my job is being eliminated and I am receiving a small severance package. Will I be taxed on that amount?
Hi. I'm sorry, but my expertise is limited to Social Security benefits. I'm not able to answer questions about income tax regulations.
Best, Jerry
Hello Larry,
I recently applied for SS at 62 along with benefits for my eight yr old son.
Both were approved, however my wife being 42 and legally married to me for 10 years, was denied spouse benefits under my work record because she does’t have a ssn or
green card. At first she was approved for 50% of my FRA. amount being that she is a stay at home wife and mother until he is 16 but then denied. Should I appeal ?
Hi. It isn't clear from your description whether your wife's claim was disallowed, or if she her claim was approved but her . . . Read More
I’m a widow drawing disability on my deceased husband. If my adult daughter gets approved for disability on her Dad, will it cut my check in half?
Hi. If your daughter qualifies for disabled adult child's (DAC) benefits on your husband's Social Security record it won't cut your disabled widow's benefits (DWB) in half, but it could reduce the amount you receive. How much of a reduction might occur would depend on the family maximum benefit (FMB) amount that can be paid on your husband's account. You may want to try calling Social Security for an answer . . . Read More
What political party came up with the bill that allows a wife to collect on her husband’s social security at 62 but delay collecting on hers till she reaches max age of 67-70 years old? To me this is double dipping and will bankrupt social security faster.
Hi. I think you might be mistaken about Social Security regulations. Spouses have never been allowed to collect spousal benefits at age 62 on the record of a living spouse while waiting until later to claim their own benefits, unless they have a child in their care who is eligible for benefits. However . . . Read More
if my wife chooses to receive her own social security benefits 57 months before her full retirement age. Her own benefit will be 71.25 percent of her primary insurance amount. What percent of spousal benefit will she receive when me, the higher earning spouse retires?
Will it be 50% of my benefit, or 50% minus of mine minus the reduction based on her date of filing for her own?
Hi. Your wife's unreduced spousal amount would be calculated by subtracting her primary insurance amount (PIA) from 50% of your PIA. A person's PIA is equal to their Social . . . Read More
I am 75. I delayed filing until age 70 and currently receive around the maximum benefit, $4500 per month.
My spouse is 60 and qualifies on her own work record. If I die in the next year could she file for reduced benefits on her record at 62 and then apply for survivors benefit at age 67 and get 100% of my current benefit(adjusted for cost of living)?
If I am still alive in a few years, could she also file for reduced benefits on her record at 62 and then apply for survivors benefit at age 67 and get 100% of my current benefit(adjusted for cost of living)?
I turn 68 in April, if I don't apply for social security until I turn 70 in 2025, will I still get the 8.7% increase for 2023 ?
Hi. Yes. Social Security retirement benefit rates for everyone born prior to January 2 1961 will be credited with the recent 8.7% cost of living (COLA) increase no matter when they start collecting benefits.
Best, Jerry
Hi - father with disability is receiving SSDI $1,500, his two children are receiving $600 for both, one of the children is turning 18, how will the benefit be affected, go away? The child is not disabled and not in school. Thank you
Hi. Once a child turns age 18 they can only remain eligible for child benefits if they are either still in high school or they are disabled. So, it sounds like the child turning age 18 in your example will stop receiving benefits effective with the month they reach age 18.
However, based on the benefit amounts cited . . . Read More
Hello, I have been receiving my SS benefits since my husband passed away in July 2020. I realized that I could be receiving more under my husband's
name. When I called the SS office; I was told I can only receive his benefits for the past 9 months instead of when he passed away. Do you know
if that is true or not? Kind Regards, Karen
Hi Karen. I'm sorry for your loss. Actually, the limit on payment of retroactive widow's benefits is 6 months prior to the date you file your application. And, if you're under full retirement age (FRA) then you . . . Read More
I am over 70 and still employed. Both my wife and I have health benefits from my employer. She turns 65 in Dec of this year at which time she will start on Medicare, PartB and PartD. My question is can I voluntarily give up my employer health benefit In Dec and qualify for a special enrollment period so I can sign up for PartB and PartD (already on Medicare) without a penalty. I do not not want to retire in Dec, I just want to switch fully to Medicare from my qualified employer health plan.
Thanks
Hi. As long as you've been an active employee since . . . Read More
Results will differ based on your specific case and filing strategy.