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Social Security Income Protection

Published by Mike Lovell on

Is Social Security important to your retirement income?

For most people, Social Security is a critical part of your retirement income.  But what happens to your Social Security benefits when you pass away?

Your benefits stop when you pass away.

No more income.  So all that money you paid into the system is gone forever.  But more importantly, your monthly income that 2 people are used to living on, just dropped significantly!

Because you didn’t have anything in place for Social Security income protection.

Here’s an example:

What will happen to your Social Security benefit when you pass away?

Jack is receiving $1,400 each month in Social Security benefits.

Jill is receiving $1,200 each month in Social Security benefits.  So together, they are getting $2,600 per month.

But if Jack passes away, Jill will have to choose to collect his $1,400 benefit or her $1,200 benefit.  She can’t have both.  Obviously Jill chooses the $1,400 per month because it’s more money.

But now Jill is living on only $1,400 per month instead of $2,600.

Flip the situation and let’s say Jill passes away.

Jack continues to receive his $1,400 each month.  But the $1,200 that Jill was getting is gone.  So Jack has to live on $1,400 per month instead of $2,600.

Most people’s budgets don’t equally reduce if a spouse passes away.

There is still rent or a mortgage, food, and utilities.  Your expenses just don’t fall by that much.

So what can you do?

You can try to find a way to live on half your normal income.  Which could mean you:

  • Move somewhere else that costs less
  • Change your eating habits – eating out less?
  • Cut back expenses in other ways – less travel? Gifts for family or friends?

Social Security Income Protection

You need to protect your Social Security income.  Over the past 10 years, I’ve found a unique way to do that.

Protect your Social Security dollars using dimes.  So that you protect your spouse after your gone.  Then they won’t have to move out of your house.

Call me at 855-712-7316 and it’ll take less than 10 minutes to see how this can work for you. 

Or you can click the button below to schedule time to talk with me.