Should I Switch To My Own Benefits Now So That I Can Collect The Upcoming COLA?
I'm 69 and am deferring Social Security based on my own earnings. However I'm receiving spousal benefits based on my husband's record and plan to switch at age 70. Does it make sense to switch to my own benefit now and collect the proposed 8.7 percent COLA increase in January since that's more than the 8 percent I earn by waiting?
Hi. You might want to use our software (https://maximizemysocialsecurity.com/purchase) to fully compare your options, but you'll get credit for the upcoming Social . . . Read More
Category: Filing Strategies
Posted: Sep 14 2022 - 1:40pm
Will We Have To Pay Back Disability If We Sell Our House?
In Texas, if we sell our house, will we have to pay back disability? My husband has been on disability for 4 years. >/blockquote>
Hi. I assume you mean that your husband is receiving Social Security disability (SSDI) benefits. If that's the case, the the answer to your question is no. Selling a house has no effect on SSDI benefits.
However, if your husband receives Supplemental Security Income (SSI), then selling your house could cause his SSI benefits to stop depending on what you do with the proceeds from the sale. SSI is a needs based program, so . . . Read More
Category: Disability Benefits
Posted: Sep 14 2022 - 6:39am
Will I Receive The Cost Of Living Increases That Occur While My Benefits Are Suspended?
I started Social Security Benefits at age 62 and suspended benefits at full retirement age of 66. In addition to the 8% annual credit for suspending , will I also receive cost of living adjustments that occurred while my benefits were suspended? My benefits resume upon my turning 70 in July of 2023.
Hi. Yes. 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 whether or not they are collecting benefits.
Best, Jerry
Category: Cost Of Living Increases
Posted: Sep 13 2022 - 4:38pm
If I Suspend My Benefits In The Year I Turn Age 70 Will I Immediately Receive An Increase When I Resume My Benefits At Age 70?
I started collecting SS at FRA (i.e. 66) in 2020. In 2024 (the year I turn 70) I'm considering Suspending for 5 or 6 months to earn some DRCs. I remember reading somewhere that age 70 is an occasion when, under the right circumstances, my PIA can be immediately recalculated to include DRCs. I *think* the "right circumstances" would be me Resuming the month I turn 70. Correct? My birth month is October so for example, I could Suspend April, Resume October (for 4% DRC boost), and immediately re-start at the higher PIA? Correct? And assuming the April/October scenario, I would . . . Read More
Category: Suspending Retirement Benefits
Posted: Sep 13 2022 - 12:13pm
What Are The Limitations For Purchasing Things With SSI?
I was wondering what are the limitations for purchasing things with SSI. I have used it to buy food and clothing, though I was thinking if I could use it to cover a phone bill for myself. I don't know if this would be allowed
Hi. There are no rules that limit the manner in which Supplemental Security Income (SSI) benefits can be used. So, if you're eligible for SSI benefits, you can spend them however you see fit.
Best, Jerry
Category: Supplemental Security Income
Posted: Sep 13 2022 - 12:04pm
When Will My Son's Survivor Benefits Stop?
Larry when will my son survilval benefits stop he is still in school and graduates next year but wants to continue education in college will he still be able to collect from his deacese fathers
survival benifents for himself ?
Hi. Unless your son is disabled, the last month for which he can be paid Social Security survivor benefits is the later of a) the month before the month he reaches age 18, or b) the month he graduates from high school (https://www.ssa.gov/OP_Home/ . . . Read More
Category: Child Benefits
Posted: Sep 13 2022 - 11:55am
Is There Anything I Could Apply For?
Hello and Thank You
My wife is on disability , I do all the cooking, cleaning , bathing and still work full time . I am 64 yrs young, is there anything with SS that I could apply for. I feel I need to work to pay the Dr bills, but are there thing I could apply for to help our situation ?
Thank You
Dennis
Hi Dennis. My expertise is limited to Social Security benefits, so those are the only type of benefits I can tell you about. Since you were born after January 1 1954, you couldn't apply for spousal benefits without also being required to . . . Read More
Category: Filing Options
Posted: Sep 12 2022 - 6:49pm
What Would I Be Entitled To If I Remarry My Ex-Husband?
I am divorced raising two grandchildren one for 15 years the other one for eight I draw SSI and was wondering if I want to marry my ex-husband again now he draws total disability Social Security . If we were to marry When I lose my SSI and if So What Would I be entitled to And Would my two granddaughters that I have been raising be able to draw off of him do they have to be adopted we were married for over 10 years before divorcing I have Full custody of both granddaughters I guess what I’m asking say I would marry him what would I gain and what weird I lose and where do they . . . Read More
Category: Miscellaneous
Posted: Sep 12 2022 - 6:37pm
How Do I Increase My SS Benefit To 50% Of What My Husband Is Collecting?
I started collecting SS at age 62. My husband is four years younger than me. He started collecting at age 68. I'm told I can increase my ss benefit and will receive 50% of what he's collecting. How do I do this?
Thank you.
Hi. You can call Social Security to apply for spousal benefits, but you'll only qualify for spousal benefits if your husband's primary insurance amount (PIA) is more than twice as much as your own PIA. Even if you do qualify for spousal benefits, though, you won't get a full 50% of your husband's benefit amount. A person's PIA is . . . Read More
Category: Spousal Benefits
Posted: Sep 12 2022 - 6:29pm
Will The Fact That I've Returned To Work Increase My Monthly Check?
I Retired at age 63 1/2 on 2017 I’ll be 68 in nov. This year I came out of Retirement and started working on contributing to Social Security in Feb 2022 does this increase my monthly check in any way or just does not applied
Hi. I assume you mean that you are collecting Social Security retirement benefits based on your own earnings history. Social Security retirement benefits are based on an average of a person's highest 35 years of Social Security covered wage-indexed earnings, so your current and future earnings will only increase your benefit rate if . . . Read More
Category: Calculating Retirement Benefits
Posted: Sep 11 2022 - 10:21pm
