Q & A
My young children receive Social Security survivors benefits because their father died several years ago. I will remarry in a few months. Will the children lose their survivors benefits if my new husband adopts them?
Answer: Adoption of a child already entitled to Social Security survivors benefits does not end his or her benefits. Read more… Source: Howard I. Kossover, Social Security Administration Public Affairs Specialist Notice: The “Read more…” link provided above connects readers to the…
I have an offer to join a new company and, if I accept it, my earnings will be much lower than now for at least several years. Can I estimate how lower earnings will reduce my future Social Security retirement?
Answer: Yes. Estimate the effect of lower or higher future earnings with the Retirement Estimator at http://www.socialsecurity.gov/estimator. One of the Social Security retirement planning tools at www.socialsecurity.gov/retire2, the Estimator connects to your actual Social Security earnings record to provide personal retirement estimates at age…
If I worked and made enough to draw Social Security benefits on my own, but could draw more from my husband, do I have a choice?
Answer: No, you don’t. When you retire and notify Social Security that you want to begin receiving retirement benefits, they will work with you to see that you get the largest amount possible. Here’s how it works: When the first spouse retires,…
My husband and I were married for about 35 years and recently divorced after a 9 year separation. He is 63 and will be retiring and collecting Social Security when he is 65. I would like to retire when I am 62. Now I do know that I can draw either his Social Security or mine depending on whose is higher. When I am 62 I will most likely draw on his because I am certain his will be more then mine since I was a stay at home wife for many years. My question is if I retire at 62, do I receive benefits based on me drawing at 62, or based on my ex drawing at 65 which could be a big difference?
Answer: Congress modified Social Security benefits in 1983. Now, if you were born after 1937, you can’t receive full Social Security benefits at age 65. Instead, the age at which you can retire and receive full benefits (your Full Retirement Age)…
Can I find out online approximately what my Social Security benefits would be with early retirement?
Answer: There are 2 ways to find out … the hard way, and the easy way. The HARD way: Click on the following link to go to Social Security’s benefits calculators. http://www.ssa.gov/planners/calculators.htm. The EASY way: Every year, about 3 months before your birthday, Social…
What Is Supplemental Security Income?
Answer: Supplemental Security Income (SSI) is a Federal income supplement program funded by general tax revenues (not Social Security taxes): It is designed to help aged, blind, and disabled people, who have little or no income; and It provides cash to meet basic needs for…
How can I maximize income from Social Security?
Many people do not treat Social Security like the important retirement asset that it is. Social Security is one of the few retirement assets that have a cost-of-living adjustment. This is very important when you consider that you may live 30…
I am lucky — especially as a woman — to have an old-fashioned lifetime defined-benefit pension, which will pay about $50,000 each year (COLA included), and I will receive a higher-than-average Social Security payment. I will also have access to a moderately priced Medicare supplement or Medicare Advantage plan. My husband will have a modest defined-benefit pension of about $10,000 a year (no COLA) and has approximately $300,000 in a 401(k). He will also be receiving a higher-than-average Social Security benefit. Between our pensions and Social Security, we will have (mostly) inflation-protected lifetime payments. When we retire, our house will be paid for. I have about $100,000 in cash. I would like to put some of my cash into 529 [college savings] plans for my five granddaughters. I also would like to pay cash for some home renovations and have a “life happens” fund. So do I even need an emergency fund?
Answer: The point of an emergency fund is to have available cash for unplanned expenses or a disruption in your income. Be careful about spending down your cash reserves even for a good deed like helping grandchildren attend college. Even with…
If I receive a survivor annuity on my deceased husband’s CSRS federal pension, will the survivor annuity cause my Social Security retirement benefit to be reduced after my 30 years of working in the Social Security system?
Answer: No. You’ll be entitled to both your earned Social Security benefit and the CSRS survivor annuity, with no reduction in either. Source: Reg Jones, federaltimes.com
Can I apply for disability benefits online?
Answer: Have you been thinking about applying for Social Security disability benefits but are unable to visit a Social Security office to complete the interview? Perhaps your disabling condition makes it difficult to visit a Social Security office. Applications for Social…