Social Security Benefits for Children of Retirees
Having your children late in life has advantages. You may find that you are more tolerant as you age; you may also find that you have more time for your children during retirement. Fortunately, you can retire and your minor children can qualify for Social Security benefits based on your work history. Social Security benefits for your children can add to the quality of life for your family.
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Retirement Benefits
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Social Security retirement benefits provide monthly income for individuals who qualify with sufficient work history who are age 62 or older. Your retirement benefits at age 62 are about 75 percent of the benefit you receive at full retirement age. Your full retirement age is 66 if you were born between 1943 and 1960, and 67 if you were born in 1960 or later. Your Social Security retirement benefit at age 70 is about 130 percent of your full retirement age benefit. Social Security adds no benefits after age 70. Children of retirees receive a percentage of the retired parent's Social Security benefit. The Social Security regulations do not reduce your benefit as a retiree if your child qualifies for benefits.
Children of Retirees
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A qualifying child must be under the age of 18 or 19 if still in secondary school and must not be married. A disabled child can qualify for Social Security benefits based on the retired parent's work history if the disability began before the child was 22. A child receives about half the benefits the retired parent receives unless there are several qualifying children.
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Maximum Benefits
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The Social Security Administration has a maximum benefit available for each individual work history. This figure is 150 to 180 percent of the worker's full retirement age benefit and does not include the worker or a worker's ex-spouse. If several claimants qualify for benefits based on one work history, the Social Security Administration may cut all dependent benefits by a percentage to stay within the maximum benefit limitation.
Working Children
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Social Security restricts the income of children much like early retirement benefits restrictions for retirees. Children receiving Social Security benefits based on the work history of the retired parent are subject to Social Security penalties for income in excess of $14,160 a year at time of publication. A penalty of $1 for every $2 earned in excess of $14,160 can cause the child to forfeit some benefits for excess earnings.
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