Last week I wrote that Social Security survivors benefits were not included in the original 1935 Social Security Act but were considered so important that they were created as part of the 1939 Amendments. This changed Social Security from a retirement program only for individual workers into the family-based economic security program we have today.
I also linked to a Social Security statistics page showing survivors benefits were approximately 10 percent of all Social Security benefits paid as for June 2016. The link automatically shows monthly updates.
How much money per month does this represent? The same link provides average amounts by type of benefit. More about Social Security survivors benefits is here.
People die at all ages, even people with young families.
For June 2016, the national average amount paid to a child of a deceased worker was $834 per month.
How much would your children receive? Have you done family financial planning in case of your death? Now is a good time to do so.
Estimated survivors and disability amounts are on your Social Security Statement, available through your my Social Security account. Note that these estimates are if you become disabled right now or die this year. An example of these is below.
Your Statement is the only place to obtain these estimates. There is no other online survivors or disability estimate tool on the Social Security website.
