Who Is Supposed To Get The $255 Lump Sum Payment?
My husband died in june and he was receiving Social Security he died he was 69 and who is suspose to get the 255.00 lump sum payment
My husband died in june and he was receiving Social Security he died he was 69 and who is suspose to get the 255.00 lump sum payment
My parents died a number of years ago. I never filed a burial benefits. Is there a time limit to file ?
Hi,
I'm sorry for your loss.
Social Security doesn't really pay a burial benefit, but there is a one-time death benefit of $255 that can be paid to certain survivors. However, the death benefit can only be paid if an application is filed within 2 years of the deceased person's death (https://www.ssa.gov/OP_Home/handbook/handbook.15/handbook-1517.html).
Assuming that the file & suspend strategy for singles will still be available (I was 64 on 1/1/16) when I reach FRA, if I suspend at 66 and "unsuspend" at 69 1/2, the lump sum payout would be around $90K and, thanks to you and your co-authors, I do understand that my monthly benefit reverts to the FRA amount. But my question is: What is the best strategy to handle that $90K sum? I'd hate to see it fully taxable in one year. I plan to still be working, so what would you recommend for investing it? Don't want to play the market. Thanks, Cathy
Results will differ based on your specific case and filing strategy.