worker provided at least half the family’s needs in a timely fashion.
- Social Security retirement benefits equal to or exceeding the parent’s new benefit are not available to the parent.
- The parent of the deceased worker is the natural parent or became the stepparent or adoptive parent before the worker turned 16.
- The parent hasn’t married since the worker died.
- There was enough work credit for the deceased worker.
One parent may receive 82.5% of the deceased worker’s full retirement or disability benefit.
Each parent may receive 75% of the benefits if there are two parents.
Benefits of Disability
If you have worked long enough and recently enough, Social Security Disability Insurance (SSDI) will pay benefits to you and your family.
Prior to becoming disabled, you must have also paid Social Security taxes.
The SSA defines certain eligibility requirements which must be met, e.g. a disability lasting or expected to last at least one year or result in death.
If you qualify, the SSA will pay you for life.
Seniors who qualify for Supplemental Security Income (SSI) can receive up to $841 a month.
Due to the cost-of-living adjustment (COLA) in 2022, SSI payments on average have increased by $34 a month to $621 per month.
Each year, this amounts to $7,452.
Adults and children with disabilities or blindness who have incomes and resources below certain limits can qualify for SSI payments.
It is possible to qualify for SSI even if you receive a Social Security pension or disability benefits.
