Q & A
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…
Can a stay at home dad collect from wife’s benefits, even though they may be divorced?
More on the question: The wife is the primary wage earner and the husband quit his work to take care of the kids. Husband is 62 and wife is 57. The husband’s best option is to wait until his wife reaches…
I have never worked but my spouse has. What will my benefits be?
Answer: You can be entitled to as much as one-half of your spouse’s benefit amount when you reach full retirement age. If you want to get Social Security retirement benefits before you reach full retirement age, the amount of your benefit…
Can I receive Social Security benefits and Supplemental Security Income benefits at the same time?
Answer: You may be able to receive SSI in addition to monthly Social Security benefits if your Social Security benefit is low enough for you to qualify for SSI. Whether you can get SSI depends on your income and resources (the…
I retired from railroad. I receive my Medicare under the Railroad Retirement Board. Is my Medicare any different than the Medicare offered through Social Security?
Answer: The Social Security Administration was established in 1935 to administer retirement benefit programs to U.S. workers and their families. The Railroad Retirement Board is an independent federal agency that was created in 1935 to administer the retirement benefit programs…
Why does Social Security make it a point to ask about current and past marriages when a person applies for their own benefits?
Social Security will look at all possibilities to make sure you receive the maximum benefit possible. This includes spousal benefits. Social Security can be an important financial asset for married couples when the time comes to apply for retirement benefits. If…
How does a divorced spouse qualify for benefits?
Answer: A person can receive benefits as a divorced spouse on a former spouse’s Social Security record if he or she: Was married to the former spouse for at least 10 years; Is at least age 62 years old; Is…
How do I appeal the medical decision if my Social Security or SSI disability application or reconsideration was denied?
Answer: If you were denied Social Security disability benefits or Supplemental Security Income (SSI) for medical reasons, you may request an appeal online. Read more… Source: Social Security – The Official Website of the U. S. Social Security Administration (http://ssa-custhelp.ssa.gov) …