At What Age Should I Switch From A Mother's Benefit To A WIdow's Benefit?
My husband passed away last year. He started receiving his benefits at age 62. Due to our disabled adult son, I receive a mother's benefit. I am currently 61, and will be 62 by the end of summer. My question is, at what age should I switch from a mother's benefit to a widow's benefit whereby I will be getting what my husband was getting at the time of his death.
Hi,
I'm sorry for your loss.
Your maximum widow's rate would be limited to the higher of a) 82.5% of your husband's primary insurance amount (PIA), or b) your husband's reduced monthly . . . Read More
Category: Widow's Benefits
Posted: Apr 22 2019 - 4:50pm
Which Of These 3 Options Is Best?
Dear Larry;
I am currently coming up on my 62nd birthday and selected three options for drawing my Social Security. I was hoping you could help provide the best option money wise. Please note that I retired 12/18/18.
Option 1) Draw in July at age 62 – July 2019
Option 2) Draw at age 62 ½ - Jan 2020 - (my wife will be 65 in September of this year)
Option 3) Wait until my wife is 66 – Sept 2020 (her full retirement age maxing out on the spousal benefit)
Additional Info:
Myself
Born July 1957
Have 45 years of work history
. . . Read More
Category: Filing Strategies
Posted: Apr 22 2019 - 9:40am
Will My Wife's Military Survivor Benefits Be Reduced By Her SS, Or Vice Versa?
I receive a military pension and participate in the SBP for my wife. I also receive Social Security payments and my wife does also off of my SS benefits. When I pass and my wife starts receiving annuitant pay through the SBP program, will her survivor benefits from SS be reduced or vice versa? I cannot find the answer any where on the web.
Hi,
My expertise is limited to Social Security benefits, not military benefits. What I can tell you is that if your wife receives a survivor pension from the military, it will have absolutely no effect on her . . . Read More
Category: Survivor Benefits
Posted: Apr 20 2019 - 10:14am
If I Claim Benefits Now, Will The Earnings Limit Apply Only To My Earnings For The Rest Of The Year?
I turned 65 in april. 2019. If I claim my benefits now, will the earning limit be for the rest of the year, or will all of 2019 be counted. Also, by continuing to work, what can I expect my benefit amount of 1707 to become as I continue to work at an anticipated rate of about $30,000 per year until I am 70. So confusing.
Hi,
Social Security's annual earnings test counts your entire calendar year earnings, regardless of what month you start drawing benefits. So, if you claim benefits now and you end up earning more than $17,640 for the calendar year . . . Read More
Category: Earnings Test
Posted: Apr 20 2019 - 9:55am
If My Wife Collects Her Benefits At Age 63 Will It Substantially Reduce Her Subsequent Spousal Benefit?
My wife is 63. I am 64. I plan on taking my SS benefit at full retirement age. My benefit is substantially higher than my wife. If she collects her benefit at 63, will it substantially reduce her spousal benefit when I start collecting at my Full retirement age?
Hi,
I don't know what you'd consider to be substantial, but filing at age 63 would reduce your wife's benefit rate even if she later qualifies for additional spousal benefits on your record.
For example, say Jill files for her Social Security retirement benefits at age 63. Jill's . . . Read More
Category: Filing Strategies
Posted: Apr 19 2019 - 2:17pm
Am I Wrong In Thinking That I Should Receive Delayed Retirement Credits?
I was born in July 20 1949. I filed and suspended my Social Security benefits until today.
I was told at the time that I filed that I would get 8% increase of my benefits each year that I suspended them and when I claim for the suspension payments benefits when paid in back credits the 8% will be figured in . My local Social Security agent office in Independence Kansas said there would be no 8% increase and that I would only get the amount that was in place when I filed back in 2015 . Am I wrong in thinking that the 8% would apply?
Hi,
If you . . . Read More
Category: Delayed Retirement Credits
Posted: Apr 19 2019 - 10:08am
Is It Correct That If A Person Files For Their Own Benefits At Age 62, Any Subsequent Spousal Benefits Would Also Be Paid At Their Age 62 Rate?
Wish to confirm if a spouse starts her own workers benefit at 62 at a reduced rate but her husband who is older waits to claim his workers benefit until she reaches full retirement age, the wife's spousal benefits will still be reduced to the qualifying percentage calculated at the time she first began her workers benefit at 62. Is that correct?
Hi,
No, that's not correct. In the scenario you present the spouse would retain her own retirement benefits at the same reduced rate, but any additional spousal benefits would be unreduced.
For . . . Read More
Category: Spousal Benefits
Posted: Apr 19 2019 - 8:38am
Will My Social Security Benefit Be Reduced If I Receive A FERS Pension?
I paid into SS and have my 40 quarters and also paid into FERS and am fully vested. Is my SS reduced because of double dipping?
Hi,
No. Your Social Security benefits wouldn't be reduced due to receipt of a FERS (Federal Employee Retirement System) pension, because earnings covered under FERS are also subject to Social Security taxes. Social Security benefits are only subject to reduction under the Windfall Elimination Provision (WEP) if a person receives a pension based on their work that was exempt from Social Security taxes.
Best, Jerry
Category: Non-Covered Pension - WEP / GPO
Posted: Apr 18 2019 - 11:13am
If I Marry Before I Turn Age 66 Will I Lose My SS Benefit?
I am 65 and my fiance is 47. If I marry him before I turn 66 will I lose my SS benefit?
Hi,
Getting married would have no effect on your own Social Security retirement or disability benefits, nor does a marriage after age 60 affect widow's or surviving divorced spousal benefits. However, if you're receiving divorced spousal benefits on a living ex-spouse's record or disabled adult child's benefits on a parent's record, then a remarriage would terminate your eligibility unless you meet one of the limited exceptions.
Best, Jerry
Category: Miscellaneous
Posted: Apr 18 2019 - 11:05am
Is Social Security Correct That We Can't Collect Spousal Benefits?
My husband and I both were 66 in January 2019. I am retired and started collecting my full Social Security benefit in January. My husband is still employed and wants to continue working until 70 or longer.. He wants to collet his maximum Social Security benefit at 70. We were told that since I started collecting my SS that my husband could get spousal benefits on my SS at 50%. This would not change the amount due to my husband at age 70 on his SS benefit if he gets spousal benefits on my Social security. I am not sure if this is true or you can even catch what I am asking but . . . Read More
Category: Filing Strategies
Posted: Apr 17 2019 - 12:35pm
