Practice Quiz

Financial Planner

Category - Retirement Savings and Income Planning

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Mitch is a stay-at-home Dad with 8 year old twins. His wife just passed-away and he is not sure what to do with his financial situation. There are some savings from his wife’s law firm and Mitch will receive monies from the firm as part owner. What should you inform Mitch of?
  1. He has the right to apply for survivor benefits.
  2. There is a one-time death benefit of $255.
  3. He will receive benefits until the children are 18 years of age.
  4. All the above.
Explanation
Answer: D - A widow(er) with at least one child has the right to apply for survivor benefits, and will receive such benefits until the child is 18 years of age or 19 years of age if a full-time student, and will receive a one-time death payment of $255 as of 2009. Additionally, survivor benefits are per child at 50 percent of the employee’s retirement benefits and benefits can be extended to the age of 22 if the child is disabled for the age of 22 years. However, for disability to be granted the child must be under the age of 16 years.
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