I have to make a life insurance decision before the end of this year and the life insurance thread made me curious how/if anybody includes social security in their plans?
If I was in my 20s I would not plan for it, but for some people it seems short-sighted to not include it.
Specifically for my situation: One of our kids is disabled and will never be able to live independently, he is 17 years old. SS website says he will be eligible for some SS disability benefits once he turns 18.
If I die next year, based on my reading of the SS website, the wife would be eligible for some of my SS benefits immediately because:
For Your Surviving Spouse:
Benefits at any age .... if they take care of your child ..... who has a disability and receives child’s benefits.
View Quote
It's difficult(impossible by design?) to determine an accurate amount of what the SS benefits would add up to, but they are all individually 59-100% of my full retirement amount. SS website says:
There's a limit to the amount that family members can receive each month. The limit varies, but it is generally equal to between 150% and 180% of the basic benefit rate.
View Quote
That's a significant amount of monthly income from SS no matter when I die.
Is it foolish for me to include SS benefits when considering how much life insurance I should get?