4. Receive a Dependent Benefit
Social Security is best known for the monthly retirement benefits it provides to seniors, but, in some cases, it also provides benefits to their dependents. Here’s how it goes: If you are retired but still have children under 19 living with you, they may qualify to receive up to 50% of your benefit.
A dependent child is a child that is:
- Unmarried
- Under 18 (or 19 if they are full-time elementary or secondary school students)
- 18 or older and has a disability that started before age 22.
This dependent benefit has no bearing on the parent’s Social Security benefits. It basically increases the family’s monthly income. The value of the benefits your kid could receive added to your retirement benefits may help you decide whether claiming your benefits sooner may be more advantageous.
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