Would Receiving SSDI Lower My Retirement Benefit Rate?
I retired from the USAF and receive 100% VA disability benefits. I'm 58 years old. We have a disabled son, age 23, receiving SSI (offset for our "in-kind" contributions). I've applied for SSDI, with the idea that, if approved, my son could get off SSI and receive money from my SSDI.
However, I'm curious if receiving SSDI would lower my SS retirement benefits. Up until recently, I had planned on waiting till I turned 70 to begin retirement benefits...my last estimate placed that at $4000/month. If I get SSDI benefits, they're estimated to be about $2500/m. Will doing so . . . Read More
Category: Disability Benefits
Posted: Nov 21 2017 - 4:23pm
Will My Social Security Be Penalized If I Draw A Pension From A State In Which I'm Not Residing?
I will be collection a City Pension in Massachusetts but living in New Hampshire when I reach the age of 65 will my social security benefits, which I earned from other employment, be penalized?
Hi,
Your place of residence is irrelevant to the determination of whether or not your Social Security benefits will be subject to reduction due to the Windfall Elimination Provision (WEP). If you are drawing a pension based on your work and earnings that were exempt from Social Security taxes, then your Social Security retirement benefits will be subject to a . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Nov 21 2017 - 8:25am
Do I Need To Submit A Form SSA-44 Now?
I have just retired (09/30/2017) at age 69. I have completed the application for medicare parts B and D. Do I need to submit an SSA-44 form now?
Hi,
You would only need to submit an SSA-44 (https://www.ssa.gov/forms/ssa-44.pdf) if your income was high enough to require you to pay more than the standard Part B premium rate, but has been reduced due to a life-changing event. Medicare generally uses tax returns from 2 years ago to determine whether or not you must pay a higher Part B premium, but they . . . Read More
Category: Medicare
Posted: Nov 21 2017 - 8:10am
Can My Ex-Spouse Receive Spousal Benefits From My Railroad Pension?
I am the surviving spouse of a RR Employee I receive a RR Monthly pension or annuity. Would my ex spouse be able to receive spousal benefits from my RR pension or annuity. He is 79 and has been drawing his SS since he was 65. I was married to my ex spouse for 30 yrs. I am 74 and never remarried after my husband passed away.
Hi,
I'm not sure if I understand your question. I assume you mean that you're drawing a Railroad (RR) survivor pension from a deceased former spouse, and you were also married and divorced to a different former spouse. If that's . . . Read More
Category: Railroad Retirement Benefits
Posted: Nov 21 2017 - 7:59am
If I File For & Suspend My Benefits At FRA, Could I Later Claim A Lump Sum Back To My FRA?
Let's say I am single and file and suspend for SS benefits at full retirement age. If I'm diagnosed and given three months to live at age 68.5, can I receive a lump sum benefit back to my FRA? or is the lump sum only payable back 6 months?
Thanks,
Walt
Hi Walt,
For people who voluntarily suspended their benefits prior to April 30 2016, the answer is yes. But, the answer is no for people who suspend their benefits on or after April 30 2016 (https://www.ssa.gov/planners/retire/ . . . Read More
Category: File and Suspend
Posted: Nov 20 2017 - 4:03pm
When Should My Husband Start Taking His Benefits?
Hi, Larry. My husband is physically and psychologically ready to retire by age 62. I started taking SS at PIA ($224). We are trying to decide if we should spend down some of our $560,000 in savings in order to delay his PIA SS for him, and then take it at age 64 or 65. We think we could be comfortable on $50,000 a year.
Thanks, Jan
Hi Jan,
There are too many variables involved in your situation for me to be able to advise you based on the limited information in your question. I would suggest using the maximization software available on this . . . Read More
Category: Filing Strategies
Posted: Nov 20 2017 - 3:50pm
Can I Start Drawing Benefits 4 Months Before Turning Age 66?
Can I Start Drawing Benefits 4 Months Before Turning Age 66 and continue to work? Or should I wait till the month I turn 66 to collect benefits? How will one or the other affect how much I can earn from work?
Hi,
I can't advise you whether or not you should wait until age 66, but assuming that's your full retirement age (FRA) you could start drawing 4 months before then depending on your earnings in those months. If you turn 66 in 2018 for example, you could be paid for the months leading up to then provided that you either earn a total of less than . . . Read More
Category: Filing Options
Posted: Nov 20 2017 - 3:32pm
Should I Cancel My Social Security If I Intend To Start Working Full-Time?
Larry, I took my Social Security when I turned 62 and now I am 65 and in Oct. of 2018 I will be 66. My question is I have been offered a full-time position at my job and I was wondering since I am on 65, should I cancel it (Social Security) before January 2018 so I can be off Social Security so I can make wages for 40 hours or more at my job? Please help me cause I am confused and don't want to pay 2 dollars for every 1 dollar over the amount I can make.
Thanks. Charles
Hi Charles,
If you are going to start a job that will cause you to earn . . . Read More
Category: Earnings Test
Posted: Nov 20 2017 - 7:40am
Should My Wife File At Age 62 If She Expects To Receive A Survivor Pension From My Work?
I will be receiving a govt. pension from being a teacher in CA. I will be receiving only a small Social Security benefit (due to only 12 credited years and WPA and GPO). My wife is ten years younger and will collect a substantial portion of my pension when I'm gone - which will be much greater than her SS benefits (also affected by WPA and GPO when she gets my pension). My question is, should she collect her SS benefits at 62 so she can maximize the number of years that she will get a benefit until she collects my pension, which will reduce her SS benefits to a small amount ( . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Nov 20 2017 - 7:22am
Do You Know Of Anyone Who Can Help Us?
Hi, I want to get someone to help me make sure I get the spousal benefit when I turn 66. You've explained it well, but I'm not good at these things and don't want to blow it. This doesn't happen for a few months, but I wondered if you know of anyone who can help us navigate this so we don't make a mistake and miss out on this valuable benefit. Thank you!
Hi,
The maximization software on this website can tell you which type of benefit to file for as well as the exact month that you should start drawing the benefit. We also offer an expert review and . . . Read More
Category: Miscellaneous
Posted: Nov 20 2017 - 7:13am
