4. How to Live on Social Security Alone: Aim to Maximize Social Security Survivor’s Payments
When one spouse passes away, the household will no longer receive two Social Security checks. The surviving spouse gets an amount equal to the higher of the two Social Security benefits. This being said, a higher-earning spouse who doesn’t expect to live a long life or who has a medical condition may be able to leave behind the survivor’s payment to the surviving spouse.
If you’re looking for ideas for how to live on Social Security alone, this is another strategy that may help you cover your retirement expenses. Delaying signing up for Social Security can result in a larger monthly benefit for widows and widowers.
“If you’re in a situation where both of you delaying to age 70 isn’t an option, you want to have the person with the higher retirement benefit delay to age 70,” explains John Palmer, a former public trustee for the Social Security and Medicare programs. He further points out that the survivor’s benefit will eventually be higher if the other spouse passes away.
