Ask Terry Questions Social Security for widow

Social Security for widow

By Terry Savage on March 08, 2020 | Financial Planning / Retirement

Hi Terry
I am a recently widowed 59 year old with 2 teenagers. One is a sophomore in college and the other will be starting college in the fall.I am eligible for a widows benefit of $2000/month based on spouses income starting in July. I can choose to not receive anything until July of 2022 when I am 62 and get my benefit of $1000/month until I reach 66 and 7 months and receive my husbands full amount of $3000/month. I have 529 plans to cover full amount of college tuition for both children and also have enough savings for monthly expenses. What would be the best choice?

Terry Says

First, I’m sorry for your loss. This is a complicated question, and beyond my ability to calculate for you. but I think I know where you should turn. Laurence Kotlikoff wrote THE book on maximizing Social Security. It’s called “Get What’s Yours.” And he created a website that will help you decide in complicated situations like yours. It’s called I’ve highlighted it as a link, and hope you find answers there. The cost is $40 but well worth it in making the best decision.

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