Can I Claim Retroactive Spousal Benefits Based On A Restricted Application And Later Claim My Own Benefits Retroactively?
I turned 70 1/3/21. My spouse turned 66 summer of '20 and started taking her SS workers benefit. I contributed to an HSA thru 2020 and so need to wait until 7/1/21 to begin taking SS benefits b/c Medicare starts 6 mos before enrollment in order to finish 2020 contributions to my HSA. To get my max due benefit, can I file a restricted appl. for spousal benefits only on 7/1 get 6 mos retroactive spousal pymts - and then apply for my benefits (a week or two later?) and get 6 mos retroactive payments of mine? I have received two opposite responses when from different SS employees. . . . Read More
Category: Filing Options
Posted: Apr 26 2021 - 3:11pm
Is It True That I Need To Stop Contributing To My HSA Account Six Months Prior To When I Retire?
I am turning 65 in September and plan to retire on December 31. I contribute to an HSA account and have been told I need to stop 6 months before the end of the year if i want to retire. Is this true? I am trying to put as much as allowed into my HSA to use in retirement.
Hi. Here is what you need to know. You can't file for Social Security benefits to start at age 65 or later without also applying for Part A of Medicare. When you apply for your Social Security benefits, your Part A coverage will start automatically with the earlier of a) the month in . . . Read More
Category: Miscellaneous
Posted: Apr 26 2021 - 12:39pm
Should I Pay Myself The Maximum Allowed?
Hi,
I am self-employed. My company is a S Corp. Right now I'm paying myself $90k a year but I take several bonuses during the year which are not included in my paycheck. Should I pay myself the max allowed so my benefits will be increased or will the bonuses which "pass thru" count towards my benefits? I am 59 and would like to retire at 65 even though my FRA is 67.
Hi. The only types of income that can be used to calculate Social Security retirement benefits are wages and self-employment income on which you pay Social Security or self-employment . . . Read More
Category: Earnings Subject To Social Security Taxes
Posted: Apr 25 2021 - 12:28pm
What Benefits Would My Son And I Be Eligible For If His Father Becomes Disabled?
My son who is 22 autistic and bipolar is going to a Social Security hearing in May 2021. It’s heavily documented it so I think he will get it. He was diagnosed in the fifth grade And 4 other times by clinical psychologists. He is severely impaired and cannot hold a part time or full time job. I divorced in Aug. 2019. I am pretty sure my ex-husband who will be 62 in August has dementia, bipolar, or both??I have depression, had a knee replacement in December 2018, have been the primary caretaker of my autistic son and I’m not in great mental or physical health. I will be 59 in . . . Read More
Category: Eligibility For Benefits
Posted: Apr 24 2021 - 9:57am
Why Am I Not Allowed To Apply Online For Divorced Spousal Benefits?
WHY, OH WHY...am I not allowed to apply online for spousal benefits from my ex-husband's social security which is a far higher dollar amount than mine? My birthday is January,1955. I set a telephone appointment up in February 2021for April from a Soc. Sec. office near where I work. I received a confirmation letter for the telephone appt. and also a telephone call confirming the appt. the day before my "supposed" telephone appt.. I never received the call and ended up having to call Soc. Sec. where in which I was told, "the telephone appt. had to be made from a office near my " . . . Read More
Category: Filing For Benefits
Posted: Apr 24 2021 - 9:43am
Can I Draw Spousal Benefits From My Wife's Record If My SS Is Reduced By WEP?
My S/S after WEP is 380.00. Can I draw Spousal benefits from my wife's record which would be 489.00 & avoid the WEP reduction ?
Hi. The Windfall Elimination Provision (WEP) doesn't affect spousal benefits. However, if your non-Social Security covered pension is based on your work for a government agency in the U.S. then any spousal benefits for which you would otherwise qualify would almost certainly be offset by 2/3rds of the amount of your government pension. That's due to the Government Pension Offset (GPO) provision, which is explained in the . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Apr 23 2021 - 12:50pm
What Will Happen When I Turn 62?
Hello Larry!
I am a 100 % disabled vet, drawing full disability.
Also a retired postal employee drawing FERs retirement along with the FERs supplement. I retired at 56 having reached my minimum retirement age. PROBABLY should have been medical retirement from post office but was not.
I understand that my Supplement or "Gap" payment will stop at 62. What will happen then?
Will my FERs annuity convert to SSA?
Does any of this have any impact on my SSDI monthly award also?
Awaiting your reply.
Thank you in advance.
Respectfully . . . Read More
Category: Disability Benefits
Posted: Apr 23 2021 - 10:20am
Will The COLA Increases Since My Husband's Death Apply To My Widow's Benefit?
My spouse was collecting Social security when he died in 2012. His monthly benefit at that time was$2425. If I begin receiving his benefit this year when i turn 64 will the COLA increases between then and now apply to my 82.5%?
Hi. I'm sorry for your loss. Yes, the Social Security cost of living increases that occurred since your husband's death would be added when calculating your survivor benefit rate. Your rate wouldn't necessarily be just 82.5% of your husband's primary insurance amount (PIA), though, unless he started drawing his benefits at age 62 . . . Read More
Category: Widow's Benefits
Posted: Apr 22 2021 - 6:00pm
Will My Wife's Spousal Benefits Be Reduced When She Starts Receiving Her UK State Pension?
My wife and I are US citizens aged 68 and 67. We both worked in the UK for 30 years. I am receiving a UK state pension and a US social security pension which is reduced by the WEP. My wife receives a US spousal pension ( she did not have enough points to apply for a SS pension) which was determined at the same time as my WEP reduced pension.
My wife is entitled to a UK state pension. When she claims that will she need to notify the SSA and will it reduce her spousal pension?
Regards
William
Hi William. No, your wife's spousal benefits won' . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Apr 22 2021 - 3:24pm
How Will Six Years Of Zero Earnings Affect My SS Benefit?
Hi larry. I h ave put in 29 years of work. and have decided to stop working. I am now 54.6 years. How will this last 6 years of zeros (total not adding up to 35 years) effect my SS benefit
Hi. Including 6 years of zero earnings in a 35 year earnings average obviously lowers the average annual amount. For example, if a person earned an average of $50,000 per year for 29 years, their 35 year average earnings would be $41,428.57. That lower average would in turn result in a lower Social Security retirement benefit rate for that person.
However, the . . . Read More
Category: Calculating Retirement Benefits
Posted: Apr 22 2021 - 10:06am
