Does the stimulus check amount count for SSI resource limit in the bank account? After receiving the stimulus check I'm over the resource limit in my bank account. Is this a problem or not? Thanks a lot for your attention.
Hi,
Social Security has announced that stimulus payments will be excluded from counting as a resource for purposes of the Supplemental Security Income (SSI) program for 12 months (https://www.ssa.gov/coronavirus/).
Best, Jerry
I delayed retirement to get more benefits because I take care of a disable family member.Now age 69 and 4 months..I called several times and the benefits given are different .can theery be using different calculators
Hi,
If I remember correctly from my days working at Social Security, I don't believe that delayed retirement credits (DRC) are automatically included in the estimates that come up in Social Security's computer system until you actually apply for benefits and your claim is processed. So, the employees with whom you spoke were likely . . . Read More
I am 61 and started collecting spousal benefits this year, I am still working but out of work on FMLA right now, the reason I started collecting benefits is because my health is not that great and I figure it could help with my finances. Before my husband passed away he was involved in a class action law suit. My question is if the funds are to come to me will it affect my spousal benefits?
Hi,
No, income from a lawsuit like you describe would have no effect on your Social Security survivor benefits.
Best, Jerry
Hi Larry,
My husband had collected his social security. He passed away recently. Can I avail widowers benefit even I am not at retirement age? (37 years old).
Thank you
Hi,
I'm sorry for your loss.
Unless you have a child in your care who's eligible for child's benefits on your husband's account and who is either under age 16 or disabled, the earliest that you could qualify for widow's benefits is at age 60, or at age 50 if you're disabled (https://www. . . . Read More
Hello,
A husband (62) and wife (58) are deciding when to best take Social Security. The husband worked in private industry for 40+ years and the wife worked in private industry for 32+ years but only 24 of those years is considered "substantial earnings" according to Social Security. The wife has worked for the State (Colorado) for over 10 years and is under the PERA system and will receive a monthly pension from PERA of $2,459/mo when she retires at 65. The husband is retiring this year. His PIA at his FRA is $2,939 and the wife's PIA at her FRA is $1,516. I think she . . . Read More
Larry, my wife and I are both retired, with combined pensions netting us $4300 a month, and a decent IRA that we plan on using only for emergencies and travel in the future. My wife is 61, and I am 60. We want one of us to take SS at 62 to supplement our retirement income and allow us more freedome to travel. My family health history would indicate that I will not live to be super old, and I want to make the decision based on insuring my wife is in the best position should I die first, before FRA even. Based on our statements from 1/6/2020, I have $2214 at 67, $2746 at 70, $ . . . Read More
Both I and my husband collect SS benefits. My benefit is a few hundred more dollars than his. Can my husband (re) file to collect my benefit amount, instead of collecting his? If so, would he receive the full amount that I currently receive? Thank you.
Hi,
No. Unreduced spousal benefits are calculated at a rate of 50% of the worker's primary insurance amount (PIA). A person's PIA is equal to their Social Security retirement benefit rate if they start drawing at full retirement age (FRA). The only way that your husband could qualify for spousal . . . Read More
Hello,
I reached my FRA in 66 in April, 2020.
Using the SSA’s AnyPIA calculator, I created a PIA which I then confirmed by manually recreating AIME and applying bend points to that AIME in Excel. I am fortunate in that my 35 highest years’ earnings all either exceeded maximum taxable earnings for that year or were indexed (for years before my 60th birthday) into a top 35 year.
The Excel version of my PIA allowed me to consider the impact of continuing to work beyond this year (when I reached FRA). In a nutshell, if I make more than the $137,700 taxable . . . Read More
I am planning to file for SS benefits next year. I will be turning 68 in April. When I checked the SSA website for an estimate of my benefits, there was no difference in the amount it calculated whether I started my claim in January or waited until my birthday month. Is that correct?
Hi,
Initially, yes, but not permanently. If you apply for benefits between full retirement age (FRA) and age 70, you initially receive credit for only the delayed retirement credits (DRC) you earned through December of the year prior to the year you claim benefits. Any . . . Read More
I am 66, qualify for full SS benefits and have two young kids. ages 8 and 11. Should I apply for benefits now in the hope of collecting the extra benefits associated with minor children or should I wait until age 70 when the children will be 12 and 15 years of age?
Hi,
I can give you some pros & cons, but ultimately only you can decide what's best for you and your family.
The pro side of starting to draw your benefits now is that your eligible children could then start drawing child benefits sooner. Eligible children can each receive up . . . Read More
Results will differ based on your specific case and filing strategy.