Skip to main content
Created: October 8, 2020
Modified: February 11, 2025

Episode 20: What Benefits Can I Get from Social Security?

Have your question answered on the Money Wisdom Question Series!

Thank you for joining us for Episode 20 of our Money Wisdom Question Series, where we film answers to common financial and retirement investment questions. Today’s question is, “What benefits can I get from Social Security?” There are four different types of Social Security benefits that are available to you and I’ll go over each one.

  1. Retirement Benefit
  2. Disability Benefit
  3. Children’s Benefit
  4. Widows’ Benefit

Social Security Retirement Benefit

Most of us know that Social Security provides a retirement benefit, right? My grandpa worked all his life in a factory and then when he retired, he got a pension and Social Security. The way Social Security works – of course, as most of us know – is that he gets a check for the rest of his life guaranteed by the United States government.

If he died before my grandma, then my grandma would get some type of benefit. It could be her own, or it might be his, but my grandma would benefit from being my grandpa’s spouse. That’s the retirement benefit that we all know of. Most of us are entitled to a retirement benefit unless we haven’t paid into the Social Security system in a substantial way.

Social Security Disability Benefit

There’s another benefit that a lot of people aren’t aware of, which is the disability benefit from Social Security. This benefit is quite generous. For example, let’s say you’re in your 40s and you become permanently disabled. This means you are unable to work or almost permanently disabled (there’s a little discretion the administration has there). You can get a Social Security disability benefit and it can be fairly substantial. It could be $2,000-$2,800 a month of Social Security benefit that goes to you when you’re disabled. You don’t give up your retirement benefit if you collect disability benefits from the Social Security Administration.

Social Security Children Benefit

Another benefit that’s available is for children. For instance, if my kids are under age 18 and I die and I was paying into the Social Security system, my children are eligible for a Social Security benefit until they reach age 18.

Social Security Widow Benefit

Last but not least, there’s a widow’s benefit. If I died and my wife was married to me for more than 10 years, when she reaches age 60 she can collect the widow’s benefit. She doesn’t have to wait until age 62 like a regular Social Security income benefit.

Thanks for joining me and I hope you found this information helpful!

Download Now

Social Security Guide

In our opinion, it’s important to treat Social Security as an asset, and get the Social Security facts straight as you build this part of your financial plan.

Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.

Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.

Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.

Resources by Topic

Social Security Guide


Subscribe to Our YouTube Channel

Share

Related Resources

  • How Will My Retirement Account Withdrawals Affect My Taxes?

    Retirement income planning requires thoughtful decision-making, especially when it comes to minimizing the amount you’ll pay in taxes. In this week’s Money Wisdom Question Series, join Jake Dos…
  • What Are Some Unexpected Retirement Expenses to Look Out For?

    Today’s question is one we help our clients navigate all the time: What expenses might I be responsible for as I enter retirement? Nicholas J. Colantuono, CFP® joins this week’s Money Wisdom Qu…
  • Essential Steps for a Robust Estate Plan

    When planning for retirement, one crucial element that often gets overlooked is estate planning. Creating an estate plan can ensure that your assets, legacy, and loved ones are protected. While es…
  • How Can I Generate Low-Tax or Tax-Free Retirement Income?

    Today’s question is: What steps can I take to generate low-tax or tax-free income in retirement? First and foremost, it’s essential to have a tax plan – one that fits within the context of your…
  • Answers to Key Social Security Questions

    The decisions you make about Social Security can have lasting implications, which is why it’s important to get your questions answered sooner rather than later. If you’re unsure about how to maxim…
  • Identity Theft: What to Do If Your Identity Is Stolen

    In the digital age, the threat of identity theft is at an all-time high. Sophisticated cybercrime tactics and schemes have left us more vulnerable to online scams than ever before. So, what can…
  • Am I Carrying Too Much Debt in Retirement?

    At any stage in life, debt can interfere with your financial goals. But what about when you retire? How much debt is too much? It depends on a variety of factors, including your income relative to…
  • What Updates Can We Expect for Social Security in 2025?

    A new year means new rules for retirement plans. Let’s start with one of the largest sources of income for millions of retirees: Social Security. What changes can we expect in 2025? Heath Gross…
  • Frequently Asked Social Security Questions

    Almost every American is impacted by Social Security in some way, so it’s no wonder that it’s one of the most frequently asked topics in retirement planning. When and how you start taking benefits…
  • Maximizing Your Social Security Income

    Social Security can serve as a safety net for many retirees, sometimes acting as a primary source of income. However, the program is highly complex with over 500 ways to claim benefits. Even one o…
    Back to top
    Our Locations
    Johnson Brunetti
    Welcome to Our New Website!
    Everything was designed with you in mind, making our retirement planning resources more easily accessible to you.
    Check out your new resource center, where everything can be organized by article type or topic
    Are you ready to speak with a financial advisor?
    Skip to content