Q & A
I’m a New Year’s baby…does that affect my benefit eligibility?
Complete Question: I’m a New Year’s baby, meaning I was born on January 1st. I’m confused by the Social Security eligibility rules because they say something about your eligibility being different if you were born the first of the month…
Is there really a maximum Social Security benefit? That can’t be right!
Complete Question: I made a very good living all my life and expect to retire in a few years. I just assumed that since I paid a percentage of my salary in Social Security taxes, that it would be enough…
How do I maximize my Social Security benefits?
Complete Question: I keep hearing all these terms like “file and suspend”, “voluntary suspension”, “claim and suspend”, and “restricted application” that are supposedly meant to maximize my Social Security benefits. Are they all different terms for the same thing? Are…
I got Social Security for the first time this year…will it be taxed?
Complete Question: This is the first year I ever received Social Security benefits. I have other income from investments and salary from before I retired. I was informed that due to my high income this year, there is a good…
Should I take my Social Security benefits at 62 because I’m eligible?
Complete Question: I just turned 62 and my husband will be 66 in 2015. We are both eligible for Social Security benefits due to our own work and do not have to rely on spousal benefits. My husband took his benefits…
Can married couples receive a higher Social Security benefit?
Complete Question: I saw a question posted on your website the other day where a married couple asked if being married could cause a decrease in benefits. Can being married cause an increase in benefits? Answer: Actually, it can, but…
What is the 2015 COLA and how is it determined?
Complete Question: What is the Social Security Cost of Living Increase for 2015 and how does the government decide how much it should be because it does not seem to be in line with inflation. Answer: For 2015, COLA (Cost…
My spouse and I have been married for over 30 years and we are about to retire. Will there be any reduction in benefits because we are married?
Answer: None at all. Lifetime earnings are calculated independently for each spouse; couples aren’t penalized because they are married. When both spouses meet all other eligibility requirements to receive Social Security retirement benefits, each spouse receives a monthly benefit amount based…
I know someone who cheats a little on their Supplemental Security Income application. What can I tell them to dissuade them from giving false information?
Answer: Social Security can impose a penalty of up to $5,000 for each occurrence of false information or withheld information that would have prevented a person from collecting benefits. To report fraud, go to http:// oig.ssa.gov/report or call the Social Security…
I’m not sure when I’m going to retire so I want to estimate my retirement benefit at several different ages. What’s the easiest way to do that?
Answer: Use the Retirement Estimator at www.socialsecurity.gov/ estimator, to get a good idea of what a monthly benefit payment may be after retirement. Keep in mind, these are estimates only and not the actual benefit amount. Source: Social Security Administration, via The…