Ask the Advisor : $5,000 Lump-Sum for Widows of Notch Babies?

My husband was born in 1922 and died in 1989.  I am getting his Social Security.  Would I get the $5,000 Lump-Sum if Notch Reform were enacted? — H.B.

From the editor, Mary Johnson: 
As the legislation is currently written, surviving widows or widowers who receive benefits under their Notch Baby spouse’s Social Security account would receive their choice of (up to 100% of) the $5,000 Lump sum or an increased monthly benefit if the “The Notch Fairness Act ” H.R. 97 is passed.  There are factors you will want to take into consideration if the legislation is passed.  If, for example there are other survivors who also receive benefits based on your husband’s account (such as a divorced spouse or a disabled child), this could affect the amount of the Lump-Sum benefit you would receive, although it should not affect the monthly increase option. 

If passed, you would have a certain period of amount of time in which to visit your local Social Security office and make your choice to receive either the $5,000 Lump-Sum or higher monthly benefit.  At that time it would be to your advantage to receive an estimate of both in order to determine what’s best for you.

Since technical aspects can change as legislation moves through Congress, I highly recommend checking for the latest legislative news in The Social Security & Medicare Advisor newsletter online at http://www.tscl.org or calling TSCL’s Washington Weekly Hotline at 1-800-333-8725.

June 2003

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