Who Is Correct, AARP or Social Security?
Please help! I was under the impression that as a divorced disabled spouse about to enter full retirement age I could get half of my ex-spouses social security and let mine grow 8% a year for the next several years. From AARP article:"There is one more exception to deemed filing for divorced spouses. Regardless of when you were born you can file a restricted application if you are entitled to Social Security disability payments." I called social security and they said this was not true. I was married for 20 years and my full social security is less than half of my ex-husbands . . . Read More
Category: Filing Options
Posted: Aug 20 2021 - 7:32pm
How Do I Get My Full Benefit Payments Resumed?
I have been talking to SS for over a year about an over payment that was paid in full in April., I continue to have $184.00 taken from monthly benefits and would like to know how I get my actual benefits from SS.
Hi. If you've repaid your overpayment in full and if Social Security is still withholding part of your benefits, then your repayment must not yet have been entered into Social Security's computer system. The reason for that could depend on where you sent the repayment, or it could just reflect a backlog in handling such repayments.
There' . . . Read More
Category: Social Security Overpayments
Posted: Aug 20 2021 - 2:20pm
When Should My Wife File For Spousal Benefits?
Hi Larry, I turn 65 in December and plan to start drawing social security in June 2022. I stopped working completely in January 2020 so I know there will be a reduction in benefits. My question is about benefits for my spouse. She doesn’t have enough credits to claim social security on her own and assuming she outlives me what risk is there for her that my benefits will be significantly less than while I’m living. When should she file for spouse benefits if she is eligible?
Hi. You don't mention your wife's age so I don't know what her options are with . . . Read More
Category: Filing Strategies
Posted: Aug 20 2021 - 1:01pm
Does It Make Sense For My Wife To Claim Off Of My Benefits At Age 65?
Larry, my wife (63) is five years older then I am(58) we’ve decided it’s better to wait til full retirement for me. My SS will be much higher then hers. Question is this: does it make sense for her to claim off of my benefits at 65 or wait until she’s 67.7 and collect her full amount. I’m waiting until I’m 70 to collect mine. Thanks
Hi. Your wife wouldn't have the option of claiming benefits from your account until you start drawing your benefits. One of the requirements for spousal benefits is that the worker on whose record you're applying must be . . . Read More
Category: Filing Strategies
Posted: Aug 19 2021 - 8:13pm
Would My Income As A Contractor Be Averaged When Applying The Special Monthly Earnings Test?
I am retiring at the end of August from my W-2 job. I turned 61 in July of this year and am claiming Widows benefits to begin effective September 1 (my first check will be in October). My question -- I understand there's a special rule the first year of claiming SS benefits with regard to the earnings limit. If I work as a contractor in Sept, Oct, Nov and Dec -- how much am I allowed to make? I believe it's $1,580 per month. But do they spread it out over the 4 months? In other words if I make $2,000 or $3,000 in September, and nothing else the remainder of the year.... then am . . . Read More
Category: Earnings Test
Posted: Aug 19 2021 - 7:52pm
Do You Have Any Thoughts On The Benefit Estimates On My Social Security Statement?
Hi, Larry
I turned 66 on August 18, 2020 but elected to wait to start collecting my Social Security benefits so the monthly payments will be higher.( I'm still working) I have a statement from May 10 of this year that says at age 66, I will receive about $2571 per month. I turned 67 yesterday and checked my statement. It now says at age 67, I will receive the same amount. It was my understanding that the longer one waits until age 70, the monthly payout gets higher. Any thoughts on that? - thanks
Charles
Hi Charles. Your Social Security . . . Read More
Category: Retirement Benefits
Posted: Aug 19 2021 - 7:39pm
Should I Return My Sister's Final Payment Or Will The Bank Do It?
My sister died Aug 6. Her SS deposited to her account on Aug 10,, i am co owner of her checking acct. Should I return the SS or will the bank do this?
Thanks, Jeanine
Hi Jeanine. I'm sorry for your loss. Actually, your sister was entitled to that check because it's her payment for July. However, since the deposit was made after her date of death it needs to be returned to Social Security so that it can be reissued to the person(s) who's eligible to receive the payment. You shouldn't need to return the payment yourself., though. All you should need . . . Read More
Category: Social Security Underpayments
Posted: Aug 19 2021 - 2:53pm
How Do I Cancel My Supplemental Security Insurance?
How do I cancel my supplemental security insurance?
Hi. If you're referring to Supplemental Security Income (SSI) benefits (https://www.ssa.gov/ssi/), you'd need to withdraw your application and pay back any SSI benefits you've received in order to voluntarily terminate your benefits. However, if there's been a change in your income or resources that makes you ineligible for SSI payments, then all you'd need to do is report that fact to Social Security. In that event you'd only need to repay any benefits that you . . . Read More
Category: Supplemental Security Income
Posted: Aug 19 2021 - 1:27pm
If I Stay Home To Help My Disabled Wife Would I Be Eligible For Any Additional Funds?
my wife is collecting social security disability needs some help at home. if i chose to stay home to help her and collect my social security is there any added funds to me for that action?? i am currently 64 , will be 65 December 6 and i am not currently receiving social security. please help
Hi. I'm sorry to hear about your wife's impairment. I can only answer your question with regard to Social Security benefits, in which case the answer is no. Your Social Security retirement benefit rate would be calculated in exactly the same manner regardless of the . . . Read More
Category: Miscellaneous
Posted: Aug 19 2021 - 11:51am
What Is The Correct Maximum Possible Benefit Rate?
Hi. So glad to have stumbled onto your site. I plan to buy the software but still have a question I cannot see an answer to here.
The SS site currently states that the maximum possible monthly retirement benefit for 2020 is $3895. Yet their calculator shows an amount slightly over $4000 if I delay until 70. Which is correct ? And does your software correctly deal with whatever the maximum is ?
Thanks
Mark
Hi Mark. There is no single 'maximum benefit rate'. The maximum possible benefit rate that a person could receive at any given time . . . Read More
Category: Calculating Retirement Benefits
Posted: Aug 19 2021 - 11:31am
