Social Security Survivor Benefits: 6 Key Things to Know
Here's what to expect if your spouse passes away.
Overview
After losing a spouse, you may worry about having enough income to cover living costs. That's where Social Security survivor benefits come in. Understanding how survivor benefits work can help you continue planning for retirement without worrying about what you'll do if you outlive your spouse.
Image source: Getty Images.
The Social Security Administration (SSA) provides a one-time payment. However, if you're counting on the Lump-Sum Death Payment to help with funeral costs, you'll need a different plan. That's because the one-time payment has been capped at $255 since 1954 -- when the average funeral cost around $700. Without a single increase in 72 years, the death benefit can barely dent the average cost of a funeral today.
Details
Source
Originally published at www.fool.com.