'They had been married for over 30 years when she passed'

"She had a long professional career in banking and earned much more money than he did." (Photo subject is a model.)

Dear Quentin,

I'm asking a question for a friend, who is 62. He has a good work history but isn't sure what his Social Security payout at full retirement age will be. His wife just passed away, at age 60. She had a long professional career in banking and earned much more money than he did. She also took care of the household finances. They had been married for over 30 years when she died.

There might be a silver lining. When he retires at either 65 or 67, can he draw off of her earnings record?

Looking Out for a Friend

Related: 'My total balance should be $20 million': I invested $1.1 million in a crypto platform. Have I lost it all?

You can email The Moneyist with any financial and ethical questions at qfottrell@marketwatch.com. The Moneyist regrets he cannot reply to questions individually.

Your friend can avail himself of Social Security survivor benefits if he and his wife were married for at least 10 years.

Dear Looking,

It's a good question - one that is best asked now rather than later.

Your friend can avail himself of Social Security survivor benefits if he and his wife were married for 10 years. He could, in fact, claim on his late spouse's Social Security even if they were divorced, as long as they had been married for 10 years and he had not married again before age 60.

What's more, for other people reading this, a divorced spouse who remarries after age 60 - or after age 50, if they are disabled - can also claim survivor benefits on an ex-spouse's record, as long as the marriage lasted 10 years, among other requirements.

Those surviving spouses, at full retirement age or older, generally get 100% of their late spouse's basic benefit amount. A surviving spouse who is 60 or older but has not yet reached their full retirement age would get between 71% and 99% of their late spouse's basic benefit amount, depending on the age when they claim.

If your friend's spouse were still alive, he would also have been eligible for spousal benefits, receiving up to 50% of his wife's benefits, assuming that amount was higher than his own Social Security benefits.

Both spousal benefits and survivor benefits stop growing at full retirement age, which for your friend is 67. There's no delayed retirement credit for waiting past age 67 to claim a spousal benefit, unlike for a person's own benefit, which increases by 8% per year until age 70.

Related: 'I'm leaving money on the table': I'm 64 and my husband is 70. Should I take spousal benefits or wait for my own?

When to claim

If your friend claims survivor benefits now, at 62, his benefit will be permanently reduced. If he is still working, an earnings test could further reduce what he actually receives before he reaches his full retirement age. If he does not need this income now and he's still working, he should wait.

Before making a decision, he should stress-test three numbers: his estimated Social Security benefit at ages 62, 67 and 70. He will also have to factor in his salary and the earnings test. If necessary, a fee-only certified financial planner should be able to help him.

Generally, I advise people to claim Social Security - whether it's spousal benefits, survivor benefits or their own retirement benefits - based on their own personal needs and their life expectancy, and to try not to dwell on the political backdrop.

The Congressional Budget Office released a report earlier this year estimating that the Old-Age and Survivors Insurance trust fund will be exhausted in 2032. Congress has in the past adjusted the payroll-tax allocations between trust funds when needed.

The Old-Age and Survivors Insurance trust fund pays monthly Social Security retirement benefits to eligible retired workers like your friend and their family members. Eligibility requires a sufficient work history and earned work credits - typically 40 credits, or about 10 years of work.

Related: Should wealthier Americans forgo their Social Security benefits as a charitable gesture?

The widower's tax

But your friend may be facing other financial issues that you did not mention in your letter. If his wife had investments like a 401(k) or IRA, or a pension, that could push him, as a single taxpayer, into a higher tax bracket.

That's called the "survivor's penalty" - or, sometimes, the "widow's tax," primarily because women outlive men by roughly six years, on average. (That's why this column probably gets more letters about stepmothers than stepfathers.) Your friend may be affected by this "widower's tax."

As this Stanford University study points out: "Because tax brackets and standard deductions can be less favorable for single filers, the result for the surviving spouse is often higher taxes, even though their total household income has decreased."

"In some cases, the surviving spouse may also lose certain tax breaks that are only available to married couples, like spousal IRA contributions or higher income limits for certain tax credits," it says. "Required minimum distributions (RMDs) from retirement accounts add to taxable income.

"While there is a tax protection for a 'qualifying survival spouse' that allows a widow to continue filing as married, this protection lasts only for up to two years after a spouse's death, and the surviving spouse must have a dependent child living with them and not remarry," it adds.

Your friend would likely benefit from professional financial and tax advice.

By emailing your questions to The Moneyist or posting your dilemmas on The Moneyist Facebook group, you agree to have them published anonymously on MarketWatch.

More columns from Quentin Fottrell:

'I still don't have my MRI': My health insurer canceled my plan without warning. Is that legal?

'Please don't let this happen to you': My best friend died without a will - her neglectful family gets everything

'He does not have a spouse or children': My son has a serious genetic disease. What should I do with my $1.3 million estate?

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-Quentin Fottrell