Q & A
How will increasing the taxable maximum help the Trust Funds?
Complete Question: A lot of politicians have been talking about either eliminating or increasing the maximum taxable earnings for Social Security in order to keep Social Security solvent. Increasing taxes in theory seems to make sense, but how does that…
How do special payments I got after I retired affect my Social Security retirement benefits?
Answer: After you retire, you may get payments for work you did before you started getting Social Security benefits. Some special payments to employees include bonuses, accumulated vacation or sick pay, severance pay, back pay, standby pay, sales commissions and retirement…
What does “solvency” mean in regards to Social Security?
Complete Question: I’m in my late 20s and it has been more difficult than I expected to get my career going after college. I finally got a good job and it offers a 401k matching program. Even though it sounds…
Can I get Social Security retirement benefits and military retirement benefits?
Answer: You can get both Social Security retirement benefits and military retirement. Generally, we do not reduce your Social Security benefits because of your military benefits. When you’re ready to apply for retirement benefits, use our online retirement application, the quickest, easiest,…
Must I pay Social Security taxes on my earnings after full retirement age?
Answer: Everyone working in covered employment or self-employment regardless of age or eligibility for benefits must pay Social Security taxes. When you’re ready to apply for retirement benefits, use our online retirement application, the quickest, easiest, and most convenient way to…
How do I apply for disability benefits?
(Source – Social Security Administration via www.islandpacket.com) Q: I was hurt on the job and can’t work. How do I start my application for Social Security disability benefits? A: If you have a disability that qualifies, you can apply online…
How do Social Security benefits and Supplemental Security Income (SSI) payments differ?
Answer: The two programs are financed differently. Employment taxes primarily finance Social Security retirement, survivors and disability insurance benefits. Generally, we pay Social Security benefits to eligible workers and their families, based on the worker’s earnings. Meanwhile, general taxes fund the SSI program, which…
If I file and suspend but choose not to take a lump sum before my benefit maxes out at 70, what happens to those funds? What happens to those funds if I die before 70?
Complete Question: You’ve been writing about the “file and suspend” option that allows you to delay taking Social Security while still reserving the ability to get a lump sum if you later change your mind. If I file and suspend but choose…
What are the Social Security Trust Funds?
Answer: The Social Security Trust Funds include: The Old-Age and Survivors Insurance Trust Fund; and The Disability Insurance Trust Fund. The Department of the Treasury manages these funds. The law requires us to invest trust fund assets we don’t need to…
I receive Social Security retirement. My wife is approaching the Medicare age of 65, has not worked enough to receive her own SSA retirement and does not want to start receiving monthly benefits as a spouse through my record yet. Can she get Medicare through my work record at age 65 without applying for monthly Social Security benefits?
Answer: If a person is receiving Social Security benefits, his or her spouse can file for Medicare through their record at age 65 without filing for monthly cash benefits. Medicare Part A (Hospital) does not have a monthly premium. Medicare Part…