Is This A Good Strategy For An Early Retiree?
Will this be a good strategy for an early retireee? I plan to retire at around 62~63, and withdraw money from my 401K to pay for my living expenses. Then at 65, I will start collect my pension benefit from my company. At 67, I will file and collect Social Security benefit? [Note: My wife is 9 years younger than me. I should be able to get group health rate through my wife. However, she is also thinking to retire at the same time as I. So, she will follow my footstep, i.e., she will also wait until 65 to collect her penson and until 67 to collect Social Security.]
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Category: Filing Strategies
Posted: Oct 4 2018 - 11:20am
What Can We Pay For Out Of Our Son's SSI?
My son just started receiving SSI. He lives at home with both parents. Received part of his back pay. We are using his money to redo his room (new bed, windows, flooring, lighting). Have used some for food and clothing. Do I have to keep track of spending the back pay?We don't charge him rent but can we use some of that money to help us out with our house payment? We don't have a heat pump, we use a wood stove for heat. Can I use some of his money to help us get the wood? If yes to these can I just write up a receipt? I keep trying to call social security but can't get anyone . . . Read More
Category: Representative Payee
Posted: Oct 4 2018 - 10:39am
Should I Begin Collecting My Benefits At Age 62 Until I Can Begin Collecting Half Of My Ex-Husband's Social Security?
I am 61 year old female divorced after 11 years. I earn a very modest salary and I do not own my own home. I rent an apartment. I checked my social security benefits and at age 62 I will receive $400 less monthly than if I wait until age 66 1/2. My question is should I begin collecting social security at age 62 to assist me with my living expenses which I do need help with until I can begin collecting 1/2 of my ex-husband's social security? I can earn the extra $400 monthly, no problem. I am very healthy and exercise, eat well, take care of myself well and I have no health . . . Read More
Category: Filing Strategies
Posted: Oct 3 2018 - 4:51pm
Should I Take My Benefits Now Rather Than Waiting Until Age 66 & 4 Months?
HI, my birthdate- 9-1-56 $750 benefit now , FRA is $1,000 My health is perfect, no house payment and no bills. Should I take the money now rather than wait till 66/4months ?
Hi,
In my opinion, if you don't need the money now you should probably wait until age 70 to start drawing. If your full retirement age rate (PIA) is $1000, your retirement benefit rate at age 70 if you wait until then to start drawing would be roughly $1293. That said, when to start drawing your benefits is entirely a personal decision which you'll need to decide for yourself . . . Read More
Category: Retirement Benefits
Posted: Oct 3 2018 - 4:41pm
Can I Suspend My SS And Still Get Benefits For My Daughter?
Can I file and suspend my SS in May 2019 and still get benefits for my daughter(11/17/2001)
who will be in High School until may 2020?
Hi,
No. If you voluntarily suspend your benefits any time after April 29 2016, no benefits can be paid to any beneficiaries on your record other than divorced spouses (https://www.ssa.gov/planners/retire/suspendfaq.html). You would have to actually be drawing your benefits in order for your daughter to be paid child benefits on your record.
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Category: Suspending Retirement Benefits
Posted: Oct 3 2018 - 7:22am
Am I Worrying About Nothing?
I'm 67 & took early retirement at 62 with the intent of still working part-time. I had to stop working last Mar. due to health reasons. At that point I qualified for Medicaid(fla.) and snap benefits. I live in a gov't controlled apt. complex. My landlord informed yesterday that I qualified for rental assistance and my rent would be over half what it was. Now I'm facing the possibility of having all or some benefits taken away when I report this. I could be wrong. I couldn't find any info on the SS website. Am I worrying about nothing? I have a lot of health issues and most . . . Read More
Category: Miscellaneous
Posted: Oct 3 2018 - 7:06am
Can I File Just For Widow's Benefits At Age 66 Even If My Own Benefit Rate Would Be Higher?
I plan to file for my widows benefits at my full FRA age 66. I want to wait until 70 to claim my own benefits. My husband filed for his benefits early at age 63.
My question is will SS let me waive my benefits until 70 and apply for my widows benefits even though my benefits at age 66 will be a lot higher then the widows benefits?
I heard SS will not allow you to waive until 70 if you benefits are higher.
Thank you!
Hi,
Yes, you can potentially draw widow's benefits while delaying your own retirement benefits until age 70 regardless . . . Read More
Category: Filing Options
Posted: Oct 3 2018 - 6:51am
Can I Suspend My Benefits At FRA And Receive Spousal Benefits Until Age 70?
I am currently receiving Social Security disability. I am turning 66 (11/9/1952) in November when I will begin receiving retirement benefits. I plan to voluntarily suspend my retirement benefits in order to earn delayed retirement credits. My wife is already receiving Social Security benefits and began taking them at FRA. Can I file a restricted application and receive a spousal benefit until I reach 70?
Hi,
Unfortunately, the answer is no. If you voluntarily suspend your retirement benefits, you can't receive benefits on another person's record . . . Read More
Category: Filing Options
Posted: Oct 2 2018 - 9:52am
How Would Two Years Of Not Working Affect My SS Benefit Rate?
Dear Larry,
I turned 63 this June and was laid off at the end of August, 2018. So far I have not had any positive replies to my resume. We have enough money set aside to make it August of 2019, I'll turn 64 in June of 2019. My wife is 10 years my junior, we are planning to sell are home in the spring 2019. My wife does work full time and is now carrying our medical insurance. She plans on continuing to work.
If I retire next summer and start to draw on my 401K but do not start my SS retirement until I reach my full (100%) age at 66 years and 2 months which would be . . . Read More
Category: Retirement Benefits
Posted: Oct 2 2018 - 9:21am
Can Surviving Spouses Put Off Taking Their Deceased Husband's SS To Gain Delayed Retirement Credits?
Re: Delayed Retirement Credit and Surviving Spouses without their own SS
Can Surviving Spouses with no SS benefits of their own, put off taking their deceased husbands SS benefits to gain Delayed Retirement Credits?
Hi,
No, widows and surviving divorced spouses cannot earn delayed retirement credits by waiting past their full retirement age (FRA) to start drawing survivor benefits. Their survivor benefit rate would be no higher at age 70 than it would have been if they had started drawing at FRA, so there is no reason to wait past FRA to claim . . . Read More
Category: Widow's Benefits
Posted: Oct 2 2018 - 7:28am
