I would like to retire this year, November 1st, 2021. I will be 66 years old on 11/2/2021. I am 2 months short of the 66 years and 2 months for full social security. How do I figure out how much my benefit will be reduced>
I retired in 2020 at 59. Worked for 41 yrs.
1.5 mil in retirement Accts. Married, no kids and low debt.
Question: if I’m no longer paying into SS will my benefit start to reduce each year until I reach 67?
My wife turns 70 on June 4, 2021. To receive her maximum benefits, should she claim her retirement benefits commencing June 2021 or July 2021?
Hi. June 2021. You don't need to be age 70 for the whole month to be eligible for your age 70 rate.
If I start drawing Social Security at age 66 and 2 months, is this the full max benefits?
Hi. If you were born in 1955, thus making your full retirement age (FRA) 66 & 2 months, then you would be paid a monthly rate equal to 100% of your primary insurance amount (PIA). That isn't the maximum amount that you could draw, however.
I am 60 and self employed for 30
Years. the vast majority of my income was / is from
company profit distributions and 1099 income. My questions:
What can I do now and for the next few years to maximize or build up more social security benefits for myself (and spouse, same situation) before I / we retire? (i.e.; pay myself a W-2 income)
Greetings. I was born in 1960. I was hoping federal legislation was going to address the SSI formula that was impacted by the economic downturn in 2020. Some news stories estimated people born in 1960 would get far less SSI because of the poor economy in 2020. Question do you have any knowledge of federal legislation helping those born 1960? Did legislation pass or is it pending? I was late getting into the workforce; raised autistic child. Currently the SSI website reports I will receive $930/mth, all things being equal.
My wife and I have been running a non-incorporated business since since 1996 and file our taxes jointly. I just discovered that the for the last 15 years SSI earnings have all been assigned to her and show $0 for myself. Taking into consideration that these years have been of lower taxable income, will these 15 years of $0 lower my SSI benefits?
Can SSI substitute employment years?
I am 69 years old and have been receiving SSI since I was 65 and I am still working. In most of my employment years, my income was not that great and those were the years that SSI used to calculate my monthly check. But in recent years my income is much better. My question is can SSI substitute some of my recent employment years for some of the poor income years so I can receive a larger monthly check?
I’m turning 70 July 1, 2021. Can I request my retirement benefits to begin June 2021, in order to get my maximum benefits?
If I stop working at age 63 but delay taking SS benefits until age 67, how is the benefit increase calculated for that four year period?