Hi Larry, I am trying to figure out the potential benefits that my spouse and children would receive upon my untimely death. I'm currently age 50, my wife is 45 and I have 4 children under 15.
Thanks,
steve

Hi Steve,

In the event of your death, your children could potentially receive benefits until they are age 18, or up to age 19 and still in high school, or at any age if they are disabled prior to age 22. Your wife could potentially receive child in care spousal benefits if she has a child of yours in her care who is either disabled or under age 16. Their benefit rates would be up to 75% of your primary insurance amount (PIA), subject to a family maximum limit of no more than about 175% of your PIA.

And, if your wife no longer has an eligible child in her care she could potentially qualify for widow's benefits as early as age 60. Unreduced widow's benefits are generally equal to 100% of the deceased worker's PIA, but are paid at a reduced rate of 71.5% of the worker's PIA if the widow starts drawing at age 60.

In addition to calculating your retirement age rates, our maximization software can calculate your current PIA and the potential survivor benefits that your family would receive in the event of your death.

Best, Jerry