Will My Survivor Rate Still Be Reduced If I Earn Too Much To Receive Any Reduced Benefits?
hi,
i filed for survivor benefits early (age 62) in 2019 because i was told i needed to start the process in the usa in order to claim a survivor benefit due from some work abroad in our earlier married years. it turns out that was not true, but i discovered it too late to revoke my application.
in any case, my benefits have been suspended from the beginning because i earn well over the earnings limit, so i have not been paid anything to date.
my question is -- if i continue to work and earn above the limit until my full FRA, will the benefit still be reduced . . . Read More
Category: Survivor Benefits
Posted: Jan 3 2021 - 10:21am
Can I Start My Benefits At Age 69, Then Withdraw And Refile At Age 70?
I have been receiving benefits from my husband's account for three years on a restricted application. I would like to start benefits on my own account for one year at the age of 69. I will then withdraw my application, pay it back and then file again At age 70. I need the extra income but will have the money to pay it back in one year.
Hi,
There's likely nothing to prevent you from following your plan if that's what you want to do, assuming that you haven't previously withdrawn a claim. However, be prepared for potential processing delays. Social . . . Read More
Category: Filing Options
Posted: Jan 3 2021 - 10:10am
Is It Legal For Social Security To Take My Brother-In-Law's Disability Benefits To Repay The Unemployment He Qualified For?
Hi,
I helped my brother in law, who is self employed part time with a residential cleaning business, obtain unemployment in TN when the pandemic started. All his jobs asked him to not clean their homes until the pandemic was over. He was approved for and received the $600 per week plus TN Unemployment.
Because of his age, 64, and a heart condition he has endured for decades, he had applied for Disability before the pandemic started. In August he was told he was put on Medicaid and received $451 for disability. Then in October the disability amount was reduced to $79 . . . Read More
Category: Social Security Overpayments
Posted: Jan 2 2021 - 2:36pm
How Much Can I Claim At Age 70?
Hi, if I stop work at 62 with FRA of 66 and 10 months (3297 dollars) , but claim SS at 70. How much can I claim at age 70?
Hi,
If your full retirement age (FRA) is 66 & 10 months and if your primary insurance amount (PIA) is $3297, then your Social Security retirement benefit rate if you start drawing at age 70 would be roughly $4132 (i.e. $3297 x 1.25333). A person's PIA is equal to their Social Security retirement benefit rate if they start drawing their benefits at full retirement age (FRA). But, if you wait past your FRA start drawing, your . . . Read More
Category: Calculating Retirement Benefits
Posted: Jan 2 2021 - 12:13pm
If I Give My Payee Money For Living, How Much Will Be Deducted From Her SSI?
My payee is disabled and receives $800 per month in SSI. If I give her money for living (eg.. $200 per mont) how much will be deducted from her SS payment .
Hi,
As the name implies, Supplemental Security Income (SSI) is designed to supplement the income of individuals who meet the program's requirements (https://www.ssa.gov/ssi/). If an SSI recipient receives countable unearned income, their SSI benefits are offset dollar for dollar by all but the first $20 of the unearned income. Therefore, assuming that they . . . Read More
Category: Supplemental Security Income
Posted: Jan 1 2021 - 3:14pm
Will My Husband's Ex-Wife Start Getting A Higher Amount When My Husband Files For His Benefits?
Hello Larry ...My husband and I have been married for 15 years... He is 66 and I am 60. When his ex-wife turned 62, she began receiving his SS benefits. He on the other hand opted to wait until 66 and a few months to start taking his (March 2021). My question - will the ex-wife be able to start receiving the higher amount of SS when he files, or will she stay with the same amount?
Thank you!
Hi,
No. The age at which your husband starts his benefits has no effect on the calculation of his ex-wife's divorced spousal benefit rate. Unreduced . . . Read More
Category: Divorced Spousal Benefits
Posted: Jan 1 2021 - 2:33pm
Can You Explain Why Paying The Maximum Contribution For 35 Years Isn't Necessarily Sufficient To Earn The Maximum Benefit?
Larry - I started drawing my Social Security benefit at age 70 in 2019 The maximum benefit for my retirement year was $3770. Factoring in the COLA increases for 2020 and 2021 I am about $40 a month short of the maximum benefit. This is confusing as I made the maximum contribution for 38 years of my 53 years working. I think the issue has something to do with the inflation adjustment factors for years 1972-1977. Even though I made the maximum contribution it appears that the adjusted amount for those years were insufficient to allow me to earn the maximum. Could you shed any . . . Read More
Category: Calculating Retirement Benefits
Posted: Dec 31 2020 - 2:26pm
What Month Should I File My Claim In Order To Get My Full Benefit Amount?
HI LARRY MY BIRTHDAY IS JUNE 3, 2021MY FULL RETIREMENT AGE IS 66 AND 2 MONTHS THAT WILL BE AUGUST 2021 TO GET MYFULL AMOUNT WHAT MONTH SHOULD I FILE IN ADVANCE TO START MY SOCIAL SECURITY DO I HAVE TO WAIT THE WHOLE MONTH OF AUGUST FOR MY 2 MONTHS.TO BE UP
Hi,
I assume you mean that you were born on June 3 1955, in which case you would reach your full retirement age (FRA) for Social Security benefits in August 2021. If you want to receive your FRA rate, which is equal to your primary insurance amount (PIA), you would elect to claim your benefits . . . Read More
Category: Filing For Benefits
Posted: Dec 31 2020 - 2:12pm
Would My New Earnings Increase My Monthly SS Benefit?
I just started receiving early SS benefits this year 2020 in June at age 63. I am continuing to work, I also have 12 years of zero income years showing on my SS earnings record. As I continue to work, when would these new earnings be added to and increase my SS monthly benefit?
Thanks
Steve
Hi Steve,
Social Security retirement benefits are based on an average of a person's highest 35 years of Social Security covered wage-indexed earnings, so additional years of earnings only increase a person's benefit rate if they're higher than one or . . . Read More
Category: Retirement Benefits
Posted: Dec 31 2020 - 11:11am
True Or False: I Can Switch From Drawing Widow's Benefits To Drawing My Own Benefits At Age 70?
Hi Larry,
My question is .....i am a widow and started drawing my on my late husbands social security when I retired at 66 1/2. I was told I could switch and draw on my social security at age 70...true or false? Thanks Diane
Hi Diane,
True. As long as you haven't applied for your own Social Security benefits, your Social Security retirement benefit rate continues to accrue delayed retirement credits (DRC) until you reach age 70 even if you're collecting widow's benefits. Therefore, if your own benefit rate would be higher than your widow's . . . Read More
Category: Filing Options
Posted: Dec 29 2020 - 5:44pm
