Can I File For Social Security, Take A Six Month Retroactive Payout, And Suspend Payments?
I am 69 and need to file for Social Security. Can you file for Sociqal Security, take 6 months retroactive payout and suspend payments? If the retroactive pay sets the rate back six months, how long can the benefits be suspended?
Hi,
You could elect to receive up to 6 months of retroactive benefits when you apply for your Social Security retirement benefits, but you couldn't voluntarily suspend your benefits any sooner than the month after the month you make your request. So, for example, if you apply for benefits in January 2021 you could choose a . . . Read More
Category: Filing Options
Posted: Jan 21 2021 - 12:36pm
Is What My Wife Was Told Correct?
Hi Larry. My wife is about to turn 64. Her FRA is 66.5. I recently talked to S.S. and asked if my wife could take spousal without taking her S.S. I was told she would have to take her S.S. before she would be eligible for spousal, and that she would have to wait until her FRA before she was eligible for spousal. I was told the law had changed in January 2020 and that deeming was no longer valid. I read "Get What's Yours" and it seems if the law changed as I was told, a lot is no longer valid. Can you comment?
Hi,
The 2015 Social Security amendments . . . Read More
Category: Filing Options
Posted: Jan 20 2021 - 5:53pm
Is It True That Moving Funds From A 414h2 Plan To An IRA Could Reduce A Person's Social Security Benefit?
I have a client with a 414h2 plan from a county hospital where she didn't pay into social security. Someone told her that if she moved that plan to an IRA, it would qualify as WEP and reduce her social security benefit. She has asked social security and has been given different answers. Any help you can provide is appreciated.
Hi,
I'm not familiar with 414h2 plans, but if your client collects a pension, or payment(s) in lieu of a pension, that's based on work and earnings that weren't subject to Social Security taxes, then her Social Security . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Jan 20 2021 - 5:43pm
What Can We Do About This?
After reading your book and using your Social Security software, my wife (DOB March 1954) began receiving her retirement benefit at age 64. Because I (DOB July 1951) was grandfathered because of my age, I have been receiving a spousal benefit that started at the same time my wife started receiving her retirement benefit. Starting August 2021, I expect to receive my retirement benefit with full voluntary delayed retirement credits (VDRCs) unreduced by the spousal benefits I have received. My wife plans to suspend her retirement benefit effective July 2021 in order to start . . . Read More
Category: Suspending Retirement Benefits
Posted: Jan 20 2021 - 5:29pm
Will My Husband's SS Be Affected If He Inherits My Pension?
I am receiving a pension and SS which is reduced by WEP. My spouse gets only SS. IF I die he is to receive half my pension. Will either the inherited pension or his SS be affected?
Hi,
I don't know if the survivor pension your husband would receive could be affected, but his Social Security benefits won't be affected if he receives a survivor pension that's based on your work and earnings. The Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) provision can only apply to a person's Social Security benefits if they receive a . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Jan 20 2021 - 7:55am
Is It Possible For A Person To Switch To Their Spouse's Benefit After Receiving Their Own?
My wife and I were both born in 1955. She in February myself in November. We have both continue to work full-time jobs and were not planning on retiring until 2025 when we turn 70. I make 6 times the amount my wife does for our local school district, obviously 1/2 my benefit is greater than her benefit alone. Originally we were going to file and suspend until that was removed. Lately, I have been thinking about her taking her full benefit this year and switching to my benefit in 2025 when I retire. We would have to switch to Married filing separately if we do this. I was . . . Read More
Category: Spousal Benefits
Posted: Jan 19 2021 - 3:59pm
Should I Be Getting A Survivor Check?
I'm 42years old and my husband died a year m half ago,we was together for 14yrs and seprTed for last 10 yrs,our son is 15yrs old now,he lives with me now sence his father passed.am I allowed a survivor check also?
Hi,
I'm sorry for your loss.
Yes, assuming that your son qualifies for child's benefits on your husband's Social Security account, then it sound's like you may qualify for Social Security mother's benefits (https://www.ssa.gov/OP_Home/handbook/handbook.04/ . . . Read More
Category: Survivor Benefits
Posted: Jan 19 2021 - 1:17pm
Is It Possible For My Friend To Now Claim Retroactive Benefits For Which She May Have Been Eligible?
Larry/Jerry -
I’m writing for a friend with a question about retroactive Social Security payments.
Her husband was born in 1935 and passed away in December 2016; he started his Retirement Benefits at age 63. My friend was born in August 1953; she was and is still working. After her husband passed away, she talked to the Social Security office and they suggested she wait until her FRA to collect Survivor’s Benefits. When she went to apply for Survivor’s Benefits in July 2018 (a month before her FRA) the Social Security office told her could have applied “the year . . . Read More
Category: Filing Options
Posted: Jan 19 2021 - 12:33pm
Will My Husband's Belgian Pension Have Any Effect On What He Can Receive From My Social Security Account?
Hi Larry my husband is from Europe he is retired and receiving pension benefits from his country. I will be retiring in 3 yrs 2 months (66.6 age) and as of now pension estimates show I stand to get $2,700 plus per month from Social Security and my husband will get 1/2 of what I will be getting? But what about his pension from Belgium will that affect what he is getting from SSA on my work record? Thank you very much.
Hi,
No. Foreign government pensions are excluded from the definition of a government pension for purposes of the Government Pension . . . Read More
Category: Spousal Benefits
Posted: Jan 19 2021 - 12:22pm
Will I Be Able To Get DAC Benefits Once I'm Divorced?
Hi, I have been disabled since birth. My father unexpectedly passed away in 2019 and my mother gets Widower's Benefits. I was married in 2008, but I am now in the process of getting divorced and it should be finalized within a month to 3 months. I have been separated from my ex-husband & in separate homes since May 2018.
Once my mom found out that I filed for divorce, she said that I needed to apply for DAC benefits after my divorce is final because she was told that I will qualify for DAC Benefits once my divorce is finalized due to being disabled since birth.. . . . Read More
Category: Disabled Adult Child Benefits
Posted: Jan 19 2021 - 12:05pm
