What Is Our Best Strategy?
Would it be prudent for my husband who is at his full retirement age and working full time draw either my social security or his own, whichever is best and save most of that money for thevnext four years or so, or wait and not collect on his or mine until he is age 70, when he is more likely to stop Working? Not sure if he would make up for the years he does not collect. I am 61, so 5 years younger. We are great savers and still contribute the Max to our Roths, etc. Thx much for insight.
Hi,
You must be drawing your benefits in order for your husband . . . Read More
Category: Filing Strategies
Posted: May 8 2017 - 5:59am
What Are My Options?
65 this coming June. Could use extra income, but continuing with work earning 90k a year. If I take SocSec at 65, I receive $2,048.00, but after income reduction, I think it is just North of $1,300.00. When I turn 66, and I continue working, does my base of 2,048.00 remain forever? I would like to wait until I am 66 to draw and I do plan on working full-time until 68-70, but finances are tight at this time for me. Trying to get by for one more year. What are the pros and cons of drawing this June versus in June 2018, 19, 29, 21, or 22? Confused.
Hi,
I . . . Read More
Category: Filing Options
Posted: May 8 2017 - 5:44am
How Does Someone File For Spousal Benefits Only?
If both husband and wife reach FRA this year but one of them is going to claim ss benefit but other one planning to work until 70, how can that person claim for half of spousal benefit.
Hi,
At age 66, the spouse not filing on their own record can apply for spousal benefits only on the record of the spouse who is receiving their retirement benefits. Only people born prior to January 2 1954 are permitted to file a restricted application for spousal benefits only (https://www.ssa.gov/planners/ . . . Read More
Category: Spousal Benefits
Posted: May 6 2017 - 9:51am
Is There A Loophole Somewhere?
Hello,
I am 66. My husband died April 11, 2017. I was informed because I receive a $3000.00 retirement check monthly that I'm ineligible for any widows benefits.
I don't receive any ss money because I worked for the city of Dallas and at that time they did not take out social security payments. I worked there 26 years
I know of other people who receive both pensions and ss from deceased spouses. Is there a loop hole somewhere ?
I'm physically unable to work very much or very long. Am I too old and/or is it too late to try for disabled widow benefits . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: May 6 2017 - 9:34am
Would My Filing For Benefits Affect My Husband's Disability Benefits?
Hello
My husband and I are both 65. He is receiving SSDI . I know it will convert to regular SS when he turns 66. I would really like to file for my benefits even though I would be deemed as we really need the extra income. Somewhere I read or was told that if I were to take my benefits before FRA that my husband's SSDI would be converted to regular SS and be reduced. Is this correct.
Thank you
Helena
Hi Helena,
No, that's not correct. Your entitlement to benefits won't have any effect on your husband's benefits. However, your . . . Read More
Category: Disability Benefits
Posted: May 6 2017 - 9:27am
Have My Wife And I Been Reporting Our Business Income Incorrectly?
Larry,
My wife and I run and own a business together, and I have always done our taxes at the end of the year. It seems I have been doing something wrong because I am not getting social security points added to my account but my wife is. Can I hire a CPA to fix this situation? I have been having medical issues for the past 8 years and am getting to the point that I can no longer work, my wife will continue to run the business, but I am considering applying for Disability through Social Security thus the reason for needing to get this sorted out in the short term. We have . . . Read More
Category: Self-Employment Earnings
Posted: May 5 2017 - 9:16pm
What Options Would I Have If My Husband Dies Before I Reach FRA?
Hello, I'm 62 and considering applying for early benefits. My husband is 69 and waited until his FRA to apply, he gets about $2200 per month. My own full benefit amount is only $800. I realize my benefit including the spousal supplement would be reduced if I applied early. A SSA agent told me it would also reduce any future widow's benefit I might receive, even if I was over FRA when that occurred. I think that was incorrect. If I did apply for benefits early and he passed away in the next few years, would I be able to suspend widow's benefits until after my FRA in order to . . . Read More
Category: Widow's Benefits
Posted: May 5 2017 - 9:04pm
How Will My Son's SSI Be Affected If He Receives Social Security?
Hi there Larry!-----Okay my adult child has been on SSI since he was 18 -he is now 46---- $735 is his normal SSI payment-my ex-husband only gets 1000---which would mean- (I suppose) that my son would get $500-that amount is lower than the $735 he gets now, can you tell me how that works? Also, I will be getting about 2,300 (approx) next year when I am 66-at that point can my son get me ex's 500 and my 1150 at the same time?---------One more thing, under these circumstances, does he get to keep Medicaid? Thank You so so much
Hi,
Supplemental Security . . . Read More
Category: Supplemental Security Income
Posted: May 5 2017 - 8:50pm
How Can I Correct My Earnings History?
Larry, the federal govt reported social security earnings in 1983 and 1985. During this time I was covered under CSRS, any idea how I get this corrected?
Hi,
No action is likely needed unless you are or will become eligible for Social Security benefits. If correction is necessary, you will likely need to submit copies of your W-2 forms to Social Security for the years in question.
Best, Jerry
Category: Earnings Subject To Social Security Taxes
Posted: May 5 2017 - 10:23am
Will My Benefit Be Reduced If My Ex-Wife Files On My Record?
If my ex wife files for her benefit based on a 10 year plus marriage does her benefit reduce my benefit?
Hi,
No.
Best, Jerry
Category: Divorced Spousal Benefits
Posted: May 5 2017 - 10:14am
