Q & A
What’s the most effective way for a married couple to take Social Security benefits to maximize the survivor benefit and also receive income early?
Answer: If you need income as soon as possible, one strategy to follow is for the lower-earning spouse to file for a reduced benefit at age 62 on that individual’s work record and the higher-earning spouse to wait until age 70…
Are SSI benefits subject to federal income tax?
Answer: No. However, if you also receive Social Security benefits, those benefits may be subject to income taxes. Learn more about SSI by visiting the publications library at http://www.socialsecurity.gov/pubs and selecting the “SSI” topic on the left. Source: http://www.publicopiniononline.com, October 17, 2013 Notice:…
If my spouse or ex-spouse dies before filing for benefits based on his or her own work history, how does that affect my widow(er)’s survivor’s benefit?
Answer: If your spouse dies prior to his or her FRA and had not yet filed for benefits, generally the surviving spouse would be eligible for up to 100% of the benefit the deceased spouse would have received at his or…
If I delay taking benefits until 70, how long before I break even versus taking benefits early?
Answer: For most people the breakeven age should not be a driver of a strategy for taking Social Security benefits. Since a couple age 65 has about a one in four chance that one spouse will live until age 95,* chances…
My husband and I are both 62. If I file and suspend when I turn 66, can my spouse, who is six months younger than me, draw spousal benefits then or does he have to wait six months until he turns 66?
Answer: Your spouse must wait until age 66, his full retirement age (FRA), before he can file a restricted claim for spousal benefits. Source: The Monterey County Herald – September 11, 2011 Notice: The opinions expressed in these postings are the…
Where does Social Security money come from?
Answer: The Social Security Administration has three basic sources of income: payroll taxes, federal income taxes on a small portion of SSA benefits and interest paid to the SSA trust funds. Quoting from the Financing section of the recently published Fast Facts &…
What are Social Security mother and father benefits?
Answer: These are Social Security survivor benefits to a surviving spouse or surviving divorced spouse based on having a child of the deceased in their care. Mother and father benefits may be paid to a surviving spouse or surviving divorced spouse regardless…
I miss working. If I go back to work, will I automatically lose my Social Security disability benefits?
Answer: No. Social Security has several work incentives to help you ease back into the workforce. You may be able to continue receiving benefits during a “trial work period”, and in most cases your medical coverage will continue after you begin working.…
Will my Social Security disability benefit increase if my condition gets worse or I develop additional health problems?
Answer: No. We do not base your Social Security benefit amount on the severity of your disability. The amount you are paid is based on your average lifetime earnings before your disability began. If you go back to work after getting disability benefits, you may be able…
If a widow, age 60, is getting a survivor benefit on her husband‘s Social Security, can her wages reduce the Social Security benefit?
Answer: Lita Epstein, author of the “Complete Idiot’s Guide to Social Security and Medicare,” said the following: Yes, as long as the widow is younger than full retirement age, her wages will reduce the social security benefit temporarily. The reduction is $1…