Can I Start Drawing My Benefits At FRA And Delay Taking Part B Of Medicare Until I Retire?
I will reach my FRA on 06/22/2019 (single, no dependents), but I plan to continue full time employment until 12/31/2019-Lord willing. I will receive an annuity of $468/month at retirement from my job (no windfall issue here). I receive medical insurance through my employer and I signed up for Part A of Medicare when I turned 65 in 2018. My salary is $50K/year. My question is: can I request my Social Security at my FRA, continue my full time job until 12/31/2019 (specifically for the medical benefits) and not begin Medicare Part B until 01/01/2020? Are there any down sides to . . . Read More
Category: Filing Options
Posted: May 6 2019 - 7:57pm
How Can A Sibling's Marriage Mess Up Another Sibling's Benefits?
My brother ended up got married 5 years ago. We are both disabled and were getting his retirement benefits from my father's record. He was always receiving SSI while I have always received SSDI. My brother got married February 2014 and his benefits stopped. My benefits continued as they have been, but my brother always received more of a benefit than I did I am guessing because he received SSI. Social Security now claims that they reduced the monthly benefit starting the month he was married and now they want me to pay back thousands of dollars. How can a sibling's marriage . . . Read More
Category: Social Security Overpayments
Posted: May 5 2019 - 8:50pm
Will I Owe FICA Taxes On Funds Moved From A Regular 401K To A Roth 401K?
I am not drawing Social Security, In the year of completing a 401K to Roth conversion, I understand that federal taxes are due but will the other FICA taxes ( Social Security & medicare) also be applied ?
Hi,
Not to the best of my knowledge. Social Security/Medicare (aka FICA) taxes are assessed in the year in which earnings are paid, even if income taxes are deferred on the earnings because you put them into a 401K or IRA. That said, though, my expertise is limited to Social Security taxes and not tax regulations, so you should probably . . . Read More
Category: Miscellaneous
Posted: May 5 2019 - 8:33pm
If I Wait Until Age 70 To Take My Benefits Will That Also Increase The Amount My Wife Would Receive As A Surviving Spouse?
My wife and I are 26 years apart. My full retirement is age 67. So, if I wait until I’m 70, I can collect the maximum amount. I am still in my 50’s but thinking ahead and I hope I’ll be able to not take social security until I’m 70. If so, my benefit will 30% greater but will that also increase the amount my wife will receive as a surviving spouse once I’m gone? Will her benefit be “exactly” the same amount or is her benefit be adjusted for inflation and increased using COLA? I should mention that my wife does not work. She is originally from another country and we are planning . . . Read More
Category: Filing Strategies
Posted: May 4 2019 - 8:20pm
Could I File For Spousal Benefits And Hold Off Filing For My Own Benefits?
Larry, I’m about to file for my social security. I will be 62 years of age in three months. My husband age 65 has been receiving his social security since age 62 filed early because of medical history but he is not disabled.
During my last 2 years of employment my earning were higher than his last year of employment
I have been retired for past 30 months. Which is best option for me to get my maximum benefits? I’m confused if applying for spousal benefits would be an option for me and hold off of applying for my own benefits until age 66 or 70? I’d like to . . . Read More
Category: Filing Strategies
Posted: May 3 2019 - 7:32pm
Can I Collect Divorced Spousal Benefits And My Teachers Pensions?
I am a teacher who will be collecting calstrs and NVpers retirements. But I am also a divorced spouse (36 years of marriage). Can I also collect my divorced spouse benefit in lieu of my own social security benefits? I have not found anyone who can give me a definite answer.
Hi,
I'm assuming that your Calstrs and NVpers pensions will be based on your earnings which were exempt from Social Security taxes. If that's correct, then any Social Security divorced spousal benefits that you would otherwise qualify for would likely be offset (i.e. reduced) by 2 . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: May 3 2019 - 7:15pm
Is There Any Reason I Shouldn't Take The Social Security Back Pay I've Been Offered?
I am 70 May 2019. Have delayed benefits until now and still working. Met SS in person was offered $21,936 one time check but would reset my benefit back 6 mos. and be $114/mo. less. Also they stated they could go back another 3 months from when I made my appointment. The 9 month reset is less $209/month but I get a one time check for $32,040. (Break even 12yrs).
QUESTION: Is there any reason to not take the $32,000 check ??? Why is this offered ?
Hi,
The argument against opting for the retroactive lump sum payment is that it will cause you to . . . Read More
Category: Filing Options
Posted: May 3 2019 - 3:30pm
Can My Wife File For Her Own Benefits Online?
As a past customer of "Maximize my Social Security", we followed the advice with my wife filing for spousal benefits and delaying her taking of her full benefit until age 70. She is now approaching age 70, can she file for her full benefit on line?
Hi,
Unless Social Security has recently expanded their online options, your wife won't be able to apply for her own Social Security retirement benefits online if she's already receiving spousal benefits. She'll likely need to file an application either by phone or in person with a Social Security . . . Read More
Category: Filing For Benefits
Posted: May 3 2019 - 3:14pm
Could My Grandson In College Qualify For Benefits On His Deceased Father's Record?
My 19-year-old grandson is a full-time college student in another state. He will turn 20 in June. His father, my former son-in-law, sadly died last month at age 48. He was a full-time federal employee under the FERS system, so did pay into the Social Security system for the last 9 years on this current job as well as on other non-governmental jobs he held before this job. Someone told me they thought because my grandson was a full-time student that he would be eligible for Social Security child survivor benefits. I found the following statement on the SS Survivors web page "If . . . Read More
Category: Child Benefits
Posted: May 2 2019 - 10:18pm
Would It Be Advisable For My Wife To File At 62 So That I Could Draw Spousal Benefits?
I retired at age 67. My wife is 61 and still working.I was planning on waiting till 70 to start collecting ss benefits Would it be a better plan for my wife to file at 62 and me collecting spousal benefits till I reach 70? I expect my life to be 80 to 85 where as my wife with good genes may live to be 95. Both her parents lived in their 90's. I have heart disease and don't expect a longer life.
please advise what is the best strategy for us. Should we both wait till FRA? Or Should I not wait till 70?
i don't need the money right now to support us. Please suggest a . . . Read More
Category: Filing Strategies
Posted: May 2 2019 - 10:05pm
