Is My Assumption About My Wife's Spousal Rate Wrong?
In 2019 (age 71) I received SS benefits totaling $42,558. My wife (age 69) received SS benefits totaling $17,154. Over the years she earned far less than I did, so we filed for her to receive SS benefits based on my earnings. I understood she would receive 50% of my benefits. If this is correct, she should have received SS benefits in 2019 totaling $21,279. Is my assumption wrong?
Hi,
Sorry, but yes your assumption is wrong. Your wife's maximum spousal benefit rate would be equal to 50% of your primary insurance amount (PIA), not 50% of your age 70 . . . Read More
Category: Spousal Benefits
Posted: Jan 19 2020 - 11:55am
Will My Social Security Benefits Be Affected If I Receive A Survivor Pension From The Post Office?
I'm 69 years old and started drawing my own full social security at 67 .I worked for 30 + years . My wife is going to retire from the post office and put me down for a survivor annuity . Up on her death will my own social security, or the survivor benefit from her post office retirement be affected by the windfall act, or wep act?
Hi,
No. In order for either WEP (Windfall Elimination Provision) or GPO (Government Pension Offset) to apply, the pension involved must be based on your OWN earnings that were exempt from Social Security taxes. Any pension . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Jan 19 2020 - 11:28am
Can I File For My Own Benefits At Age 67 And Switch To Spousal Benefits When My Husband Applies For His Benefits?
I will be 67 in February 2020. My husband will be 70 in May 2021. He did not file and suspend in 2016. My SS benefits at 70 will be less than half of my husbands full benefit. After reading your book, I believe should take Spousal benefits when he files for SS benefits at 70. My question is: Can I file for my SS benefits in February of this year and switch to Spousal benefits when my husband applies for benefits at 70? Will I be stuck receiving my lower benefit for the rest of my life and denied spousal benefits later?
Hi,
You couldn't actually switch . . . Read More
Category: Filing Options
Posted: Jan 19 2020 - 11:04am
Will I Pay A Penalty Fee If I Cash Out My 401k?
I was just approved for SSDI and will begin receiving payments in April of 2020. Can I cash out my 401 K now, before I start receiving payments and if so will I pay a penalty fee? I am 54 years of age.
Hi,
My expertise is limited to Social Security benefits, so I can't tell you whether or not you'd have to pay a penalty for cashing out your 401k. What I can tell you is that regardless of anything you do with your 401k, it would have no effect on your Social Security disability (SSDI) benefits.
Best, Jerry
Category: Disability Benefits
Posted: Jan 18 2020 - 3:35pm
Will My Wife Receive My Higher Benefit If I Die Before Her?
Hi Larry, my question is My Wife and I are both 62 and disabled. My Wife worked for 40 years before becoming disabled and Me as well. And my question is if I die before my wife does what will she draw a month? My disabilty is more then hers is a month, so will she just draw mine because it’s more or what will she draw?
Hi,
I'm assuming from your description that both you and your wife are currently receiving Social Security disability (SSDI) benefits. In that case the answer is yes, as long as your wife is at least full retirement age (FRA) she would . . . Read More
Category: Survivor Benefits
Posted: Jan 18 2020 - 3:21pm
How Much Am I Allowed To Earn If I Collect Survivor Benefits?
I am 65 years old and collect survivor benefits I was wondering how much I am allowed to make working at my job while collecting these benefits. I know if I was collecting Social Security at this age I would only be allowed to make $17,040 per year but I couldn’t seem to find out if there is a difference between these two benefits and how much I can make
Hi,
The same earnings test limits apply to all types of Social Security benefits, including survivor benefits. Assuming that you won't reach age 66 before the end of 2020, the amount that you could . . . Read More
Category: Earnings Test
Posted: Jan 18 2020 - 10:55am
When I Reach Age 66 Can I Receive My Social Security And Still Collect Spousal Benefits?
When I get to be 66 can i recive my social security and still collect spousal benefits?
Hi,
No, you couldn't get both benefits in full. If you apply for both spousal benefits and Social Security retirement benefits based on your own work record, you'll only receive basically the higher of the two benefits. If your spousal rate is higher than your retirement benefit rate, Social Security would pay you your full retirement benefit plus a partial spousal benefit equal to the difference in the 2 benefit rates. Regardless of which benefit is higher, . . . Read More
Category: Spousal Benefits
Posted: Jan 18 2020 - 9:55am
Is It Correct That My Husband And I Can't Both Get Our Benefits?
if u are married and u and your spouse is disable but they took away my husband ssi because of my disability money. is that right why cant we both get our money
Hi,
I'd need a lot more information to be able to answer your question. Supplemental Security Income (SSI) is a needs based program, so any income that you or your spouse have can affect the amount of those benefits as well as your eligibility for SSI. On the other hand, Social Security disability (SSDI) benefits are not needs based so income from sources other than a person's own work and . . . Read More
Category: Disability Benefits
Posted: Jan 17 2020 - 3:24pm
Should I Give Up My Medicare If I Have Medicare Advantage?
If I have medicare and I am also on with my spouse's medicare ⁹advantage. Is that ok, or should I give up my medicare so as not to pay a premium?
Hi,
Medicare Advantage is simply a supplement to regular Medicare. You must qualify for Parts A & B of Medicare in order to enroll in a Medicare Advantage plan, and you must still pay your Part B premiums (https://www.medicare.gov/Pubs/pdf/12026-Understanding-Medicare-Advantage...). So, the short answer to . . . Read More
Category: Medicare
Posted: Jan 17 2020 - 3:05pm
Can You Explain Why I've Received My Payment Earlier Than Normal For The Last 2 Months?
I have historically received my SS deposit on the 4th Wednesday of each month. Beginning in December 2019 my SS deposit was made on the 3rd Friday. Again now in January 2020 my SS deposit was made on the 3rd Friday. I cant seem to find a reason for the change in date nor do I know if this is just a fluke or if the 3rd Friday is now my new deposit date. If you have any information that would explain why the change I would appreciate hearing from you - THANKS!
Hi,
Assuming that you haven't become entitled to a different type of Social Security benefit ( . . . Read More
Category: Payment Dates
Posted: Jan 17 2020 - 2:51pm
