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Ask Dave

Kids And Social Security Benefits?

Brian and his wife are both previously widowed, and they aren't sure if they are using their children's Social Security money correctly.

QUESTION: Brian was widowed a couple years ago, but has since gotten remarried to a woman who was also widowed.  They have three minor children who receive Social Security benefits for their deceased parents.  Brian and his wife have been putting that money into their family budget.  Is that the right thing to do with the money?

ANSWER: You are absolutely doing the right thing with the money.  Your children are being cared for with the money provided through Social Security.  I would do exactly what you’re doing.  You should not set that money aside just for the children.  Using it for their needs right now is the best use of the benefits.