When should a widow start taking Social Security payments?

Q: I was wondering if you could please provide me with some financial advice on when my mother should collect Social Security. My mother is a widow, aged 63 and hasn't worked in over 30 years. Most of the advice out there doesn't deal with non-working widows . She worked enough to qualify for Social Security. Should she start collecting her own Social Security ASAP and then switch to survivor benefits at 66? I read that there is no bonus for waiting to collect at 70 for survivor benefits, is that true? Kathryn Beech Kenilworth, Ill.

A: Your mother’s survivor benefits maximize at 66. Her own retirement benefits maximize at 70.

What to do? Andy Landis, author of Social Security: The Inside Story, says your mother should contact the Social Security Administration immediately and learn these two dollar amounts: her widow’s payment at 66 and her own payment at 70.

“Whichever one is smaller, she should file for this month,” says Landis. “Whichever one is bigger, she should file for at 66 or 70, as appropriate.”

There is, of course, an exception to this advice. Landis is assuming average life expectancy or more. “If your mom has a shorter life expectancy, she should consider taking the bigger payment now,” he says.

Social Security: Plan now, avoid mistakes later

Note, too, that filing early will reduce the payment she takes now. But the reduction is temporary. It will not carry over to the other payment.

Bottom line: “She should start now, this month, to avoid loss of payments,” says Landis.

For more background, read Retirement Benefits and Survivors Benefits.

Robert Powell is editor of Retirement Weekly, contributes regularly to USA TODAY, The Wall Street Journal and MarketWatch. Got questions about money? Emailrpowell@allthingsretirement.com.