Will My Current Lower Income Significantly Reduce My Full Retirement Benefit?
Hi Larry!
I've enjoyed reading your insights on John Mauldin's newsletter. Thank you.
All of the Soc Security calculators assume that I will be making the same income as I did in 2019. Due to COVID-19, many of us are taking pay cuts and being furloughed. I'm in the trade show industry, so it will be a long slog with lower income.
Specifically, I am 62 and furloughed to half pay. Will this lower income significantly reduce my full retirement benefit at 65.5? Are there other considerations that come into play when deciding when to retire during our current . . . Read More
Category: Retirement Benefits
Posted: Jun 4 2020 - 11:01am
If I Apply For Spousal Benefits Will My Widow's Compensation Be Reduced?
Hi, I cant find the answer to my ss question anywhere. I am 69 and husband 74. We are both on ss. I never heard about spousal benifits until i was searching the other day. My question is If i apply for spousal benefits will my widows compensation be reduced? I only make 500 in ss. My husband s is 2000. thank you.
Hi,
No, drawing spousal benefits would have no adverse effect on your future potential widow's benefits. And, if you can qualify for spousal benefits you should apply for them as soon as possible. Social Security regulations limit . . . Read More
Category: Spousal Benefits
Posted: Jun 3 2020 - 11:33am
What Should My Wife And I Do?
My wife is 10 years older than me. She is 64 and I am 54. I will have a much higher benefit than she will say full for me is 3000 and full for her is 2000. What should we do?
Hi,
Your choices sound pretty straightforward, so it really comes down to what you're most comfortable doing. Based on your figures, both you and your wife will only receive benefits based on your own individual earnings histories for as least as long as both of you are living. And, the earlier that each of you starts drawing prior to age 70, the lower your individual monthly . . . Read More
Category: Filing Strategies
Posted: Jun 3 2020 - 10:49am
Will Either Of My Pensions Affect The Other?
I am 63 years old. I grew up and worked in Peru until I was 44 years old. I moved to the US in 2001 and have earned the 40 credits needed. Since I moved to the US I’ve continued contributing to the Peruvian Social Security as in independent contractor.
Now, due to a work related injury I became disabled and I want to apply for Social Security disability.
Would one pension affect the other?
Hi,
I'm not familiar with Peru's Social Security program, so I don't know whether or not drawing U.S. Social Security benefits would affect your . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Jun 3 2020 - 9:34am
Does My Benefit Amount Go Up By 8% If I'm Not Working Or Getting Benefits?
If I am not working and not getting SS yet, does the amount I will receive still go up 8% a year?
Hi,
If you're eligible for Social Security retirement benefits but you haven't started drawing them and if you're between full retirement age (FRA) and age 70, then yes your benefit rate would increase by 8% per year (i.e. 2/3rds of 1% per month) until you reach age 70 unless you start drawing your benefits before then. Those increases are caused by delayed retirement credits (DRC), and you don't need to be working in order to accrue DRCs.
If you . . . Read More
Category: Retirement Benefits
Posted: Jun 3 2020 - 8:23am
If I Draw SS And Still Work Does My SS Increase?
If I draw ss and still work does this increase my ss
Hi,
The answer to your question depends on how your future earnings compare to your past earnings. Social Security retirement benefits are calculated based on an average of a person's highest 35 years of wage-indexed earnings (https://www.ssa.gov/pubs/EN-05-10070.pdf). If you're drawing benefits and you continue working, your new earnings would only increase your benefit rate if you earn more in a year than you did in at least one of your 35 . . . Read More
Category: Retirement Benefits
Posted: Jun 2 2020 - 10:20am
Can I Take Full Retirement For A Little Extra?
I'm 63 in July can I go ahead and draw my full retirement I'm already on SSA I received 863 monthly can I take full retirement for little extra
Hi,
I'm sorry, but I don't really understand what you're asking. If you start drawing your Social Security retirement benefits prior to your full retirement age (FRA) then your benefit rate is reduced for age. Apparently, that's what you chose to do rather than waiting until FRA in order to receive an unreduced rate. Your benefit rate won't increase when you reach FRA unless some of your benefits are . . . Read More
Category: Retirement Benefits
Posted: Jun 2 2020 - 10:10am
What Do I Do As Far As Still Working While Drawing Benefits?
I retired from the military after 20 years of service in 1992. I turn 66 on August 31, 2020 my wife turns 66 on April 22, 2021. I am still working and do not know when I will stop. We both pay for Medicare Part B because it is a requirement for Tri-Care for Life. As I am still working, the company & SS still takes out of my check for SS and Medicare. I wish to enroll for my FRA SS but not sure when I should do it. My wife will apply for the 50% rate at her FRA off my SS due to not having enough credit of her own. So, my question is what do I do as far as still working, . . . Read More
Category: Retirement Benefits
Posted: Jun 2 2020 - 9:46am
Will I Receive A Stimulus Check?
I receive pension from my ex husband but remarried so Willi re.ceive a stemlis checkalso I owe social security for over payment that my friend did not turn in years ago I'm paying it back each month .I'm asking for a friend she doesn't know much about such things so she wanted me to find out if I could
Hi,
My only area of expertise is Social Security benefits, so I'm unable to answer questions about stimulus payments. For information about stimulus payments, you'll need to refer to IRS's website: . . . Read More
Category: Miscellaneous
Posted: Jun 2 2020 - 9:40am
What Happens To The Balance Of My Husband's Benefits?
My Husband passed May 12th 2020 at 67 - his birthday. He was getting $1774, less $144.= $1630. I am getting $679. The agent said I will recieve $922 of my husband's benefits PLus my $679. Totaling $1601. My Rent is Still $1600. That's $1 for Food, Etc. What happens to the balance of my husband's benefits ❓
Hi,
I'm sorry for your loss.
The surviving member of a couple can only be paid up to the higher of a) their own benefit rate, or b) their deceased spouse's benefit rate, not both. If you're being paid a total rate that's less than the . . . Read More
Category: Survivor Benefits
Posted: Jun 2 2020 - 8:29am
