At our Fantastic Social Security Event earlier this year, Expert, Mr. Tom Clark, led off the fun casual discussion with the much important and frequently forgotten benefits that Social Security Provides.
Social Security Death Benefits
- Should a parent die with children under the age of 18, Social Security Monthly Death Benefits will be payable until age 18 for each child
- Parents will have needed to pay into Social Security for the benefit to occur
- Benefits will pay to a maximum of three children per family i.e. Families with greater than three children will max at the third child (called the family maximum benefit), families with less than three children will be receive monthly benefits based on number of children under 18 – Here is a link to how to calculate the benefit, as warned by Clark, its complicated
- Benefit amount will depend on amount being paid into at the time – i.e. Higher payers will receive higher benefits
- No matter the income a benefit will be paid i.e. “Even a billionaires child will receive monthly benefits until age 18!” This statement in the Audio from event, below
- Benefits will be paid to an adult for the benefit/use of the child
- Over THIRTY FIVE THOUSAND, yep, thirty five thousand children receiving benefits in the Dallas Fort Worth Area alone! From audio below
Multiple Audio for Differing Devices – Mr. Tom Clark
Have a Great “Understanding Social Security Death Benefits” Day!
John A. Kvale CFA, CFP