Is It True That's There's No Limit On How Much Each Member Of A Couple Can Be Paid Based On Their Own Earnings History?
I am getting conflicting answers.
Is there a limit on Social Security benefits for married couples if both spouses worked outside the home and earned income and each has a Social Security account?
I am told that not when it comes to each spouse’s own benefit. Both can receive retirement payments based on their respective earnings records and the age when they claimed benefits. One payment does not offset or affect the other
Is this true?.
Hi. Yes, that's true. Although there's a family maximum benefit (FMB) amount that can be paid . . . Read More
Category: Miscellaneous
Posted: Oct 27 2022 - 2:24pm
Can I Claim Benefits Under My Ex-Wife's Social Security?
I am 76 and have been retired since 1998. When I turned 62 I applied for early social security and received Just under $200.00 a month and over the years it was increased to just over $200.00. The benefit is small because I was working and contributing to a PERA fund for 30 years. As you know people under PERA were not able to contribute to social security after 1980. I was married for 20 years to my ex spouse. Divorced in 2004. She was 12 years younger but contributed to social security and has continued to work. She is now 65. Can I claim a benefit under her social security . . . Read More
Category: Divorced Spousal Benefits
Posted: Oct 27 2022 - 1:32pm
Is What Social Security Told Me Correct?
I turn 62 on Dec 20 2022. I applied for Social Security early Oct 2022 and received my award letter which matches my estimate from Social Security website. Award letter states my first check is Feb 15 2023. I called the National 800 number and the Social Security representative told me I would not be getting the COLA 8.5% increase since I did not have any benefits payable in December 2022. Is this correct???
Hi. No. The upcoming 8.7% cost of living (COLA) increase will be added to your Social Security retirement benefit rate. Everyone born prior to . . . Read More
Category: Cost Of Living Increases
Posted: Oct 27 2022 - 12:40pm
Do People Under Age 62 Benefit From The December 2022 8.7% COLA?
Do people under 62 benefit from the Dec 22 8.7% COLA? Wife and I are 60, both have 35 years vested, and don't plan to take SS until 2029 (age 67). I stopped working and wife will stop in two years. Currently SS site projects my monthly to be $3,135 and hers as $3,264 ( total of $76,788) but when I key this into some retirement planners the total combined annual SS Benefits is increased at 2029 by $10K or more. Is that due in part to the Dec 22 Cola and an assumption that COLAs have avg @ 2.5% over past 25 years?
Hi. No, at least not with regard to their own . . . Read More
Category: Cost Of Living Increases
Posted: Oct 26 2022 - 3:43pm
Would It Be Wise For Me To Sign Up Now To Get The COLA Increase For 2023?
I was waiting to sign up for SS until April 2023 when I reach full retirement age (66 and 4 months). Would it be wise to sign up now and get the cola increase for 2023?
Thank you for your consideration,
Nancy
Hi Nancy. You don't need to sign up now in order to get credit for the 2023 cost of living (COLA) increase. All Social Security cost of living (COLA) increases that occur after a person turns age 62 are added to their Social Security retirement benefit rate regardless of when they start drawing benefits.
Your best overall filing . . . Read More
Category: Cost Of Living Increases
Posted: Oct 26 2022 - 1:23pm
Can I Suspend My Benefits Rather Than Withdrawing Them?
I started to draw social security in May of 2022, $1160.00 to take care of my husband. My husband then died last month, Sept of 2022, married 22 years. Instead of withdrawing my SS, having to payback SS and Medicare, can I suspend it? I was thinking that if I can suspend, rather then withdrawal mine and take it at age 70 and now draw widows payments $1310.00, at 66, full widow's retirement age, this would be the deal for me. (And if not...why?) The last I looked before drawing my SS at 70 would be $1640.00. (I also do not plan on working full time, perhaps PT in the future.) . . . Read More
Category: Suspending Retirement Benefits
Posted: Oct 26 2022 - 1:03pm
Does The Amount On My SSA Statement Already Have All COLAs Baked In?
Larry, I am 66 yrs. old, not receiving my benefits yet. Does the amount of projected income on my SSA statement already have all colas baked in?
Hi. My understanding is that the estimates on Social Security's benefit statements include past cost of living (COLA) increases but no future projected COLAs. We believe the best way to get an accurate benefit estimate is by using the Social Security benefit calculator included in our software (https://maximizemysocialsecurity.com/purchase). Using the . . . Read More
Category: Benefit Amount
Posted: Oct 26 2022 - 11:01am
Could My Partner Collect Spousal Benefits If We Get Married?
I am 71 years old and have been collecting retirement benefits since I was 70. My (unmarried) partner is 61, a teacher, and belongs to the State's retirement system. Her anticipated retirement benefit is greater than what she would receive from Social Security, and greater than 50% of my retirement benefit. If we were to get married, can she collect spousal benefits on my earnings? If so, would she have to repay them when she starts collecting her retirement?
Hi. Your new wife could potentially qualify for spousal benefits if you marry, but she'd need to be . . . Read More
Category: Spousal Benefits
Posted: Oct 26 2022 - 8:29am
How Does My Wife Go About Applying For Her Full Benefits?
My wife is currently getting her benefits under the "file and suspend" program. She recently turned 70 and we want to apply for her full benefits. How do we do that? Thanks for your help.
Hi. I assume you mean that your wife previously applied for her benefits, but then voluntarily suspended them. If that's the case, Social Security should automatically reinstate your wife's benefits now that she's reached age 70. Note than Social Security pays benefits a month behind, so if your wife's benefits were suspended then her first reinstated payment wouldn't be . . . Read More
Category: Filing For Benefits
Posted: Oct 25 2022 - 3:32pm
Why Am I Being Asked To Repay An Additional Overpayment?
I applied for survivors benefits at age 66 and was told that benefits start in January of the year I urned 66 (2017). Wrong, apparently I was supposed to wait until my 66th birthday, July 31st. Because of this incorrect information I was notified that there had been an $8,000 overpayment. SS has been taking out $50/mo to pay back the overpayment they caused by giving me incorrect info. I switched to my retirement this year when I turned 70. I have now begun receiving bills from SS saying I must pay $864 and an overpayment shown tied to survivor’s benefits as well as the $50 per . . . Read More
Category: Social Security Overpayments
Posted: Oct 25 2022 - 3:12pm
