If A Widow Claims Benefits At Age 60 How Is Their Benefit Rate Calculated?
I’m confused concerning widows benefit amount and how it is calculated. I’ve read a widow can claim benefits as early as age 60 and she will receive 71% of the husbands’ “ basic benefit amount “ . Is this basic benefit amount the amount he is entitled to receive at time of his death including additional monies for delayed retirement or is this amount just the amount one is entitled to at full retirement?
Seems to me she should get 71% of whatever the husband was entitled to at the time of his death not 71% of his benefits at full retirement age. Thank you
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Category: Widow's Benefits
Posted: Dec 28 2021 - 1:27pm
Can Social Security Deduct My Food Stamps From My SSI?
Can social security use my food stamps as other income other then SSI ? Because they short my checks the amount I get in food stamps. My worker told me they don’t hold it against me, yes they obviously do. I am paying for my food stamps dollar for dollar every month. If that’s the case then they should deduct the amount people get in food stamps from the amount of money welfare gives needy families.
HI. First off, I need to explain that my expertise is actually limited to Social Security benefits, not the Supplemental Security Income (SSI) program. I have . . . Read More
Category: Supplemental Security Income
Posted: Dec 28 2021 - 1:01pm
What Percentage Reduction Would Be Applied To My Benefit If I File Now?
Larry answered "Just to clarify, though, benefits withheld due to the earnings test or FWT are not returned to the beneficiary. Instead, the person's benefit rate is adjusted as explained above to remove part or all of the reduction for age that was originally applied to their benefit rate"
This looks like it could be a strategy to evaluate. I assume your software can run this 'what if' scenario for all of this?
By applying now at 62.6/7, what % of age reduction would be applied to my benefit?
When the benefit amount was recalculated at FRA with any re . . . Read More
Category: Calculating Retirement Benefits
Posted: Dec 28 2021 - 7:57am
Shouldn't Income Earned From Stocks And Dividends Be Taxed?
I've been divorced for over 20 years and recently started getting half my exes SS benefits. My question is, besides your salary earnings, if you earn money on your stocks, dividends or other ways, isn't that considered earnings as well and therefore should be taxed or am I missing something? Problem is I've never been mathematically inclined and I also have a strong feeling that my ex kind of, lied or left out some info on his taxes and his returns.
It gets more complicated but I'm going to assume you get the idea.
Personally I don't care about him, but I know he's . . . Read More
Category: Earnings Subject To Social Security Taxes
Posted: Dec 28 2021 - 7:43am
If I Claim Benefits Before FRA And If My Benefits Are Withheld Due To My Work Will Those Amounts Be Recredited At FRA?
Hello Larry,
I am 62.6. I have 40 work credits. I currently reside in the UK. American.
I am p/t self-employed in the UK.
I do not need to pay SET to SS going forward as I pay it in the UK on my SE income.
My NRA spouse is FRA (67.6) and is entitled to the spousal benefit which is 50% of my PIA.
I may or may not be be subject to the FWT (as above).
I will be entitled to a non-covered pension (UK state) at 66 (May 2025)
I will be subject to WEP when I begin to collect the non-covered state pension.
I do not have 30 years of . . . Read More
Category: Calculating Retirement Benefits
Posted: Dec 27 2021 - 8:27pm
Will Applying For A Domestic Relationship Disqualify Me From Collecting My Deceased Ex-Spouse's Social Security?
Hi Larry, I’m thinking of applying for a domestic relationship with my boyfriend but I want to make sure doing so I it won’t disqualify me from collecting my ex deceased spouse’s social security. I’m 57
Thank you
Hi. Being in a non-marital relationship such as a domestic partnership won't prohibit you from qualifying for survivor benefits on the account of a former spouse.
Best, Jerry
Category: Survivor Benefits
Posted: Dec 27 2021 - 2:58pm
What Happens To My Wife's Benefit Going Forward And Upon My Death?
I turned 66 in November. I applied for benefits to start in March. I’ll receive approximately $3300, monthly. My spouse is 65 and has been receiving benefits ($1100 monthly) since she turned 62, based on her earnings. What’ happens to her benefit going forward and upon my death?
Hi. The surviving member of a couple can be paid up to the higher of their two benefit rates, provided that the surviving spouse is at least full retirement age (FRA) when they start drawing survivor benefits. Thus, assuming that your wife is at least FRA at the time of your death . . . Read More
Category: Survivor Benefits
Posted: Dec 27 2021 - 1:22pm
Why Is My Husband's Benefit Rate Higher Than Mine?
My husband gets 1500 a month for social security retirement I only get $800
Hi. Social Security retirement benefit amounts are based on an average of a person's highest 35 years of Social Security covered wage-indexed earnings, so the amount you receive depends on your earnings history. Benefit rates are also affected by the age at which a person starts drawing their benefits. Therefore, since I don't know your and your husband's earnings histories or the age at which you each started collecting benefits, I can't explain the discrepancy in your benefit . . . Read More
Category: Benefit Amount
Posted: Dec 27 2021 - 1:10pm
Can I Get The 5.9% COLA If I Turn 66 And 4 Months In November 2022?
I turn 66 years and 4 months in November 2022 can I get 5.9% cola if I file
Hi. Yes, Social Security retirement benefit rates will increase by 5.9% for everyone who was born prior to January 2 1960, regardless of when they start drawing benefits. You do not need to start drawing your benefits early in order to receive credit for the increase.
Best, Jerry
Category: Cost Of Living Increases
Posted: Dec 26 2021 - 6:08pm
Should I File Now Or Should My Husband And I Both Wait Until We're Age 70 To Start Drawing Benefits?
I read "Get What's Yours," which was very helpful. My question relates to a change in policy after the book was published.
The question: Should I apply for Social Security benefits in 2021 or should we both wait until we are 70 if possible? In 2021 my husband can apply for spousal benefits while letting his Social Security benefit accrue. I cannot. He was born in 1953 (July). I was born in 1954. He is in good, but not perfect health.
I'm from a family of coupon clippers who love deals, so I love the idea of the "spousal" income, but I don't want to be blinded by . . . Read More
Category: Filing Strategies
Posted: Dec 26 2021 - 3:09pm
