What Is The Best Age To Retire?
What is the best age to retire. I want to file for my social security at the age of 64.
Hi. There is no one-size-fits-all best time to start drawing Social Security benefits. Each person's optimal filing strategy depends on numerous different factors, including their health, marital status, and benefit rates.
Our software (https://maximizemysocialsecurity.com/purchase) is designed to analyze each person's unique circumstances to allow them to determine their optimal filing strategy. You . . . Read More
Category: Filing Strategies
Posted: Feb 10 2022 - 11:57am
Given That My Wife Is 10 Years Younger Than Me, Should I Wait Until Age 70 To Claim My SS?
I am 63 and my wife is 53. We both work with my earnings more than hers. Given her age should I try to hold off on SS till 70 (I plan to retire at 65/66)? And if so should she start taking SS at 62 when I'll be 72? Thanx in advance for your response.
Hi. Probably. Waiting until age 70 to start your benefits would assure your wife of receiving her highest possible survivor benefit rate. There isn't a particular 'best' age for your wife to start drawing her own benefits, though. That decision would largely be a matter of personal choice. If your wife . . . Read More
Category: Filing Strategies
Posted: Feb 9 2022 - 5:44pm
Why Have My Benefits Been Suspended?
I just noticed that Social Security suspended my monthly benefits since December 2020. I started to collect a small benefit at age 62 (dob 11.11.1948). I was not notified of this change, nor did I initiate it. What's going on?
Thanks for any info on how to resolve this.
Hi. I have no way of knowing why your benefits may have been suspended. You'll need to call Social Security at 800-772-1213 to find out why your benefits have been suspended and what you need to do to resolve the problem.
Best, Jerry
Category: Miscellaneous
Posted: Feb 9 2022 - 3:13pm
Doesn't It Make More Sense For Me To Start Drawing Effective With January Rather Than June?
I was planning to take ss when I turn 68 in June. It looks like the most recent delayed retirement credits is only applied annually. If I want to go with the 1/1/2021 year end valuation and not wait until June do I simply apply and request benefits to start as of Jan 2022? Seems like waiting does not make any sense.
Hi. Well, if you do start your benefits effective with January 2022, you'll be credited with all of the delayed retirement credits (DRC) you accrued through December 2021. But, if you start your benefits effective with June 2022 instead, even . . . Read More
Category: Delayed Retirement Credits
Posted: Feb 9 2022 - 2:56pm
If The Social Security Trust Fund Runs Out Of Money Would Current Recipients Be Protected From Cuts?
Hi Larry - If the Social Security Trust Fund runs out of money around 2034, would any resulting cut in benefits also apply to current Social Security recipients, or are they legally protected from benefit cuts? I.e., would the cuts only apply to new enrollees?
Thank you
Hi. There is no current regulation governing benefit cuts, because there is no precedent for anything like that. If it ever came to pass that benefit cuts were required due to inadequate funding, Congress would need to pass a law establishing the amount of the reduction and to whom . . . Read More
Category: Social Security's Solvency
Posted: Feb 9 2022 - 2:44pm
How Long Will It Take My Benefits To Start?
My husband is retiring in a few months. I will be applying for spousal benefits because I care for our adult disabled child. How long does it take for those benefits to start? Do they start when his will start receiving benefits, or will it take a few months.? Thank you so much.
Hi. It depends on whether or not your child is already drawing a disability benefit from Social Security. If not, then it could take several months for Social Security to make the medical determination on his or her claim. And, if you are applying for child in care spousal . . . Read More
Category: Filing For Benefits
Posted: Feb 9 2022 - 2:33pm
Is A COVID Delay Grounds For Appealing The 9-Month Rule For Survivor Benefits?
I'm 64 and already taking SS benefits ($2000/month), and have terminal cancer. My wife and I have lived together for 8 years, but only married 1 month ago. We postponed our wedding in early 2020 due to Covid. Is this grounds for appealing the 9-month rule for survivor benefits?
Hi. I'm sorry to hear about your prognosis. No, there is no COVID related exception to the duration of marriage requirement for widow's benefits. The only exceptions to the 9-month duration of marriage requirement for widow's benefits are outlined in the following section of Social . . . Read More
Category: Widow's Benefits
Posted: Feb 8 2022 - 3:57pm
Which Of Our Strategies Are Allowed?
We have a few SS claiming cases to compare. We’re not exactly sure how suspending payments works. Here is our basic information:
• Tom was born November 1953 so he is eligible to claim spousal benefits while allowing his own benefit to grow. He will wait until age 70 to claim his maximum benefit of $3700 (per current info from SS).
• Lori was born October 1955 so she has already reached her FRA.
• Lori can claim her benefit at FRA + 2 months in February 2022 (per current info from SS, her benefit at FRA was $1,630, and her max benefit at age 70 would be $2,116 . . . Read More
Category: Filing Strategies
Posted: Feb 8 2022 - 3:44pm
Should I Choose April Or May For My First Check?
I turn 70 on April 11.
I want to max my earnings. I will apply online. should i ask for april or may for first check. thank you.
Robert
Hi Robert. On your application, you should elect April as your month of election to start benefits. Social Security pays April benefits in May, though, so your first payment won't arrive until May.
Best, Jerry
Category: Filing Options
Posted: Feb 8 2022 - 11:55am
Am I Going To Miss A Payment?
I changed my bank from a USAA bank to a Thailand bank. That changes already reflected on my SSA page. However, the dates of past payments have all changed to about the third of the month. It says that for this month February 2022 my deposit went in on 3 February. I did not receive a check on 3 February. I am scheduled to receive it on the fourth Wednesday. It also says that my next payment is going to be March 3. Am I going to miss a payment? Thank you.
Hi. You shouldn't miss a payment. Depending on when your address change was processed, it's possible . . . Read More
Category: Miscellaneous
Posted: Feb 8 2022 - 11:49am
