Q & A
I recently signed up to receive my Social Security retirement and was surprised to learn that payments would be late in the month. I thought that Social Security benefits were received on the third of the month. Is this a recent change?
Answer: Not really. With several exceptions, Social Security benefits have been payable at different times during the month since May 1997. Before then, Social Security benefits were received on the third of a month. Read more… Source: Social Security Administration –…
My uncle is interested in the Medicare Part D prescription help, but he has about $10,000 in the bank. Would he still be eligible?
Answer: Based on his resources, yes. However, there are other factors to consider. This year a person’s total resources are, in most cases, limited to $13,440 (or $26,860 if married and living with spouse) to qualify for Extra Help with Medicare…
Can I use the metal or plastic versions of Social Security cards that some companies make?
Answer: We don’t recommend it. There is no need to have a replica of your card. In most cases, the only time you may need to produce your Social Security card is when you apply for employment. At other times, we…
What’s the Social Security “family maximum” rule and how is it applied?
Full question: I am 61 and my wife is 59. We have both worked all our lives. We’ve been fortunate enough to have good jobs and have been well paid. And that of course means we have each been planning to…
I am a widow. I will be 65 this year. Until July 2013, I was working full time but am now working part time. Would I be able to collect my Social Security starting at 65 and then switch to my spousal benefit when I reach 66? Would my late husband’s continue to accrue in the meantime so that I can collect the full retirement benefit?
Answer: You can collect your retirement benefit starting now and your widow benefit starting at full retirement age (66 in your case). Or you can start collecting your widow’s benefit and let your retirement benefit grow through age 70. Only first-rate…
What is the best way to determine my wife’s Social Security benefit? I am 70 and drawing benefits and she is 56. We are both retired.
Answer: You can go online and retrieve her earnings record and then paste it into a software program that can calculate not just what she’ll collect if she starts collecting at a certain date, but also when it is best for…
I am a self-employed male, age 65. I have never earned much, usually less than $10,000 a year. However, my income is quite flexible; I could earn much more. If my Social Security is based on my best years of income, would it be worthwhile to earn more in these last years before I start to collect my benefits? I don’t intend to start until I’m 70 and I have a family history of longevity.
Answer: Very good question. The answer is a big yes! I just ran your case through my company’s Maximize My Social Security software. I assumed you earned $10,000 per year, in today’s dollars, from age 20 on, but that you would…
Can a spouse apply just for spousal benefits?
Full question: I am 60 and collecting $2,400 in Social Security disability. My husband is nine months older than I am and retired. I was the higher wage earner. We estimate his Social Security payments, based on his earnings, to be…
I will be 74 in May 2014 and took Social Security retirement at 66 in 2006. I was divorced from my spouse in August 2006 after 21 years of marriage. My current Social Security retirement benefit in 2014 is $755. My spouse’s benefit at the time was about $200 a month more. Can I fix this? I receive no income from his higher benefit and I may be eligible. At the time, I was told there was nothing more coming to me. Is it too late? Your previous columns have indicated what I have always thought — Social Security people often give out inaccurate and untimely information. You have shown the complexities of the Social Security law, which is very helpful.
Answer: I’d triple check that they actually know to whom you were married. Also, if your ex has now passed away, you will be eligible for a divorced widow’s benefit, not a divorced spousal benefit (which is lower). So check if…
If my wife is collecting a spousal benefit based on a former husband’s earnings (not her own), may I as a spouse, file for a spousal benefit on her account or would I have to wait until she is collecting based on her own earnings? We are both at full retirement age.
Answer: Well, gee, this is a good question since, if I have the facts right, it seems like your wife is illegally collecting a benefit on her former husband. Once you get remarried, you can no longer collect a divorced spousal…