For many retired Americans, Social Security is a major source of income. But determining when to claim Social Security benefits can be complex and challenging due to some unique rules and practices. In this Retirement Daily article, Ten Odd Social Security Rules and Practices That You Don't Want to Forget, Covisum® Founder and President, Joe Elsasser, CFP®, highlights ten odd Social Security rules that are important to remember as you near retirement.

"The widow(er) benefit is calculated based on when the deceased claimed Social Security and when the survivor claims. The benefit is limited to the higher of 82.5% of the deceased’s full retirement age benefit or the amount the deceased was actually receiving. If the deceased claimed benefits early (at age 62) and the surviving spouse reached full retirement age by the time of the deceased’s death, the surviving spouse will actually receive more than the deceased was receiving (82.5% rather than 75%). In cases where the survivor is younger than the deceased, and the deceased had elected early benefits, you’ll need to pay special attention, as delaying the widow(er) benefit all the way to full retirement age may result in months of forfeited checks without a corresponding increase in benefits."

Read the entire Retirement Daily article here.