According to the 2015 Social Security report, less than 7 percent of people with enough quarters to draw their Social Security benefit died prior to receiving. There are three other groups of individuals that will not receive benefits infrequent workers who do not have sufficient earnings to qualify for benefits, non-covered workers such as state and local government employees who did not pay into the program and immigrants who arrive in the United States at 50 or older and therefore have not worked long enough to qualify for benefits.

Benefits are affected by how long you live, which is changing with every new breakthrough in the medical field. Life expectancy data is changing as well one of every four 65 years olds will live past age 90. The average life expectancy in the U.S. for men is 85 years old and for women, it is 88 years old. As we talk to clients, most people are more concerned about dying early, than living too long. This is a mindset that needs to be discussed.

As you get older, the cost of medical expenses increases. That is why it is so important when looking at your Social Security benefit, to have a professional present options that will improve your Survivor benefit. When one member of a married couple dies, only one check is remaining the higher of the two. So, it only makes sense to try and improve this benefit. Statistically, women outlive men so, you are looking at years of additional income needed for the spouse, that is now compromised by receiving only one check, not two. Thats a big difference.

Therefore, we tell people they need a plan Social Security should not be taken just because you are entitled to receive it. When, how and why need to be factored into your decision.

Roy and Diane Thompson are both National Social Security Advisors, and Roy is a former CPA of 40 years. The couple lives in Corinth and can be reached at (601) 954-0699 or at dthompson@pillarsllc.com. For more information, visit http://www.pillarsllc.com.

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Social Security Knowledge Center: What does longevity have to do ... - Northeast Mississippi Daily Journal