When a spouse passes away, the emotional weight can feel overwhelming. On top of that, the practical side of life doesn’t pause, especially when it comes to finances. For many widows and widowers, Social Security survivor benefits are one of the first questions to surface. Although they can be confusing to navigate, understanding how these benefits work, as well as how they fit into your larger retirement picture, can help bring a measure of stability during a challenging time.  

Let’s take a closer look. 

Survivor Benefits vs. Retirement Benefits

Social Security can provide income in two different ways: through survivor benefits and retirement benefits. 

  • Survivor benefits are based on your late spouse’s earnings history. In most cases, you can begin claiming them as early as age 60 (age 50 if disabled), though doing so before full retirement age will reduce the benefit. 
  • Retirement benefits are based on your own earnings record and can be claimed as early as age 62. 

Here’s the catch: you cannot collect both at the same time, but you may be able to claim one and switch to the other later. For example, some widows and widowers claim survivor benefits first, then transition to their own retirement benefit at age 70 once it’s reached its maximum value. For others, the reverse strategy works better. 

The right approach depends on your income needs, life expectancy, and the role Social Security plays in your broader retirement plan. 

Why Full Retirement Age Matters

Your full retirement age (FRA), generally between 66 and 67 depending on your birth year, determines when you qualify for 100% of your benefit. Claiming survivor benefits before FRA reduces the amount you’ll receive. Waiting until FRA ensures you get the maximum based on your spouse’s record. 

Strategic timing can make a meaningful difference. For instance, if you have other income sources or retirement savings to lean on, delaying certain benefits could increase your lifetime Social Security income. These decisions are highly personal, which is why we encourage clients to weigh them carefully, with guidance if needed. 

Considerations for Younger Widows and Widowers

If you’re younger when you lose a spouse, Social Security rules offer additional provisions. For example: 

  • If you’re caring for a child under age 16 or a child with a disability, you may be eligible for mother’s or father’s benefits, even before turning 60. 
  • If you remarry before age 60 (or 50 if disabled), you generally forfeit survivor benefits, though there are exceptions if that later marriage ends. 

These situations can be complex, and timing matters. Sometimes the best financial decision is simply to pause, take stock, and avoid rushing into choices that may affect your long-term security. 

Looking at the Bigger Picture

While Social Security plays an important role, it’s just one piece of your financial picture. Widowhood is a time to revisit your broader strategy, including reassessing your risk tolerance and investment allocations, updating estate plans and beneficiary designations, and reviewing retirement accounts, pensions, and other income sources. 

Integrating your Social Security decisions with your overall retirement plan can help you create stability, preserve flexibility, and move forward with intention and confidence. 

How Legacy Wealth Management Can Help

We understand that major life changes, whether expected or unexpected, can leave you with more questions than answers. You don’t need to navigate them on your own. At Legacy Wealth Management, we specialize in helping individuals and families plan for retirement, including making sense of Social Security rules, coordinating income strategies, and building a plan that supports both today and tomorrow. Whether you’re facing widowhood or simply preparing for the road ahead, our team is here to provide the expertise and guidance you deserve. Reach out today to start the conversation. 

 

The information given herein is taken from sources that IFP Advisors, LLC, dba Independent Financial Partners (IFP), IFP Securities LLC, dba Independent Financial Partners (IFP), and its advisors believe to be reliable, but it is not guaranteed by us as to accuracy or completeness. This is for informational purposes only and in no event should be construed as an offer to sell or solicitation of an offer to buy any securities or products. Please consult your tax and/or legal advisor before implementing any tax and/or legal related strategies mentioned in this publication as IFP does not provide tax and/or legal advice. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation, or needs of individual investors. This report may not be reproduced, distributed, or published by any person for any purpose without IFP’s express prior written consent.