I am employed full time and turning 69 in September. I have not registered for Social Security and don't intend to start collecting until age 70. Is there any reason why I should register and suspend before then?
Hi,
Not unless you have some special reason to do so. You'll receive the same amount of delayed retirement credits (DRC) whether you file for and suspend your benefits until age 70, or if you simply wait until age 70 to apply.
Best, Jerry
Several years ago I set up a “My Social Security” online account. I did a file & suspend at age 66 so that my wife could claim her spouse benefit, while I delay to increase my own retirement benefit. I turn 70 years old in Arpil 2019. Now, I want my retirement benefits to start effective January 2019 (instead of April).
Can I do this online? If so, how? If not, what is the best way to do it? At the time I did the file & suspend, my PIA was calculated to be $2170 per month. Would my benefit in January be $2820 plus COLA’s?
Hi,
No, . . . Read More
I am already collecting Social Security and I turn 65 in December. I understand that I will be automatically enrolled in Medicare, with coverage starting in Dec. When will my part B premium start being deducted from my monthly social security check? will this start in Dec? or earlier?
Hi,
Assuming that you weren't born on December 1st, your Part B Medicare premiums will be withheld from your benefit payments starting in December. The Social Security payment that you receive in December is actually for the month of November, but Medicare premiums are . . . Read More
Can I collect social security from a prior spouse, if I remarried when I was 58?
Can social security collect student debt from my social security benefit?
Hi,
You couldn't qualify for either divorced spousal benefits or surviving divorced spousal benefits if you remarried at age 58 and your marriage is continuing. However, if you were already drawing disability benefits as a surviving divorced spouse when you remarried at age 58, the remarriage wouldn't terminate your benefits.
And yes, Social Security benefits can potentially be . . . Read More
I used your software to come up with my maximized social security plan. I am currently 65 (July 2018), my wife is currently 59 and will be 60 in December of 2018. We have a son who has been disabled since birth and has been receiving SSI for the past 6-7 years. He is now 26 years old. Your software recommended based on my inputs that I take retirement benefits starting December 2018, it also recommended my son take SSDI benefits at that time and that my wife apply for "child in care" benefits also at that time. Social security agrees (verbal with an agent) that my retirement . . . Read More
Hi! Thanks for this!! I am currently 68, retired the first of Jan this year and am holding off drawing my own SS until I hit 70. I am also not drawing anything on my ex-spouses' SS at this time and never have. Does the new law have any impact on me at this point given the above? I am assuming that this article has been updated and is current.
Thank you!
Hi,
Since you were born prior to January 2 1954, it doesn't sound like the new law would have any effect on your benefit options.
If your ex-spouse is at least age 62 or drawing Social . . . Read More
This article just made its way onto Facebook. Is the date of 2015 correct? That would mean the bill was being considered under Obama.
https://www.pbs.org/newshour/economy/houses-proposed-budget-bill-will-de...
Hi,
Yes, that date is correct and the bill referenced in that column was passed into law by Congress shortly thereafter. The main effects of the new law are:
1) People born after January 1 1954 . . . Read More
I'm taking my SS @62, I'm a licensed insurance agent but have not been active in several years.Ive been offered an independent contractor job with a company, but all earnings are 1099. My question is, Am I limited to the 15 hour rule or 45 hours per month Rule? Is this occupation considered "substantial services" I will be cold calling on small businesses.
Hi,
I'm sure that Social Security would allow you to devote up to 45 hours per month to your self-employment without classifying it as substantial services. The 15 hour limit is only used for . . . Read More
I WILL TURN 66 (MY FRA) NOV 2019. I PLAN ON RETIRING FROM MY JOB NOV 2018 BUT WILL POSTPONE TAKING SS UNTIL AGE 66. MY ANNUAL INCOME FOR 2019 WILL BE ONLY 50% OF MY CURRENT ANNUAL SALARY. WILL THAT REDUCTION IN ONE YEAR OF INCOME AFFECT OR REDUCE THE MONTHLY SS BENEFIT IF I DONT CONTINUE TO EARN WHAT I CURRENTLY DO?
Hi,
Your Social Security retirement benefit amount will be based on your highest 35 years of wage-indexed earnings (https://www.ssa.gov/pubs/EN-05-10070.pdf). If your 2019 earnings . . . Read More
Hi Larry!
I just won a sizesble judgment against my ex-husband for his violations of the terms of the divorce.
He was determined to be voluntarily impoverished, and has refused to cooperate with child support. Court modified the Support amount monthly to $1600 + $200 toward arrears.
As he is 60, I’m planning to have to garnish quite a while of his Social Security to recoup what’s owed.
Is it possible to have the judge order that he start drawing benefits at 62 so I can garnish then instead of waiting three more years?
Hi, . . . Read More
Results will differ based on your specific case and filing strategy.