Is There A Way To Calculate Which Salary Breakdown Would Be Best For Me And My WIfe?
I have utilized your services before with great profit. New question. In our family business my wife and I split our W-2 income $40,000 and $40,000. We plan to work 5 more years. She is on the border for spousal benefit vs. her own S.S. Is there a way to calculate which would be better for us, split income like we are, allocate $60k to me and $20k to her, or $60k to her and $20k to me? Can I pay for computation of this so I maximize our S.S.
Hi,
The Social Security benefit calculator included in our software ( . . . Read More
Category: Miscellaneous
Posted: Jul 28 2020 - 9:46am
Can My Husband Apply For Spousal Benefits At FRA And Then Switch To His Own Benefits At Age 70?
Hi Larry,
I was born 6/2/54 so have reached FRA. I just applied for SS benefits, to begin in November 2020. My husband was born on 10/10/56 so won't reach FRA until 66 years and 4 months or so. His benefits at full retirement age are pretty low so he plans to work as long as he can. My questions is this: Can he apply for spousal benefits at FRA and then switch to his own primary benefits at age 70? His benefits at age 70 will be higher than 50% spousal benefits.
Hi,
No, he can't. Only people born prior to January 2 1954 are permitted to file . . . Read More
Category: Filing Options
Posted: Jul 28 2020 - 9:40am
At What Time Can I Collect On My Ex-Spouse's Social Security?
I was married for 13 yrs, then divorced. At what time can I collect on my ex spouses S.S. benefits?? And, what is the process for doing this?? What things would disqualify me from collecting this??
Thank You!!
Michelle
Hi Michelle,
Assuming that your ex-spouse is living that you don't have a child in your care who's drawing benefits on your ex's record, the earliest that you could potentially collect divorced spousal benefits is at age 62. Your ex-spouse would also have to be at least age 62 or drawing his benefits in order for you to . . . Read More
Category: Divorced Spousal Benefits
Posted: Jul 27 2020 - 12:00pm
Can Someone Falsely Collect Benefits From You If They Claim To Be Married To You?
Larry My personal information SS number was stolen can someone falsely collect benefits from you if they claim to be married to you in a foreign country? If so how do I go about proving that this is happening?
Hi,
You would have to be drawing your benefits in order for someone to collect spousal benefits on your Social Security record, and when a person claims spousal benefits Social Security requires certification of the marital facts from the worker on whose record the spousal benefits are claimed. Therefore, I can't imagine a circumstance in which . . . Read More
Category: Miscellaneous
Posted: Jul 27 2020 - 11:52am
If I've Lost My Job And Forced To Retire Early Does It Qualify Me For Social Security Benefits?
Hi Larry ,
If I worked for and am currently living in NYS and my husband passed away approximated 21 years ago in NYS under the current guidelines if I have lost my job and forced to retire early does this situation qualify me for benefits under SS rules?
Hi,
Losing your job in and of itself wouldn't allow you to draw Social Security benefits any sooner than when you meet the requirements for those benefits. The only way that you could collect benefits based on your own earnings history prior to age 62 is if you qualify for Social Security . . . Read More
Category: Filing Options
Posted: Jul 27 2020 - 11:42am
Will Social Security Reduce My Monthly Benefits If I Wait Past Age 70 To File?
Dear Larry, for financial reasons which I will not get into here. I am delaying benefits past 70. Perhaps about 6 months past. Again, the reason is purely financial.
My question is will Social Security REDUCE my monthly benefits when I do collect????
Hi,
No, your benefit rate won't be reduced if you wait past age 70 to claim benefits. However, delayed retirement credits (DRC) can't be credited for months starting with the month that a person reaches age 70, so you won't get any higher benefit rate by waiting past age 70 than you would have . . . Read More
Category: Retirement Benefits
Posted: Jul 27 2020 - 11:30am
How Soon Do I Need To Contact Social Security To Switch To My Own Social Security?
Hi Larry. I will be 70 years old in March of 2021. I started drawing my deceased husband's social security in Jan of 2017 at my full benefit age of 66. At the time there was about $50 difference between his and mine. I opted to collect his and wait until I turn 70 in order to switch to my social security in order to collect more at that time. How soon do I need to contact the Social Security Administration to switch to my social security and are there any suggestions or advice you can give me to make this process go smoothly? Thank you.
Hi,
You'll . . . Read More
Category: Filing For Benefits
Posted: Jul 27 2020 - 11:20am
If I Die Before Age 70, Can My Wife Get A Higher Widow's Rate If She Waits To Claim Widow's Benefits Until I Would Have Been 70?
My wife is 69 and already collecting SS. I turn 66 this October and plan on delaying SS until 70. If I die before I turn 70, can my wife wait until my 70th birthday to start collecting spousal benefits for maximum payout or do they stop accruing if I die before 70?
Hi,
No, the widow's rate payable on your record would not continue to grow after your death, other than for cost of living increases. Delayed retirement credits (DRC) can only be credited for months prior to the month of a person's death. So, if you die at full retirement age (FRA) or . . . Read More
Category: Widow's Benefits
Posted: Jul 27 2020 - 11:07am
Can I Get Social Security To Reduce My Part B Premium?
in 2018 I had about $58K earned income so Social Security charges me more for Medicare Part B in 2019 and 2020. I was in a health crisis most of 2019 so had far less earned income and this year was only able to work for about 4 months. I had to retire for health reasons and now am just "surviving" on Social Security alone as I lost all my retirement nest egg in the last Recession. Can I: (a) get Social Security to reduce my Medicare Part B premium to a level appropriate to my new financial situation and (b) if not can I DISCONTINUE Medicare Part B? I looked into getting a zero . . . Read More
Category: Medicare
Posted: Jul 27 2020 - 10:41am
Is There Any Way For Me To Independently Verify That My Social Security Benefit Is Correct?
I began collecting Social Security at age 70 (I am now 72). My wife and I went to the Social Security Office which is actually near our home here in Dallas. They were as baffled as anyone I have ever seen, but gave me a print-out from which I could tell the SSA selection of my 35 "highest earning years". Some of the years the SSA included were not in my highest 35 years. We showed the agent the error, and (supposedly) she "corrected" it -- but my benefit has never changed. I have my complete earnings record. Is there any way for me to independently verify that my Social . . . Read More
Category: Retirement Benefits
Posted: Jul 27 2020 - 10:06am
