What Should I Really Expect My Benefit Rate To Be Since I've Stopped Working?
Larry, I'm 59 and 2018 was my last year working. According to Social Security my benefit at FRA would be $2449.00 a month, but that's based on "future" estimated earnings. What should I really expect my benefits to be at the age 67 since I'm no longer working?
Hi,
Your benefit rate will likely be lower than the amount estimated on your Social Security statement if your estimate includes credit for future earnings that don't occur because you stop working. How much of a difference, if any, depends on how your past earnings compare with the future . . . Read More
Category: Retirement Benefits
Posted: Sep 29 2019 - 8:24pm
Is It Correct That I Don't Need To Disclose My Airbnb Income If I'm Getting SSDI?
I am receiving SSDI. I called SSDI and asked if Air bnb income was a conflict and was told no, but I am still concerned because I found out it must be claimed on schedule C (active income), rather than schedule E (passive income). I was told by SSDI that I didn’t need to disclose that income on my forms to them, but not sure I got the right info.
Hi,
I'm not an expert on tax regulations, but if the IRS defines your Airbnb income as self-employment earnings and requires you to report the income on a Schedule C, those earnings could create problems for . . . Read More
Category: Disability Benefits
Posted: Sep 29 2019 - 8:06pm
Can I Drop My Own Benefits And Get Half Of My Husband's Benefits Instead?
my husband will b 65 n november, he will sign up for societ security. I am drawing my ss. Can i drop mind an draw half of what he will draw.
Hi,
No. Once you start drawing your own benefits you can't stop those benefits and draw a different type of benefit instead. However, if you started drawing your own benefits within the last year you could potentially withdraw your application, but you'd then have to repay any benefits you've already received. Even if you did that, though, the only way you could draw spousal benefits without also filing for . . . Read More
Category: Filing Options
Posted: Sep 29 2019 - 7:51pm
Can I Collect Spousal Benefits Now Or Am I Earning Too Much?
MY husband died in December 2009. He was 49. He had collected Social Security disability for a few years when he died. I am 62, will be 63 in January and work full time. I need to know if I can collect spousal benefits and continue to work or if I earn too much to benefit. My current salary is around 70,000 annually at present
Hi,
I'm sorry for your loss.
You're probably earning too much to currently be eligible for any benefits, but it's possible that you could be due a small amount if your potential benefit rate is very high. You should . . . Read More
Category: Widow's Benefits
Posted: Sep 29 2019 - 6:35am
If I File For My Benefits Can My Husband Get Spousal Benefits?
I was born in 1952, and am considering applying for my social security benefits in January 2020. I will continue working full time. My husband was born in 1956 and also works full time. I am trying to figure out how to maximize our benefits -- that is, get the most money per month if one of us filed in January 2020 for benefits. A few questions:
--If I claim my benefits in January 2020, can my husband get spousal benefits? If so, what percentage of my benefits would that be? I have been told that he can't, given that the law changed re spousal benefits.
--If he . . . Read More
Category: Filing Strategies
Posted: Sep 28 2019 - 2:08pm
Will I Be Able To CLaim Medicare On My Husband's Record When I Reach Retirement Age?
Hi- My spouse is 37 years older than I- he is 73. He is on medicare and gets a check from Social Security every month. Will i be able to claim Medicare through his record when i reach retirement age, even in the event that he passes way before i reach retirement age? Also will i get a certain portion of his Social Sec check at retirement age? I have been reading rules but wasnt sure i was interpreting them correctly. We are trying to plan so this will be helpful to know. thank you.
Hi,
Yes, if you meet the requirements for spouse's or widow's benefits . . . Read More
Category: Medicare
Posted: Sep 27 2019 - 4:47pm
How Much Can I Earn Next Year Without Losing Benefits?
I will be 66 on 5/25/20. What would my earnings limitation be if i apply for ss benefit in January 2020 ?
I was told $44,000 from jan to june which means I can collect ss and continue to work with out losing ss money.
Hi,
Social Security hasn't yet announced the earnings test exempt amounts for 2020, so I can't give you an exact figure. The 2019 exempt amount for people reaching full retirement age (FRA) this year is $46,920, though, so you'll probably be able to earn at least that much from January 1st through April 30th of 2020 without losing . . . Read More
Category: Earnings Test
Posted: Sep 27 2019 - 4:20pm
How Would You Do A Break Even Analysis In My Case?
How do you calculate the break even point/ payback analysis in deciding whether to claim SS under my own record at FRA of 66 or spousal benefit and then claiming my benefit at age 70? I will be 66 in December 2019. Per the SS rep, I would receive 1542 on my own record and 1307 would be the spousal amount. My husband’s health ( he is 76) is currently OK but he does have a few potential health issues.
Hi,
First and foremost, we do not recommend using break even analysis to decide when to apply for Social Security benefits. But, If you were born prior . . . Read More
Category: Filing Strategies
Posted: Sep 26 2019 - 5:56pm
Is There An Asset Limit For DAC/RSDI Beneficiaries?
I am a Disabled Adult Child switched from SSI a few months ago, drawing off my retired father's work record. I am deaf with low vision. I have difficulty understanding rules regarding RSDI benefits.
1. I need to be sure there are no asset limits for DAC/RSDI beneficiaries. Here are some example assets: Owning a house, savings, contributions from family and/or friends, inheritances from parents when they pass away, etc. Note: I am dually eligible for Medicaid and Medicare, but have not yet renewed Medicaid at this point.
2. The work rules for a person who is blind . . . Read More
Category: Disabled Adult Child Benefits
Posted: Sep 26 2019 - 5:22pm
Can I File For Survivor Benefits At Age 62?
i am a widow can i file for survivor benefits at age 62?
i am still working and make about 49,000 a year.
thanks
Hi,
Widow's benefits can potentially be paid as early as age 60, so if you meet the other requirements for widow's benefits you could claim those benefits at age 62 (https://www.ssa.gov/OP_Home/handbook/handbook.04/handbook-0401.html). However, your benefit rate would then be reduced for age, and $1 of your benefits would need to be withheld for . . . Read More
Category: Widow's Benefits
Posted: Sep 26 2019 - 4:49pm