Benefit offset is a reduction in the amount of payments received by a member of a retirement plan when the member owes money to the plan. “In seeking the answer to anything pertaining Social Security you should go straight to the source.”. The pool of funds is invested on the employee's behalf, and the earnings on the investments generate income to the worker upon retirement. You can learn more about the standards we follow in producing accurate, unbiased content in our. Later on she will get Family pension which is … "Retirement Topics - Qualified Joint and Survivor Annuity." Email your questions to Ask@NJMoneyHelp.com. If the member had not retired prior to death, the plan may pay out a lump sum to the designated beneficiary. If you’re not yet at State Pension age, you may be able to claim Bereavement benefits. What's the best age to start collecting Social Security? A surviving spouse or child may receive a special lump-sum death payment of $255 if they meet certain requirements. Hopefully, this was something addressed in your divorce decree. “If you are taking care of your ex-husband’s child who is under age 16 or disabled and you haven’t remarried, then you can start receiving benefits at any age.”. Alternatively, choose the bigger payment pegged to the retiree's lifespan, and invest the difference to build a bigger nest egg for you. All times are ET. Disclaimer. If you aren't sure what your spouse chose, get in touch with the company providing the pension. Because the employer expects to have to pay benefits over a longer period of time, the joint-life option often comes with reduced payments to both the member during his life and the surviving beneficiary. Internal Revenue Service. Pension plans are a type of retirement plan that requires an employer to make contributions to a pool of funds set aside for a worker's future benefit. If you will also receive a pension based on work not covered by Social Security, such as government or foreign work, your Social Security benefits as a survivor may be affected. Note that only Social Security can check your records to determine any possible benefit, but because you were married for more than 10 years and have not remarried, you may be entitled to receive benefits as a surviving divorced spouse. If you reached State Pension age after 6 April 2016 and (will) receive the new State Pension, your spouse or civil partner may be able to inherit an extra payment on top of your pension. The specifics for a surviving divorced spouse can be found here. However, in limited instances, some may allow for a non-spouse beneficiary, such as a child. A 100% service-disabled veteran wants to know if his wife will receive any benefits after his death. Am I entitled to his pension? A period certain annuity option allows the customer to choose how long to receive payments. “A widow or widower can receive full benefits at full retirement age or reduced benefits as early as age 60 or age 50 if disabled,” she said. Your ex-husband will have had to worked long enough to qualify for benefits, Leach said. You can answer just about every question about divorce and pensions with just two words: it depends. Karin Price Mueller writes the Bamboozled column for NJ Advance Media and is the founder of NJMoneyHelp.com.