Can I Continue To Make Contributions To My 401k?
I am approaching 70 in a few months. I filed for social security benefits at 66 and immediately suspended the benefits. I have no intention of retiring as long as I can do the work I love (and get paid well paid for). I know I have to start collecting at 70, can I continue to make payments to my 401k, increasing them to the max to offset the additional income. Can I continue to make catch-up contributions to my 401k? Does my strategy make sense?
Hi,
I'm sorry, but my only area of expertise is Social Security benefits so I can't answer tax questions. . . . Read More
Category: Miscellaneous
Posted: Oct 11 2019 - 3:44pm
Is It True That They Look At Your Past 5 Years To Determine Your Benefit Rate?
My spouse died before I turned 60. He was receiving social security benefits. I remarried before I started collecting widow benefits. Now at age 65 I am receiving disability as at a discounted rate, because my husband receives disability ss and I am receiving a payment from worker compensation. just received a letter from ss saying they were taking me off of disability and putting on retirement ss. Is it true that they look at your past 5 years to determine your monthly benefit. Can I still receive my deceased husband's benefits? I am still disabled and cannot work. I hoping . . . Read More
Category: Retirement Benefits
Posted: Oct 10 2019 - 8:59pm
Will My Ex Wife Get 50% Of My Benefit Even If She Took Her Own Benefits At Age 62?
Hi Larry. My (at that time) wife began taking SS when she turned 62 (nearly four years ago). Nearly two years ago we divorced. In a couple of months I'll hit my Full Retirement Age, but plan to continue working. She plans to apply for the Divorced Spousal Benefit when I hit my FRA (and we will have been divorced for two years at that point). Wiill she be entitled to the full 50% of my benefit? Or, because she filed for her own benefit early - before her FRA - will the DSB be reduced? (I cannot find a solid explanation for this! I guess I'm asking if filing early for her own . . . Read More
Category: Divorced Spousal Benefits
Posted: Oct 10 2019 - 8:45pm
Should I File For Widow's Benefits At Age 60?
Hi Larry,
I'm 56 years old and working full time. My husband recently passed away. Should I apply to receive widow's benefits at age 60 or should I wait until xx years? I'm not hurting for money but don't know the pros/cons of applying for his benefits. Are their earnings limits if I do apply for widow's benefits?
thank you
candy
Hi Candy,
I'm sorry for your loss.
I can't give you a definite answer, but your best strategy would likely be one of the following:
1) File for reduced widow's benefits at age 60 or as soon as . . . Read More
Category: Widow's Benefits
Posted: Oct 10 2019 - 8:38pm
How Would My Wife's Benefits Be Calculated If I Die Before Age 70 And Before I Claim Benefits?
If a husband whom is currently at FRA decides to wait until 70 to claim his own benefit and has a wife whom is 10 years younger (not at her FRA or age 60), dies before claiming (lets say 69, a year before 70) would the wife get the benefit amount of what the husband would had received at age 69 (assuming she waits until her FRA) or would he be a lower amount? I wasn't sure if the Delayed Retirement Credits are diminished. Thank you Larry for what you do for the investment planning community.
Hi,
If you die prior to claiming your benefits your wife's . . . Read More
Category: Widow's Benefits
Posted: Oct 10 2019 - 8:21pm
Can I Be Denied Benefits Because My Green Card Was Lost In The Mail?
This is regarding spousal benefit.
On July 2019 my wife applied for retirement benefits at the age of 64 and 6 moths after serving the VA for 21 years. I as the husband with age 65 whose petition for green card was approved on June 20, 2019 applied too for spousal benefit. However, I was told to immediately submit my green card to SSA upon receipt of the same. My green card was sent through the mails and per record from the post office it was delivered and received on July 27 but I did not actually receive the green card. In view of the non receipt of my green card, after . . . Read More
Category: Miscellaneous
Posted: Oct 10 2019 - 8:07pm
Is It True That I Can't Receive Spousal Benefits Because My Retirement From The Postal Service Is Too High?
I was told by Social Security that I cannot receive spousal benefit because my retirement from the Postal Service is too much.
Hi,
I don't have enough information about your circumstances to know if what you were told is correct, but it's certainly possible. What Social Security was telling you is in reference to the Government Pension Offset (GPO) provision, which can result in a person's spousal benefit being reduced to zero. For more information on GPO and it's exceptions, refer to the following Social Security publication: . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Oct 10 2019 - 6:37pm
Is My Wife Eligible To Draw Benefits From My Account?
I am currently drawing Social Security, my wife is still working as a teacher and will retire at the end of the school year. She will receive retirement payments from STRS (State Teacher Retirement System). She has paid about 10 quarters into Social Security, is she eligible to draw Social Security from my account? I have been told by Social Security that she can't but friends have told me that their wives, with similar situations do.
Hi,
If your wife receives a pension based on her work for a government (i.e. federal, state, local) agency where her . . . Read More
Category: Spousal Benefits
Posted: Oct 10 2019 - 6:29pm
Can I Collect Social Security Benefits?
I am 63 and looking foward to retirement at fra (1/2022). I was married twice...first marriage was for 20+ years/divorced and 2nd marriage for 2 months/deceased. Can I collect social security benefits?
Hi,
Yes, assuming that you have at least 40 quarters of Social Security coverage on your own record or you meet the eligibility requirements for divorced spousal benefits on the record of the spouse to whom you were married for more than 10 years (https://www.ssa.gov/OP_Home/ . . . Read More
Category: Filing Options
Posted: Oct 10 2019 - 6:16pm
Can My Sister In Law Continue To Collect Any Of My Brother's SSDI Benefits?
My brother passed away this week.
He was 58 and collecting ssdi. He had brain cancer. Hi wife is 55. Although they own a house, she has nothing else. Her job pays $15 per hour and she is full time.
Can she continue to collect any amount of his ssdi?
Thank you
Bob
Hi Bob,
I'm sorry for your loss.
No, your sister in law can't continue to collect any of your brother's Social Security disability (SSDI) benefits. However, If she's disabled or caring for a child who is under age 16 or disabled and who qualifies for survivor . . . Read More
Category: Widow's Benefits
Posted: Oct 10 2019 - 6:42am