Q & A
Do I or do I not qualify for TRICARE For Life now based on my disability with Medicare?
Full Question: I am currently 56 and have to wait until 60 to draw my retired pay. I am drawing Social Security Disability and have Medicare. I am also married.I have read that I may qualify for TRICARE For Life…
I am of full retirement age and collect Social Security. Do I still have to contribute to Social Security if I go back to work? If I do pay, will that change my future Social Security collection rate?
Answer: If you have earnings from wages or self-employment, deductions will be taken from your pay. This will result in an increase in your Social Security benefit. (Source: Federaltimes.com, 7/10/2013)
My spouse and I are both entitled to our own Social Security benefits. Will Social Security reduce our combined benefits because we are married?
Answer: No. When each member of a married couple works in employment covered under Social Security and both meet all other eligibility requirements to receive retirement benefits, we calculate their lifetime earnings independently to determine their benefit amounts. Therefore, each spouse…
Is the offset to my CSRS pension at age 62 calculated on the Social Security amount before or after the WEP reduction?
More on the question: I am in CSRS Offset and will retire next year at age 60. I plan to start collecting Social Security as soon as I am eligible at age 62. As I will have only 23 years…
How are Social Security child benefits computed?
Answer: When you receive Social Security or if deceased, your children may qualify for benefits, including biological, adopted or stepchildren. Child benefits are the same for Social Security retirement, survivors or disability but amounts differ. If you receive Social Security retirement…
Why is there an earnings limit for Social Security Retirement?
Answer: Ever wonder why annual earnings from gross wages or net self-employment can reduce the amount of Social Security retirement received (now only if you are younger than full retirement age)? According to the history section of the Social Security website,…
How do I check the status of my application?
If you applied for benefits, you can check the status of your application online. Your application status shows: The date we received your application; Any requests for additional documents; The address of the office processing your application; and If a decision has been made. If you receive an error, it…
How much can I earn while receiving Social Security retirement benefits?
The amount you can earn while receiving Social Security depends on your age. Your earnings in (and after) the month you reach full retirement age will not affect your Social Security benefits. However, your benefit is reduced if your earnings exceed certain limits for…
What are the maximum taxable earnings amounts and the Social Security tax rate for 2013?
When you have wages or self-employment income covered by Social Security, you pay Social Security taxes each year up to a maximum amount set by law. For 2013, you will pay Social Security taxes on income below $113,700. You must…
Do I have to pay income taxes on the benefits I receive?
Some people have to pay federal income taxes on their Social Security benefits. This usually happens only if you have other substantial income (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax…