Is It True That If You File And Suspend You Can Later Unsuspend And Receive Back Pay?
Hi Larry. I read that even after the changes made to Social Security in 2016, those who want to delay starting their Social Security until age 70 in order to get the delayed retirement bonus should still file and suspend. The reason is to protect your eligibility for back benefits if your circumstances change before you reach age 70. For example, if serious health issues afflict you in your late 60s, you might decide it is no longer worth delaying your Social Security until age 70. You could then “unsuspend” your benefits and receive back pay benefits (but now only for 6 months . . . Read More
Category: File and Suspend
Posted: Dec 30 2021 - 10:06am
Will My Estimated Benefit Rates Now Increase Because Of The COLA Increase?
I was born April 8, 1955, in Jan 2021 I received a CB letter from Social Security that my estimated benefit if I start collecting at age 66 and 2 months is approx $2449.00 per month, with an amount of $3201.00 if I wait until age 70. Am I correct both amounts would now increase by 5.9% with this years Cola increase?
Hi. Yes, although I can't vouch for the accuracy of the estimates you were given. You may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) . . . Read More
Category: Benefit Amount
Posted: Dec 29 2021 - 5:52pm
Does Short Term Disability Count As Earned Income Against The Earnings Limit?
Does Medical Short Term Disability claim from my employer count as earned income against my Social Security Retirement limit?
Hi. Not if it's paid by a private or employer disability insurance plan. However, if it's sick pay paid by your employer then it would be considered part of your salary and would count for purposes of the Social Security earnings test.
Best, Jerry
Category: Earnings Test
Posted: Dec 29 2021 - 5:46pm
Can I Claim Half Of My Husband's Benefit?
I am receiving SSI from work in the US and I also have CPP payments from Canada I receive for working in that country. Both are from completely separate employments. I took early retirement at 62 ys of age for both. My husband started his own SSI payments this year. His SSI benefits are much higher than mine. Can I claim half his SSI payments from Social Security in the US while separated but still married and can Social Security penalize me for my CPP retirement benefits.
Hi. By 'SSI' I assume you're referring to Social Security retirement benefits, not . . . Read More
Category: Spousal Benefits
Posted: Dec 29 2021 - 5:32pm
Is It True That I Won't Receive The 5.9% COLA Because I Didn't File In Time?
I Larry i born on 1956 i apply for my retirement on november 2 2021 i specting to recive my first check i will recive the 5.9 increase from cola i was told no from social security because i was not recivin checks until november
Hi. What you were apparently told by Social Security is wrong. Since you were born prior to January 2 1960, no matter when you start drawing your Social Security retirement benefit your benefit rate will be credited with the upcoming 5.9% cost of living (COLA) increase.
Best, Jerry
Category: Cost Of Living Increases
Posted: Dec 29 2021 - 12:38pm
Is My Wife Entitled To Medicare?
If my wife has not got enough pay in time to SS, is she entitled to Medicare and if so what entitlement would she have. Thanks
Hi. All U.S. citizens and some resident aliens are eligible to enroll in Medicare at age 65, regardless of whether or not they are insured for Social Security (SS) benefits. Some younger people with a disability or kidney failure can also potentially qualify for Medicare (https://www.hhs.gov/answers/medicare-and-medicaid/who-is- . . . Read More
Category: Medicare
Posted: Dec 29 2021 - 10:16am
Am I Stuck With A Higher Medicare Premium Rate?
I have been recieving Medicade for a few years now. This year they have in credeased my medicare portion to almost 500 because my income last year was over the 88,000 max .This year should be about 45,000 and I am stuck with this one time occurance
Hi. It sounds like you'll be stuck with a higher Medicare premium rate at least for this year unless your income has dropped due to what is defined in the Medicare regulations as a life-changing event (LCE). The following Social Security form lists and describes possible LCEs: . . . Read More
Category: Medicare
Posted: Dec 29 2021 - 9:50am
Will My Payment Date Change?
I've been getting my ssi payments on the 3rd day of the month. Will that payment date change? From what i've read as long as I'm over 65 (71 here) there shouldn't be a payment date change wondering how correct that is.
Hi. There haven't been any changes in Social Security's regulations regarding payment dates since 1997, so I don't know of any reason why your payment date would be changing.
Based on the regulations passed by Congress in 1997, the only people who should be getting paid on the 3rd day of the month are a) people who applied for . . . Read More
Category: Payment Dates
Posted: Dec 28 2021 - 7:43pm
When I Receive My First Payment Will It Include The 5.9% COLA?
When I applied for SSA benefits in September 2021 (for Jan 2022), the latest SSA statement at that time in September showed that I would receive $xxxx, if I waited until age 70. I reach 70 in January 2022. I just got a benefits verification letter (Dec 28, 2021) showing that I will receive $xxxx (the amount from the Sept 2021 statement) starting in Jan 2022, with no mention of the 5.9% COLA and no COLA notification letter. When I receive the first check in February 2022, will it be for $xxxx or for $xxxx + 5.9%?
Thank you. Tom
Hi Tom. I can't explain . . . Read More
Category: Benefit Amount
Posted: Dec 28 2021 - 4:25pm
Do You Recommend Using 85 As An Actuarial Lifespan?
Larry states "If you were born in 1959 then your FRA is age 66 & 10 months, so if you start drawing at age 62 & 6 months then your benefit rate would be reduced for age by roughly 26.67% (i.e. ((5/9ths of 1% x 36) + (5/12ths of 1% x 16)) = 26.666...%)."
I assume the software can show different projections based on different reduced benefit amounts? And do you recommend 85 as an actuarial or should the actuarial lifespan be longer for computation purposes?
Hi. You can input any benefit start date you choose and the software ( . . . Read More
Category: Filing Strategies
Posted: Dec 28 2021 - 2:17pm
