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Question for the Money Doctors

Question submitted on Nov 12, 2012.

Question

I''m 53 and disabled - I''m on SSDI? Not on SSI my wife just passed and contacted SS administration and filled out paperwork - said that I was entitied to Survivors Benefits - my question, my wife''s LIFE INSURANCE am I going to run into problems with cashing this check (about 18K)?

Regards
Daniel Bell

Answer

According to the Social Security Administration, you are eligible for 71.5 percent of your wife''s benefit. Life Insurance proceeds are not income. The taxation of social security income is subject to certain income thresholds.


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