Is My Wife Entitled To Half Of My Full Retirement Age Rate?
Larry, I am still employed and my full retirement date isn't for another year. My anticipated monthly benefit at full retirement is $3,334 per month. My wife hasn't worked for 30 years. She has reached her full retirement age of 66 yrs 4 months. My understanding was since she is at full retirement age, she could file for spousal benefits now (even though I am not retired yet) and secure the 50% of my anticipated benefit at my full retirement (or $1,667 per month now). We received her first benefit and it was only $810. First, is she in fact entitled to the $1,667? Second, if . . . Read More
Category: Filing Options
Posted: Oct 25 2022 - 1:05pm
Has Anyone Done An NPV On Taking SS At FRA vs. Age 70?
Have read your book 'Money Magic', contacted you about it. Just signed up for MaxiFi. What is your opinion of taking SS at FRA vs waiting until 70? Understand more $$ if waiting, live a longer life, etc. But getting $$ when younger/healthier/etc. Has anyone done an NPV on taking SS at FRA vs waiting until 70? Then investing SS benefit, getting modest returns (4-5%)? Spouse and I always planned on waiting until 70. Is that a good strategy? Mark
Hi Mark. Larry has opined on this topic many times, so I know that he would tell you that in the majority of cases . . . Read More
Category: Filing Strategies
Posted: Oct 25 2022 - 12:43pm
Can Someone Who Gets Ordained Online Legally Marry A Couple In Texas?
If someone is on full time disability and gets ordained online to marry a couple in Texas are they legally married? Also if the marriage is never consummated is it legal in Texas? Same marriage.
Hi. I'm not familiar with Texas's state laws, so I can't answer your question. My expertise is limited to Social Security benefits.
Best, Jerry
Category: Miscellaneous
Posted: Oct 24 2022 - 7:22pm
Why Doesn't My Wife's Benefit Estimate Reflect An Increase From Her Recent Earnings?
Hello, we are close to retirement and keep a close eye on our SS benefit amounts. This year we noticed both of them increasing by the 5.9% for 2021 COLA but nothing for the huge increase in my wifes 35 year earnings history increase this year. I heard they review it the fall we've checked it several times but nothing yet. Thank you for any advice!
Hi. I don't know whether or not Social Security is behind in updating their published benefit estimates. All I can tell you is that your and your wife's Social Security retirement benefit rates will be calculated . . . Read More
Category: Benefit Amount
Posted: Oct 24 2022 - 4:11pm
If My Workers Compensation Settlement Is For My Lifetime Will My SSDI Benefits Be Affected?
I am going to receive a $44,000 scheduled loss lump sum payment from workmen's comp for bilateral hearing loss. I never received any other workmen's comp benefits. i was told because it was a scheduled award that my SSDI would not be affected, I am waiting to get my settlement contract. if my settlement contract language says the settlement award is for my life time will my SSDI benefits be affected?
Hi. I can't give you a definite answer. Social Security prorates lump sum workers compensation settlements into a monthly rate when determining whether or not . . . Read More
Category: Disability Benefits
Posted: Oct 24 2022 - 3:26pm
How Do I Know If I Should Claim Benefits From My Ex-Spouse Instead Of My Own?
How do I know if I should be claiming benefits under my ex-husband rather than my own. He made much more money than I did and we were legally married over 10 years.
Hi. If you meet the requirements for divorced spousal benefits, then Social Security should be able to tell you your approximate divorced spousal benefit rate and explain your filing options. If you were born after January 1 1954 and if your ex-spouse is still living, then you couldn't file just for divorced spousal benefits or your own Social Security retirement benefits without being required . . . Read More
Category: Divorced Spousal Benefits
Posted: Oct 24 2022 - 10:59am
Can I Suspend My Disability Benefits And Get Full Benefits At An Older Age?
What happens if i’m getting SS benefits in my 50s due to disability but then reach age 62 ?
Can i suspend payments and collect “full” benefits at an older age?
I’m now 62-1/2 still getting the benefits but never heard anything from SS. Can i contact them, pay back all benefits since turning 62, suspend benefits and earn “full” later ?
I’m hesitant to contact them because i fear the fraught discussion about whether i’m still disabled, having to get my medical team involved etc
Hi. If you're receiving Social Security disability (SSDI) . . . Read More
Category: Filing Options
Posted: Oct 24 2022 - 10:45am
Can I Stop My Benefits And Draw Off Of My Ex-Husband Instead?
I looked into ssi at 66 years. My ex husband of 21 years retired at 62. My ssi was higher since he retired at 62. Now he has gone back to work and has been paying into his ssi Could I look at his ssi six years later draw off of his and stop mine. Or do I wait until he is dead then go to ssi and inquire
Hi. By 'SSI' I assume you're referring to Social Security and not Supplemental Security Income. The only way that you could stop your own benefits and draw divorced spousal benefits instead is if a) you were born prior to January 2 1954, and b) if you . . . Read More
Category: Filing Options
Posted: Oct 23 2022 - 6:23pm
Is There Any Way That I Can Increase My Benefit Amount?
I had to retire two years earlier to take care of my parents now I was not explained that if I hung out for the two years that I would get quite a bit more money when I did retire, so I went in the office and I did my paperwork and I missed out on about $600 right now Is there any way to make that up or are there any exceptions it would make it so much easier to live, and I don’t know why it wasn’t explained to me.
Hi. I assume you mean that you are collecting Social Security retirement benefits based on your own earnings. Social Security retirement . . . Read More
Category: Benefit Amount
Posted: Oct 23 2022 - 1:33pm
Is There Any Way That I Could Qualify For Benefits From My Deceased Ex-Husband?
My ex husband died 6 years ago. We had 2 children but they are older. We were married 9 years and like 3 weeks but together for 20 plus years. Can I receive his benefits for divorced spouse being one week shy of the 10 year mark? I wasn't even informed I could receive this at all until recently. My ex mother in law claimed for my son because he lived with her and never told me I could receive these benefits on my own. Even the social security office lady said I could receive them if it weren't for that one week difference. Could I fight this? I'm fighting my own disability have . . . Read More
Category: Divorced Widow(er) Benefits
Posted: Oct 23 2022 - 1:07pm
