Can I Get Credit For Additional Years Of Substantial Earnings After I'm Age 62?
I'll be subject to WEP and am wondering if I can contribute past age of 62 (not yet receiving benefits) to have a few more years of substantial income counted toward the calculation.
Also, I would qualify at age 62 if all years were averaged until that point. Do you think that the bill is going to pass? S. 3401: Equal Treatment of Public Servants Act of 2020
Hi,
Yes. In fact, even if you're drawing Social Security benefits your benefit rate could be recomputed if you continue working and earn enough to increase your benefit rate. Social . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Mar 25 2020 - 3:37pm
Should My Brother File For Reduced Benefits Or SSDI?
My brother was born in 1956. He was working from home while getting treatment for lung cancer. His company just closed the local office and laid him off. He's two years short of his FRA, has no retirement fund and his company health plan will end in 30 days.
Should he just immediately take a diminished Social Security retirement? He'll lose close to $300/month and won't qualify for Medicare for over a year. If he qualifies for SSD it appears that he'd get his full retirement amount and Medicare. But with little savings, he might not survive the four to six month . . . Read More
Category: Filing Options
Posted: Mar 25 2020 - 8:16am
Would My Wife Be Entitled To Spousal Benefits In My Absence?
Dear Larry,
I am currently 78 years old and have been receiving Social Security benefits from the US Government since the age of 65.
As additional background:
- I am a non-US Citizen who has been living outside of the US (in India). I worked in the US when I was younger and had qualified for the 40 credits of work during the course of my career.
- At the time, both my spouse and I were Green Card holders (legal Permanent Residents), a status we both relinquished when we left he US to come back to India.
- My wife (also a non-US Citizen living . . . Read More
Category: Miscellaneous
Posted: Mar 23 2020 - 7:56pm
Can I Draw My SS Now And Can My Wife Draw Half Of My Benefit?
Hi Larry,, my birthday is dec 1952,my wife birthday is July 1953,, I’ve been told that I can draw my ss now and my wife can draw 1/2 of mine also without doing anything to her ss. I was also told that the ss administration would give me back ss from January ,, is this true??
Hi,
Actually, since you reached your full retirement age (FRA) of 66 in December 2018, you could file for your Social Security retirement benefits up to 6 months retroactively. In other words, if you applied in March 2020 you could claim benefits starting as early as September . . . Read More
Category: Filing Strategies
Posted: Mar 23 2020 - 7:34pm
If My Medicare Entitlement Starts Effective February 2020, Will My HSA Contribution In January 2020 Be Deductible?
Dear Professor Kotlikoff, Let me first thank you for producing and selling at a bargain price the Maximize My Social Security (MMSS) software and for your book Get What's Yours. These have been of immeasureable help to me in trying to review my Social Security options. My personal situation is unique and complicated in several ways with regard to the decisions surrounding enrolling in Social Security. I would appreciate your advice. Following is a summary of my personal circumstances:
My Age: 66 (born Nov. 1953)
Marital Status: married
Wife's Age: 57 (born . . . Read More
Category: Miscellaneous
Posted: Mar 23 2020 - 7:12pm
Am I Missing Something About My Ability To File For Spousal Benefits Without Filing For My Own Benefits?
Hello Larry,
I've recently called my local Social Security office to ask about clarifying what I assumed to be true about spousal benefits. From what I've seen online (restricted application), I would not be eligible to receive 1/2 my husbands social security benefits and let my own benefits grow (I was born 2/56). Although, when I called my local SS office they said I could in fact do this, and that it was "something else" that changed. I can't believe they wouldn't know about restricted application at the SS office....so am I missing something? Our scenario: My husband . . . Read More
Category: Filing Options
Posted: Mar 23 2020 - 2:27pm
If I Already Receive SSDI Benefits Can I Also Get Regular Social Security Benefits At Age 62?
I am 62 yrs old and I have been on SSD since 2000. I was wondering if I could get regular SS too. thank you so much and you have a bless day
Hi,
No, you can't collect both Social Security retirement benefits and Social Security disability (SSDI) benefits at the same time. Drawing SSDI benefits is essentially the same as receiving your full retirement age (FRA) Social Security benefit early because you're disabled.
SSDI benefits automatically convert to unreduced Social Security retirement benefits when a person reaches FRA. If you elect . . . Read More
Category: Filing Options
Posted: Mar 23 2020 - 1:03pm
How Is The Maximum Benefit Rate Calculated?
Hi Larry, When I started to receive SS benefits in Jan 2019, I received the maximum FRA (+4% for 6-month deferral) amount at that time. I’m continuing to work with a salary above the FICA yearly maximum; however, my benefit is no longer the maximum. How is the maximum benefit calculated and can I expect an adjustment later this year? Thanks, Paul
Hi Paul,
The maximum possible full retirement age benefit, or primary insurance amount (PIA), is different for every year of birth. And, a person can continue increasing their PIA if they continue working . . . Read More
Category: Retirement Benefits
Posted: Mar 23 2020 - 10:29am
Will Cost Of Living Increases That Occurred After My Husband's Death Be Added When Computing My Widow's Rate?
FACTS -
Myself: Widowed (08/01/2016)
D.O.B.: 03/25/1960
MARRIED: 12/29/81 - 08/01/16*
OCCUPATION: Nanny, Full Time, Salary - $33,800
Deceased Spouse:
D.O.B.: 01/29/1954
D.O.D.: 08/01/2016
Former General Contractor until
Disabled by Massive Ischemic Stroke (04/12/2012)
Was receiving SSDI & Medicaid at time of his death.
QUESTIONS:
(I plan to continue to work until FRA, 03/25/2027. My husband was the higher wage earner of the 2 of us. If my understanding is correct, I am over the earning limit to file . . . Read More
Category: Widow's Benefits
Posted: Mar 22 2020 - 5:47pm
If I Do A Protective Filing WIthin 17 Months Of My Disability Onset Can I Collect A Lump Sum Payment Of SSDI Starting With My Onset Date?
This question deals with protective social security disability filing for SSDI. Do I understand it correctly that if i do protective filing at the end of 17 months AFTER onset of disability date -- it would allow me to have up to 6 months extension to collect the retroactive SSDI benefits. In other words if my onset of disability was on October 29, 2018 and I do protective disability filing on March 29, 2020 (17 months later) and then I follow up with "real" disability filing by September 29, 2020 and my claim is approved -- then I would be able to collect a lump sum starting . . . Read More
Category: Disability Benefits
Posted: Mar 22 2020 - 8:13am
