Dear Savvy Senior,
I’ve been told that my two children, ages 14 and 16, may be eligible for Social Security when I file for my retirement benefits. Is this true? What can you tell me?
Viagra Daddy
Dear Viagra,
It’s true. If you’re age 62 or older and are still raising young children, there’s a Social Security benefit strategy that can put some extra money in your family coffers.
Here’s how it works. When you file for Social Security retirement benefits, your minor children can get money on your work record equaling half of what you would receive at full retirement age, now gradually rising from 66 to 67. Even if you were to take a smaller benefit by claiming earlier, your kids will still get half of your full-retirement age amount.
To qualify, your daughter – whether she’s biological, adopted or a stepdaughter – must be unmarried and under age 18. Kids that are over 18 but still in high school, can collect too until they graduate or turn 19, whichever comes first. (Other rules apply to kids that are disabled.)
But that’s not all.
Because one of your children is only 14, your wife (if you’re married) can collect Social Security benefits on your work record too, and it doesn’t matter if she’s just 40 years old. The minimum age requirements to collect retirement benefits (62) or survivor benefits (60) does not apply when it comes to collecting benefits as the caregiver of a young child. The spouse’s benefit, which is also worth up to half of your benefit, will stop when your daughter turns 16.