I turned 70 in April 2021. I am already receiving SSI. Will I receive the COLA benefit in 2022?
Hi. Yes. In fact, all Social Security cost of living (COLA) that occur after a person turns age 62 are added to their Social Security retirement benefit rate regardless of whether or not they've started drawing benefits.
Best, Jerry
I am currently receiving survivors benefits and want to start my own benefit Jan 2022. I called the SS office in my area and was told I could file online, even though I am currently receiving my late wife's survivor benefit. I was skeptical, but went online and was surprised that the website did indeed allow me to file my application. Do you think it will go through? Has anyone else in these circumstances done this? Did SS come through for them?
Hi. I can't say for sure, but if you applied online and if it was accepted by Social Security then it should be . . . Read More
Started taking benefits May 2018 (age 68 Apr 2018). In Apr 2019 (age 69) applied for benefits withdrawal. Application rejected saying it should be within 12 months of entitlement (i.e. within 12 months of 66 age). Is this correct? Appeal also denied. Is my understanding correct? If so how to rectify?
HI. 'Entitled' to benefits means that you are eligible for and have applied for your benefits. You would have been eligible for benefits as early as age 62, but your first month of entitlement (MOE) would be the first month you claimed and were approved for . . . Read More
If I collect my spouse's benefit now and I want to start collecting my benefit, is this something I can sign up for online before I turn 70.
Thank you,
Deb
Hi Deb. I'm not 100% sure if you'll be able to file online, but there's nothing on Social Security's website that says that you can't. I would suggest trying to file online at https://www.ssa.gov/benefits/retirement/, and if you're unable to do so successfully you can call Social Security to apply by phone. You can't apply more than 4 . . . Read More
I turn 67 in October and plan on retiring in January, 2022 and starting my benefits at that time. Do I get and creidts for waiting 2 years past 65? I've heard of getting 6 months worth of benefits but don't know how to get it
Hi. Since you were apparently born in 1954, your full retirement age (FRA) for Social Security retirement benefits was the month you turned age 66. If you had started drawing your benefits at age 65 your benefit rate would have been reduced for age. Your rate won't be reduced for age since you didn't start drawing early, plus you'll . . . Read More
This is a bit complicated but... I signed up online for both Retirement and Disability at age 64.6 yrs old. The Retirement started paying before the Disability was approved. Once the disability is approved should I withdraw my application for Retirement so that I can accrue the 8% from FRA to 70 yrs old? Also in the mix, my ex-husband (we were married for 13 yrs) is unwell, how will all this play out if I switch to Widows at FRA? My own Retirement would be higher than the Widows if I let it build up to age 70. Not sure how to juggle all this. Please advise... Thank you
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Hello, I am currently 61 about to turn 62 this month. I am on SSDI since Aug 2020. I'm recieving $1747 after my payment for AandB Medicare. What happens when I reach my retirement age? Will I collect that as well? Or at least get that amount of which I would recieve if I retired? What other benefits am I allowed? My husband works I get medical ins through his WORK, due to offices being closed still because of COVID it's not possible to just go in. Not sure where to find this information. Thank you.
Hi. No. Nothing will change when you reach age 62 or full . . . Read More
I am 58 years old. I have been on disability for about a year. Social Security backdated my claim to when I applied which makes it not quite three years of payments altogether. My husband was also on Social Security disability for about four years. He has passed away and I have applied for his benefits and I was denied except for $255 death benefit. I was told that was all I qualified for. It is my understanding that that if I was on disability and at least the age of fifty that I would get his benefits. Which one is correct?
Hi. I'm sorry for your loss. . . . Read More
Hello Mr. Kotlikoff,
I am 63 years of age, born June 8, 1958. I am about to loose my job on November 7, 2021 because of a mandate.
Finding another job outside of healthcare will be difficult, but not impossible. It will take some time. So my question is am I eligible to start taking social security "benefits" ? at my age ? I realize the earlier one starts the less one gets per month. If so, what do I need to learn about maximizing the minimum amount I would get per month ? If I can apply for and starting receiving SS income, and I find another job what happens to . . . Read More
Hi Larry
As a retired CFP I volunteer my time for financial education and have been asked to write an article for a local seniors newspaper, on the Social security spousal benefit. I'm having a heck of a time finding a direct answer to a question on the calculation of the Excess Spousal Benefit (ESB) Let's use an example to clarify:H&W married 30 years and both have SS benefits based on their work record. W begins reduced benefit based on her record at 62 with a PIA of $800. H waits to age 70 and begins his then with a PIA of $2,500 and W at that time is age . . . Read More
Results will differ based on your specific case and filing strategy.