Q & A
I can’t find my Social Security card. How can I get a new one?
Answer: First, consider whether you really need a new card. You need to apply for a replacement Social Security card only if you don’t know your Social Security number or if you need to show your card to a new…
I may have to retire soon for health reasons. If I default on my unsecured credit-card debt, can my Social Security benefits or pension be garnished?
Answer: I’m sorry to hear about your health issues — and I’m equally sorry to hear that you haven’t saved enough money to pay your debts. My guess is that, given your forced retirement and debt issue, you will also have…
I’m avoiding a 20% penalty by not starting my SS payments early at age 62. Am I doing the right thing??
Answer: The Social Security reduction for early retirement is roughly actuarially fair. That is, if beneficiaries live to normal retirement age they receive the same dollar value whether benefits begin at age 62, at full retirement age or any month in…
There is a cap on how much of your income is subject to the Social Security tax. How much is that cap this year? Has there been any serious discussion lately about eliminating that cap and subjecting all income to Social Security taxes?
Full question: There is a cap on how much of your income is subject to the Social Security tax. How much is that cap this year? Has there been any serious discussion lately about eliminating that cap and subjecting all income to…
My son will be 18 in a few months. He is disabled since birth, lives in a group home, and receives Supplemental Security Income (SSI). I am Representative Payee for his benefits and my wife and I recently were appointed as his guardians. For SSI, is there anything that I need to do prior to him becoming 18?
Answer: Even though administered by the Social Security Administration, Supplemental Security Income (SSI) is a very different program from Social Security. SSI pays benefits to disabled adults and disabled children who have limited income and resources. SSI benefits also are payable…
My wife and I recently turned 62 and signed up for our Social Security. We plan to sell several pieces of property we own in order to have some money to supplement our Social Security. But a neighbor told us that this would count as earnings, and because it’s more than $11,520, we will lose our Social Security. Is he right?
Answer: No, he’s wrong. The law says if you are under your full retirement age, we must withhold $1 from your benefits for every $2 you “earn” over $11,520. And in this case, “earn” refers to wages from a job or…
I soon will be 60 years old and am afraid I will not qualify for widow’s benefits at that time. I was married to my husband for many years. But four years after he died, I married another man. That marriage was later annulled because of fraud on his part. Did that mistake mess up my chance to get my first husband’s Social Security?
Answer: Don’t worry. When you turn 60, you will be eligible for widow’s benefits on your first husband’s Social Security record. The fact that your second marriage ended (or because it was annulled, it legally never happened) is the key. The…
I’m a FERS employee nearing retirement. If I retire at age 58, I will have a family with a 13- and 16-year-old child at home. In using the Social Security calculator, they would factor in the benefits that I receive from Social Security. Does the special retirement supplement that I can receive at age 58 also calculate the age of children in determining benefit amount?
Answer: No, it does not. It’s based solely on the Social Security benefit you earned while a FERS employee, and is paid out of the Civil Service Retirement and Disability Trust Fund. Source: FederalTimes.com Notice: The opinions expressed in these…
My wife, who is younger than me, is a retired federal employee with health insurance (FEHB: Blue Cross) that covers both of us. I will turn 65 this year. If I fail to take Medicare Part B within three months of turning 65, then I will have to: 1. Wait for open enrollment for Medicare and then six months; and 2. Pay a penalty for each year. When I called Blue Cross, they indicated that if my wife continues with her plan, there is no reason to take Part B. Social Security warns me about the 10 percent-per-year cost increase and the open enrollment period being three months and I have to wait until the following July. I am still working, basically self-employed. Any advice?
Answer: Your open enrollment period for Part B begins three months before you turn 65 and ends three months after that month. Whether you should enroll in Part B is entirely up to you. As I’ve repeatedly said, some do…
Are there any programs that you know of that help seniors with their Medicare expenses? I’m 67 and live primarily on my Social Security, and am having a hard time paying my Medicare premiums, deductibles, co-pays and prescription drug costs.
There are several financial assistance programs that can help Medicare beneficiaries who are having a tough time paying their out-of-pocket health care costs. Here’s what’s offered, along with the eligibility requirements and how to apply. Medicare Savings Let’s start with…