07 Dec What happens to couple’s Social Security when one dies?

Q. My husband and I are both in our 70s, retired and we each are collecting Social Security benefits. While thankfully we are healthy, what happens to our Social Security benefits if one of us dies? I checked the Social Security website, and it seems to be saying that the survivor receives 100 percent of the deceased spouse’s benefit. Is that in addition to the surviving spouse’s own benefit? Is there a cap on the combined benefit amount the survivor can receive?
— Retired

A. We’re glad to hear you’re healthy, and also that you’re planning ahead so you can know what to expect with your future benefits.

Survivor benefits from Social Security are eligible to be paid to widows, widowers and dependents.

When one of you dies, you’re not going to receive both benefits.

Instead, you will need to apply for survivor benefits, said Jody D’Agostini, a certified financial planner with Equitable Advisors/The Falcon Financial Group in Morristown.

“They will let you know whether your benefit is higher than the survivor benefit,” she said. “You will continue to receive the greater benefit; not both.”

You also qualify for a lump sum death benefit, she said.

“You will need to submit documentation in order to receive this,” D’Agostini said. “The death benefit payment is $255.”

Also, any Social Security benefits paid after the date of death to your spouse will need to be returned to Social Security, she said.

“If you receive a check, you must mail it back. If the funds are received by direct deposit, contact your financial institution and request that any funds received after the date of death be returned,” D’Agostini said.

You will need to report the person’s death to Social Security at (800) 772-1213 or visit a local Social Security office.

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This story was originally published Dec. 7, 2020.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.