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Social Security & Medicare Questions Q: My wife will turn 62 this year and is still working. I recently suffered a heart attack. I am 70. I receive a Social Security benefit of $985. I don't have a big pension or other savings. If something should happen to me, what would my wife receive from Social Security? A: Your wife may be able to receive a Social Security retirement benefit based on her own work record or based on yours (whichever is higher) when she retires. Should something happen to you, she would be eligible for a widow's benefit. Starting this year, under Social Security laws that were enacted in 1983, workers who become 62 in 2000 are not eligible for full benefits until 65 and 2 months. Your wife should take this into consideration should you die before she reaches that age. Should you pass away before your wife reaches 65+2 months, it may be to her financial advantage to start with retirement benefits based on her earnings record first, then switch to a widow's benefit. Social Security rules permit widows who have previously claimed early retirement to switch to survivors benefits once they reach "full retirement age," which in your wife's case is 65 + 2 months. For many people, these full survivor's benefits are higher than their own reduced retirement benefits. To get a better idea of what you can expect call Social Security's toll free number at 1-800-772-1213. This article first appeared in Volume 5, Issue 4 of "The Social Security and Medicare Advisor" newsletter (March/2000). To receive future editions of "The Advisor" in its special, free e-mail version, please click here. | ||||||||
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