Principal Attorney
As a widow or widower, you may be entitled to a range of benefits, including Social Security Survivor Benefits, pension and retirement benefits, and life insurance benefits. Let’s take a closer look at what financial assistance could be available to you.
Social Security Survivor Benefits
The Social Security Administration provides survivor benefits to widows or widowers whose spouses worked and paid Social Security taxes. A widow or widower may qualify for survivor benefits once they turn 60 or if they develop a disability between ages 50 and 59, were married for at least nine months before their spouse’s death, and did not remarry before age 60 (or age 50 if disabled). Spouses can qualify for survivor benefits regardless of age under certain circumstances, such as when a widow or widower cares for the minor child of their deceased spouse.
Survivor benefits begin at 71.5 percent of the Social Security benefit the widow’s/widower’s spouse would have received, increasing after a widow/widower turns 60, and reaching 100 percent of the spouse’s benefit once the widow/widower reaches full retirement age.
Pension and Retirement Benefits
Widows and widowers may also receive benefits from their deceased spouse’s employer- or union-sponsored pension. Some pension programs continue benefits for a widow or widower once the beneficiary passes away.
Tax rules also allow a widow or widower who inherits their spouse’s IRA or 401k account before their spouse turns 73 to roll over the account’s balance into the widow’s/widower’s account or to begin treating the account as belonging to the widow/widower. A rollover allows a widow or widower to avoid potential tax penalties for early withdrawals from a tax-advantaged retirement account.
Life Insurance Benefits
Widows and widowers may have the right to claim the death benefit from their deceased spouse’s life insurance policy if their spouse named them as the beneficiary of the policy. Without a beneficiary designation, death benefits from a life insurance company would go into the decedent’s estate for probate.
Veteran’s Benefits for Widows
If your spouse served honorably in the military or died in action, you may qualify for various VA benefits. The Department of Veterans Affairs offers various benefits for widows and widowers of qualifying veterans, such as:
- Disability benefits: The VA’s Dependency and Indemnity Compensation program pays monthly benefits to widows/widowers of a servicemember killed in the line of duty or disabled by a service-connected medical condition.
- Education and training opportunities: The VA allows veterans’ spouses to pursue financial assistance for education and professional training through the GI Bill and other assistance programs.
- Healthcare benefits: Eligible widows and widowers may obtain healthcare through the VA’s Civilian Health and Medical Program.
- Housing assistance: The VA offers special home loans to eligible widows/widowers of veterans and service members, including purchase loans, cash-out refinance loans, and interest-rate reduction refinance loans.
- Pension benefits: Surviving spouses of deceased wartime veterans may receive monthly pension benefits if they meet net worth and income requirements. The VA will increase a widow’s pension benefits if disabilities keep the widow/widower housebound or unable to perform daily activities without assistance.
State and Local Assistance Programs
State and local governments may offer various financial assistance programs for widows/widowers, such as property tax abatements, housing assistance, home health care assistance, or medical benefits.
Financial Planning for Widows
Widows or widowers who lose a spouse or become disabled after the death of their spouse can benefit from careful financial planning to make the most of inherited assets or financial assistance benefits.
Contact a Disability Benefits Attorney Today
If you’ve become disabled after your spouse passed away, you may have access to various benefits and programs that can provide you with the financial assistance and support services you need. Contact Disability Advocates Group today for a free, no-obligation consultation with a Social Security disability attorney to discuss your legal options.
