Can I Still Use The Annual Method If I File At Age 62 This Year?
1- I am self-employed. If I retire at 62 in April of 2019 can I still use the Annual method for the cap on what I can earn in 2019? 2- For 2019 and on-going, If I use either the Annual or the monthly method of calculating my maximum earning over and above my SS do my job expenses lower my income? For example, if I drive for Uber does my cost of maintaining a Car the .58 cents per mile okay to deduct from my earnings?
Hi,
Yes, if you file for your benefits any time this year you could potentially use either the annual earnings test ( . . . Read More
Category: Earnings Test
Posted: May 9 2019 - 5:33pm
Can My Wife Suspend Her Benefits And Receive Spousal Benefits Instead?
My wife is currently receiving social security disabilities payments and will reach FRA next year. I am 70 and after receiving receiving spousal benefits under her disability designation I am now receiving my regular benefit. My question is if she drops her social security disability payments and suspends her regular retirement benefit before age 66 (her FRA) would she be able to receive spousal benefit under my regular benefit at 50% of my benefit?
Hi,
No. Even if your wife suspends her benefits when they convert to regular Social Security . . . Read More
Category: Filing Options
Posted: May 9 2019 - 5:09pm
Is There No Recourse I Can Take?
Hello.
They still haven't released my wife's final underpayment. It has now been 6 months.
Call after call it's just one more excuse/reason/delay.
I now believe I will grow old (I already am) without ever receiving the payment.
This morning it was just more him-hawing as usual.
They said they'd forward the manager to manager note to their manager...and that will take 2 weeks or more.
This is insane.
You mentioned that you assumed I had a higher monthly payment than my wife.
Actually, no.
She received a few hundred more than . . . Read More
Category: Miscellaneous
Posted: May 9 2019 - 4:57pm
Is It Illegal To Marry Someone For Their Social Security Benefits?
is it illegal to marry someone for their social security benefits
Hi,
No, but you can't be paid someone else's Social Security benefits just because you marry them. You could, however, potentially become eligible for Social Security spousal or survivor benefits based on the work record of your spouse if you meet all of the requirements for benefits (https://www.ssa.gov/planners/retire/applying6.html).
Best, Jerry
Category: Miscellaneous
Posted: May 9 2019 - 8:20am
Is It A Good Idea To Take My Benefits Now So That My Daughters Can Get Benefits?
I am 62. My current benefits at 62 won be $1645/month. Full retirement would be $2256. at age 70 $2887. I have 2 daughters under the age of 18. Birthdates August 26, 2001 and February 21 2008. It seems like their eligibility for benefits makes it seem like I need to take retirement at 62 in order to not leave money on the table. t
The oldest daughter would receive $846/mo for 3 months until she turns 18. The younger daughter would also receive $846/mo for the 3 months and then receive $1128/mo for 78 months. this combined with my benefit of taking social security at 62 . . . Read More
Category: Filing Strategies
Posted: May 9 2019 - 8:02am
What Do You Suggest?
Hi Larry,
My husband turns 62 in Nov. 2019. I just turned 40 and we have 2 healthy kids under the age of 6. My husband owns several businesses and we are self-employed. My husband definitely doesn't plan to stop making money, but we obviously want to figure the best time and strategy when to start taking benefits.
what do you suggest?
Hi,
The answer to your question depends on how much your husband will be earning between ages 62 and his full retirement age (FRA) of 66 & 6 months, and which filing strategy you believe would be best . . . Read More
Category: Filing Strategies
Posted: May 8 2019 - 6:56pm
When Should I File For Benefits?
I'll turn 70 on September 16, 2019; my wife is 65 as of April 14, 1954. When should I file for benefits? June 2019 or July 2019? Should my wife file for Spousal benefits on April 2020 (she makes about $12K). I have enough credits for benefits. Thank you Larry...
P.S. I have your "How to Maximize your Social Security" book but I believe I'm misreading it.
Hi,
Assuming that you want your benefits to begin effective with the month you attain age 70, you'll want to choose September 2019 as your month of election to begin benefits. Your first . . . Read More
Category: Filing For Benefits
Posted: May 8 2019 - 6:47pm
Can My Non Resident Spouse Get A Social Security Number?
Can my non resident spouse get a social security number so as to be on my family health insurance plan
Hi,
If you mean that your spouse is a non U.S. resident and non citizen, then the answer is probably no. You must normally be a U.S. citizen or resident alien authorized to work in the U.S. in order to be issued a Social Security number. For more information, refer to the following Social Security publication: https://www.ssa.gov/pubs/EN-05-10096.pdf.
Best, Jerry
Category: Miscellaneous
Posted: May 7 2019 - 10:17pm
When Is The First Month That I Could Collect Social Security Benefits?
HI LARRY, I WAS BORN JANUARY 1, 1957. WHEN WOULD BE THE FIRST MONTH THAT I CAN COLLECT SOCIAL SECURITY BENEFITS? THANK YOU, SUSAN
Hi Susan,
I assume you're referring to drawing Social Security retirement benefits based on your own work record. In that case, you're old enough to draw reduced benefits right away, but you would need to have the required number of Social Security work credits in order to qualify (https://www.ssa.gov/planners/credits.html). And, if you're still working your earnings . . . Read More
Category: Retirement Benefits
Posted: May 7 2019 - 9:32pm
How Many Months In Advance Can I Submit A Request To Reinstate My Benefits?
Hello!
At age 66 in June '17, I voluntarily suspended my SS benefits by calling SS. I was on SS Disability until age 66. In Nov. '19 I want to start benefits. How many months in advance can I call them? Do I call to make an phone appointment in advance? Thanks very much
Hi,
There's not a specific limit on how far in advance that you can request reinstatement of your benefits, but since you suspended your benefits after April 29 2016 you must request reinstatement no later that the month prior to the month that you want your benefits reinstated . . . Read More
Category: Suspending Retirement Benefits
Posted: May 6 2019 - 8:15pm
