Q & A
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…
Will my spousal benefit affect my husband?
Complete Question: I just read your Q&A that told a stay at home mom not to worry because her husband is a doctor and she can get a spousal benefit. I’m in a similar situation. I haven’t thought much about…
I only worked while my husband was in medical school. What will happen when I retire?
Complete Question: My husband was my high school sweetheart. We’ve been married for 19 years and together for 30. Since he is a successful doctor, I only worked part time during high school and college, and then full time while he…
WHAT IS SUBSTANTIAL GAINFUL ACTIVITY (SGA) ACCORDING TO THE SOCIAL SECURITY ADMINISTRATION?
Answer: To be eligible for disability benefits, a person must be unable to head shot of Lesly Quin engage in substantial gainful activity (SGA). A person who is earning more than a certain monthly amount (net of impairment-related work expenses) is…
My ex-wife is on full disability, has been for years, but will not have reached full retirement age when I do. My question: Since we were married for more than 10 years and have been divorced for more than two years, can I file for a spousal benefit when I reach full retirement at age 66?
Answer: If your ex-wife weren’t disabled, she would need to be at least 62 and you would have to have been divorced for two years or she would have to be collecting her retirement benefit for you to be able to…
I retired last year, started Social Security, and expect to work part-time this year on a fill-in basis. If I reach the retirement earning limit amount for the year, is it my responsibility to notify Social Security? Are benefits reduced for work immediately or resolved at years’ end. I am 63.
Answer: Yes, it is your responsibility to contact Social Security. Report your estimated earnings for the calendar year as soon as you think your earnings will exceed the annual limit for your age. You can provide updated estimates during the…
What dependent benefits are available for children of older parents?
Social Security for the New Family Many people wind up having children later than they used to, partly because we’re living longer. But late-life kids may qualify for Social Security benefits along with their parents. Actor Kelsey Grammer is a…
My husband and I are retired. Our combined income will be $45,000 per year, and together we have $200,000 in 401(k) plans. What should we do with the money in the 401(k)s that will provide the best supplemental income option in retirement?
Full Question: My husband and I are retired. Our combined income will be $45,000 per year, and together we have $200,000 in 401(k) plans. What should we do with the money in the 401(k)s that will provide the best supplemental income…
I need proof that I receive Medicare benefits. Where can I get a letter proving that?
Answer: If you need proof that you get Social Security benefits, Supplemental Security Income or Medicare, get an instant benefit verification letter online by using your personal my Social Security account. If you don’t receive benefits, your letter will serve as…