Q & A
I lost my Social Security card. Now what?
Complete Question: I lost my wallet, which had my Social Security card in it. It’s been a real annoyance. Besides the obvious issues that come with losing a wallet, when I went to get a new driver’s license, they wanted…
Tricare, Medicare questions from woman turning 65.
Full Question Set: My husband is on active duty until 2017. He’s six years younger than me; I’ll turn 65 in November and become eligible for Medicare. 1. Will I receive a new military ID card? I noticed it expires in…
This summer, I’ll turn 65 and, because of my financial situation, I thought I’d be eligible for Supplemental Security Income (SSI). But my neighbor told me I’d probably be turned down because I have a friend who said he might help support me. Is this true?
Answer: If your friend helps support you, it could have an effect on whether you get SSI and on the amount you would receive. If you have low income and few resources, you may be able to get SSI. However, if…
Why is there a five-month waiting period for Social Security disability benefits?
Answer: Social Security provides only long-term disability, so we can pay benefits only after you have been disabled continuously for a period of five full calendar months. Social Security disability benefits begin with the sixth full month after the date your…
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?
Full Question: 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…
What should I expect when applying for Social Security?
Complete Question: If you’re working as an advisor, I can only assume you’ve never applied for Social Security. So have you ever actually gone through the application process yourself? If so, what are the most difficult questions in the application…
What Is the Medicare Part D Coverage Gap?
Answer: Most Medicare drug plans have a coverage gap, also known as the “doughnut hole.” This means that after you and your drug plan have spent a certain amount of money for covered medications, you have to pay all out-of-pocket costs for…
I had additional earnings after I retired; will my monthly Social Security retirement benefit increase?
Answer: Each year we review the records for all working Social Security recipients to see if additional earnings may increase their monthly benefit amounts. If an increase is due, we figure a new benefit amount and pay the increase retroactive to…
When Do I Stop Paying Social Security Tax?
Answer: “In this world, nothing can be said to be certain, except death and taxes,” as Ben Franklin wrote – and among the taxes imposed on your paycheck, nothing is as inflexible as those that go towards the Federal Insurance Contributions…
What is the special rule about earnings in the first year of retirement?
Answer: Sometimes people younger than full retirement age retire in the middle of the year and have already earned more than the yearly earnings limit. There is a special rule that applies to earnings for one year, usually the first year…