Is It Possible For Me To Work Online For A U.S. Company While Residing In Korea And Pay U.S. Social Security Taxes?
I moved to Korea when I had only paid into Social Security for about 30 quarters. I have lived here for 13 years and don't have any plans to return while I am of working age. I have filed taxes every year and take the foreign earned income exclusion. Is it possible for me to work a part time job online for a US company and pay social security (to get the remaining 10 quarters) while I have Korea as my tax home?
Hi,
My expertise is limited to Social Security benefits, so I can't give you a definite answer. The Internal Revenue Service (IRS) is . . . Read More
Category: Earnings Subject To Social Security Taxes
Posted: Dec 8 2020 - 9:25am
Am I Subject To WEP If I Need US Credits To Qualify For The Canadian OAS Pension?
Hello Mr. Kotlikoff,
I am receiving CDN$150 CPP. I have applied for the Old Age Security (OAS), too. To get Canadian OAS, I need credits from the US Social Security system (I have 20 years of work on the USA and about 5 in Canada). I am applying for my US Social Security pension now and found out that I may be a subject to WEP due to my CPP, while the WEP does not apply to OAS (residence-based pension). However, it seems that WEP does not apply when US Soc Security credits are used to receive Canadian pension. My question is: "Am I subject to WEP (because of my CPP), if . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Dec 8 2020 - 9:07am
Will Collecting Survivor Benefits Have A Negative Affect On My Retirement Benefits At Age 70?
Hello! I have the book but cannot seem to find an answer to this: My full retirement age is 66 and 2 months, however I plan on working until I turn 70.. I had a long term first marriage and divorced after 13 years. Shortly after the divorce my first husband died. I know I can collect his retirement at age 66.2 but will collecting have a negative affect on my retirement I will collect at 70?
Please note: I waited and remarried at age 63 because of the "rules". When I take retirement at 70 my younger husband will have to wait 2 years to collect half of what I have. (He has . . . Read More
Category: Filing Strategies
Posted: Dec 7 2020 - 4:32pm
Can I Still Work If I Get DIC And Social Security Benefits?
If I am receiving DIC (military) and want to seek Social security benefits, can I still work and if so how will the social security benefits be affected?
Hi,
Social Security is my only area of expertise, so I can't tell you whether or not working or drawing Social Security benefits would affect your DIC benefits. I can tell you that your DIC benefits would have no affect on any Social Security benefits for which you qualify. Work and earnings could affect your ability to collect Social Security benefit depending on how much you earn, but only if you . . . Read More
Category: Miscellaneous
Posted: Dec 7 2020 - 4:24pm
How Do I Ask For A Recalculation?
Hello Larry, I retired at 68 in October, 2018. I earned 59K in 2019, 30K more than one of the years included in my 35 year look back. I was told by a social security representative that this amount would not make much of a difference in a recalculation of my benefit and would not qualify for a reconsideration. Is this true? If not, how does one proceed in asking for a recalculation?
Hi,
Any earnings that would increase your benefit rate by at least $1 makes you eligible to have your benefit rate recomputed. Social Security runs an automated earnings . . . Read More
Category: Recomputations
Posted: Dec 7 2020 - 11:33am
Will My Benefit Rate Be Recalculated?
I filed for benefits at age 66, benefits became effective in February 2020. I am currently receiving the maximum FRA benefit for 2020. I am still working and exceeding the FICA limit. I understand that the maximum benefit will increase in 2021. Since I am still working, will my benefits be recalculated which could allow me to again get the maximum amount in 2021 which I believe is $3,113?
Hi,
Yes, Social Security will automatically increase your benefit rate to include your 2020 earnings, assuming that your earnings in 2020 are higher than one of the . . . Read More
Category: Recomputations
Posted: Dec 7 2020 - 11:23am
Would It Be Better For Me To Delay My Benefits Until Age 70?
I retired at age 60 and I'm 64 now. My FRA is Feb 2023 and I was planning to start my SS then. I have been living off my company pension and dividends from $2M in investments without touching any of my principal. My total retirement income is a little more than my final working salary, so I didn't have to change my spending. My Father passed at 80 and Mother passed at 72. I don't need to worry about spousal benefits at this time.
My questions: Would it be better for me to delay until 70 or start at FRA? Secondly, my tax rates will increase at 72, so any larger SS payment . . . Read More
Category: Filing Options
Posted: Dec 7 2020 - 10:52am
Is There Anything I Can Do To Get My Part B Medicare Start Date Corrected?
I retired Oct 30 and was insured through Employer through Nov 30. I applied for Medicare Part B Oct 22 and noted employer "Coverage will term 11/30/2020 due to retirement." Then also noted "Part B must be effective 12/1/2020". When I received Medicare cards for me and my husband who is going to be insured through my employer for our Part B supplement, the start date noted on the cards was 11/1/2020. How do I correct the date. I am getting nowhere with SSA offices. Spoke to my local office and the man was so mean and rude, I began crying. Asked to speak to his supervisor and he . . . Read More
Category: Medicare
Posted: Dec 7 2020 - 10:31am
Can I Start Collecting My Own Benefits Now And Change To Collecting On My Ex's SS When He Starts Drawing?
I am a 67 year old divorcee and was married to my ex-husband for 35 years (neither one of us has remarried). My social security that I could collect is very minimal compared to my ex- husband's. I am still working and would like to start collecting my SS but want to know if I start collecting on my Social Security, can I change to collecting my ex-husbands (50%) when he starts collecting his SS or will I have to stay with mine? My ex probably won't start collecting his SS until he turns 70 in 2 years. Thank you.
Hi,
You could start out drawing your . . . Read More
Category: Filing Options
Posted: Dec 7 2020 - 10:03am
If I Pay My Self-Employment Taxes Early In 2022 Can I Still Retire Effective With January 2022?
Due to being an Educator in an affected state for 10 years, I "only" have 29 years of SS Substantial Earnings, meaning I'm subject to a low monthly WEP Penalty if I retire in 2021 until I pass. For this and some other reasons, I'm putting it off until 2022. I want my last year of working in 2021 (before Retirement) to be in a 1099 Independent Contractor-type of Job, specifically as a Courier. Two related questions, please:
* Knowing the 2021 Substantial Earnings amount -- needed to achieve my 30th year to avoid all WEP -- is $26,550, if my 1099 enterprise were to gross, . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Dec 6 2020 - 4:54pm
