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Benefit Amount

Can You Clarify Your Prior Explanation?

Hi - thank you kindly for the explanation. I am looking for a clarification, in your answer below, her own benefit would have grown to $1,980 at age 70, however, would she still be eligible to full $2,000 of what the deceased husband was collecting? Own benefit $1980 + excess widowed $20 = $2000. Thank you. This is in response to "How Does Social Security Calculate Combined Benefits For A Widow?" answered on 11/11/2022, thank you very much.

Posted: 
Friday, November 18, 2022 - 11:59

Can My Friend Start Drawing His Benefits Three Months Prior To Age 70 And Still Get His Full Age 70 Benefit Amount?

A friend of mine has just retired at age 69. He will turn 70 this coming March 14, 2023. He plans to start taking social security benefits at age 70 to get the maximum benefit. He has been told that he can start taking the benefits this January, three months before his 70th birthday and get the full age 70 benefit amount. Says he has friends that have done it. Is he correct?

Posted: 
Wednesday, November 16, 2022 - 16:30

Are COLAs Reflected On My SS Statements?

I have planned to wait to take my Social Security benefits until I turned 70. I'll start taking benefits on 6/1/23, but I'm thinking I might accelerate that date to 12/1/22. I looked at my SS statement and if I take the amount projected in December my benefit would increase by $265 in January, due to the 8.7% COLA. If I wait until June the SSS statement change is just $79. Seems like I would be missing out on $186/mo.
I understand that starting at age 62 the SSA starts keeping track of COLAs for those that wait to take their benefits. Here are my questions.

Posted: 
Thursday, November 3, 2022 - 15:56

What Are The Logistics For Calculating Susan's Benefit?

Hi - could you please help me with the following, Paul FRA 67, PIA $2,600/month, Susan FRA 67, PIA $1,000. They both intend on filing ASAP when eligible at age 62. The reductions are 30% for Paul, and some combination 30% for Susan for filing early on her own benefit and 35% for spousal Paul's. She would be eligible for $1,300 at her FRA. Reduction for Paul is straightforward, what are the logistics for calculating Susan's benefit? Thank you

Posted: 
Wednesday, November 2, 2022 - 18:04

Are COLAs Applied To My January Amount Or My December Amount?

Hello!
I took SS at age 62 then suspended benefits at full retirement age (66yrs, 2 mos) . I plan to restart them at age 70. Are the annual cost of living adjustments based on my January (beginning) amount of the year or my December (year-end) amount? In other words, do I get the benefit of 12 months of the additional 2/3 of 1% monthly increase when calculating the new year's benefit? Thanks.
Leni

Posted: 
Friday, October 28, 2022 - 16:27

Why Doesn't My Wife's Benefit Estimate Reflect An Increase From Her Recent Earnings?

Hello, we are close to retirement and keep a close eye on our SS benefit amounts. This year we noticed both of them increasing by the 5.9% for 2021 COLA but nothing for the huge increase in my wifes 35 year earnings history increase this year. I heard they review it the fall we've checked it several times but nothing yet. Thank you for any advice!

Posted: 
Monday, October 24, 2022 - 16:11

Is There Any Way That I Can Increase My Benefit Amount?

I had to retire two years earlier to take care of my parents now I was not explained that if I hung out for the two years that I would get quite a bit more money when I did retire, so I went in the office and I did my paperwork and I missed out on about $600 right now Is there any way to make that up or are there any exceptions it would make it so much easier to live, and I don’t know why it wasn’t explained to me.

Posted: 
Sunday, October 23, 2022 - 13:33

How Do I Know How Much SS I Will Receive If I Retire?

I turn 62 in Dec how do I know how much ss I will receive if I retire

Hi. We believe that the best way to get an accurate estimate of your Social Security benefit rate is to use the Social Security benefit calculator included in our software (https://maximizemysocialsecurity.com/purchase). Subscribing to the software would also allow you to fully compare and analyze all of your various options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry

Posted: 
Thursday, October 20, 2022 - 14:10
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