I hear people talking about a social security fast forward, pop up plan where you can start collecting at 55 even if your not disabled or your spouse has not passed away. Is there any truth to this?
Thanks
Hi. No. The earliest that you can collect Social Security retirement benefits is at age 62. You are also NOT allowed to opt out of Social Security and receive a refund of your contributions. Nor can you choose to receive a lump sum payment in lieu of monthly benefits.
Best, Jerry
Hi Larry,
I'm 64 yr old (9/17/1957) , currently employed and planning on working until I'm 70. My wife is 5 years younger (6/30/1962). At my full retirement age (66-1/2), ssa.gov estimates my benefit at $3,321. At age 70, my estimated benefit is $4,292. My question is more of a claiming strategy for my wife, who stayed home and raised a family and has earned little income over her lifetime. When would you recommend she start taking her social security benefit? Age 62? Age 67? or 70? Will she get 1/2 of my benefit of $3,321 if she waits until she is 67, or could she get 1/ . . . Read More
I am a widow receiving my survivor Social Security benefit since the age of 60. I am currently 67 and planning to remarry. What effect will this have on my current benefit?
Hi. Your new marriage won't have any effect on your benefits. Remarriages that occur after a person reaches age 60 do not prevent them from qualifying for benefits on a previous deceased spouse's account (https://www.ssa.gov/OP_Home/handbook/handbook.04/handbook-0406.html).
Best, Jerry
My social security changed this year from survivors benefit to my own at 62 I have worked parry time and received a 1099 for 10000 dollars do I pay taxes on social security and my 1099 Mr social security last year was 11000.
Hi. My expertise is limited to Social Security benefits, not income taxes. However, I can tell you that if your 1099 income was for work that you did for someone as an independent contractor, then it likely needs to be reported as self-employment income ( . . . Read More
My father wanted to ask a question about widow benefits but he is physically disabled. My father who is 82 receives $1550 in social security a month. My mother is 69 and never accumulated enough social security credits, but receives $435 social security a month. I’m assuming this is spousal benefits?? If my father were to die would my mother receive the $1550 a month as a survivor benefit? The $435 a month would be replace with the $1550?
Hi. Yes, the surviving member of a couple is eligible for at least the higher of their two benefit rates as long as the . . . Read More
I turn 62 in March 2022. Will I be entitled to the COLA increase initiated in Jan 2022? My estimated monthly amount from the SSA is the same as I was quoted in Sept 2021. I have applied and received my approval letter with the start date given.
Hi. No, your Social Security retirement benefit rate will not include the 5.9% cost of living increase that went into effect with payments in January 2022. Only people who were born prior to January 2 1960 receive credit for the 5.9% COLA in their retirement benefit rate.
Best, Jerry
If I apply for Social Security at age 70 but continue to work well beyond age 70, to say to 75, will my SS benefit automatically adjust each year based on the highest 35 year formulation? If I have 20 years of Substantial Earning under Social Security at age 70 and continue to work after age 70, will my WEP deduction/penalty automatically decrease each year?
Hi. Yes. Social Security retirement benefits are based on an average of a person's highest 35 years of Social Security covered wage-indexed earnings. If you have fewer than 35 years of covered . . . Read More
Hi Larry,
My wife filed for her spousal benefit at her FRA, intending to permit her own benefit accrue until she reached age 70. At age 70 (October 2021) she thought her own benefits would commence. We learned (January 2022) that she is still reciving her spousal benefit, not her own benefit. The IRS advised us that she had not applied yet for her own benefit. She can now apply for her own benefit, which should be higher than her spousal benefit, but is there a way she can recover the difference between her spousal benefit and her own benefit for the approximately four . . . Read More
Love the tool. Super helpful!
There's a big bump coming in SS payments coming in 2022. Have those been already included in your software or should I enter the 5.9% bump myself?
Thanks!
Hi. Yse, our software has been updated to include the 5.9% Social Security cost of living (COLA) increase. You do not need to add the COLA yourself.
Best, Jerry
If I retire before my FRA will that affect my wife’s spousal benefit derived from my social security.
Hi. Claiming your benefits early won't adversely affect your wife's spousal benefit rate, but it would limit her potential survivor benefit rate to the higher of your reduced rate or 82.5% of your primary insurance amount (PIA). A person's PIA is equal to their Social Security retirement benefit rate if they start drawing their benefits at full retirement age (FRA).
The only adverse effect that your retiring early could have on your wife's spousal . . . Read More
Results will differ based on your specific case and filing strategy.