Is There Any Reason For My Wife To Wait Until FRA To Start Drawing Her Benefits?
I took SS a few months after my FRA in 2009. My wife is 62 this summer and would receive $1,085 then or $1,632 at her FRA. My SS monthly payment is approximately 30% more than her FRA benefit so she will have the widow's benefit in the future.
With health insurance is her primary expense, until she is eligible for lower cost Medicare, is there any reason to wait for her FRA? IRA withdrawals of that amount, over four years, $52K plus taxes. The FRA's $547 high payment would take around 8-9 years to 'pay back the IRA withdrawals and, including the four year wait, put me . . . Read More
Category: Filing Strategies
Posted: Apr 11 2020 - 6:10pm
What Are My Chances Of Getting A Stimulus Check?
I am 67 disabled citizen I own back child support what are my chances to be able to get the sti, ch
Hi,
I'm sorry but I can't answer your question. My expertise is limited to Social Security benefits, and the stimulus payments have nothing to do with Social Security regulations.
The IRS website has posted the following information about stimulus payments: https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know.
Best, Jerry
Category: Miscellaneous
Posted: Apr 11 2020 - 6:06pm
Is My Wife's Online Statement Correct?
Hi Jerry,
Since October my wife and I are collecting SS - she a spousal benefit and me a full benefit (age 68.5). We were both born pre-1954. The benefits values are as expected but I'm curious about her online benefit statement. Nowhere do I see the term "spousal", just "You are entitled to monthly benefits as a dependent of the wage earner". Is this correct? The application process was a bit rocky and I want to avoid any issues when she eventually applies for her own age 70 benefit.
Hi,
I'm not familiar with the specific terminology that . . . Read More
Category: Miscellaneous
Posted: Apr 11 2020 - 5:53pm
Will People In My Situation Need To Do Anything To Get The Stimulus Payment?
My question is In reference to the coronavirus $1200 stimulus check. I know that persons getting Social Security, SSDI, will automatically get the check because banking information is on file with IRS. It is my understanding that they will also use information from SSA-1099 from 2019. However, if someone just starting receiving SSDI in 2020, no SSA-1099 has yet been sent. Will these people need to do anything else? The banking information is in the system-I can not find the information on the IRS website. In trying to put the information in the new portal that is now set up it . . . Read More
Category: Miscellaneous
Posted: Apr 11 2020 - 5:45pm
How Should My Wife And I Apply For Benefits?
Hi Larry, or Team MMSC,
I have purchased, and already run dozens of retirement scenarios on your excellent MaxMySocSec software. I am so pleased to have found your software, and ancillary retirement strategy and filing information. I have also printed Form SSA-1-BK (03-2019) to manually prepare drafts as learning exercise, before completing the online application. Following is retirement scenario for my wife and I, our retirement plan, and then my questions:
Scenario
This year 2020, I will be 68 in May, my wife will be 67 in October; my wife was at FRA in . . . Read More
Category: Filing For Benefits
Posted: Apr 11 2020 - 9:57am
Am I Able To Switch To Social Security Prior To Age 62 Since I'm Disabled?
Hi, I have been on SSI since 2015 and I’ll be 59 this year. Am I able to switch to social security retirement benefits or do I have to wait until I turn 62? I thought I read somewhere if you are disabled you can retire before 62. Thank you.
Hi,
When you refer to SSI, I assume you mean Supplemental Security Income. If you're receiving SSI and you qualify for Social Security retirement benefits but not for Social Security disability (SSDI) benefits, then you'll be required to start drawing your Social Security retirement benefits when you're first . . . Read More
Category: Disability Benefits
Posted: Apr 11 2020 - 9:44am
Can You Help Me Figure Out What To Do?
Husband died at 66 was collecting as disability 958 at death his check now would be whatever his retirement would top out at 2 years after death I was 54yrs at death at 56 I went to collect survivor ck 87 dollars a month now through cloak 91 is amount I receive know they deduct because I AM NOT FRA my homework tells me minimum about should be 71.5% hoping to supplement my income first wife getting 75% iam intiteled to 100% but not until I reach my FRA NO PMI has somthing to do with it believe am not getting amount am entitled to can help me to figure out?? I am on SSDI at 863 . . . Read More
Category: Disabled Widow(er) Benefits
Posted: Apr 11 2020 - 8:30am
Is It More Prudent To Start Collecting Benefits This Year To Be Sure I'm On The SS Rolls?
Hi Larry - I'm single (never married) + will be reaching my full retirement age of 66 this year. Although I do not need the money, I worry that if I wait till 70 to collect, I may not receive the handsome sum that was promised to me all these years if the govt is strapped for money. Is it more prudent to start collecting this year to be sure I'm on the SS rolls ? Thanks !!
Hi,
I can't tell the future, but I would not recommend making decisions about when to start drawing benefits based on concerns about the long-term funding of Social Security. . . . Read More
Category: Miscellaneous
Posted: Apr 11 2020 - 8:22am
How Do I Ensure That I Get The Stimulus Payment For My Daughter?
My daughter receives survivor benefits. The IRS does not have my bank account information. Do I need to give them my information through the portal on their site to ensure I get $500?
Hi,
I'm sorry, but I'm only able to answer questions about Social Security benefits.
The IRS has established the following website with information and instructions regarding stimulus payments: https://www.irs.gov/coronavirus/economic-impact-payments.
Best, Jerry
Category: Miscellaneous
Posted: Apr 11 2020 - 8:16am
How Will A Nursing Home Resident Under SSI Be Affected By The Stimulus?
How will a nursing home resident under ssi be affected by the stimulus? Dies he get check or is it paid to the nursing home as he filed NI taxes.
Hi,
The Social Security Administration has posted that stimulus payments won't be counted as income for purposes of Supplemental Security Income (SSI) eligibility, and the stimulus funds will be excluded from the SSI resource limit for 12 months (https://www.ssa.gov/coronavirus/). Therefore, receipt of a stimulus payment won't have any immediate impact on a . . . Read More
Category: Miscellaneous
Posted: Apr 11 2020 - 8:05am
