Connect with us

Personal Finance

Children may qualify for Social Security benefits. What to know

Published

2 years ago

on

Minnesota Governor and 2024 Democratic vice presidential candidate Tim Walz at the first day of the Democratic National Convention in Chicago on Aug. 19, 2024.

Charly Triballeau | AFP | Getty Images

Minnesota Gov. Tim Walz accepted the Democratic vice presidential nomination at the Democratic National Convention on Wednesday night.

In his speech, Walz credited a particular source of support for helping to get his family to where they are today — Social Security survivor benefits.

His father died of lung cancer when Walz was 19, leaving a “mountain of medical debt,” Walz said. Social Security benefits allowed his family, including his mother and younger brother, to “live with dignity,” he recently posted on social media.

“Thank God for Social Security survivor benefits,” Walz said during his Wednesday night speech.

‘Lots of kids … do not claim their survivor benefits’

About 3.7 million children receive Social Security benefits, according to recent Social Security Administration data.

Children can receive benefits if they are unmarried and younger than 18; between 18 and 19 and are full-time students in grades 12 or below; and age 18 or older with a disability that started before age 22.

If a working parent dies, 98 out of 100 children in the U.S. could get Social Security benefits, the agency estimates. The monthly checks are based on the earnings of a deceased parent.

The average monthly surviving child benefit is $1,103 as of July, with more than 2 million children receiving those checks, according to the Social Security Administration.

More from Personal Finance:
Vance wants to raise the child tax credit to $5,000
Harris calls for expanded child tax credit of up to $6,000
How families are covering the rising cost of college

Yet families are not always aware they qualify for this financial support.

“Lots of kids all across the country do not claim their survivor benefits,” Social Security Commissioner Martin O’Malley said at a National Academy of Social Insurance event in Washington, D.C., in June.

Data suggests as many as half of orphaned children in the U.S. are not receiving the Social Security benefits for which they are eligible, according to Joyal Mulheron, founder and executive director at Evermore, a nonpartisan nonprofit focused on improving the lives of bereaved people.

“That’s … children potentially who could be lifted out of poverty as a result of accessing this benefit,” Mulheron said.

The Social Security Administration is working to figure out who those families are and to develop more targeted approaches to reach them, O’Malley said at the NASI event in June.

To date, those efforts have included sending information letters to households with potential applicants, launching a new web page on survivor benefits and working with states and communities to help raise awareness of these benefits, according to the agency. In Utah, for example, a check box has been added to death reporting forms to indicate when the deceased has a minor child.

How children can qualify for Social Security benefits

Christopher Hopefitch | The Image Bank | Getty Images

More than half of children who receive Social Security checks have had a parent who worked and paid taxes into the program die, according to the Social Security Administration. Those children may receive up to 75% of the deceased parent’s basic benefit.

To qualify for survivors’ benefits, children do not have to live with a parent or receive financial support from them, according to the Social Security Administration. Additionally, the child’s parents do not have to have been married.

In some situations, surviving parents who care for children under 16 may also be eligible for benefits.

Maximizing your Social Security benefits

There are other ways in which children may qualify for benefits.

For example, they may also be able to receive benefits if they have a living parent who is retired or disabled and who is eligible for Social Security. Those children may receive up to half of their parent’s full benefits.

The amount of benefits children receive may be adjusted based on a maximum family benefit, a limit on how much a family may receive per month based on a worker’s earnings record. The formula for that varies based on whether the payments are related to disabled or retirement and survivor benefits.

‘You don’t want to see anybody lose out on any benefits’

When someone dies, a funeral director may send a family to Social Security, particularly since there may be a $255 lump sum death benefit available, said Jim Blair, vice president of Premier Social Security Consulting and a former Social Security administrator.

At that time, widows and widowers may be informed of the benefits available to them, as well as their children, he said. Still, it’s possible some situations may fall through the cracks.

Children may not access the benefits for which they are eligible if they switch to a different guardian, for example, who many not be able to answer all of Social Security’s questions, Mulheron said. Families may also fail to access benefits due to immigration issues, missed deadlines or administrative errors with applications, she said.

It could help for the Social Security Administration to make applications for children’s benefits more accessible online, Mulheron said.

“You don’t want to see anybody lose out on any benefits, because that’s what the benefit is there for,” Blair said.

“If you think you might even have an inkling that there might be something payable, call and ask,” he said.

The Social Security Administration can be reached at 1-800-772-1213. When applying for children’s benefits, the agency may require you to provide a child’s birth certificate, proof of birth or adoption, the parent’s and child’s Social Security numbers, and when relevant, a parent’s death certificate or medical evidence of a child’s disability.

Related Topics:
Continue Reading

Personal Finance

Navigating Residential Real Estate and Mortgage Strategy

Published

3 weeks ago

on

August 15, 2026

By

The 2026 residential real estate market presents a nuanced landscape for homebuyers, current homeowners, and property investors. With benchmark mortgage rates adjusting alongside Treasury yield movements, real estate strategies require careful evaluation of borrowing costs, local market supply dynamics, and long-term home equity management.

Adapting Homebuying Strategies to Mortgage Dynamics
Prospective homebuyers are adapting to fixed 30-year mortgage rates hovering between 6.0% and 6.8%. While borrowing costs are elevated compared to historical lows seen in prior decades, moderating home price growth across several regional markets is creating selective opportunities for buyers with strong credit profiles.

Homebuyers are increasingly utilizing strategic mortgage options:
– Builder Rate Buydowns: Purchasing new construction homes where developers offer temporary or permanent interest rate buydowns to lower initial monthly payments.
– Adjustable-Rate Mortgages (ARMs): Selecting 5/1 or 7/1 hybrid ARMs with strict rate caps for short-to-medium-term housing plans.
– Points and Financing Structure: Evaluating upfront discount point purchases to secure lower fixed interest rates over the loan term.

Home Equity Utilization and Renovation Financing
For existing homeowners holding low-rate legacy mortgages, moving to a new property often entails relinquishing favorable debt terms. Consequently, many homeowners are choosing to renovate and expand existing properties rather than sell.

Home Equity Lines of Credit (HELOCs) and home equity loans allow homeowners to access accumulated property equity for capital improvements without disturbing their primary mortgage rate. Utilizing home equity for value-adding property renovations can enhance living space while increasing long-term property values.

Strategic Real Estate Investment Guidelines
For residential property investors, achieving positive cash flow requires strict underwriting standards:
– Stress-Test Operating Expenses: Factor in rising property insurance premiums, local property taxes, and ongoing maintenance reserves.
– Focus on High-Growth Rental Markets: Target regions experiencing steady job growth and sustained tenant demand.
– Maintain Cash Buffers: Ensure property portfolios maintain dedicated emergency reserves to navigate unexpected vacancy periods or major repairs.

Actionable Homeownership Steps
1. Evaluate Complete Monthly Housing Costs: Assess property taxes, homeowners insurance, and HOA fees alongside principal and interest.
2. Leverage Renovation Equity Carefully: Utilize equity loans strategically for renovations that generate long-term property value.
3. Prioritize Credit Score Optimization: Secure top-tier credit scores prior to mortgage pre-approval to qualify for competitive lender pricing tiers.

Continue Reading

Personal Finance

$20,000 Caution Bond Requirement for US Visa Applications imposed on 50 Countries

Published

4 weeks ago

on

August 8, 2026

By

The United States Department of State has officially implemented a revised visa policy introducing a mandatory posting requirement for caution payments of up to $20,000 on select foreign travel applications. Under the updated regulatory framework, consular officials are authorized to require temporary nonimmigrant visa applicants from targeted foreign countries to post a refundable financial bond of $20,000 as a condition for visa issuance. The policy mechanism is designed to address diplomatic concerns regarding high overstay rates among temporary visitor, business, and educational visa categories.

The caution bond pilot program applies selectively to foreign nationals from designated countries whose diplomatic entities record historical visa overstay rates exceeding established federal thresholds. Under administrative guidelines published by the State Department, the full financial deposit is posted directly to a dedicated federal escrow account prior to final visa issuance. The entire caution payment is automatically refunded to the applicant upon verified proof of timely departure from the United States in strict compliance with the authorized duration of stay. Conversely, failure to depart within the legal timeframe results in full forfeiture of the posted financial bond to the United States government.

Diplomatic representatives and travel policy experts have expressed varying perspectives regarding the operational implementation of the caution bond system. Administration officials emphasize that the measure serves as an effective, market-based incentive to enforce international travel compliance and preserve domestic immigration security standards. However, international trade organizations and foreign diplomatic missions have raised concerns regarding the financial burden imposed on legitimate business travelers, foreign students, and commercial partners from developing nations.

The United States finalized the rule to make the temporary visa bond program permanent, taking effect on August 3, 2026. The updated permanent regulation replaces the prior 12-month pilot, eliminates the lowest $5,000 tier, and raises the maximum required bond amount to $20,000 for specific B-1/B-2 business and tourist visa applicants.

Here is the list of the 50 countries on the list as o August 3, 2026

African Nations (31 Countries)

  • Algeria
  • Angola
  • Benin
  • Botswana
  • Burundi
  • Cabo Verde (Cape Verde)
  • Central African Republic
  • Côte d’Ivoire (Ivory Coast)
  • Djibouti
  • Ethiopia
  • Gabon
  • The Gambia
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Lesotho
  • Malawi
  • Mauritania
  • Mauritius
  • Mozambique
  • Namibia
  • Nigeria
  • São Tomé and Príncipe
  • Senegal
  • Seychelles
  • Tanzania
  • Togo
  • Tunisia
  • Uganda
  • Zambia
  • Zimbabwe

Asian & Eastern European Nations (11 Countries)

  • Bangladesh
  • Bhutan
  • Cambodia
  • Georgia
  • Kyrgyzstan
  • Mongolia
  • Nepal
  • Papua New Guinea
  • Tajikistan
  • Turkmenistan
  • Uzbekistan

Caribbean & Latin American Nations (5 Countries)

  • Antigua and Barbuda
  • Cuba
  • Dominica
  • Grenada
  • Venezuela

Oceanian Nations (3 Countries)

  • Fiji
  • Tonga
  • Vanuatu

Continue Reading

Personal Finance

Next-Generation Retirement Planning: Managing Longevity Risk and Variable Income Streams

Published

4 weeks ago

on

August 7, 2026

By

Retirement planning strategies are evolving in 2026 to address increased life expectancies, shifting dynamic market conditions, and the transition away from traditional defined-benefit pensions. Individual investors and financial advisors are abandoning rigid retirement models in favor of flexible, multi-asset strategies designed to mitigate longevity risk and preserve purchasing power over multi-decade retirement horizons.

Mitigating Longevity Risk with Dynamic Asset Allocation
As average life expectancies extend past eighty-five years, one of the primary financial risks facing retirees is outliving their accumulated wealth. Traditional fixed income allocations—such as the standard 60/40 equity-to-bond portfolio—are being reevaluated to ensure portfolios generate sufficient capital growth alongside reliable income.

Financial planners recommend maintaining a meaningful equity allocation throughout retirement to offset long-term inflation erosion. High-dividend equity funds, global real estate investment trusts (REITs), and inflation-indexed Treasuries are combined to create diversified portfolios that deliver both growth and income stability.

The Transition to Dynamic Withdrawal Strategies
The classic “4% safe withdrawal rule” is increasingly replaced by dynamic withdrawal strategies that adapt annually based on market performance. Under a dynamic withdrawal framework, retirees adjust their annual distribution rates within pre-set caps and floors:
– Market Upside: During strong market returns, retirees can increase discretionary spending or fund family legacy gifts.
– Market Downturns: During market pullbacks, spending distributions are temporarily reduced to prevent sequence-of-returns risk and preserve core investment principal.

Guaranteed Lifetime Income Options and Deferred Annuities
To establish a guaranteed baseline for essential living expenses, individuals are incorporating modern fixed-indexed and deferred longevity annuities into their broader retirement architectures. Modern annuity structures offer competitive return caps, transparent fee schedules, and inflation-adjustment options.

By funding essential expenses—such as housing, healthcare, and insurance—with guaranteed income streams from Social Security, pensions, and annuities, retirees can manage discretionary investment portfolios with greater flexibility and lower emotional stress during market volatility.

Actionable Steps for Future Retirees
1. Calculate Baseline Retirement Expenses: Determine fixed living costs and map guaranteed income sources to cover essential expenditures.
2. Adopt Flexible Withdrawal Rules: Implement dynamic spending rules to protect investment principal against market downturns.
3. Incorporate Inflation-Protected Assets: Maintain exposure to dividend-growing equities and inflation-indexed bonds to safeguard long-term purchasing power.

Continue Reading

Trending