Can My Wife Claim My Social Security?
I will turn 66 Jan 13 2020. My wife is disabled and collecting her social security. I am working. I thought I might take my social security March 1 if I understand correctly to get my full amount. I am trying to pay my house down to do a reverse mortgage. My wife gets $1346, I will get $2010. Reading some of your stories I was wondering can my wife claim my social security and how does it work? I wouldn't claim until later then to get a higher amount, I plan to work until I am 68 to 70.
Hi,
I'm not sure if you mean that you're already age 66, or if . . . Read More
Category: Spousal Benefits
Posted: Oct 26 2020 - 8:19am
Are There Any Advantages Or Disadvantages To Contributing To A 401a Plan vs. Social Security?
I am paying into a 401A for my new employer but no social security. I am new in the US but worked a year and a half paying into SS before starting this new job. How does this affect retirement and are there any advantages/disadvantages for paying into one vs. the other?
Hi,
My only area of expertise is Social Security benefits, and since I don't know anything about your 401a plan I have no idea how it would compare to Social Security. In any case, though, you aren't allowed to pay Social Security taxes voluntarily. So, if your employer is exempt . . . Read More
Category: Miscellaneous
Posted: Oct 25 2020 - 4:32pm
Is It Possible For Me To Obtain A Spouse Benefit With Regard To My Ex-Husband's Social Security?
I lived with a man for 10 years and then we married. We were married for another four or five years before divorcing. Is it possible for me to obtain a "spouse" benefit with regard to his Social Security benefits? We signed a prenuptial agreement when we moved in together. I quit work when we moved in together so it cut into my social security contributions. His high income would really help increase my social security benefits. Thank you.
Hi,
It doesn't sound like you'd qualify for divorced spousal benefits. In order to be eligible for benefits as a . . . Read More
Category: Divorced Spousal Benefits
Posted: Oct 25 2020 - 8:24am
Should I Be Worried?
I applied on line for my normal retirement benefits three months prior (July) to my full retirement month (October). Benefits would commence in November. However, when I check my Social Security account on line, it still shows my claim as processing in the initial stage - after almost four months from the application date. Shortly after applying I received a call from Social Security and was asked a few questions and was told everything was fine on my claim. I’ve since called Social Security back twice and was assured everything was ok. But my account still displays the initial . . . Read More
Category: Filing For Benefits
Posted: Oct 24 2020 - 3:16pm
Does My Wife Have To File For Her Benefits If I Apply For Spousal Benefits?
Larry, My wife and I have both retired. I will be 67 in November (born before 1/2/1954). She reached 65 in October. Her maximum personal Social Security benefit will be about 56% of my maximum benefit (if each were to be claimed at age 70 respectively). Her personal benefit at her Full Retirement Age (FRA) would be about 43% of my maximum (age 70) benefit. Her personal benefit if applied for in January 2021 would be about 40% of my maximum benefit. We plan to wait until I reach age 70 to apply for my personal Social Security benefit.
I have a 3-part question regarding our . . . Read More
Category: Filing Strategies
Posted: Oct 24 2020 - 9:11am
Is It Correct That My Friend Can Get A Full Half Of Her Husband's Benefit Rate At Age 62 If Her Husband Is Drawing Social Security Disability Benefits?
Hi Larry, I was informed by a friend that her spouse the higher Earner is filing for social security disability at 63, and that she will be filing for her full spousal benefits at 62. She was told by her adviser that she would get the full half of her spouse PIA? I told her that she would be penalized for filling before her FRA, and she stated that because her spouse is getting a disability benefit that she would be entitled to half his PIA if she filled at 62. Please advise if this is correct so I can clarify this before she files. Thank you for your time.
. . . Read More
Category: Spousal Benefits
Posted: Oct 24 2020 - 8:22am
Update On An Earlier Question
Hi Larry!
Update on my question: Is Social Security just forgetting the January 2, 1954 rule for spousal benefits??!
After looking for the documentation we requested to prove that my other was eligible for the file & suspend strategy despite her birthday after 1/2/54, the representative contacted my mother and explained that WE WERE RIGHT. The rep was pretty frustrated as he had ran this by two superiors ("attorneys" he called them, but who knows) who cleared the strategy. He admitted that his office has approved this strategy for many filers this year, IN . . . Read More
Category: Filing Options
Posted: Oct 24 2020 - 8:13am
How Does Social Security Treat 401k Plans?
Hello. I am a retired public safety employee whose employer had a 401K defined compensation retirement program but did not pay Social Security on my earnings. Previously I had 21 yrs of substantial earning giving me a monthly benefit. Initially I when I retired I did not draw against the 401K. The account contained amounts from my employer and from me above the amount that was required by the employer. I have been confused by SS reference to "pension" and "annuity." In my 2018 application for SS, I answered yes to the question that I expected to become entitled to a pension or . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Oct 23 2020 - 3:57pm
If My Wife Files For Her Benefits At Age 62 Will She Still Be Able To Draw Half Of My Amount At Her Full Retirement Age?
I am 74 years old and have been drawing my full benefits since my full retirement age (currently $2,315 per month). My wife is age 62 and is eligible for early retirement. Her full retirement at age 66 and 8 months is $1,169 and her age 62 benefit is $841. If she starts drawing her early retirement of $841, will she still be able to draw one half of mine at her full retirement or would it be reduced and if reduced, by how much. In other words by this example how much would we both be drawing?
Hi,
No. First of all, your wife would never be eligible . . . Read More
Category: Filing Options
Posted: Oct 23 2020 - 3:40pm
Doesn't The PIA Need To Be Recalculated After A Child Stops Drawing Benefits?
If a student was on the SS claim until 2018 and the retired father was 68 with having filed early for SS RIB, doesn't the PIA recalculation need to be done? As the NH passed away in late 2018, and the surviving ex wife filed after he died. The ex-wife is not the mother of the child. The son had been paid his father's FRB at 50% while alive, then became ineligible after graduation. With the child and surviving divorced wife being drawn from the auxiliary benefits would have this have adjusted the NH benefit in reconsideration after NH's death? I understand the NH could not . . . Read More
Category: Miscellaneous
Posted: Oct 22 2020 - 5:18pm
