The average American may have knowledge gaps about Social Security benefits. For example, a retired woman like Anna, who was married for 15 years and never remarried, wonders if she’s eligible for her ex-husband’s higher survivor benefits. Women tend to outlive men, earn less, and may need to increase retirement income.
Survivor benefits are available to eligible family members of a deceased beneficiary. Anna, who meets certain criteria, may qualify for survivor benefits. She must choose between her retirement benefit and survivor benefit when her ex-husband passes away. The SSA allows her to switch benefits at age 70 for the highest amount.
To supplement Social Security income, it’s important to build a high-growth investment portfolio. Men receive an average monthly benefit of $1,853.68, while women receive $1,478.02. Diversifying with alternative assets like real estate, art, and gold investments can help bridge the income gap in retirement.
Investing in alternative assets like real estate can provide diversification and stable income. First National Realty Partners offers accredited investors the opportunity to own shares in grocery-anchored commercial properties leased by national brands. Their team manages every aspect of the investment life cycle for investors’ convenience.
Investing in contemporary art through platforms like Masterworks allows investors to own shares of valuable paintings by renowned artists. With thorough vetting by industry experts, less than 3% of all artwork passes the selection process. Masterworks handles all aspects of buying, storing, and selling art for investors.
Gold’s popularity as a safe investment is on the rise. Opening a gold IRA with Priority Gold allows investors to hold physical gold or gold-related assets within a retirement account. This combines the tax advantages of an IRA with the protective benefits of investing in gold, ideal for hedging retirement funds.
Read more at Yahoo Finance: I was married to my ex-husband for 15 years. Can I collect his higher survivor benefits when he dies?