Is It True That My Wife's SS Benefits Are Reduced Until FRA Based On Our Joint Income?
Hi,
I am 67 and my wife is 64. I am waiting until 70 to take Social Security, and currently still working part-time. My wife too is working as a self-employed artist (widely varying salary each year). I was planning on having her start taking benefits next year to pay for her Medicare, but as she is still working, I read that her SS benefits are reduced until FRA, based on our joint income which is well above the minimum. If so, then the formula of the lower earning spouse taking SS early, while the higher earning spouse is waiting until age 70, doesnt work, as our . . . Read More
Category: Earnings Test
Posted: Oct 17 2022 - 12:36pm
How Can I Find Out How Remarrying Will Impact My SS?
I am a 61yo divorced woman in a relationship navigating whether or not remarrying is a wise choice due to financial implications. My ex is alive and if I remarry I will only receive $200 per our local SSA office. I had an in-home childcare business with significant write offs for 20 years. I do have 33-35 years of work history. My early retirement SS amount would be around $850, retirement age would be around $1450, and late retirement over $1900.
How can I find out how re-marrying will impact my SS? Am I able to get a comparison somewhere? I know my ex’ SS# and . . . Read More
Category: Remarriage
Posted: Oct 16 2022 - 4:49pm
If My Wife Files For Her Benefits At Age 62 Will She Be Eligible For 50% Of My Benefit When I Begin Receiving My Benefits?
I recently re-married and my new wife turns 62 in February of 2023. She is considering collecting SSA at that time. Is she eligible to receive 50% of my benefit when I begin receiving my full time benefit in September of 2023?
Hi. Your wife won't get a full 50% of your unreduced benefit rate if she claims either her own Social Security retirement benefits or spousal benefits prior to her full retirement age (FRA). Your wife could claim her own benefits at age 62 and then claim spousal benefits when you start drawing your benefits, but any reduction for age . . . Read More
Category: Filing Strategies
Posted: Oct 16 2022 - 1:17pm
Is It True That Delayed Retirement Credits Are Awarded Monthly Instead Of Annually?
Dear Larry,
Is the 8% annual increase in SS benefit for delaying calculated (awarded) monthly or annually? I turn 68 in January, and have been delaying my SS benefit to capitalize on the 8% annual growth promised (not counting COLA's). I have always understood this to be calculated on a monthly basis, so disregarding any COLA effect, I expect that if I started collecting at exactly age 68, my benefit would be 16% lower than at age 70, and if I started at age 68 and 6 months, that it would be 12% less. IE: every month I delay should raise my benefit another 0.6667%, as . . . Read More
Category: Delayed Retirement Credits
Posted: Oct 16 2022 - 12:55pm
If I Take Control Of My Check Would It Affect My Survivor Benefits?
I hope you can answer my question. I used to receive SSI it was then switched to Survivor Benefits from my mother, I am not sure why.
I have a payee now and am not happy with her performance record with my money. I was wondering if I canceled her as my payee and took control of my check, would it affect my Survivor Benefits at all.
Thank you for your assistance.
Hi. No, becoming your own payee would not affect your Social Security survivor benefit rate. You can apply to become your own payee by calling or visiting a Social Security office. . . . Read More
Category: Representative Payee
Posted: Oct 16 2022 - 12:48pm
When Can I File And Get My Higher Age 69 Rate?
Hi Larry, my birthday is on January 18th. I will be 69 in 2023. By using the social security site I can see that in January my check amount will rise. When can I file and get this increase for 2023. I don't want to end up with 2022's amount if I file too soon. Also, I assume I can't capture the $146 COLA increase if I want to wait till my 2023 increase in January takes effect because the COLA will take effect before I file and you can't get a COLA on something I'm not being paid yet. Thanks for your time. Karen
Hi Karen. You're wrong about the cost of . . . Read More
Category: Benefit Amount
Posted: Oct 16 2022 - 12:19pm
When Will My Daughter's Medicare Eligibility Start?
My daughter and I receive survivor benefits. When my daughter turned 16 in December 2020, I filed for disability for her, so that I could maintain my mother's insurance. She has significant intellectual issues. She was awarded disability in July of 2021, but I have not received an award letter. When I called to inquire about this last year, I was told she would be eligible for Medicare December of 2022. I just left my local SSA office to inquire about these issues, and they told me her MC eligibility begins December of 2022, because that's when she will convert to an Adult . . . Read More
Category: Disabled Adult Child Benefits
Posted: Oct 14 2022 - 11:47am
How Do I Find Out My Ex-Husband's PIA?
How to find out my ex-husband's PIA? Hi, Larry, I was married to my ex-husband for more than 10 years and we have been divorced for 7 years now. I have just turned 62 and have not remarried. I am still working and am going to try to wait until 70 to apply for my social security benefits, but want to plan in advance for various scenarios, and knowing my ex-husband's PIA would be useful as he earned more than me. My ex-husband was born in 1944 and in his late 50's went on disability (SSDI). At some point this changed to SSI automatically. I am wondering how to find out his PIA. 1 . . . Read More
Category: Miscellaneous
Posted: Oct 14 2022 - 11:26am
How Much Can I Receive From My Ex-Husband?
My ex husband whom I was married to for 13 years draws 2100 disability social security and I’m only going to draw 800 how much can I receive from ex husband I’m 62
Hi. Probably nothing, at least while your ex-spouse is living. Unreduced divorced spousal benefits are calculated by subtracting a person's own primary insurance amount (PIA) from 50% of their ex-spouse's PIA. A person's PIA is equal to their Social Security retirement benefit rate if they start drawing their benefits at full retirement age (FRA), or their full Social Security disability (SSDI . . . Read More
Category: Divorced Spousal Benefits
Posted: Oct 14 2022 - 8:39am
Do I Apply For Social Security At Age 65?
Hi,
Q 1) I retired at 62 (DOB:12/8/1959.) On April 2022. Do I apply for Social security at the age of 65?
Q 2) Is there a back pay for the 3 years I'm on retirement once i hit 65?
Hi. When you say that you retired at age 62, I assume you're referring to stopping work, not claiming Social Security benefits. You can apply for Social Security benefits any time between ages 62 and 70, and your benefit rate would be different depending on which month and year you choose to start your benefits. The best time for you to apply for benefits depends on . . . Read More
Category: Filing Options
Posted: Oct 13 2022 - 4:18pm
