‘You only get Social Security while you’re alive,’ expert says. What happens to benefits after you die

Social Security retirement benefits provide guaranteed monthly income for the duration of your retirement.

But when you die, your checks stop coming.

“You only get Social Security while you’re alive,” said Bruce Tannahill, a director of estate and business planning with MassMutual.

Surveys show retirees are tempted to claim benefits as early as possible to get the most out of the program.

But financial advisors typically suggest the opposite — waiting to claim to get the biggest benefit. That way, you get the biggest monthly checks potentially available to you.

“People need to take into account how important Social Security is in their estate planning,” said Jim Blair, vice president of Premier Social Security Consulting and a former Social Security administrator.

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For example, if you claim retirement benefits at age 62, your benefits are reduced, and so are the survivor benefits that become available when you die, Blair said. If you wait to claim benefits until age 70, the maximum age until which you can delay monthly Social Security retirement checks and see your benefits increase, the survivor benefit is also increased.

What’s more, that added income may help you preserve other assets that you can leave behind.

“Your other wealth you can pass on to your spouse and other children and your loved ones,” Tannahill said.

There are some key takeaways to know about what happens to Social Security benefits in the event you or a loved one passes away.

A one-time lump-sum death payment of $255 may be available, provided certain requirements are met.

For example, a surviving spouse may be eligible for the death payment if they were living with the person who passes away.

If the spouse…