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HE DIED ON JULY 30, SOCIAL SECURITY TOOK BACK HIS ENTIRE $2,400 JULY CHECK.

@gavintalkstaxes

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Why it worked

The video addresses a common financial concern related to death and Social Security benefits, providing clear, concise information that is highly relevant to a broad audience.

Summary

The video explains that Social Security payments are made a month in advance, meaning the August deposit covers July. If someone dies on July 30th, the August deposit is returned, and the surviving spouse can only receive a one-time $255 survivor benefit, which has not increased since 1954.

Structure

1Social Security pays benefits a month behind.
2If someone dies in a month, the next month's payment is returned.
3A surviving spouse can receive a $255 one-time payment.
4The survivor benefit is where the real money is.

Call to action

Read the description to learn more.

On-screen text

HE DIED ON JULY 30, SOCIAL SECURITY TOOK BACK HIS ENTIRE $2,400 JULY CHECK. His wife assumed the deposit that arrived in August was his last payment to keep. Social Security pays a month behind. The August deposit is for July, and no check is owed for the month someone dies. - The payment for the month of death goes back, even if he died on the 30th - The bank usually returns it automatically, so don't spend it - A surviving spouse can get a one-time $255 payment The catch: the $255 hasn't gone up since 1954. The survivor benefit is where the real money is. Read the description to learn more.

Original caption

Here's what happens to Social Security the month someone dies: WHY THE CHECK GOES BACK Benefits are paid a month behind. The deposit you get in August pays for July. A person has to live the entire month to be owed that month's benefit. Die on July 30 and the August deposit is returned. WHAT TO DO Call Social Security at 1-800-772-1213. The funeral home usually reports the death, but confirm it. Don't spend or move a deposit that arrives after the death. The Treasury pulls it back from the bank. Ask about the $255 lump-sum death payment. It goes to a spouse who lived with them, or to a spouse or child already getting benefits on their record. Apply within 2 years. THE BIGGER NUMBER A widow at full retirement age can get up to 100% of what her husband was receiving. If his check was bigger than hers, hers can switch to his amount. Ask for the survivor benefit on the same call. Source: SSA, What to do when someone dies, at ssa.gov. Did you know the last check goes back? Yes or no. #socialsecurity #widow #survivorbenefits #retirement #gavintalkstaxes