Should I Take A Larger Salary In Order To Increase My Future Benefits?
Hello,
I have a small business and have not paid much into soc sec over the years (none in the last 3 years because I took no salary, dividends only, s-corp :) I am 53, and wish to begin taking a salary (like my CPA has told me for the last few years). My business has been doing better and made about 80k last year. My CPA said that I should take at least 1.5k per month. My wife works part-time making about 5k per year.
In your opinion, should I take a larger salary (2 to 3k per month) in order to increase or maximize my soc sec benefits at retirement?
. . . Read More
Category: Miscellaneous
Posted: Mar 21 2019 - 7:44pm
How Do I Delete An Online Application?
How do I delete an online application for social security benefits which I did not finish nor do I want to finish it? There was no option to delete the application online.
Hi,
As far as I know, you can't delete an online application that you've started. If you decide not to apply, just be sure NOT to electronically sign and submit your application. Your partial application will then remain in Social Security's database so that you can resume the application at a later date if you change your mind.
Best, Jerry
Category: Filing For Benefits
Posted: Mar 21 2019 - 7:27am
Would It Be Better To Wait Until My Deceased Ex's Full Retirement Age To File On His Record?
I was married to my ex-husband for 14yrs. My ex-husband passed away in 2010. ( age 54) I was thinking about retiring on my husband social security benefits in 2020 ( my age will be 64) and waiting to file for my benefits at age 70. I was wondering will I get his full benefit or will this be a good idea or wait until his full retirement age which would have been at 66 ( year 07/2023). He never file for his benefits.
Thank you in advance.
Annette
Hi Annette,
The date that your ex would have reached full retirement age (FRA) isn't important . . . Read More
Category: Filing Strategies
Posted: Mar 20 2019 - 6:02pm
Can My Social Security Check Come On The 3rd Of The Month Instead Of The 3rd Wednesday?
Can my social security check come on the third of the month instead of the third wed of each month?It is so confusing for me because of when my bills are due.
Hi,
Probably not. You aren't allowed to choose which day of the month to receive your Social Security payments. The only way that you could be paid your Social Security benefits on the 3rd of the month is if you were receiving benefits prior to May 1997, or if you meet one of the exceptions shown in section 121.3 of the following reference from Social Security's handbook: . . . Read More
Category: Payment Dates
Posted: Mar 20 2019 - 5:43pm
Why Did I Get An Extra Deposit Today?
Received extra deposit today from Social security for $15.Is that increase for the first 3 months of the year.Received one in October for $80.
Thanks!
Hi,
The extra amount you received could be due to a number of different reasons. You should receive a notice from Social Security that explains the added amount within 2 weeks. If you don't, you'll need to contact Social Security for an explanation.
Best, Jerry
Category: Miscellaneous
Posted: Mar 19 2019 - 7:22am
When Should My Wife File Her Application?
I just applied for SS benefits to start May 1. I'll be 66 in April. My wife is 66 1/2 and will file a restricted application and ask for only her spousal benefit. What should the exact timing be for her to apply for benefits. Even though I'm not yet receiving a benefit, can she apply now? Or should she wait until I'm "on the books" and receiving a benefit?
Thanks,
Hi,
Your wife can file her application now while your application is still pending, or she can wait until your claim is processed. It really wouldn't make any difference as long as . . . Read More
Category: Filing For Benefits
Posted: Mar 18 2019 - 5:57pm
Can I Stop My Widow's Payments?
I claimed my widow's benefit when I was 60 and receive about $1000. It is not enough to live on and I would like to return to my career now that the economy is better where I can earn close to $90K. Can I stop my widow's payments somehow and earn my own money? From what I see, it looks like I will be penalized (ie: taxed) so heavily that it wouldn't be worth it or fair compensation for the level of work I CAN do. Any suggestions? I am now 62.
Hi,
If you'll be returning to a high paying job, all that you'd need to do to suspend your benefits would be . . . Read More
Category: Earnings Test
Posted: Mar 18 2019 - 5:32pm
How Long Does It Take For Social Security To Recover An Incorrect Direct Deposit?
Mother passed away in February. Soc Sec Adm. notified by funeral home of death but not in time to prevent 3/1 deposit. How long does it take for Soc Sec. to take back and collect this deposit?
Hi,
I'm sorry for your loss. It's actually the Department of the Treasury that issues Social Security payments, and they generally take action to recover erroneous direct deposits immediately upon being notified of a death. The Treasury Department can be notified of a death either by banks or by Social Security.
If your mother's Social Security . . . Read More
Category: Miscellaneous
Posted: Mar 18 2019 - 10:31am
Can You Help Me Understand How My Benefit Amount Will Be Determined?
I am hoping to wait until my FRA in 2/2020 to collect benefits. I am eligable for my benefits and divorced spouse benefits. If I decide only to wait till October 2019 to collect benefits how much of the 8% increase will I forfite if any? My spouse who retired at FRA makes quite a bit more than me, I am estimated to receive $1960.00 monthly at FRA. Could you help me understand how the two benefit amounts arrived at. Loved your/colleagues book, thank you
Hi,
The monthly rate that you would receive if you file for your Social Security retirement benefits . . . Read More
Category: Benefit Amount
Posted: Mar 17 2019 - 10:33am
Should I Delay Filing If I Plan To Receive A Large Payment For My Accumulated Vacation Pay?
Hi Larry. I was planning on leaving my job in December 2020 and claim widow benefits in January 2021 and then claim my own SS when I turn 70. However I will get a vacation buy out of about $17,000 in January 2021. Should I delay starting the widow benefits until 2/2021 or leave my job earlier so I get the vacation buyout in 2020? I am trying to figure out if the income in 2021 will affect the widow benefit through the earnings test. Thank you for any clarification.
Hi,
I can't give you any advice about your best overall strategy for claiming your . . . Read More
Category: Earnings Test
Posted: Mar 17 2019 - 10:15am
