Retirement Benefits

How Are Reduced Benefits Calculated?

A friend of mine started receiving his social security benefit in August 2016. His 64th birthday was in December 2016, and he receives about $750 a month. He told me that someone said he would have received just as much if he had started his check in January 2016, because the payment is computed as of the end of the previous year. Is this true? I know that this is true for delayed retirement credits but that it is temporary. I know that, in the case of DRCs, eventually the full amount will appear in the monthly check, after it is computed at the end of the following year.

Will My Separation Be A Problem?

i am not divorced but we have lived seperatly for more than 5 years. i want to get my social security in january. ihave worked many years.i want my own social security. we are not legally seperated, is that going to be a problem?

Hi,

No, the status of your marriage is irrelevant with regard to the Social Security retirement benefits you can receive on your own record. Before filing, you may want to consider running the maximization software available on this website in order to explore all of your filing options and determine your best strategy.

Are There Any Reasons Why My Sister Should Continue To Wait To File For Social Security Benefits?

Larry, I'm writing on behalf of my sister. She is having difficulty deciding to apply for social security benefits.
Sister is 71 and continues to work full time. Cheers for good health. Her husband, former Federal employee, is retired through permanent disability related to employment - OWCP. Sister lives in South Carolina, which I believe does not tax social security benefits. She is aware the benefit amount will no longer increase with age and that she will not receive benefits for the time period where she did not apply.

Will My Retirement Benefit Go Up Or Down If I Work Past Age 70?

I will turn 70 on December 25, 2017. I work at Northwestern University and intend to continue working until our new University Center opens - hopefully by 2020. I am in decent health, and love the work that I do. I have asked this question of Social Security and I never get a straight answer. Whatever the dollar amount that I would receive if I retired at 70, if I keep working beyond 70, will that dollar amount remain the same? Or do the taxes that I would pay Social Security make the dollar amount go down?

How Can I Found Out If I'm Receiving Extra Income From Social Security For My Military Service?

How do I know, or find out if I am receiving extra income from Social Security for serving in the US Army in 1970_1971

Hi,

The extra income you're referring to are deemed military wages (DMW). During the time you were in the service, Social Security credited you with an extra $300 in wages over and above your actual wages for each calendar quarter (e.g. Jan-Mar, etc.) in which you had active duty (https://www.ssa.gov/OP_Home/handbook/handbook.09/handbook-0953.html).

Why Did My Projected Benefit Rates Go Down?

I am 64. I just received my annual Social Security statement and am horrified to see that the predicted benefits that I would receive were I to retire at 64, 66, or 70 have all gone down by about 18%. This makes a huge dent in my plan to retire in two years.

How did this happen? Was there a legislative change that was not well publicized? Is there a new calculation method in use?

Hi,