Is My Earned Income Calculated On A Monthly Basis For The Earnings Test?
Hi! I turned 62 in July of 2018 and became eligible to receive benefits in August. I continued to work, with less hours and staying under the $14,040 monthly limit. I made more than that in August, coincidentally when I received a form from Social Security to estimate what I would make for the rest of the year. I told them that I went over in August and would make a certain amount as the annual amount, which I calculated as my income limit for the remaining months. Obviously I goofed, because my entire December payment was withheld in January, 2019. I began to go over the limit . . . Read More
Category: Earnings Test
Posted: Mar 7 2019 - 9:22am
Would I Get Half Of My Husband's FRA Rate If I File Now?
Hi Jerry,
Thank you for your assistance, I greatly admire your immediate response. I do have another question based on your response, for clarification and understanding.
My husband took early social security at age 62, his FRA at the time in 2017 was the amount of $2254. (of course he gets much less because he chose to take it at 62)
I was born October 1955. My own social security at FRA would be $1026. If I would apply for spousal benefits now, what would I receive, -would it be $1127?
Also, would the cost of living upgrade percentages be used to . . . Read More
Category: Spousal Benefits
Posted: Mar 6 2019 - 4:33pm
Why Is My Civil Service Pension Being Reduced?
Hi- I retired from the Federal Gov't in August 2017 at the age of 63 under CSRS Offset. OPM is taking almost $300 out of my annuity that they claim Social Security directed them to deduct due to the Offset. I had 15 years with the gov't and about 15 years working as a 1099 contractor. Nine of the 15 years was after I returned to the government as CSRS Offset status, paying into SS. So there were only 6 years of me not paying SS. I was also told that I will be further penalized when I do start collecting social security. Why are they taking the $300 out of my small $1400/mo . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Mar 6 2019 - 3:56pm
Should I File On My Wife's Record Or Just Take Mine Now?
I am tuning 66 next week. I fileled for my ss 2 weeks ago I am a widower for many years. just found out I could have been receiving my wifes acct for last 4 years . my amount is 1250.00 per month.. hers is about 800.00 per month..Confused should I take hers till 70 or just take mine now??
Hi,
It sounds like you would probably be better off in the long run if you file just for widower's benefits now, and delay filing for your own retirement benefits until age 70. If your own retirement benefit amount at full retirement age would be $1250, it would . . . Read More
Category: Filing Strategies
Posted: Mar 6 2019 - 9:05am
What Do We Do?
My wife is receiving a teacher pension and worked her last day with a district which paid SS in 2004. We are over 67 and applied for benefits in Feb. Can she be eligible for spousal benefits from my work record as well as receive her TRS pension. SSA says the GPO does not apply to her, but WEP reduces the benefit from her SS work record so she will receive a small SS benefit. We want her spousal benefits, not her personal work record benefits. What do we do? Thank you!!
Hi,
Since your wife was born prior to January 2 1954, she would have the option of . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Mar 6 2019 - 8:02am
If My Wife Files For Reduced Benefits On Her Record, Will That Reduction Also Apply To Her Spousal Benefits?
I just finished your book but have a couple questions related to spousal SS. My wife will be 62 in a few months and I will be 64. I am the higher earner of the two by quite a bit. My question(s) are. 1). If she starts drawing at age 62 she will get 70% of her full retirement benefits. I don't plan on drawing until age 70. If she does draw at age 62, when I start drawing is she limited to 70% of what she normally would get since she started early? 2) if I get to normal retirement can I draw on her as a spousal until I reach age 70 when I draw on my own?
Appreciate any help . . . Read More
Category: Filing Strategies
Posted: Mar 6 2019 - 7:29am
Will The Annuity I Receive Be An Exception To WEP?
I worked for a United Nations Organization outside the USA for a few years. I was neither subject to SSA withholding nor subject to that country's social security withholding but I will receive an annuity based on contribution I made to a plan similar to a 401K plan. Will that be an exception to the Windfall Elimination Provision?
I have read the topic carefully but can't wrap my head around it...Thank you in advance and regards,
Leila
Hi Leila,
If your employer made contributions to the retirement plan you refer to, then your annuity . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Mar 6 2019 - 7:12am
How Does My Husband Go About Reinstating His Benefits?
My husband filed and suspended before April 30, 2016 at age 66. He is turning 70 in October and wants to apply to reinstate the benefits that he voluntarily suspended and obtain a lump sum payment for those 4 years. Can he apply online? How many months in advance of his 70th birthday in October? Is the entire lump sum subject to income tax withholding? Thank you.
Hi,
If your husband filed for and suspended his benefits he won't need to file a new application to start drawing his benefits. His benefits will be automatically reinstated effective with . . . Read More
Category: Suspending Retirement Benefits
Posted: Mar 6 2019 - 6:55am
Can My Husband Suspend His Benefits Now And Start Drawing Them Again At Full Retirement Age?
Hello,
I bought your wonderful book but still have questions, maybe you can assist me. My husband took early social security at 62, in year 2017. He lost alot of money doing so but we needed the money. Can he suspend his social security now and start it again at his full retirement age,, thereby entitling him to his full social security payment he would have got if he had waited until reaching 66 and 2 months? Can he suspend and reapply at his full retirement age at any time or is there a cut off date where you are allowed to do that? I am not taking the spousal annuity . . . Read More
Category: Suspending Retirement Benefits
Posted: Mar 5 2019 - 4:30pm
Are 'Substantial Earnings' For WEP Based On Actual Earnings Or Indexed Earnings?
hi Larry..when calculating how WEP will reduce Social Security and looking at their table of yearly Substantial Earnings, is it based on actual earnings for each year or indexed for inflation earnings? Thank you,
Robin
Hi Robin,
The annual amount defined as 'substantial earnings' for purposes of the Windfall Elimination Provision (WEP) is based on a person's actual earnings, not their indexed earnings.
Best, Jerry
Category: Non-Covered Pension - WEP / GPO
Posted: Mar 5 2019 - 4:25pm
