I am a federal employee under the Federal Employees Retirement System (FERS). FERS is a 3 tiered system consisting of a Pension, a 401K, and Social Security (SS). My situation is this. If I retire at age 62 my estimated SS benefit is $1700/mo. My estimated full retirement benefit (FRB) at age 66 and 8 months is $2400. I also have a daughter who will turn 13 one month after my 62nd birthday and my wife will be 58 at the time of my 62nd birthday.
Family Benefit Maximum
My question is considering the Maximum Family Benefit for situation which includes an adult child with a disability living at home. Specifically my question is if there a benefit to delaying my SSI payments until age 70? If so what are the benefits. I am 62, my wife is 57, and my son is 23 and determined by SSI as permanently disabled since his diagnosis was before 18 years of age. I plan to delay taking my benefits until age 70 which would generate 3699 of monthly income.
My daughter is a DAC currently receiving $640 in SSDI on her own record. Using Max my SS, I will retire at FRA in October, 2018 and receive PIA of $2728. FMB is $4,776. SSA is telling me that my daughter's SSDI will terminate and she'll be entitled to 50% of her share of the FMB (4,776-2728=2048x50%=1024). My wife gets the other 50%. My understanding was that she would continue to get her own SSDI and receive the difference between 1024 and 640. Also, since she is dual eligible, can she claim the full 1024 and still get benefits on her own account?
Hi Larry, I’ve read your book and have used your software - -thanks for both! My question has to do with the family maximum benefit and the benefit for a parent caring for an adult disabled child. I have enough credits to file for SS benefits but my spouse does not, and we care for an adult severely disabled child (who now gets SSI). If I file at 62, and my spouse (who will be 59) and child also file then, based on my earning’s record, my understanding is that my daughter and spouse would each receive a benefit equal to 50% of my PIA.
I am a 68 year old male born in April 1950 who has children aged 19,17,14, and 11. My wife is 50 years old.
I made the cut-off in April 2016 at age 66) for filing for soc security benefits for my children while I also formally filed and suspended my benefits with a goal to resume (unsuspend) my benefits at age 70. I plan to continue working to age 75.
My 11 year old will continue to receive dependent child benefits through December 2024 (turns 18 Jan 2025).
Can you exceed the Family Maximum Benefit (FMB) if you are receiving Delayed Retirement Credits (DRC)?
I understand that waiting until age 70 to take SS benefits will provide the maximum benefit, but in my case I will be subject to the family maximum sooner as both my wife and disabled adult daughter will also be receiving benefits based on my work record. I am trying to calculate the minimum age, after I retire, that I can start to receive SS benefits at the family maximum amount. My current SS statement estimates my monthly benefit at $2973 at my full retirement age of 67. I calculated my family maximum as $5202.31 [1.5*1144 + 2.72*507 + 1.34*503 + 1.75*819].
In a family of three all on survival benefit but one is the disabled widow and the other two are child in school but over the age of sixteen do they still use the family maximum to calculate all benefit of widow gets 71.5 and child 75
I am 64 and my wife will be 63 next month. We have a 20 year old disabled child who is currently living with us. Our daughter will rely heavily on Social Security benefits since her earnings will be minimal. My question has to do with maximizing her Dependent Adult Child (DAC) benefits. My social security benefit statement shows my benefit at FRA as $2390/month, at age 70, it will be $3220. The Maximum Family Benefit is shown as $4090.