What Do My Wife And I Need To Do When We Turn 70?
My wife & I are almost the same age - now 69. In February of 2018 we both turn 70. In 2014, my wife did a File & Suspend procedure and then I filed for a restricted spousal benefit. Thank you for your software which alerted us to this strategy. So later this year, when I file for benefits in my own name and my wife unsuspends her benefits to begin in February 2018, can we do this process online, or must we go in person to the Social Security Office? Are there any gotchas or pitfalls we should look out for?
Hi,
Your wife's benefits should . . . Read More
Category: Filing For Benefits
Posted: Apr 1 2017 - 6:30am
Can I Re-Apply If I Think My Benefit Was Miscalculated?
If I am already collecting soc sec, and I think it was calculated wrong , can I reapply to maximize my benefit?
Hi,
You can't re-apply for the same type of benefit, but you could ask for a recomputation of your benefit rate. You'll need to submit a written request to Social Security explaining why you believe that a higher rate is due. Or, if you're still within the 60 day appeal period since your claim was processed, you can request an appeal (https://www.ssa.gov/pubs/EN-05-10041.pdf).
. . . Read More
Category: Retirement Benefits
Posted: Apr 1 2017 - 6:15am
Should My Wife File A Restricted Application For Spousal Benefits Only?
Larry....Help.....I turned 70 years old (July 2016) filed for and began collecting my social security in August 2016. My wife turned 66 in February 2017(last month) born in 1951. Can and should she file a "restricted spousal benefit" application now and draw 50% of my monthly benefit now and then wait till she is 70 to file for her full benefit ? Or is there a better strategy for us to use to maximize our benefits ?? We are not retiring, we both work full-time at least for 2-4 more years. Thanks, we are patiently awaiting your advice. We have your book "Get What's Yours" and . . . Read More
Category: Filing Strategies
Posted: Mar 31 2017 - 10:45am
Will I Be Penalized For Taking Benefits Before Full Retirement Age?
I am planning on taking my social security benefit in August of this year, I will turn 65. I am currently working part time. My social security benefit is estimated at around 1,403 a month. My earnings for last year were 22,645.08. Will I be penalized for working and claiming benefits before full retirement age? I can't afford to lose income , my social security will be my only income. I am married and my husband works. Also, how long does it take to get benefits once you apply? I read that you can make up to 16,940.00 before you are penalized.
Hi,
If . . . Read More
Category: Retirement Benefits
Posted: Mar 31 2017 - 10:30am
What Income Counts Toward The Social Security Earnings Test?
Dear Larry, I will be 62 this October 2017. I have a daughter who will be 6 years old this October. Studying my SS report and conferring with someone at SS, I drafted a comparison of payments that shows me starting my SS benefits at 62 (and 2 months, they tell me) which also triggers a payment equal to 50%-of-that sum to my daughter. To make is simpler, starting in January 2018, I would be getting $16,320/year; and my daughter would be getting $8160/year up until she turns 18. I compared the total amounts for us if I start at 62; 66; or 70 and it really is more for us if I look . . . Read More
Category: Earnings Test
Posted: Mar 31 2017 - 10:00am
Do We Qualify For More Benefits?
I retired mid Dec 2015 and turned 65 the end of March 2016. I started receiving SS in April 2016. My husband is 11 years older and has been receiving SS for a long while. I also receive spousal benefits. Neither of us work. I am now my husband's caregiver. We have IRAs totaling more than $27,250. Do we qualify for more?
Hi,
Based solely on the information in your question, it sounds like you are already receiving as much as you can get from Social Security.
Best, Jerry
Category: Retirement Benefits
Posted: Mar 31 2017 - 10:00am
Am I Required To File For Divorced Spousal Benefits When I Become Eligible?
I am 48 and single. I was previously married for 18 years and divorced. I now receive SSI benefits due to seizures and some other things. I would like to know if I MUST report to Social Security when my ex is of retirement age and how I can find out what my benefit would be from his work record so I will know (kind of) what my benefit would be.
Hi,
Yes, as a condition for receiving Supplemental Security Income (SSI) payments, you are required to file for all Social Security benefits for which you are eligible. SSI is a needs based benefit intended as . . . Read More
Category: Supplemental Security Income
Posted: Mar 31 2017 - 9:45am
What Will Happen To Our Benefits?
Hello I am 45 my husband is 63 he will retire in 2 more yrs. what will happen with our ss benefits. I have paid in 26yrs he has paid in 44 yrs.
Hi,
It sounds like you'll both qualify for retirement benefits on your own records, with a possibility of additional spousal benefits for you. You must be at least age 62 to get retirement or spousal benefits, though. Your husband is already old enough to apply for reduced benefits, so he may want to consider running the maximization software available on this website in order to determine his best strategy . . . Read More
Category: Filing Options
Posted: Mar 31 2017 - 9:30am
Can I Collect Spousal Benefits When My Husband Turns Age 62?
I'm a few years older than my husband and he is the higher earner. I will collect full retirement benefits but can I collect his when he reaches 62 and / or should I wait for his full retirement age because it will affect his own.
Hi,
Your husband must be drawing his benefits in order for you to potentially be eligible for spousal benefits. So, you could only be eligible for benefits on his record when he reaches age 62 if he chooses to file for reduced benefits at that time. If you do qualify for spousal benefits, they won't affect the amount that . . . Read More
Category: Spousal Benefits
Posted: Mar 31 2017 - 8:15am
Will My Earnings Affect My Husband's Benefits?
My husband wants to start taking his soc sec benefits at age 63. We understand he can earn up to $16,920 before his soc sec will be docked accordingly and we understand the income tax ramifications of filing jointly and making more than $44K. I am slightly younger and want to work for 5 more years. Will my earnings affect his soc sec benefit payments?? Can't find the answer anywhere on the soc sec website!
Hi,
No, your earnings would not count toward the $16,920 exempt amount that your husband is allowed to earn without affecting his benefits. Before . . . Read More
Category: Earnings Test
Posted: Mar 31 2017 - 8:00am
