A 15-year-old is set to receive approximately $710 per month in survivor Social Security benefits after a parent's death, which could total about $25,000 by age 18. The payments are described as continuing for at least the next three years, and eligibility may extend if the recipient remains a student into a first year of college. The amount represents a significant windfall compared with typical teenage part-time earnings, and careful planning is advised because Social Security Administration rules determine benefit duration and proper use of the funds. Financial-advisor matching tools are mentioned as one option for guidance.
When we think about Social Security payouts, our minds are immediately drawn to how retirees should spend the money. Whether it's used to live on or as part of an overall income alongside a 401(k), it's all about enjoying retirement. This Redditor recently lost a parent and is now set to receive survivor's benefits totaling $710 per month for at least the next three years. They are wondering how to manage this money best since they don't need it for anything immediate.
Sadly, while retirees get much of the attention as Social Security recipients, it isn't always the case that they are the only ones receiving money. This is something this 15-year-old Redditor is learning as they are set to receive monthly payments after the passing of a parent. Getting Ready to Receive Social Security Payments Posting in r/personalfinance, this Redditor is in a unique position as they are going to start receiving Social Security money as a result of a parent's death.
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