Would My SS Benefit Be Affected By Windfall Elimination If I Receive A Survivor Pension From CALSTRS?
Hi Larry,
I will be eligible for Social Security Benefit and my wife works for community college and retirement benefits will be through CALSTRS which is not administered by SSA. We need to make a survivor benefit option on CALSTRS with a choice of 0, 50, 75, 100 percent survivor benefit. Member benefit reduces to 95, 90, 85 percent of member only benefit. I am thinking of electing 100% survivor benefit at the cost of member benefit at 85% to keep the income stream same when the member passes away, as the expenses might reduce a bit but other expenses may come into play . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Sep 27 2020 - 10:27am
If I File For My Benefits At Age 64 Could I Use The Start, Restart Strategy To Collect Full Benefits At FRA?
Hello Larry,
I'm 64 and considering filing for reduced benefits now. If I do this, would I be able to use the stop, restart strategy down the road in order to collect full benefits at FRA?
Thanks,
C.J
Hi CJ,
No. If you start drawing benefits prior to full retirement age (FRA), you can't voluntarily suspend your benefits until you reach FRA. And, your benefit rate will be permanently reduced for any months that you are paid benefits prior to your full retirement age (FRA). Your benefits could be involuntarily suspended prior to FRA . . . Read More
Category: Start-Stop-Start Strategy
Posted: Sep 26 2020 - 8:31am
Are Their Any Conflicts With Our HSA And Collecting Social Security Benefits?
I purchased your book several years ago...and LOVE it - tagged many pages...and refer to it (and to others) often...it's become my SS bible. Sadly, though, I'm unable to find a definitive answer to what I consider a very simple question...so, I write to ask your help. I turn 70 in Feb 2021 and plan to begin drawing SS around that time. We maintain a family HSA (hi-D eligible) through my husband's employer. We make our own direct contributions and declare them on our yearly tax returns). Are there rules/deadlines we need to consider (don't want to pay a penalty) that might . . . Read More
Category: Miscellaneous
Posted: Sep 26 2020 - 7:58am
Will My Ex-Wife's Social Security Payment Be Affected If She Receives A Portion Of My Public Pension?
Hi Larry. I am a divorced police officer. I retire in 15 months. My ex-wife is going to get 14% of my pension. Will her social security payment be affected by my public pension through the Windfall elimination provision as my social security will be? Thanks in advance for your response.
Mark
Hi Mark,
No. The Windfall Elimination Provision (WEP) can only apply if a person is receiving a pension based on their OWN work and earnings that weren't subject to Social Security taxes.
Best, Jerry
Category: Non-Covered Pension - WEP / GPO
Posted: Sep 23 2020 - 5:50pm
If I Take Social Security At Age 63 At A Reduced Rate, Will My Rate Go Back Up To The Full Amount At My Full Retirement Age?
Hi, if i take social security benefits at 63 at reduced rates, do my benifits go back to full rate when i am at full retirement age?
Jim
Hi Jim,
No. If you start collecting benefits prior to full retirement age (FRA) the reduction for age that's applied is permanent, assuming that you're paid all of your benefits prior to FRA. However, if any of your benefits are withheld because of Social Security's earnings test (https://www.ssa.gov/benefits/retirement/planner/ . . . Read More
Category: Filing For Early Retirement Benefits
Posted: Sep 23 2020 - 5:19pm
How Can I File For Spousal Benefits If Social Security's Offices Are Closed?
Hello Larry, I am US citizen. I want to apply for a part of SS of my husband, whom we are married 3 times : 8 y.6 m., 2y.7 m. and we are married now more than 1 y.5 m . We was at SS office with my husband last year and they told to us, that we must come back after July 11 2020. But pandermia is now !!!! I want to apply at December 2020, at September 2020 I will be 63 y.o. Who can help me in Lakeland Fl? Can I apply on-line (web-site)?
Please, help to me.
with respect
Lana
Hi Lana,
You may be able to file for spousal benefits online . . . Read More
Category: Filing For Benefits
Posted: Sep 23 2020 - 9:56am
Why Isn't My Son's Benefit Amount Higher?
I receive SSDI $969. My 6 year old son only receives $260 for auxiliary benefit. Why does he not receive 50% up to 80%. If I send an appeal for an increase will I get approved?
Hi,
There is a special family maximum benefit (FMB) formula that applies to benefits payable on the record of a person who receives Social Security disability (SSDI) benefits. Basically, the FMB on SSDI cases is limited to the lower of a) 150% of the worker's primary insurance amount (PIA), or b) 85% of the disabled worker's Averaged Indexed Monthly Earnings (AIME). AIME is . . . Read More
Category: Disability Benefits
Posted: Sep 23 2020 - 9:31am
What Would Happen If I Apply At Age 69 1/2 And I Elect To Receive 6 Months Of Retroactive Benefits?
I’m 68 and will be 69 on April 2, 2021. If I understand correctly how retroactive payment works, should I wait until October 2, 2021 (6 months after I reach 69 years old) to file for my SS benefit, receive retroactive benefits AND receive the 8 percent additional amount for year 2021?
Hi,
If you apply for your Social Security retirement benefits in October 2021 and claim your benefits retroactive to April 2021, the last month for which you'll receive delayed retirement credits (DRC) is March 2021. And, initially you'll only receive credit for the . . . Read More
Category: Filing Options
Posted: Sep 23 2020 - 8:57am
When Should I Apply For FRB, And How Will It Affect My Divorced Spousal Benefits?
Hello Larry et. al. I had purchased your book about four years ago and thanks for the valuable information that you and your colleagues shared, I was able to do a "restrictive" Social Security on my ex wife. I will be turning 70 in mid January. I had also worked for the New York City Transit Dept. in the Railroad sector. Question: (A) Do I start applying for FRB now to be effective mid January? (B) Will I then forfeit my ex's restrictive SSB once I do get my FRB at 70? and lastly, (c). Am I entitled to any railroad retirement benefits from SS. As a side note, I was only . . . Read More
Category: Filing Options
Posted: Sep 22 2020 - 3:20pm
Didn't I File A Restricted Application?
I was born in 1953. Currently getting spousal benefits. Want to switch to my own at 70 but on the my ssa website it no longer gives me an estimate of what by own benefits will be. I thought I filed a restricted application
Hi,
I have no way of knowing for sure what you filed for, but even if you did file a restricted application for spousal benefits only, many people have complained that they can no longer obtain benefit estimates on Social Security's website even though they're just drawing spousal benefits. The Social Security website ( . . . Read More
Category: Miscellaneous
Posted: Sep 22 2020 - 10:10am
