When you think of Social Security, you probably think of retirement. However, Social Security can also provide much-needed income to your family members when you die, making their financial lives easier.

Your family members may be eligible to receive survivor benefits if you worked, paid Social Security taxes and earned enough work credits. The number of credits you need depends on your age when you die. The younger you are when you die, the fewer credits you'll need for survivor benefits. However, no one needs more than 40 credits (10 years of work) to be "fully insured" for benefits. And under a special rule, if you're only "currently insured" at the time of your death (i.e., you have six credits in the 13 quarters prior to your death), your children and your spouse who is caring for them can still receive benefits.

Survivor benefits may be paid to:

• Your spouse age 60 or older (50 or older if disabled)
• Your spouse at any age, if caring for your child who is under age 16 or disabled
• Your ex-spouse age 60 or over (50 or older if disabled) who was married to you for at least 10 years
• Your ex-spouse at any age, if caring for your child who is under age 16 or disabled
• Your unmarried children under 18
• Your unmarried children under 19, if attending school full time (up to grade 12)
• Your dependent parents age 62 or older

Please keep in mind this is a general overview and the rules are more complex. For more complete information on eligibility requirements, contact the Social Security Administration.

How much will your survivors receive?

An eligible family member will receive a monthly survivor benefit based on your average lifetime earnings. The higher your earnings, the higher the benefit. This monthly benefit is equal to a percentage of your basic Social Security benefit. The percentage depends on your survivor's age and relationship to you.

A maximum family benefit rate caps the total amount of money your survivors can get each month. The total benefit your family can receive based on your earnings record is about 150% to 180% of your basic benefit amount. If the total family benefit exceeds this limit, each family member's benefit will be reduced proportionately.

You can find out more about future benefits by signing up for a “my Social Security account” at ssa.gov, so that you can view your online Social Security Statement. Your statement contains a detailed record of your earnings, as well as estimates of retirement, survivor and disability benefits for your survivors.

Don't forget the lump-sum benefit

If you've accumulated enough work credits, your spouse may receive a lump-sum benefit of $255 at your passing. Your spouse must have been living with you at the time of your death or have been receiving benefits based on your earnings record if living apart from you. If you're not married at the time of your death, the death benefit may be split among any children you have who are eligible for benefits based on your earnings record.

Applying for survivor benefits

If a loved one has died and you are eligible for survivor benefits, you should contact the SSA. If you're already receiving benefits based on your spouse's earnings record, the SSA will change your payments to survivor benefits (if your children are receiving benefits, their benefits will be changed, too). But if you're not yet receiving any Social Security benefits or if you're receiving benefits based on your own earnings record, you'll have to fill out an application for survivor benefits.

Visit the SSA website, your local SSA office or call 800.772.1213 for more information on survivor benefits and how to apply for them.

As you plan for the future, Busey Wealth Management advisors are here to help. To learn more or find an advisor near you, please visit busey.com/wealth-management.

This is not intended to provide legal, tax or accounting advice. Any statement contained in this communication concerning U.S. tax matters is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties imposed on the relevant taxpayer. Clients should obtain their own independent tax advice based on their particular circumstances.

This material is provided for educational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities.

This presentation is for general information purposes only. It does not take into account the particular investment objectives, restrictions, tax and financial situation or other needs of any specific client.