Hopefully these questions are generic enough that you can address them.
My wife is 9 years younger than I and given the longevity difference my plan has been that I need to provide for 16 years of financial support for her after my death.
To accomplish that we determined that I would wait until age 70 to collect my benefits to provide her with the maximum survivors benefit. Originally we planned on her collecting benefits on her wages at 62 then switching to her spousal benefit at her FRA.
I am currently reading your book 'Get what's yours'. Two questions:
1. You mention that if spouse dies before the age of 62, surviving spouse benefits are calculated two ways and higher of the two is given.
What are the two ways this is calculated?
2. Is the withdrawal period for surviving spouse benefits also at 12 months? If I get a job, I can return the benefits received and treat as though never applied. Do I have 12 months to make this decision?.. and from date of application or from date of benefit being paid?
I am 62 and still working although my life expectancy is likely lower than average due to a liver transplant in 2002. My wife is age 60 and draws about $750 a month in SS disability. I am considering applying for disability as I was on it for 4 years after transplant and have enough health issues I feel it is a good bet I can get re-approved. If I pass away either prior to filing for SS or after disability does my wife get Widows benefits of 100% of my PIA even if I die prior to her being 66 10 months (her FRA)?
I am in a confused state of mind because of the Social Security personnel. My husband passed away March 21, 2019. He was 75 years old. I am 70. The SS would deposit into our savings acct. each month $2,492.00 (his benefit) and 774.00 (my benefit). On March 20, Social Security deposited these amounts as usual. April 9, I received a letter from SSA stating that my monthly benefit changed to 1,774.80 starting in March, 2019 because of my husband's death. Also, it said that I was entitled to to a SS payment of 225.00 because of his death.
RE: Benefits not paid due to earning over the limit.
Hi Larry! I have a detailed question regarding widow benefits in scenarios where the deceased spouse filed for social security benefits before their Full Retirement Age. I am familiar with RIB-LIM. I understand that the surviving spouse could receive up to 82.5% of deceased PIA or the amount that the deceased was receiving when they passed away, whichever is higher. So here is my question. What if the deceased spouse filed about 12 months before their FRA, before passing away.
My husband passed away 9/11/2018. I turn 60 on Aug. 6th. I understand I can apply for widows benefits when I turn 60 years old. My questions: Do I have to wait until by birthdate to start paperwork? Am I entitled to his full amount or a percentage? What paperwork exactly do I need to present?
I'm sorry for your loss.
I was married in 1982 to husband who just passed away in march 2019. He was living in a nursing home, and when i turned 65 last year, i received medicare from his work record. I was also listed as "community spouse" thru the state system as I had no income of my own, therefore receiving his soc sec check each month to pay bills. Ive got a printed summary from ss office telling me i will be receiving widow/survivor benefits. But ive got no letter.
Larry, Question is on RIB-LIM, my PIA is 35,000 at age 67. I am currently 62 and plan on taking Social Security at age 62 which will pay me a reduced benefit of 70%, so I would receive 24,500. My wife does not have enough years of service to qualify for her own social security (she will get a pension - which will be another question related to GPO another day when you answer this one).
I'm 64 years old and still working. Can I start collecting on my late husbands SS now?
That probably depends on how much you're earning. If you file for benefits in 2019 at age 64, Social Security would withhold $1 of any Social Security benefits to which you're entitled for each $2 that you earn in excess of $17,640 this year. That could mean withholding all of your benefits or only part of your benefits depending on the amount of your earnings and your monthly benefit rate.