I cannot guess how much time I’ve spent reading and watching videos about Social Security. But I never heard about this until I read it in a comment under a YouTube video.
As people wait longer to have children, if you have minor children when you turn 62 and you claim social security your children can also claim until they graduate high school. The key is even if you retire at 62 your children’s benefit is based as if you had actually retired at Full Retirement Age.
So here is what that means. David is taking his Social Security at 62. Caroline is still 18 (19 in September) AND still in high school during that time. She can therefore collect Social Security benefits equal to half of his full retirement age benefit. It doesn’t matter that he is taking a smaller amount now. She still gets half of his full retirement amount.
This is why they ask on the Social Security application form if you have any children aged 18 or 19 and still in school. We thought that was a weird question, but had never heard of this provision.
Depending on how much your full retirement amount is and how long your child will be 18/19 and still in school, that can add up to a hefty amount over many months. The child can use it however she wishes - education, training, buying a car, or simply building a nest egg.