When I File For My Social Security Will They Count The $50K Per Year That I've Been Receiving From My Long Term Disability Policy?
Hello, I've been on long term disability since 2003 (age 40) on a private policy, non taxed, at about 50k a year.
I'm now 58 and still on that policy till I'm 65. when I apply for for social security at that point, will my benefits be minimum because I haven't contributed for so long, or do they take the 50k a year from disability and count that as income anyway?
Please help. Thank you
Hi. No, you won't receive any credit for the income you receive from your long term disability (LTD) when calculating your Social Security benefit rate because . . . Read More
Category: Calculating Retirement Benefits
Posted: Jun 12 2021 - 4:28pm
Which Takes Priority, WEP or GPO?
Hi Larry,
I have a question regarding WEP and GPO, which takes priority? My spouse will have an $1800/month pension at 66. Prior SS covered work gives her about a $900/mo. SS benefit at 65. We figure she could collect for a year, then start the pension and her SS is reduced to $450, since the max WEP reduction is half?. When I decide to start my SS, I will get about $3000 per month. Her spousal would be $1500/mo., but GPO would reduce that by $1200 (2/3 of pension), netting $300 per month correct? Will she have the option of staying with her own SS benefit and getting the . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Jun 11 2021 - 8:54pm
Does The $18,960 Earned Income Limit Just Apply To Spouses?
The social security website says on survivor benefits the income earned limit is $18,960. Is this just for spouses or adult children receiving benefits under a deceased parent as well?
Hi. The Social Security earnings test to which you refer applies to anyone receiving non-disability benefits prior to their full retirement age (FRA). People receiving disability benefits, including those receiving disabled adult child's benefits and disabled widow's benefits, are subject to a different and more restrictive earnings limit. For detailed information on . . . Read More
Category: Earnings Test
Posted: Jun 10 2021 - 2:41pm
Can My Wife And I File At The Same Time?
I have been collecting spousal benefits under my restricted application since I turned age 66. I am turning 70 this coming November 4 and will be applying for my own benefit to start then. My wife will apply for a spousal benefit to begin then as well. My question is this: can we each apply at the same time for these changes to benefits or should I apply first and wait for for a confirmation of my application before she applies for hers? I intend to do this 4 months before my November 4 birthdate.
Hi. You and your wife can potentially file your applications . . . Read More
Category: Filing For Benefits
Posted: Jun 10 2021 - 2:29pm
Could I Possibly Lose My Disability Status And SSDI If I Apply For Survivor Benefits?
I was told by the Social Security Office today that if I request ex-spouse survival benefits, I would have to be re-qualifed for SSD which I have been receiving for over 5 years because I am not 60 & that I could possibly lose my disability status & SSDI... Is this true?
Hi. Theoretically, Social Security could do a medical review of your disability status at any time, so filing for disabled survivor benefits wouldn't make you any more vulnerable to losing your disability status. In many cases if someone is drawing Social Security disability (SSDI . . . Read More
Category: Miscellaneous
Posted: Jun 9 2021 - 10:24pm
Can I Collect My Full SS Since I'm Living In Arizona?
Retired CA teacher. Currently living and plan to spend rest of my life in AZ. Being AZ in NOT a Windfall tax state, can I collect my full SS when I go to apply? Yes
Hi. Social Security is a federal program, and the same rules apply no matter what state you live in. If you're receiving a pension based on your earnings that were exempt from Social Security taxes, then your Social Security retirement benefit rate will be subject to reduction due to the Windfall Elimination Provision (WEP) regardless of where you worked and where you live ( . . . Read More
Category: Miscellaneous
Posted: Jun 9 2021 - 10:18pm
What Type Of Income Counts Toward The Income Limit?
I plan on retiring this year at age 62 taking widower benefits (spouse past young) and my minor son will take mine. I plan on working up to the allowable amount, but want to make sure the following does not count toward that amount:
Son monthly amount
Any stimulus if that should happen
The monthly child tax credit that is beginning
Any “profit” from IRA’s, investments or non vested pensions that I don’t plan on using now.
Thank you so much!
Hi. I'm not sure that I fully understand your plan, but your son can't qualify for . . . Read More
Category: Earnings Test
Posted: Jun 9 2021 - 10:11pm
Can My Wife Collect A Spousal Benefit On My Account?
My 67 y.o. (This Dec.), Wife, and me, (72 this Oct. ) Both collect SS.
Can my wife collect a spousal on my account , with the new collected amount being larger than her current collected amount ?
Thank you.
Hi. Your wife can apply for spousal benefits, but she'll only qualify if 50% of your primary insurance amount (PIA) is more than her own 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). If your PIA is more than twice as much as your wife's PIA, . . . Read More
Category: Spousal Benefits
Posted: Jun 9 2021 - 10:03pm
When Should My Wife Submit Her Application?
I am trying to confirm or refute what a Social Security Administration person said on the phone when I called this morning. I am trying to learn when the appropriate time is for my wife to submit an application to switch from drawing a spousal benefit on my account to drawing on her own account.
Facts: My wife was born October 10, 1951; I was born November 5, 1951. In July of 2017, just short of my age 66, I applied for my own Social Security benefits, telling the SSA that I wanted to begin receiving my full-retirement-age benefit in the earliest month possible without . . . Read More
Category: Filing For Benefits
Posted: Jun 9 2021 - 9:55pm
Will My Husband Lose His SSDI Due To His Earnings?
I would like to ask about SSDI. My husband is legally blind and receiving SSDI. His TWP has ended long time ago. He started working last Jan 2019 and the is below the SGA but on Sept, Oct 2020 and March 2021 he is earning more than the SGA. Will he lose his SSDI and overpay it? The SSA is asking him to provide paystubs.
Hi. Social Security normally bases their decision on whether or not a person's earnings are substantial gainful activity (SGA) on average monthly earnings. So, the fact that your husband exceeded the monthly SGA level in a couple months . . . Read More
Category: Disability
Posted: Jun 9 2021 - 9:17am
