I know this sounds mercenary, but I am trying to determine if I will have enough to live on after my DH passes. He has a $20,000. life insurance policy. But from what I have been told, funeral expenses will eat that amount up fast. All savings and assets have been used for his care. There is nothing left to provide for me.
Really, I think its good that you r looking ahead. Some people don't and are surprised when things don't stay the same. One poster was mad because her LOs SS stopped and she had bills to pay. The SS you receive in January is actually Decembers money. So if a LO dies in January, you shouldn't get a February check. F you do, they probably wil, take it back.
You may want to do what isthis did and find a Seminar explaining SS. Call your local Office of Aging to see if they are aware of any. One of our local ALs offers seminars to residents, families and professional. I used to go with my nurses and I was the secretary.
There is no need to spend $20,000 on a funeral. Especially if that’s all the money you have. And do not feel obligated to buy a casket from the mortuary and the headstone from the cemetery. If your husband is to be buried then shop around. You can buy caskets at Costco and orher websites for less than a mortuary charges. Headstones can be purchased online for a lot less than the cemeteries charge too—a simply bronze headstone at the cemetery MIL is buried at costs $2300. We ordered one through a company online for $1200. Funerals are more for the living than they are for the dead. It is a wonderful way to honor your loved one but they don’t have to be extravagant. Where i’m at, a cremation and burial is roughly the same price as a standard burial. Your local mortuaries may even publish their price lists on their website. The ones here do.
I just did a seminar on SS, it was explained that you can apply for your spouses SS but you only get 1/2 of what he gets. If yours is greater than 1/2 of his you will keep yours.
Age taken is also considered, if he waited until age 72 and you started collecting yours at 62 that will effect the amount you receive.
Laws have changed and what was is no longer the same.
You will get 30 different opinions of how it works so if I can recommend making an appointment with SSA and take both of your paperwork that you get every year telling you what you will get next year. They can explain what your options are, you have several routes and they will help you figure out what would be the best option for you. Some things can be done once and that's that, so you really want to talk to an authorized representative to help you understand.
I am sorry that you are facing this on top of loosing your husband. Hugs!
In my situation I get 800 my husband gets 1600. If he goes before me I will get his 1600 and my 800 drops off. There is a formula but thats pretty much it.
You can have funerals as cheap as possible. Cremation being the cheapest. One viewing right before services. I told my girls I want no funeral. Graveside service is enough. Then go to lunch.