Chapter 21: The Survivor Argument
The worksheets from Chapter 21 of Fifty-Five. Type your own numbers, or try an example from the book to see how each one works.
The survivor's check
How the higher earner's claiming age changes what the survivor will live on. It works the 62, 67 and 70 rows side by side, for a survivor who has reached full retirement age.
The formula: Survivor's check = the larger of the survivor's own benefit, or the deceased spouse's benefit. If the deceased claimed early, use the larger of what they were getting or 82.5% of their full-retirement-age benefit.
The calculator needs JavaScript. The paper worksheet below does not: it is the same arithmetic, written out.
The paper worksheet
Higher earner's full-retirement-age benefit $__________
Higher earner claims at 62 (× 0.70): Their benefit $__________ Floor (FRA benefit × 0.825) $__________ Survivor benefit (the larger) $__________ Survivor's own benefit $__________ Survivor's check (the larger) $__________
Higher earner claims at 67 (× 1.00): Their benefit $__________ Floor not needed. Survivor benefit $__________ Survivor's own benefit $__________ Survivor's check (the larger) $__________
Higher earner claims at 70 (× 1.24): Their benefit $__________ Floor not needed. Survivor benefit $__________ Survivor's own benefit $__________ Survivor's check (the larger) $__________
Walk through it, step by step
- From the higher earner's Social Security statement, write their full-retirement-age benefit.
- For each claiming age, multiply by the share in the first column. That's what they'd be getting.
- For the 62 row, also multiply the full-retirement-age benefit by 0.825. Write the larger of the two in the survivor benefit column.
- For the 67 and 70 rows, the survivor benefit is just their benefit.
- Write the survivor's own benefit in each row. Use the amount they'd get at their own claiming age.
- In each row, write whichever is larger: the survivor benefit or the survivor's own. That's what the survivor lives on.
- Multiply the difference between the rows by 12, then by the number of years you think the survivor might live after the first death.
Check your answer
- The survivor's check can never be smaller than their own benefit.
- The 70 row must always be the biggest. If it isn't, you used 0.70 instead of 1.24.
- These examples assume the survivor claims at full retirement age. If they claim survivor benefits earlier, their check is reduced. Social Security can give you the exact figures.
Figures this worksheet uses, and where they come from: A survivor at full retirement age gets the larger of their own benefit or the deceased spouse's benefit (SSA, Survivors Benefits / Family Benefits); If the deceased claimed early, the survivor benefit is no less than 82.5% of the deceased's full-retirement-age benefit (SSA, Survivors Benefits / Family Benefits); Share of the full benefit at 62 when full retirement age is 67: 0.70 (SSA, Starting Your Retirement Benefits Early); Share of the full benefit at 70 when full retirement age is 67: 1.24 (SSA, Delayed Retirement Credits).