My husband is 64. We have a 9 year old daughter. Can my husband file for ss now so my daughter gets her ss benefit. My husband will continue to work until 66. Because he is working, his ss payment before 66 will be reduced to $0 based on his high income. However, my understanding is his ss amount that is reduced during months he works will be added back into his lifetime ss maximum so that when he reaches full retirement age of 66, his ss which was reduced by filing at 64 will be recalculated and increased at 66 to give back the amount reduced fro 64-66.
How does social security adjust monthly benefits for withheld excessive earnings upon reaching FRA? Is it based on remaining life expectancy or some other time period. For example, if I exceed the $15,720 by $10K a year from 62 until 66 (four years), SS will withold $20K. Is that $20K repaid in 216 installments (18 remaining years x 12 months/yr)? ) (In my case no spousal benefits, etc.).
Writing as a full retirement age individual wondering about taxation of SS benefits. When the government calculates the income earned in order to decide whether social security benefits will be "taxed" or taken back at the $1 for ever $2 earned over $41,880, do they consider the social security benefit itself as being part of the $41K?
My non resident and non U.S. citizen spouse is applying for social security benefits. We currently reside part of the year in Florida and the rest of the time in Brazil. My wife is an Italian citizen. She is 64.5 years old When social security administration asks about income are they only asking about U.S. sources? She has never worked in the U.S. but does have a social security number that she received in the 70's when she was in the U.S. on a student visa. If she works in Brazil for a non U.S. company does that income affect her eligibility?
BACKGROUND: Due to the teriible economy, globilization and my age, I have not worked full time for over 3 years. And, after exhausting all my personal resources 2 years ago, have gone on government assistance. At my renewal meeting this week they just told me that I MUST file for Early Retirement Social Security. So I did so and I was just informed that my first SS check will be on November 16.
I turned 66 this july. If I file to collect spousal benefits on my ex-husband's earnings, (he's 67 and we were married 24 years), is there a limit to the earnings I can make until I'm 70 and file to collect my own benefits?
I will be full retirement age in June 2017. Am I allowed to earn $41,880 in the first 5 months of the year without being penalized? Or is the maximum $41,880 divided by 12 for a monthly max amount of $3490?
Hello. If I take a job after I reach FRA which pays much less than what I earned in my lifelong job of more than 35 years, do I run the risk of reducing my monthly benefit?
Thanks for your guidance. Arthur
No, Arthur. The Earnings Test ends the day you reach full retirement age. best, Larry
With regard to the earnings test for someone taking benefits before FRA, can net self employment income be reduced by making retirement plan contributions to avoid exceeding the $15,720 limit? Also, what kind of documentation needs to be provided to Social Security regarding earnings, retirement plan contributions (if given consideration) and business expenses? Lastly, how often must this information be provided?
I visited my local Social Security office recently. I'm 62 and considering starting my reduced benefits next month when my husband turns 66 and I'm 62 1/2. He is the higher earner and my plan is for him to make a Restricted Application and collect spousal benefits on my earnings for 3 1/2 years while delaying filing for his own benefits until he is 70. I asked what would happen if I exceeded the $15,700 earnings limit where all or part of my benefits would stop. We agreed that in this case I wouldn't lose anything as my payment would be adjusted at FRA.