Will Retiring At 59 1/2 Affect My Social Security In A Negative Way?
Mr. Larry;
I plan to retire from my job at 30 years 8 months service, I’ll only be 59 1/2 then. And claim social security at age 62. Will the two and a half years effect my Social security in a negative way from not working?
Hi,
Retiring early will probably have an adverse effect on your Social Security retirement benefit rate, and starting to draw your benefits at age 62 definitely will.
Your Social Security retirement benefit rate will be based on an average of your highest 35 years of wage-indexed earnings. If you have fewer than 35 . . . Read More
Category: Retirement Benefits
Posted: May 26 2020 - 8:45am
How Can I Get My Part B Enrollment Date Rectified Immediately?
I applied for Part B to begin on September 1, 2020 (as I will still be employed until then and have medical insurance until then). They just sent my new SS card w/ a start date for Plan B of June 1, 2020 (Perhaps because the document I submitted was dated May 1, 2020; however, I am not sure why because the form was completed correctly!-- I do not want moneys taken out before I need Part B! How can this be rectified immediately? Thank you!
Hi,
That type of problem isn't going to be fixed immediately. The cause of your problem could be a simple error, . . . Read More
Category: Medicare
Posted: May 25 2020 - 3:53pm
Can I Get Social Security Disability Benefits If I Have A Brain Injury?
I have Brain Injury. I'm 63 years of age. Can I get Social security Disability Benefits?
Hi,
Possibly, but in order to qualify for Social Security disability (SSDI) benefits you must a) have enough Social Security work credits to be insured for benefits, and b) your impairment must be severe enough to meet Social Security's definition of a disabling impairment. For more specific information on the insured status requirement and what qualifies as a disabling impairment, refer to the following Social Security website: . . . Read More
Category: Disability
Posted: May 25 2020 - 3:46pm
Will My Retirement Check Disqualify Me From Drawing My Husband's SS?
Hi Larry,
My husband passed away 6 years ago. He was a retired Army veteran. After retirement he worked for a security company for a number of years. I am 54 yrs old and will retire at age 56, 2 months and 28 days from the government. Will I be eligible to collect my husband's SS at 60 or will my retirement check disqualify me? I had planned on drawing his retirement at 60 and waiting until 70 to draw my own.
Thanks!
Hi,
I'm sorry for your loss.
The answer to your question depends largely on whether or not you've been paying Social . . . Read More
Category: Widow's Benefits
Posted: May 25 2020 - 3:24pm
Can My Mother Get Back My Father's Last Check?
Hi Larry,
My question is regarding my parents and I have a couple hopefully you can still help. My dad was on social security disability and workers comp since around 1997 I believe. He passed away on April 2nd at 65. My first question is social security pays for the previous month correct? So April would have been for March when he was still alive but they took that payment can my mom get it back? My second question is total between social security and workers comp he was getting roughly $2,400 per month half from social security half from workers comp from what we knew . . . Read More
Category: Widow's Benefits
Posted: May 25 2020 - 11:35am
Can I Cancel My Application Without Getting Penalized?
I am 59 yrs old I will turn 60 yrs old on July 5th 2020.I applied last week for my widow benefits.The benefits will start on the first week of August.After realizing that if I make more than 18,240.00 per year I will then have to pay back two dollars for every dollar I make over the amount mentioned.
I have decided I cancel my application.Can I cancel without getting penalized??
I plan on applying for this benefit in January 2021.
Thank you!
Hi,
You can't cancel an application once it's been filed with Social Security, but you could . . . Read More
Category: Withdrawing a Benefit Application
Posted: May 25 2020 - 11:21am
Will My Part-Time Work Cause My Benefit Rate To Increase?
Hi Larry, I have been on ssi disability since 2011. I am working part time and paying in to SS. My full retirement age is 66 and 4 months. Will my benefit amount increase? If not do I still have to pay into the fund. Thank you.
Hi,
If you're receiving Supplemental Security Income (SSI), then having earnings and paying into Social Security wouldn't increase your benefit rate. SSI is are needs based benefits that aren't calculated based on your contributions. If you are drawing SSI and you become eligible for Social Security benefits, you could . . . Read More
Category: Disability Benefits
Posted: May 25 2020 - 11:02am
Should I File At FRA Instead Of Age 70 Because Of Potential Benefit Cuts?
I am 65 and my wife is 64. I am fortunate to have some other sources of income, so I had planned to wait until age 70 to maximize my SS benefit.
I am reading more and more (and more) articles that SS may be forced to cut benefits in the future (around 2035?) because of a shortfall in funds because they are starting to pay out more in benefits than they are taking in.
QUESTION: Will I be better off to change my plan and instead take my benefit at FRA (66 and 2 months) so that I get more years of benefits before a potential benefit cut? Or should I still plan to . . . Read More
Category: Filing Strategies
Posted: May 25 2020 - 10:39am
Should My Husband Start Drawing His Own Benefits Now Or At Age 70?
Hi Larry
My husband, (69), is collecting spousal Social Security benefits now. He planned on waiting until 70 to collect his. However, since our unemployment has gone threw the roof during the Covid-19 pandemic, he’s not sure whether to start collecting it now or to collect in June of 2021 at age 70.
Hi,
You don't mention your husband's spousal rate or the amount that he could potentially receive on his own account, so I can't properly advise you. I can tell you that your husband's own Social Security retirement rate would increase by 2/3rds of . . . Read More
Category: Filing Strategies
Posted: May 23 2020 - 10:32am
What Would Be The Amount That I'd Have To Repay Social Security?
In 2016 I received 8 months of benefits 10,544 suspending the last 4 months equal to 5,272 due to returning to work. The threshold for other income in 2016 was 15,720. My net income at end of year was 23,118. What would be the amount I would have to repay SSA keeping in mind that I did not receive the full year of benefits which would have been $15,816. My income was 7399 over threshold and payback would be 3699. But that would be the same amount of payback if I had received all my benefits for the year. Am I having to payback more than I should since I didn't receive the whole . . . Read More
Category: Earnings Test
Posted: May 23 2020 - 10:17am
