Why Isn't My Benefit Much Higher Than My Husband's Even Though I Paid In A Lot More?
I started taking SSA in Feb 2020 which was one month after my birth month and at age 62. I paid into SSA $102,000 more than my spouse who is 17 years older than me. He started taking SSA at 62 also which means he has been taking it since Aug of 2003. He paid $56,044 into SSA in total. When I got my SSA tax statement this year my benefit total paid to me last year was $21310 for 11 months. My husband's benefit paid to him for 12 months was 21271.20. I can't for the life of me figure out why I would be getting close to the same benefit as he when I earned so much more than him . . . Read More
Category: Calculating Retirement Benefits
Posted: Jan 15 2021 - 9:40am
Am I Calculating My Wife's Future Spousal Rate Correctly?
At full retirement age (“FRA”) my wife will start receiving her SS benefits based on her records of $628 per month. DOB is June 24, 1955; FRA is 66 years + 2 months or August 24, 2021.
I will not start receiving my SS benefits until age 70 (currently shown as $4,074 per month). The amount currently shown for my benefits at FRA (66) is $3,263. My DOB is March 5, 1954.
My question is what will the supplemental amount for the spousal benefit be for my wife when I start receiving benefits at age 70? I think it is: 50% of $3,263 = $1,631.50 less her benefit of $628 or . . . Read More
Category: Spousal Benefits
Posted: Jan 14 2021 - 1:06pm
Will It Jeopardize My Spousal Rate If I File For My Own Benefits Retroactively?
My FRA was in February 2020 at age 66. I did not file for social security benefits at that time. It is now January 2021 and I am considering filing a six-month retroactive claim under my own record. I do understand that my monthly benefit will be calculated based on what I would have been receiving then if I had filed at that time. I do know that I will receive the previous six months in one lump sum and moving forward will receive a reduced amount. As stated before I would be filing under my own record. I am married. My husband is not drawing social security. He will not reach . . . Read More
Category: Filing Options
Posted: Jan 14 2021 - 12:38pm
Can My Mother Get My Dad's Social Security Benefits?
Hi,
My dad is 70yrs old and is a Social Security pensioner even if he is not a US Citizen. Sadly he passed away last Dec of 2020. My mom is 63yrs old and they have been married for 37yrs. My mom is living outside of US. We just want to ask and know if my mom can get the Social Security benefits of my dad. Thank you!
Hi,
I'm sorry for your loss.
Your mother wouldn't be able to continue drawing your father's actual benefits, but it's possible that she may qualify for survivor benefits. I can't tell you whether or not your mother would be . . . Read More
Category: Survivor Benefits
Posted: Jan 14 2021 - 12:20pm
Is It True That I Could Get Social Security Benefits If My Ex-Husband Dies?
I have heard someone say this is true that I can get the social security benfits when my ex husband would pass if i were 65 I am 61 right now and we were married 13 years and divorced and i did not ever remarry And i would get money before his ex wife too is this or has this any truth to ti.
Hi,
Yes, it sounds like you would probably meet the requirements for surviving divorced spousal benefits if your ex dies. Your ex's marital history aside from your marriage wouldn't matter to your eligibility. Even if your ex has another spouse or ex-spouse(s) . . . Read More
Category: Divorced Widow(er) Benefits
Posted: Jan 13 2021 - 8:38am
How Do We Report An Address Change?
My husband and I came to Florida & stayed because COVID hit. We’ve decided to homestead here and I’m unable to figure out how to change our mailing address. Can you help?
Hi,
I assume you're referring to changing your address for Social Security purposes. If you sign up for an online account, you should be able to change your address on Social Security's website: https://www.ssa.gov/myaccount/change-of-address.html. Otherwise, you'll have to call them at 1-800-772-1213.
. . . Read More
Category: Miscellaneous
Posted: Jan 12 2021 - 12:22pm
If My Husband And I Are Both Drawing Benefits And One Of Us Dies, Would The Survivor Only Get One Benefit?
If both me and my husband are currently drawing Social security if a death occurs we would only get one pay out monthly correct.
Hi,
Yes, in most cases as long as the surviving member of a couple is at least full retirement age (FRA), they are paid roughly the higher of their two benefit rates.
Best, Jerry
Category: Survivor Benefits
Posted: Jan 12 2021 - 9:35am
Is This Normal?
Hi, I'm writing you because my father passed on November 28, 2020. He was in assisted living and had a payee to take care of his funds. He had a saving account under the payees name which he received from Social Security. The Payee claims that everything that was in the saving account was sent back to Social Security. My mom contacted Social Security with the understanding that she would be entitled to the money he had left in the bank. Social Security informed her that they have nothing to do with his savings account before his death. My question is, Is it normal for a payee . . . Read More
Category: Miscellaneous
Posted: Jan 11 2021 - 11:41am
Should My Financial Advisor Be Liable For Giving Me Incorrect Information?
I am writing to you for some advice regarding my Social Security Benefits.
I was working with Northwestern Mutual with a paid financial advisor. Four years ago, he helped to combine three different 401(k) accounts into one. He advised me to start collecting my PERA/MERF pension benefits at age 62 which I did. I had been consulting with him about future retirement and thought I had all my ducks in a row. He advised me to start collecting my Spousal SS benefits at age 66 as I continued to work full time. As Covid hit, I decided to retire from the healthcare field earlier . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Jan 11 2021 - 10:20am
If My Wife File For Her Benefits At FRA Can She Also Apply For Spousal Benefits When I Start Collecting My Benefits?
Hi Larry,
My question pertains to spousal benefits. I was born in 1955 and my wife's birth year is 1960. My Social security will be $3095 at FRA and hers will be $905. I intend to collect my SS at maximum age 70 years. If my wife, applies for her SS at FRA, can she also apply for spousal benefits when I start collecting my increased SS when I turn 70? If so, will her benefits be sum of her initial amount plus half of mine ($3095). Thank you
Hi,
Whenever your wife applies for either her own benefits or for spousal benefits, she'll be deemed to be . . . Read More
Category: Filing Options
Posted: Jan 10 2021 - 4:00pm
