The blackout period is the time when a surviving spouse is ineligible for survivors’ benefits from Social Security. If you haven’t already, consider covering this period with life insurance.
Survivors’ benefits are available to the immediate family members of a deceased worker, based on the deceased worker’s earnings, the relationship of the recipient to the worker and the recipient’s age. Surviving children may receive benefits until age 18. A surviving parent may receive benefits until the dependent child reaches age 16.
Once the last child turns 16, there may be an extended period, called the blackout period, before the surviving spouse collects benefits again. Partial benefits are generally available at age 60 and full benefits at age 65. Surviving spouses can switch to their own benefits, if higher, at age 62.
Many people use life insurance to cover this blackout period. A financial adviser can explain the relatively complex rules that apply to survivors’ benefits and help you calculate how much life insurance you need to protect your spouse during this time.
For more information, contact a financial adviser or visit the Social Security Administration online at www.ssa.gov.