[Fredslist] Social Security Question-Answer

[BerSiegel]

The answer is:

When both spouses are covered by Social Security, their individual benefits are considered first. Then , if receiving the spouse's benefit will result in a greater monthly benefit, here's what happens:

Bob's monthly benefit is $1,400. Bob's spouse Mary, is entitled to a monthly benefit of $500.

Mary is first awarded her own benefit of $500 ($200 less than the spousal benefit). Mary then receives an additional $200 from Bob's account to equal the 50% spousal benefit, or $700.

Now suppose that Bob dies. Payment of his Social Security benefits ceases. Remember Bob had the higher benefits.

At this point, Mary may start receiving the full $1,400 benefit that Bob had earned. Mary can continue to receive Bob's benefit, adjusted for inflation until she dies.

Hope this helps.,,

Bernie

Bernie Siegel, PCC
Executive Development, Business,Career Transition Coach and Strategist
President-International Coach Federation-NYC

Your Success is MY Only Business

2 Park Avenue, Suite 300
New York, NY 10016

(917) 617-0910
www.berniesuccesscoach.com


In a message dated 08/31/09 14:31:49 Eastern Daylight Time, ronagura at yahoo.com writes:
An employee has a question, if the less monied spouse retires before the more monied spouse can the retiring spouse collect half of the more monied spouse's social security? Allegedly, the answer to this question is yes, according to a guest on a morning news show. Does anyone know the real answer or who would know the answer?

Thanks! Rona Gura 
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