Practice Quiz

Financial Planner

Category - Retirement Savings and Income Planning

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Mitch is happy to know there will be some funds coming in the house for his children after his wife passed-away after 11 years of marriage. But the monies are not really enough to maintain their standard of living. What should Mitch be informed of?
  1. There is nothing he can do when it comes to benefits to help out.
  2. Mitch can receive up to 10 percent of the employee’s benefits once the children move out.
  3. Mitch can receive a percentage of his wife’s employee’s benefits once he is 62 years old.
  4. That he is entitled to 50 percent of his wife’s employee benefits as long as the children are under the age of 16 years.
Explanation
Answer: D - A surviving spouse with at least one child under the age of 16 years is entitled to 50 percent of his wife’s employee benefits until the child is 18 years old or 19 years old if the child is a full-time student and the parents were married at least 10 years. However, once the children are considered adults, if the survivor is under the age of 62 the benefits will cease. Also, if the parents had been married for less than 10 years or the surviving spouse remarries, benefits cannot be applied for.
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