How the Social Security Death Benefit is Shortchanging Widows and Widowers
Social Security does its best to keep up with rising costs. But there is one aspect that is stuck in yesteryear. An article by MSN points out that Social Security’s $255 death benefit has remained unchanged since the 1950s.
Social Security sends a one-time payment of $255 to the grieving spouse. The lump-sum death payment was never indexed to inflation the way monthly retirement benefits are. This is why the article says a “benefit that might have covered a modest funeral once before now barely covers the cost of flowers.”
Fortunately, Social Security provides widows and widowers with monthly surviving spouse benefits. They can qualify for up to 100% of the deceased person’s full retirement benefit
The Seniors Trust is committed to improving the financial well-being of older Americans by passing the Social Security Expansion Act. It will give retirees an immediate increase of about $200 a month in benefits, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.
