NEW YORK, July 8, 2020 /PRNewswire/ -- Losing a loved
one is difficult for many, but for those who lose the primary
provider for their home, it could mean not being able to pay the
bills needed to provide for a family.
According to a study by ValuePenguin, survivor benefits only
cover approximately half of what a young family would need to
financially sustain themselves upon losing a sole provider.
Furthermore, some families may not receive benefits if the earner
did not pay into social security long enough. Here are the key
findings of our research:
- Social Security survivor's benefits leave a surviving spouse
and two children short by $2,695
each month, or 49% of their budget, after losing their deceased
loved one's earnings.
- Surviving families in the District of
Columbia are hardest hit by a considerable margin, with an
income gap of $5,801, or 70%,
every month.
- Massachusetts and Connecticut follow with larger shortfalls
of $3,997 (57%) and $3,989 (56%), respectively.
- West Virginian families fare best, with the still sizable
gap of $1,646 a month, or
38%.
- On the other hand, Idaho and
Mississippi afford smaller
shortfalls at $1,843 (39%) and
$1,648 (40%), respectively.
To view the full report, visit:
https://www.valuepenguin.com/social-security-life-insurance-study
About ValuePenguin.com: ValuePenguin.com, part of
LendingTree (NASDAQ: TREE), is a personal finance website that
conducts in-depth research and provides objective analysis to help
guide consumers to the best financial decisions. ValuePenguin
focuses on value, assessing whether the return of a particular
decision is worth the cost or risk of that option, and how this
stacks up with the other possible choices they may have. For more
information, please visit www.valuepenguin.com, like our Facebook
page, or follow us on Twitter @ValuePenguin.
Media Contact:
Nadia
Gonzalez (Mrs.)
Nadia@LendingTreeNews.com
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SOURCE ValuePenguin.com