What Should We Do With My Daughter's Conserved Benefits?
I have deposited some Social Security Disability benefit funds into a MOST 529 Education Plan for my daughter. She turns 18 tomorrow and like the previous question to you, we received the conserved funds to be returned back to SSA letter. Since this education plan is only to be withdrawn for educational purposes (we have to pay the school directly), there is a huge penalty for withdrawing for non-educational items. Should this account be transferred directly into my daughter's name as payee and beneficiary to stop SSA from wanting those funds back? Her savings account has her . . . Read More
Category: Representative Payee
Posted: Feb 18 2021 - 11:46am
What Went Wrong Here?
Hi - I retired from the federal government in Nov 2020. I also turned 62 in Nov 2020 and filed to receive social security benefits. I used the MySocialSecurity website to file my application for retirement benefits online and got a letter from SSA in Sep 2020 stating my benefits would start in Dec 2020 and I would be paid around Jan 12, 2021. And monthly benefits would be paid around second Wednesday every month. So far so good. Then I got another letter from SSA around Jan 2021 stating my benefits were being denied because I earned income in 2020 that exceeded the income . . . Read More
Category: Earnings Test
Posted: Feb 17 2021 - 6:14pm
Am I Able To Pay Back My Own Benefits And Revert To Drawing Survivor Benefits?
Hi,
I recently had my wife pass away last year. I started taking widow benefits but I changed over to my benefit at age 67 last month. I realized I have made a mistake and would like to pay back my benefits and revert back to my wifes widow benefits to delay mine and get the 8% credit per year. Am I able to do this now? Or did I make a mistake I can't undo?
Hi, I'm sorry for your loss. Yes, it sounds like you should be able to withdraw your application for Social Security retirement benefits as long as you haven't previously filed and withdrawn a . . . Read More
Category: Withdrawing a Benefit Application
Posted: Feb 17 2021 - 6:00pm
Can My Husband And I Sell Our Home And Split The Money Without Affecting Our Disability Benefits?
My husband is on social security disability because he has stage 4 lung and brain cancer. We were planning on getting a divorce when he was working i hadnt been able to work for 7 years before he was diagnosed. I am 62 and on disability myself now he is 49 and been on disability for 2 years. I didn't leave cause i thought he would need help but he is doing good. Now if we divorce now with both of us on disability can we split the money from the sale of the house so i can buy another one closer to doctor’s and hospital without it affecting our disability thats all we have to . . . Read More
Category: Disability
Posted: Feb 17 2021 - 11:15am
How Will My Husband's Overpayment Affect Us?
Larry, my husband is 55 years of age and has been collecting Social Security Disability benefits for about 6 years now. He told me recently that he was notified by SSA that he earned too much, because he held a part-time job as supplement income, and may have to pay the excess earnings back. I'm very concerned about how his situation will affect my future earnings, if at all. We've been married almost 28 years, so I've surpassed the 10 year threshold. I should be able to draw from his benefit as the higher wage earner, but I'm not certain how the l news will affect us. Please . . . Read More
Category: Social Security Overpayments
Posted: Feb 17 2021 - 10:57am
Do You Think Legislators Will Fix The Benefit Calculation Problem For People Born In 1960?
Hi Larry,
Do you think our legislators will fix the benefit calculation problem for those of us born in 1960?
Hi,
To clarify the significance of your question for other readers, I'll start with a brief explanation. Social Security retirement benefits are based on an average of a person's highest 35 years of Social Security covered wage-indexed earnings. Indexing converts a person's historical annual earnings to amounts more reflective of current day dollars. For example, a person born in 1959 who earned $20,000 in 1991 would have those . . . Read More
Category: Calculating Retirement Benefits
Posted: Feb 17 2021 - 8:36am
Should I Call Social Security?
Hi Larry,
I used maximize my social security to determine when to collect benefits. I started in July 2020 at age 68 1/2. For whatever reason social security started paying my benefits based on January 2020 accruals. I called and they promised that my benefits would be recalculated in early 2021. It's mid February; When in the year will benefits be recalculated. I have no confidence that this will be done correctly. Do I call? Thank you.
Hi,
I answer Social Security questions submitted to this forum, but I don't have access to our software . . . Read More
Category: Delayed Retirement Credits
Posted: Feb 16 2021 - 11:46am
Can I Get A Widow's Pension From Switzerland And Keep My Social Security Benefits?
I am an American and was married to a Swiss man for 7 years before he suddenly died in 2019 at 63. We were living in Switzerland at the time. I am 7 years older than he. I was collecting SS benefits when he died. Since he died , I have moved back to America.
I want to know if I can get a widows pension from Switzerland and keep my SS benefits?
And who can I turn to for information and assistance?
I can’t get any information from the Swiss. They just ignore my inquiries. My SS benefits are so small that I have had to rely on friends for support. I am desperate . . . Read More
Category: Foreign Pensions
Posted: Feb 16 2021 - 11:27am
Do You Have Any Thoughts On My Situation?
I recently started taking social security benefits after waiting 23 months past my FRA. From reading you, I concluded that 23 months of delay past FRA would come to an additional 15.33% in benefit amount (23 x 0.67%). However in January I received on the first 13 months of benefit delay (8.67%). When I call Social Security the national number tells me the state where I filed are the people I need to talk to. The state level people tell me that I have to wait until 2020 taxes are filed before I will get the additional DRC credit. I think I'm getting the runaround! Any thoughts? . . . Read More
Category: Delayed Retirement Credits
Posted: Feb 16 2021 - 11:01am
Do I Qualify For 50% Of My Wife's Benefit?
I'm 69, started collecting social security at 62 (2013); My spouse is 66 & started collecting last August. My current benefit amount is $1143.50; spouse's amount is $2373.50.
Since I started collecting early, do I qualify for 50% spousal benefit?
If not, what is the percentage?
How do I apply?
Thanks
Hi,
No, you apparently don't. You can't switch from drawing your own benefits to drawing just spousal benefits instead. It is possible for a person to qualify for an excess spousal benefit in addition to their own benefit, . . . Read More
Category: Spousal Benefits
Posted: Feb 16 2021 - 10:37am
