How Would My Filing At Age 62 Affect My Wife's Spousal Benefit?
Larry, I’m the primary wage earner. If I take my SS benefits at 62 how does this impact why wife’s spousal benefit. Will she get 50% of my reduced amount or if she waits until shes70 will she get 50% of what my benefit would have been if I waited until 70?
Hi. Starting your benefits at age 62 wouldn't affect your wife's spousal rate while you're living, but it could adversely affect her survivor rate if you die before her. Unreduced spousal benefits are calculated based on 50% of the worker's primary insurance amount (PIA), which is the amount the worker . . . Read More
Category: Spousal Benefits
Posted: Jan 15 2022 - 11:09am
Can I Draw From My Husband's Social Security At Age 65 And Later File For My Own Benefits At Age 70?
I am 60 years old. I have been married for 16 years with a separation for 2 years. He is 61. We have not yet gotten divorced. I want to retire at 65. Can I draw from his social security benefits at 65 and later switch to my own at full retirement age of 70?
Hi. Assuming that your husband is still living, then no. Only people who were born prior to January 2 1954 were allowed to file for spousal or divorced spousal benefits without being required to apply for their own Social Security retirement benefits at the same time ( . . . Read More
Category: Filing Options
Posted: Jan 15 2022 - 11:01am
What If We Were Common Law Married For 5 Years Before We Were Married 5 Years?
What if we were coming law married for 5 years before we were married 5years
Hi. I assume you're referring to meeting the 10 year marriage requirement for divorced spousal or survivor benefits. Any legally recognized marriage can count toward the 10 year requirement, including a valid common law marriage. So, assuming that the marriages were consecutive, a valid common law marriage could be combined with a traditional marriage to meet the 10 year requirement.
Best, Jerry
Category: Divorced Spousal Benefits
Posted: Jan 14 2022 - 5:08pm
Will I Receive The 5.9% COLA In Addition To Delayed Retirement Credits?
Hi Larry,
I’ve filed a restricted application and currently receive half of my ex-husband’s full retirement amount, letting my own account grow 8%/year. I am now 68. I noticed that the COLA was 5.9% for this past year. If I continue to delay taking my own Social Security will I receive the COLA in addition to the 8% per year? If not, it seems that I should switch to my own now as I could use the extra money! Thanks, Judith
Hi Judith. Yes. Cost of living (COLA) increases are added to a person's Social Security retirement benefit rate starting with the . . . Read More
Category: Cost Of Living Increases
Posted: Jan 14 2022 - 12:37pm
Will Social Security Count My Earnings For The Whole Year Or Just For The Months I Draw Benefits?
Hi Larry, I want to start collecting early social security this year I will turn 62 in April but will not retire from my job until July. My question is on the earnings limit working 6 months in 2022 I will go over the wages limit earned for the year but if social security were to start counting my wages earned from when I start collecting this year I would not go over the wages earned limit as I would only have a few months income plus paid out vacation wages but both would not put me over the limit. Are they going to count my earned wages this year from April or the whole year . . . Read More
Category: Earnings Test
Posted: Jan 14 2022 - 12:14pm
Does The Six Month Retroactivity Limit Also Apply To Dependent Child Benefits?
I have a question on dependent benefits. My daughter passed away in 2020 she had 2 daughters age 16 ant 17 at the time of her passing. They live with my ex-son in law. I told him to call SS and file for dependent benefits for my granddaughters. He never went to SS to file until Dec of 2021. My oldest granddaughter is now 18 and the other is 17. SS said they can only go back 6 months from the day the claim was filled. Does the 6 month also apply for a dependent child claim? My oldest granddaughter will only collect 2 months because of when it was filed and she finished school in . . . Read More
Category: Child Benefits
Posted: Jan 14 2022 - 10:56am
Do You Have Any Recommendations?
Hello Dr. Larry
I am a BU alumni! Wish I had had professors with your expertise.
My husband started collecting SS at 68. Financial planner wants me to collect social security now at 68 and invest the money in stocks. We have 2.5 mil in stocks and bonds and my husband has a teacher pension. Unfortunately 80% of our money is in deferred comp. I read your newest book ( which is terrific).not sure if your Roth chapter applies to me at this age. any recommendations on both issues? Thank you.
Hi. I don't have enough information about your situation to . . . Read More
Category: Filing Strategies
Posted: Jan 14 2022 - 10:15am
Can I Collect Disability Benefits In Addition To My Social Security Retirement Benefits?
I am 76, work full time and receive SSI RETIREMENT. Can I also collect disability due to recovery period for knee surgery??
Hi. No. Social Security disability (SSDI) benefits can't be paid after a person reaches full retirement age (FRA), nor can anyone be paid both SSDI and Social Security retirement benefits for the same month(s).
SSDI and Social Security retirement are basically the same benefit. That is, both benefits are calculated based on the worker's earnings history. The main difference in the two benefit types is that SSDI benefits . . . Read More
Category: Filing Options
Posted: Jan 14 2022 - 9:54am
Why Were My Survivor Benefits Cut Off?
I have been received social security disability for about a year. I have also received widows benefits from my deceased wife. In August I applied for retirement benefits. It was approved in November. For some reason my survivor's benefits cut off and I did not receive a check in December 2021 nor January 2022. Why was the suvivor's benefits cut off?
Hi. I'm confused by what you've described in your question. If you've been receiving Social Security disability (SSDI) benefits, then you shouldn't need to apply for Social Security retirement benefits. In . . . Read More
Category: Miscellaneous
Posted: Jan 13 2022 - 8:08pm
Is It A Smart Move To Start My Own Benefits At 62 And Then Collect My Deceased Husband's Benefits At My Full Retirement Age?
I WILL BE 62 IN MARCH - MY SPOUSE OF 33 YEARS DIED 8 YEARS AGO. HE WAS ON DISABILITY FOR A BRIEF TIME BEFORE HE DIED. I WOULD LIKE TO COLLECT ON MY SOCIAL SECURITY STARTING IN MAY OF 2022 - THEN AT MY FULL RETIREMENT AGE I WOULD LIKE TO COLLECT HIS SOCIAL SECURITY. WHICH WILL BE MUCH HIGHER THAN MINE WILL EVER BE. IS THIS THE SMART MOVE?
Hi. I'm sorry for your loss. Yes, it certainly sounds like what you have planned is your best option. In most cases when a person is potentially eligible for both Social Security retirement benefits and surviving spousal . . . Read More
Category: Filing Strategies
Posted: Jan 13 2022 - 12:08pm
