It may seem easy at first to understand Social Security benefits, since the program has been around for a long time with not many big changes. However, many people don’t know what their options are because the program is so complicated.

While most of us think of Social Security as a way to get money in retirement, many children, split spouses, and disabled people may also be able to get money from it. In fact, over 5.5 million Americans will get survivor benefits in 2024, while 2.5 million will get spouse benefits.

For getting the most out of Social Security, people need to know who is eligible, how much they can get, and when they should start claiming their benefits.

Spousal and survivor Social Security benefits

A lot of Americans know that the spouse of someone who already gets Social Security can also get benefits, but they might not know how much or how the rules work. There are pretty clear rules about who can get spouse benefits.

At least 62 years old, and if you haven’t worked the full 35 years and paid into Social Security, or if your spouse’s benefit is bigger than yours, you can get some of your spouse’s Social Security. At full retirement age, the most you can get in benefits is half of what your husband gets.

The perks for survivors are a little different. People must be at least 60 years old or between 50 and 59 years old if they have a disability. They must also have been married for at least nine months before their spouse died. Another important fact is that you can’t have gotten married again before you turned 60, or you will lose your benefits.

Survivor benefits aren’t just for current partners, though. Ex-spouses who were married for at least 10 years can also get them, as well as disabled children of any age or children under 18 years old. If your partner died and you wait until you are 67 to claim the benefits, you might get the full amount that your spouse was supposed to get.

They told us how workers, women, and retirees can carefully invest their money to get the most out of their Social Security payments. Leslie Thompson, CFA, is the chief investment officer and co-founder of Spectrum Wealth Management. “If you and your partner look at your finances together, you might think that you can get your social security payment and a spouse’s death benefits.”

That’s not true, though. You can only get the bigger amount, which could be social security or survivor’s payments. Since men and women live longer and are more likely to get sick, that may affect when each partner decides to quit.

In other words, this makes it even more important for women to choose perks wisely. The first step to success is to think about how to spend and budget your money wisely. Thompson says, “Knowing how much money you make and spend each month is the most important thing you can do to have a successful retirement.”

Know that you need to make a budget plan ahead of time if you want to stick to it. Making a budget based on how much you spend and sticking to it is the best way to keep track of your money.

It’s always a good idea for people to spend like they’re retired for a few years before they actually do. Before they’re actually in that situation, it helps them figure out what works and how to change how they act. It can make a huge difference to even look around for cheaper medicines.

You should not ignore any financial task when money is not coming in from outside sources to the Social Security Administration and savings. Even rethinking how you spend in your last years can have a big effect on your way of life.

Thompson also says, “Retirees will probably have to take on more risk and increase their exposure in order to keep their balances and fight inflation.” People who are close to or already retired should think about how they can change the way their assets are allocated to keep their buying power.

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To protect their investments, women should pay extra attention to how inflation may affect their money. The average lifespan for women is longer than that of men, so they may need a savings account to last longer.

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