If I Take A Job WIll My Employer Find Out I'm Receiving SSDI Benefits?
I am thinking of getting a job and was wondering if the business will know that I’m currently getting SSDI and doing a TWP? It looks like you have to report new jobs but it’s not clear if it’s for matching W2s or if Social Security reaches out to them.
Also, if you have to leave a job before your TWP is up, does Social Security check with the company to ask about your work performance/why you left?
(I have the possibility of working with a friend at his wife’s company but want to keep my disability private from her.)
Thanks!
Hi. You . . . Read More
Category: Disability Benefits
Posted: Apr 12 2023 - 11:59am
How Will My Trial Work Months Be Determined If I'm Paid On Commission?
I am receiving SSDI and have not worked since it was awarded.
I am thinking of trying a job that will be commission based because it might be flexible enough for my disability. The commission will be high-ticket so one deal will be over the amount for it to count as a TWP month. My question is, if I don’t close a deal every month (only plan a few per year) will only the months that it shows up on my paystub count towards the 9 months of TWP?
I’ve read that sometimes bonuses will be spread out over the year and didn’t know if they would try to do that if the total . . . Read More
Category: Disability Benefits
Posted: Apr 12 2023 - 11:40am
Is What A CFP Told Me True?
Thank you for answering my past questions, Jerry. I just purchased your software, and am eager to use it. One more question, please. A CFP informed me that since I turn 62 in December 2023, I will receive exactly one month of the 8.7% Social Security COLA for 2023. I am unable to find anything that explains this. Can this be true?
Hi. No, that isn't true. Regardless of your month of birth, since you were born after January 1 1961 then no matter when you apply for your Social Security retirement benefits you won't receive credit for any part of the most . . . Read More
Category: Cost Of Living Increases
Posted: Apr 12 2023 - 11:29am
When Will We Know The Substantial Earnings Amount Required For 2024?
When will we know the substantial Earnings amount required for 2024? What is it?
Hi. I assume that you're referring to the substantial earnings amount used when determining the substantial earnings exception to the Windfall Elimination Provision (https://www.ssa.gov/pubs/EN-05-10045.pdf). Social Security generally announces annual changes in the first part of October. So, the substantial earnings amount in 2024 will likely be announced in the first part of October 2023.
Best, Jerry
Category: Miscellaneous
Posted: Apr 11 2023 - 3:33pm
Isn't It True That People Turning 62 in 2023 Or Later Missed Out On The Past Two COLA Increases?
Hi Larry. Given that (1) all Social Security COLA increases occurring after a person turns 62 are added to their Social Security retirement benefit rate, and (2) the indexes used on social security earnings becomes a constant 1.0 at age 60, then is it correct to conclude that someone who becomes 62 in say December of 2023 unfortunately missed out on two of the best consecutive adjustments in recent history (namely the 5.9% COLA of 2022 and the 8.7% COLA of 2023 (a combined 15% increase)? Is this just an unfortunate fact of timing that, or am I missing something?
. . . Read More
Category: Calculating Retirement Benefits
Posted: Apr 11 2023 - 2:50pm
Do We Need To Return My Niece's Conserved Benefits?
My husband and I have been caring for our nieces since their parents passed away 2 years ago. They have been receiving Social Security benefits. We opened up a saving account for each of them so that their checks could be deposited. My niece just turned 18 and social security has asked for any saved funds to be sent to them. Since this account is in her name do we need to return the funds.
Hi. Maybe not. Returning the conserved funds to Social Security would just require them to reissue them to your niece, so if the bank account in which the funds are . . . Read More
Category: Representative Payee
Posted: Apr 11 2023 - 12:54pm
Can You Comment On The Following Article?
For many recent COLA questions to Ask Larry, the replies from Jerry included the following statement: "Everyone born prior to January 2 1961 will have the upcoming 8.7% cost of living (COLA) increase added to their Social Security retirement benefit rate regardless of whether or not they are drawing benefits." However, please comment on the following excerpt from Mary Beth Franklin's recent article "No need to claim Social Security to cash in on COLA": "There is no need for clients to claim Social Security benefits now to cash in on the huge 8.7% cost-of-living adjustment for . . . Read More
Category: Cost Of Living Increases
Posted: Apr 11 2023 - 11:09am
Can I Get A Refund Of The Medicare Part A Premiums That I Paid For Months After I Reached 40 Credits?
Hi, I turned 65 last year and I signed up for Medicare on March 2022, because I had only 36 credit points then, I had to pay part A and B out of pocket . This year, I reached 40 points after paying taxes, which means I should be entitled to free part A, but I already paid part A bill from Jan to April, can I get a refund? Thanks.
Hi. Yes, you should qualify for premium free Part A of Medicare effective with the first month that you had 40 (QC) quarters of Social Security coverage. Any out of pocket Part A premiums that you paid for months that you were . . . Read More
Category: Medicare
Posted: Apr 10 2023 - 8:07pm
What Do I Need To Do To Switch From Spousal Benefits To My Own Benefits At Age 70?
Hi Larry, I have been receiving restricted spousal benefits for a few years now as I was born in 1953. I will be 70 in July and will switch to my own retirement benefits. Do I have to do anything besides fill out a new online application? Do I need to go in person to a Social Security office? Or will I be switched over automatically without having to reapply? So confusing. Thanks for any clarity you can provide.
Hi. You won't automatically be switched to your own benefits. Instead, you'll need to file an application for Social Security retirement benefits . . . Read More
Category: Filing For Benefits
Posted: Apr 10 2023 - 7:59pm
How And When Do I Apply For My Son To Continue Receiving Benefits As A Disabled Adult Child?
I have been receiving ssdi for a mental health disability since 2018 I have also been receiving additional benefits for my minor son who is himself disabled with a diagnosis since age 13 and has continued treatment and diagnosis not to improve he himself is going to be 18 in 8 months how and when do I apply for him to receive the same max dollar amount under my record as an adult disabled child?
Hi. Social Security won't accept applications to convert child benefits to childhood disability benefits (CDB) until a child is at least 17 1/2 years of age ( . . . Read More
Category: Disabled Adult Child Benefits
Posted: Apr 10 2023 - 6:22pm
