When Should I Collect Widows Benefits From My Deceased First Spouse?
I am a 63 year old widow, still working as a librarian. My husband died in his forties, but his income was much greater than mine so his social security benefit would be much higher than mine. I have been told by a financial person that I should work as long as possible and delay drawing any social security until age 70. I have seen other widows who are drawing survivor's benefits from their husband's accounts with plans to draw on their own accounts at full retirement age, but that is different for me as my own account is smaller. I enjoy working so would like to continue for . . . Read More
Category: Widow(er) Benefits
Posted: Jun 9 2016 - 1:30am
Can We Still Pursue the File and Suspend Strategy?
Hi Larry,
Do I qualify for spousal support if my wife applies and suspends her benefits at ( 66 and 6 months )? She is 64 and I am 58 and we both want the maximum retirement benefit at age 70. We are still employed, and would like to collect some benefits until we are eligible for the max benefit at age 70. best, Clarence
Dear Clarence,
You two missed the deadline to use the file and suspend strategy because you were both too young to meet it. Your wife could collect a full divorced spousal benefit starting at 68 if you were divorced two . . . Read More
Category: File and Suspend
Posted: Jun 9 2016 - 1:00am
We Were Over 62 on January 1, 2016, But Still Under 66. What's Our Best Strategy?
I will be 66 in 14 months, My husband is. 2 years younger.
We have been married 33 years, 2 grown healthy children, He was the larger earner for most of our marriage and his expected income from SS is probably about double mine at this time. . I would estimate that I could easily live beyond 85, I would estimate that 85 would be more realistic/optimistic for him ( he lives with me:)) We are both still working and plan on continuing beyond 66. He has some health challenges that are stable at this time - family longevity is 76 for Dad mom is still alive at 86.
First . . . Read More
Category: Spousal Benefits
Posted: Jun 9 2016 - 12:45am
How Should We Afford to Wait Till 70
Our best strategy is for both of us to wait until 70 to collect approx. $5,300 combined, which we hope to do. My question is, do you recommend our drawing down our IRA accounts ($200K) from 62-70 yrs. to meet our expenses? We expect our annual income to be approx. $60,000 at least until age 65. We are 60 yrs old now and still have a mortgage of $400K which we hope to reduce to $300K by age 70.
Thank you!
Hi, We have a great program called ESPlanner at www.esplanner.com. You can use it to analyze all of your . . . Read More
Category: Retirement Benefits
Posted: Jun 9 2016 - 12:30am
Can We Get Hurt By Getting Married?
My live-in spouse and I are both going on to 47 yrs old. Since we are both disabled and getting SSD, we were told by a SS representative 22 yrs ago, that if both recipients were to legally wed, the wife would lose her survivors benefit, although the husband keeps his. Nonetheless the rep recommended that we just live together and Keep It Simple, Silly. So we did just that and are still happily together. She works p/t and I haven't worked since 2011. We have no kids. Question is: when we turn 67, what will happen to our benefits? We are each receiving about $990 each per month. . . . Read More
Category: Widow(er) Benefits
Posted: Jun 9 2016 - 12:30am
When Should I Collect Widows Benefits From My Deceased First Spouse?
Hi Larry,
William was 62 in August 2015. Becky, my wife, is presently receiving SSDI payments and she is 62 in May 2016. Becky was married 30 years to another man who is now deceased. William married Becky after her 60th birthday. William will file a restricted application for spousal payments at his FRA August 2019. I want to maximize my social security so tell me if this is a viable strategy.
William will have a 9 month window of spousal payments August 2019 thru May 2020 that will end, because Becky will withdraw her automatic retirement benefits (from SSDI) in . . . Read More
Category: Collecting Off Of Two Spouses
Posted: Jun 9 2016 - 12:00am
Can We Get More By Getting Divorced?
Hi Larry - I want to make sure I understand. 2 people (husband and wife) exact same age (born 1964), both high earners over many years, 0 children, no disabilities & can afford to wait to age 70. Can these 2 people increase their earnings by divorcing at age 68 and receiving 2 social security checks instead of just 1 reduced/combined check?
You need to have been 62 by January 1, 2016 to collect just a spousal or a divorced spousal benefit starting at full retirement age. You folks are too young. You'll be deemed to be filing for your retirement benefits . . . Read More
Category: Divorced Spousal Benefits
Posted: Jun 9 2016 - 12:00am
Is It Better for a Spouse Not to Earn 40 Credits Due to the WEP?
My wife (born Oct. 1952) has been employed as a teacher for over 30 years in several US and international school systems. After ten years of teaching in Texas, she took her Texas Retirement System (TRS) amount of $604/month when we moved out of state for new employment. Some of her other employment settings contributed to Social Security and she now has 37 credits.
I have beyond 40 credits (born Nov. 1952) and my SSA account currently estimates I will receive $1699/month at FRA in Nov. 2018. If I apply for benefits at FRA (Nov. 2018), the SSA representative said I would . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Jun 4 2016 - 6:30pm
What's the Best Strategy for Non-Grandfathered Singles?
Hi, I am a single man, born in 1955 and do not have children. I live with a sibling 3 years younger who is also single without children. Are there any special social security rules or strategies that we can employ to maximize our future benefits? We are not on SSDI, we both work. Thank you.
Since you were under 62 on January 1st, your best option is simply to wait until 70 to collect your retirement benefits. You benefit starting at 70 will be 76 percent higher than if you take it at 62 and that's adjusted for inflation. This presumes you have a pretty . . . Read More
Category: Singles
Posted: Jun 4 2016 - 5:45pm
Are We Grandfathered Under the New Law?
Dear Larry,
A summary of our situation is as follows:
1) At FRA I started drawing the maximum allowable PIA at that age (66) - July 2014
2) My wife turned 63 in Feb 2016 but has not filed for any SS benefit
3) We still have a fair amount of credit card and other debt that we need to pay off
4) Our rationale for taking the funds at 66 & not at 70 was to try and pay off our debt by age 70
5) Now (after reading your book) I am thinking of suspending my benefits (for at least 2 years) and get 8% per annum and increase the amount to say $ 3, . . . Read More
Category: New Law
Posted: Jun 4 2016 - 11:00am
