Grandpa James kicks off the next zoom call. After greetings are exchanged, he shares some information, sending a signal of cooperation to the CPT. “Your mom and I spoke with a Social Security specialist. Since Social Security benefits make up a good portion of our income, we could outlive our current income or be forced to accept government assistance if our resources are depleted too quickly by paying for extended home care.”
Grandpa James wants to be clear this situation it isn’t about a lack of good budgeting. In his mind, it’s just the way the system works. Not wanting to share details of his own income, he offers a general example.
“Let me share the simple example your mom and I saw. Let’s say my current Social Security monthly income is $3,000 and Grandma receives $1,500 as my spouse. In this example, Grandma receives a spousal benefit based on my work record. She claimed at her full retirement age, so her benefit is half of my full retirement age benefit of $3,000. But when one spouse passes away, the other one is left with a diminished Social Security income to cover living expenses plus extended or long-term care expenses.”
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