If I Pull My Pension Will I Receive My Full Social Security Benefits?
I worked in the public sector for 30 yrs, also have all my quarters. Currently I'm retired collecting Soc. Sec, and my pension. If I pull my pension will I receive full Soc. Sec, benefits and must I invest my pension or can I deposit in the bank
Hi,
I'm not sure what you mean by pulling your pension. But, if it means some type of conversion from a monthly payment to a lump sum distribution, then you'll likely still be subject to a potential reduction in your Social Security benefit rate due to the Windfall Elimination Provision (WEP).
People . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Jan 31 2020 - 6:30pm
If I Go To The Social Security Office Are They Able To Change My Start Date To An Earlier Month?
Hello, I was approved for social security benefits 2 days ago and chose the start date to be March, thinking it would be March 1st. Now I understand the first payment wont be until April 15. I called the rep at Social Security and she told me my account had already been adjudicated so I would need to go into a local office to change the start date. I called back got a different rep who told me I would have to start the process all over from the beginning. I have not received a payment yet and wish to ask you, if I go to the office are they able to change my start date to an . . . Read More
Category: Filing For Benefits
Posted: Jan 31 2020 - 11:29am
What Specific Remarks Do I Need To Add To My Application If I Don't Want Retroactive Benefits?
I used your software a few years ago and have read your book several times and your advice has been very helpful. My 70th birthday is this coming March 27th and am now going file for my retirement benefit, and will file online. I need to know the specific remarks I need to make in the remarks section to refuse retroactive benefits, as I do not want to make the mistake of having SS reverse my delayed credits. Thank You, John
Hi John,
You really shouldn't need to add any remarks if you simply specify that you want to start your benefits effective with . . . Read More
Category: Filing For Benefits
Posted: Jan 31 2020 - 11:12am
Am I Correct That Signing Up For Part A Of Medicare Eliminates Higher Premiums For Parts B & D?
Hello,
Great article about Sue and her unfortunate Medicare premiums at age 68.
Had she signed up for free part A at age 65 and the same work scenario played out, would she have also faced higher premiums for B and D?
It’s my understanding signing up for part A eliminates these higher premiums for B and D.
Hi,
NO, signing up for premium free part A of Medicare does NOT exempt you from potentially being subject to premium surcharge penalties for parts B & D of Medicare.
If a person signs up just for part A of Medicare . . . Read More
Category: Medicare
Posted: Jan 31 2020 - 7:55am
Can My Wife Switch From Drawing Her Disability Benefits To Drawing On My Record?
I am 70 and collecting ssi. My wife is 64 and has been on disability for 4 years now. Should she switch to start drawing from my ssi?
Hi,
I assume you mean that you're drawing Social Security retirement benefits rather than Supplemental Security Income (SSI). Your wife couldn't switch from drawing Social Security disability (SSDI) benefits to spousal benefits, but she might be eligible for an excess spousal benefit in addition to her SSDI. She'll only qualify, though, if 50% of your primary insurance amount (PIA) is higher than her own PIA. A . . . Read More
Category: Spousal Benefits
Posted: Jan 31 2020 - 7:41am
Can I Draw Both My Social Security Benefits And My Late Husband's Benefits?
Hi. I want to know I am drawing my late husband social security but my question is can I draw mine social security and his or just his
Hi,
No, you can't draw more than one full Social Security benefit at the same time. You could basically only qualify for the higher of your own benefit rate or your widow's rate, so if you're already drawing widow's benefits then you'd likely only want to file for Social Security retirement benefits if your own benefit rate is higher than your widow's rate.
You don't mention your age, but if you're under age . . . Read More
Category: Widow's Benefits
Posted: Jan 31 2020 - 7:31am
Is My Friend's Friend Eligible For Widower Benefits?
My friend is helping his friend navigate the aftermath of his wife's tragic death in December 2019. He is handling the estate, and is trustee of a trust fund set up by the deceased wife for her husband's care.
The widower has been collecting SSDI for a long time (I am not sure how many years). He is now 62. Can he collect Widower benefits along with his SSDI? I saw some answers where you referenced being under 60, so I'm wondering how his age will affect his situation. His wife had not collected benefits before she died. Can you give them an idea what to expect and how to . . . Read More
Category: Widow(er) Benefits
Posted: Jan 31 2020 - 7:19am
Can I Accurately Calculate My Age 70 Rate By Increasing My "Take Now" Rate By 8% Per Year?
Hello again Larry,
Thanks for the good info on WEP and UK state pension. I have just checked my SS online account and see that my estimated benefit at 70 has reduced by about 500USD a month. Also that my "take now" benefit only went up 4% for last year (62 to 63). I am thinking this because I have not had any earnings since retiring at 60? If this is the case can I expect further reductions on potential benefits and/or would it be accurate to say I can calculate an 8% increase per year on my "take now" amount even if I do not have any earnings in the future.
Thanks . . . Read More
Category: Social Security Benefit Estimates
Posted: Jan 30 2020 - 12:29pm
Am I Entitled To Widow's Benefits?
I was married for 21 years. My husband passed away in 2001 at the age of 48. I am now 62 years old. Am I entitled to Widow's Benefits?
Hi,
I'm sorry for your loss.
Yes, it sounds like you would potentially be eligible for widow's benefits assuming that you haven't remarried (or you remarried after age 60) and if your husband paid into Social Security long enough to be insured. However, if you're still working, your benefits could be subject to full or partial withholding until you reach full retirement age (FRA) if you earn more than the . . . Read More
Category: Widow's Benefits
Posted: Jan 30 2020 - 12:13pm
If I Suspend My Benefits At FRA Which Amount Will The 8% Annual Increase Be Applied To?
I started drawing my Social Security benefit at 63-1/2. If I suspend at my FRA, is the 8% annual increase based on the amount I received to begin with, or at the amount I'm receiving at the time I file to suspend?
Thank you for your help!
Hi,
Just to clarify, you can't voluntarily suspend your benefits to earn delayed retirement credits (DRC) until effective with the month you reach full retirement age (FRA). And, you need to make your request to Social Security no later than the month prior to the month that you want your benefits to be . . . Read More
Category: Delayed Retirement Credits
Posted: Jan 30 2020 - 11:55am
