Did you know that if you're an older parent collecting Social Security, your kids might be eligible for benefits, too? It's a little-known benefit that many don't know about.
Here's how it works:
If you're receiving Social Security retirement benefits and you have a child under 18 or under 19 and still in high school, that child may qualify for a monthly benefit equal to 50% of your full retirement benefit amount.
But that's not all - if your child is under age 16, your spouse may also be eligible to receive 50% of your full retirement benefit as a caregiver.
Keep in mind, there is a family maximum limit, typically ranging between 155% and 185% of your full benefit amount. So, depending on how many dependents are involved, not every eligible family member may receive the full 50%.
Still, even with the cap, this can be a helpful boost for families raising children later in life.
One more important note: these benefits don't happen automatically. You've got to apply for them. But now you know!
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