How Old Do I Have To Be To Get Social Security?
My question is if am getting retirement how old I have to be to get social security I be 65 in May
Hi. I'm not sure if I understand your question. As long as you have at least 40 quarters of Social Security coverage you can start drawing Social Security retirement benefits as early as age 62. However, the earlier you start drawing prior to age 70, the lower your monthly rate will be.
You may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to . . . Read More
Category: Filing Options
Posted: Nov 1 2021 - 8:26am
If You Stop Working At Age 62 But Wait Until Age 67 To Collect Do You Get Full Benefits?
If you stop working at 62 but wait till 67 to collect. Do get full benefits or will it be 62 benefits
Hi. Regardless of when you stop working, if you start drawing your Social Security retirement benefits at your full retirement age (FRA) you'll receive your full unreduced benefit rate. That amount is referred to as your primary insurance amount (PIA), and your PIA is calculated based on an average of your highest 35 years of Social Security covered wage-indexed earnings.
Best, Jerry
Category: Benefit Amount
Posted: Oct 31 2021 - 10:02pm
If I File At Age 65 Will My Wife Qualify For 50% Of My Reduced Rate?
My wife is 66 and I am 62. I am the high wage earner. My wife will be taking FRA In March at age 66, 10 months. If I take early benefits at 65 will she qualify for the full 50% spousal benifit of my reduced claim? Should I wait till 67 for her to get the full 50%? Thanks.
Hi. As long as your wife is at least full retirement age (FRA) when you start drawing your benefits, her spousal rate will not be reduced for age even if you start drawing your benefits prior to your FRA. So, if she waits until FRA to start her own benefits and later qualifies for an . . . Read More
Category: Spousal Benefits
Posted: Oct 31 2021 - 9:39pm
Would It Make A Difference If My Sister Takes Her Social Security At Age 65 & 6 Months Instead Of At Age 65?
My sister was born in 1957, so her full retirement age would be 66 and 6 months. Her plan is to take ss when she turns 65. Will it make a difference if she waits to file , at 65 and 6 months benefits wise? Thank you.
Hi. Yes. Social Security benefits are reduced for each month that you start drawing prior to full retirement age (FRA). The percentage reduction applicable in your sister's case would be 5/9ths of 1% per month. So, if your sister claims her Social Security retirement benefits 18 months prior to her FRA her unreduced rate will be reduced for . . . Read More
Category: Filing For Early Retirement Benefits
Posted: Oct 31 2021 - 6:04pm
If I'm Late In Applying For Benefits Will I Get Retroactive Payments?
I'm late in applying for my SS early retirement. I plan to retire 12/31/2021 and had hoped to start receiving payments in January 2022 but I neglected to file in time. If I still apply with 12/31 as my retirement date but I don't start receiving payments for several months, will I get any payments retroactive to 12/31/2021?
Hi. It doesn't sound to me like you're late. You can apply any time though January 31 2022 and still claim benefits effective with January 2022. And, yes, if your claim isn't processed timely then Social Security would pay any back pay . . . Read More
Category: Filing Options
Posted: Oct 31 2021 - 5:52pm
Is It Correct That My Son Has To Start Over And Reapply In Order To Get Half Of My My Wife's Benefit Rate?
My wife receives SS as she is over 62 and retired. Our 31 year old son was declared disabled before turning 22 and receives SSI. I was told (by a friend) that to get half of his mothers SS that we would have to start over and re-apply. Is that correct and if not how do we go about getting half her benfits for him.
Thank you any help that you can provide
Andy
Hi Andy. I wouldn't call it starting over, but yes your son would have file an application in order to become entitled to disabled adult child's (DAC) benefits on his mother's account. He . . . Read More
Category: Disabled Adult Child Benefits
Posted: Oct 31 2021 - 2:15pm
Will My Payment In December Account For November?
I retired on October 29. On October 29 I got a letter telling me how much money I would get in December for the month of November. When I look on the Social Security website it tells me that my payment schedule a zero. Is that taking into account for the month of November? I would assume I should be OK for December
Hi. I'm not sure I'm understanding your question. What I can tell you is that Social Security benefits are paid a month behind, so if November is the first month you qualify to be paid benefits then your payment for November will be paid in . . . Read More
Category: Payment Dates
Posted: Oct 31 2021 - 2:06pm
Why Doesn't Your Benefit Rate Go Up When You Reach Full Retirement Age If You're Getting SSDI?
Why is it that your Social Security amount won't be higher than what you get for SSDI at 66 and 2 months. Especially when its monies you have worked and earned? I see no fairness in that!
Hi. Social Security disability (SSDI) benefits are calculated based on a person's Social Security covered earnings, as are Social Security retirement benefits. In other words, both benefits are calculated based on the same earnings and using the same basic calculation formula.
The only difference between the calculation formula for SSDI benefits vs. unreduced . . . Read More
Category: Benefit Amount
Posted: Oct 31 2021 - 1:15pm
Can My Employer Use A Special Pay Code To Report My Christmas Bonus As A Gift?
Hi Larry. I am on disability and am earning about $50 less a month than my limit at a part time job. My question is about a possible Christmas bonus. Is there a pay code that my employer could use that establishes a bonus as a gift and not earned income? As I say I am operating just below my limit so I believe any bonus that is considered earned income would violate me (for the last time). Or do I need to tell my employer not to give me a bonus to be safe? Thanks.
-Don.
Hi Don. Bonuses are considered as earned income, so your employer couldn't . . . Read More
Category: Disability Benefits
Posted: Oct 30 2021 - 5:24pm
Can My Mother Collect Benefits Based On Her Living Ex-Spouse's Record?
Mother married for 20 years then divorced then remarried another man then widowed . Can she collect based of her living ex spouses record (first marriage)...fyi she is currently 74 and collecting on her own record since she made more than her deceased 2nd husband.
Hi. Possibly. Subsequent marriages don't bar a person from being able to qualify for divorced spousal benefits on a former spouse's record, provided that the subsequent marriage(s) has ended in death or divorce.
However, as long as her ex-husband is living, your mother would only be . . . Read More
Category: Divorced Spousal Benefits
Posted: Oct 30 2021 - 5:11pm
