If A Married Couple Files Taxes Separately Is There Still A Income Threshold For Determining If Your Social Security Benefits Are Taxable?
My husband was planning on applying for Social Security next January 2022 when he turns 68. This would allow him to apply for a retirement program in Belize since he would then have a guaranteed income over the requirement for QRP in Belize.I am 14 years younger and planned on continuing to work remotely for at least a year. I make 67k-72k a year. We recently learned that if he takes his Social Security and I continue to work that we will be over the married limit of $44,000 in income a year and that his Social Security will then be subject to taxes... up to 85% . I have seen . . . Read More
Category: Taxation Of Benefits
Posted: May 25 2021 - 9:37pm
Could I File For Spousal Benefits Now?
A judge ordered me to receive Ssi benefits years ago because of my Lupis. Meanwhile my husband had to leave his job he is totally disabled. Im gonna be 63 he is gonna be 65. Could I file for spousal benefits now. They cannot put me on his disability
Hi. If your husband receives either Social Security disability (SSDI) or retirement benefits then it sounds like you might qualify for spousal benefits. I can't tell you for sure, though, because it depends in part on which type of benefit he receives and his primary insurance amount (PIA). Also, if you do . . . Read More
Category: Spousal Benefits
Posted: May 25 2021 - 9:32pm
Will I Lose A Month Or More Of Payments If I'm Receiving Railroad Benefits And I File For Social Security?
I want to change from receiving RRB Tier 1 and Tier 2, to receiving social security and Tier 2.
I'm concerned about the timing. Will I lose a month or more of payments because social security takes 2 months to pay from when I file my claim?
Hi. If you're collecting Railroad Retirement (RR) benefits and if you apply for Social Security (SS) benefits, Social Security won't pay you your benefits directly. Instead, they would certify your SS benefit to the Railroad Retirement Board (RRB). RRB then would make any adjustments to your RR benefits and . . . Read More
Category: Railroad Retirement & Social Security
Posted: May 24 2021 - 9:46pm
Can I Retire At 62 If I'm On SSD?
I'm 58 and on ssd for lung cancer can I retire at 62 or will I lose some of my money i receive now
Hi. If I understand your question correctly, you're receiving Social Security disability (SSDI) benefits and you want to know if you can collect Social Security retirement benefits at age 62. You can't collect both SSDI and Social Security retirement benefits at the same time. You could switch from SSDI to Social Security retirement benefits at age 62, but if you do so your monthly rate would then be reduced for age.
For example, say that a person is . . . Read More
Category: Filing Options
Posted: May 24 2021 - 9:29pm
When We Receive A COLA Next Year Will They Add The COLA To Both My Husband's Benefit And My Spousal Benefit?
I am receiving spousal benefits. Next year when we receive COLA, will they add COLA to my husband's PIA and recalculate the amount I receive in spousal benefits each month?
Hi. Yes. Percentage cost of living (COLA) increases are applied to all Social Security benefits, including spousal benefits.
Best, Jerry
Category: Cost Of Living Increases
Posted: May 24 2021 - 9:25pm
Will I Still Qualify For Social Security At Age 62 If I Haven't Worked In 21 Years?
Hi my question is if worked for 17 years in one job and 3 years in another job when younger but have not worked in 21 years due to being a unpaid caregiver for a family member do I still qualify for social security at 62 years old?
Hi. You only need to have 40 quarters of Social Security covered work, or the rough equivalent of 10 years of work, to be able to qualify for Social Security retirement benefits as early as age 62. However, Social Security retirement benefits are based on an average of a person's highest 35 years of Social Security covered wage- . . . Read More
Category: Retirement Benefits
Posted: May 24 2021 - 9:14pm
Can My Friend Now File For A Lump Sum Of The Benefits Since He Filed And Suspended?
Read your book, terrifc! Question: Got a call from a 71 year old who apparently file and suspended at age 66. The thought was he'd claim a lump sum back to age 66 when he reached 70. He forgot about it and never claimed any benefit! So at just over 71, what are his options. Can he file for the lump sum back to 66? Or just back file 6 months for his age 70 MIB. Thanks
Hi. If your friend voluntarily suspended his benefits after April 29 2016, then the answer is no. If he filed for and suspended his benefits prior to April 30 2016, then I can't give you a . . . Read More
Category: Suspending Retirement Benefits
Posted: May 24 2021 - 9:02pm
Can I Collect Survivor Benefits Right Now?
Hi Larry, my husband passed away in 2018, he was ten years older than myself, I was a widow at 49. Can I get survivors or widow's benefits right now or do I have to wait until I'm 60 or 62 to collect, my husband would of been 63 this year. Thankyou for your advice
Hi. I'm sorry for your loss. Unless you have a child in your care is either under age 16 or disabled who's eligible for survivor benefits or if you are disabled, then the earliest that you could qualify for widow's benefits is at age 60. The full requirements for widow's benefits are outlined in . . . Read More
Category: Widow's Benefits
Posted: May 24 2021 - 8:52pm
Should I Start Drawing Benefits Sooner If I Believe That Social Security Is Going To Go Broke?
Hi Larry hope this finds you well. Read your book ( Get What's Yours ) revised. I am single ( divorced after 6 years of marriage ) I make above the $147,000.00 cut off - However I turn 66 Dec 3rd 2021. I keep hearing SS will run out of money ( 2035 ). Would it not be beneficial to me to start taking my benefits at FRA instead of wait till I'm 70. That way I should receive something instead of gambling on there being no social security when I reach my 70th birthday 2025. I am in great health, house, car all paid off. No outstanding debt. What do you think ?
. . . Read More
Category: Filing Strategies
Posted: May 24 2021 - 8:30pm
Since My Husband Is 100% Disabled Through The VA, Can He Start His Social Security Benefits Early With No Reduction?
My husband is 100% disabled through the VA and is 60 years old. My question is if he decides to take early social security benefits at 62, will he receive his full social security benefits due to his disability as if he was 67, or will they be reduced because he is 62.
Thanks
Hi. No, the fact that your husband is classified as disabled by the VA would have no effect on his Social Security benefit rate. If he files for Social Security retirement benefits at age 62, his benefit rate will be reduced by just as much as if he wasn't receiving VA . . . Read More
Category: Retirement Benefits
Posted: May 24 2021 - 8:22pm
