Could My Wife File A Restricted Application For Spousal Benefits On My Account?
If I retire and start collecting social security at age 70 in July of this year can my wife file born in sept of 1954 file a restricted application in order to collect spousal benefits on my account
Hi. No, your wife couldn't apply for spousal benefits without being forced to claim her own benefits at the same time. Only people born prior to January 2 1954 are allowed to file a restricted application for spousal benefits only (https://www.ssa.gov/benefits/retirement/planner/claiming. . . . Read More
Category: Filing Options
Posted: Mar 28 2023 - 10:42am
If Some Of My Survivor Benefits Are Withheld Due To My Earnings Will They Be Repaid In Any Way If I Later Switch To My Own Benefits?
If I am collecting survivor benefits and some are withheld due to my working, when I switch to my own benefits at or after my FRA, will the withheld benefits be repaid in any way?
I know they are if I stay on survivor benefits.
Thanks much
Hi. Benefits withheld due to the Social Security earnings test are never returned to the beneficiary in any type of a lump sum form. What happens instead is that when a person who collected reduced benefits reaches full retirement age (FRA), the reduction for age applied to their benefit rate is adjusted to . . . Read More
Category: Benefit Amount
Posted: Mar 27 2023 - 5:22pm
Will I Be Unable To Collect Widow's Benefits From My Second Husband's Social Security Since We Married Before I Reached Age 60?
i was married for 15 years, divorced and remarried at age 50. I keep reading that you forfeit survivor benefit if you remarry before age 60. I am currently married 3 yrs in my second marriage. So does this mean if I become widowed I would not get my 2nd husband survivor benefit when I turn 60.?Is that what they mean by marriage penalty if married before 60 ? My 2nd husband benefit earning is higher than my 1st husbands.
Hi. No. It sounds like you have a misunderstanding about Social Security's regulations. When you remarry prior to age 60 after divorcing . . . Read More
Category: Widow's Benefits
Posted: Mar 27 2023 - 3:05pm
How Long Do My Wife And I Have To Sign Up For Medicare?
I plan on filing for Social Security benefits now and telling them to start in July since I will be 70 28 July. However I am still covered under my wife's Insurance since she is still working. I do not need Medicare Part B at this time. I did sign up for Medicare Part A when I turned 65 just to be in the system. As long as my wife still continues to work and I am covered, how long do we both have to sign up for Medicare after she decides to stop working?
Hi. There is no upper age limit on when you could claim Part B of Medicare. As long as your wife . . . Read More
Category: Medicare
Posted: Mar 27 2023 - 12:20pm
Can I Collect Benefits Based On My Husband's Social Security?
Hi Larry,
My husband of 30+ years at the time of his death, passed away in 2012 at the age of 57. I was age 49. We had had 4 children together, the youngest being age 19 at the time of his father’s death. My husband was the main breadwinner and I mainly worked raising the four children while working part time odd jobs while I went to school as my first child was born when I was 19 years old. I was told after his death that I would be able to collect on my husband’s social security when he reached retirement age. I understand the laws were changed under the Obama . . . Read More
Category: Widow's Benefits
Posted: Mar 27 2023 - 12:03pm
Is There A Good Reference For Learning The Nuances Of Filing Strategies For A Married Couple?
Is there a good reference for learning the nuances to filing and learning the strategies for filing for social security for a married couple? I’m retired and have continued working as a contractor (I’m currently a few months beyond my FRA) and my wife works full time (she just turned 61) and plans to continue working FT for another 2 - 3 years.
Hi. Yes. Larry's book 'Get What's Yours: The Secrets to Maxing Out Your Social Security (Revised Edition)" is a great source of information on strategies to use when filing for Social Security benefits. You and . . . Read More
Category: Filing Strategies
Posted: Mar 26 2023 - 11:30am
How Will The Profit From Selling Our Home Affect Our Social Security Benefits And Medicare Premiums?
Hello,
I turned 65 1/11/2023 My husband turns 65, March 16th, 2024. He wants to retire at 65, ii may or may not wait till my FRD of 66 and 8 months. We are selling a 2nd home this year and will be hit with Capital gains tax. How will the profit of the home or capital gains tax affect the calculations of ssi when we retire next year? Will this also affect how much we are charged for Medicare?
Thank you,
Donna
Hi Donna. Income from selling a home and any taxes paid on that income have no effect on Social Security benefits. Part B Medicare . . . Read More
Category: Miscellaneous
Posted: Mar 26 2023 - 11:19am
Can I Start Receiving My Ex-Spouse's Benefits At Age 57 Since I'm Disabled?
I am drawing ssdi for about 10 yrs I am 57 my ex spouse of 23 years turned 62 this year can I start receiving his ss benefit ?
Hi. No. The earliest that you could potentially qualify for divorced spousal benefits on the account of a living ex-spouse is age 62. And, even then, you could only qualify for divorced spousal benefits if 50% of your ex's primary insurance amount (PIA) is more than twice as much as your own PIA. A person's PIA is equal to their Social Security retirement benefit rate if they start drawing their benefits at full retirement age ( . . . Read More
Category: Divorced Spousal Benefits
Posted: Mar 26 2023 - 11:08am
Is My Wife's Severance Pay Considered As A 'Special Payment' By Social Security?
Hi Larry. My wife is retiring from General Motors on 4/1/2023. She applied for SS prior to becoming avavaible for and unaware that she will be receiving a substantial severance package. Her SS will become effective sometime after her 4/1/2023 retirement date and payout unknown at this time.
My question is, will the severance be considered a "Special Pyment" in the eyes of SS? I have received conflicting answers from SS employees depending on who I ask the question to.
I would appreciate an answer from you with your knowledge of Social Security on this question. . . . Read More
Category: Earnings Test
Posted: Mar 25 2023 - 4:30pm
Am I Paying Social Security Taxes By Reporting My 1099 Income On Form 1040?
I am a 1099 filer using form 1040. Am I paying into social security using this for or is there another form for paying into SS.
Hi. Only if you pay self-employment (SE) taxes in addition to your income taxes. If you receive a form 1099 for working as an independent contractor, then you'd need to report that income as self-employment on your tax return in order to get Social Security credits. To determine the amount of SE taxes owed, you must first complete a Schedule C or F in order to determine your net profit from self-employment. Then, if you have a . . . Read More
Category: Earnings Subject To Social Security Taxes
Posted: Mar 25 2023 - 4:09pm
