When a partner dies, the last thing anyone wants to think about is Social Security. Unfortunately, Social Security benefit payments immediately change, causing new financial situations for surviving spouses.
Surviving spouses may be eligible for survivor benefits. And while these benefits can be beneficial to some retirees, it’s often not enough. When a spouse dies, the surviving spouse loses a benefit payment. Regardless of the lost income, senior citizens are expected to continue paying bills and living comfortably.
This decreased income can be devastating to many senior citizens, especially those relying on benefit payments for at least half their monthly income. And with the way inflation continues to raise costs, the financial insecurity surviving spouses face will only get worse.
What Exactly are Survivor Benefits?
Social Security Administration declares that survivor benefits are payments made to “widows, widowers, and dependents of eligible workers.”
The payment amount is based on the earnings of the deceased as well as the age of the survivor.
Widow(er)s who are of or passed their full retirement age are eligible to receive survivor benefits in full. In contrast, widow(er)s who are anywhere from 60 years old to the full retirement age can see their survivor benefits reduced up to 28.5 percent.
When Payments Stop
According to this document from the Social Security Administration, the surviving spouse “must return the benefit received for the month of death and any later months.”
This can create difficult situations for surviving spouses. The immediate payment reversal can create financial insecurity for retirees who use all sources of income, including both Social Security payments, to pay for bills.
Unlike the benefit payments, things like housing and loan payments will not automatically adjust to the new and lower income. This leaves the surviving spouse in situations that can be financially devastating.
A Solution to Fight For
Senior Security Alliance recognizes that many married senior citizens rely on both payments to continue living comfortably, especially with how inflation is currently raising everyday prices.
This is why we created a groundbreaking bill guaranteeing to help senior citizens achieve a more financially secure retirement. This bill, The Senior Citizens Bill of Rights, provides retirees with seven guarantees for more financial security.
Of these guarantees is right number six; this right promises senior citizens that their household benefits are not reduced when a spouse passes.
The time to create change is now; become a part of history and join us as we petition the politicians in Congress to pass this essential bill.
