This podcast summarizes when to claim benefits, how to acquire old W 2 forms to correct your Social Security statement, unemployment issues, explanation of “do over” option, planning for cash flow in retirement tools and earnings limit rules for the self employed.
This recording presents the viewpoints of the AMAC Foundation’s Social Security Advisory Staff, trained and accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). NSSA and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government. To request additional information, contact our Advisory Staff at 888-750-2622, or email us at [email protected].
once you are pass the age you can retire, does the amount change every year at you birthday? I am 67 and wonder if I should wait until my birthday in March to apply when I will be 68 year old. I thought I would work until 70 but now I can’t.
Janis:
Your monthly benefit will increase for each month after your full retirement age that you do not file for benefits. This increase (Delayed Retirement Credits) is added to your calculated benefit each month at the rate of .66% (8% annually), so there is no need to wait until your birthday to realize the increased benefit. Waiting, though, would add to the benefit each month.
Please contact our Advisory Service at 888-750-2622 (or via email at [email protected]) if we can help you in any way.
Gerry Hafer, Social Security Advisor
AMAC Foundation, Inc.
The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
We are pleased to have the opportunity to serve you via the AMAC Foundation’s Social Security Advisory Service, a program we offer to the public free of charge. The AMAC Foundation is a 501(3)(c) non-profit organization, operating completely on financial contributions from the public. To learn more about the Foundation and the programs we provide, or to contribute to the Foundation’s mission, visit our website: http://www.AmacFoundation.org. Also, please note that we conduct periodic surveys of people we have served to help ensure that we are providing the highest level of quality. These surveys are done via separate email contact, and are very brief. Your participation is important and much appreciated! If you prefer that we do not include you, please let us know and we’ll exclude your email address from the survey list.
As a 1099 employee, what income should show as income on my SS income history? Gross or adjusted gross
Joan:
The Social Security income history (the earnings information used to calculate your benefit) will include only those earnings on which you paid FICA tax. Untaxed (payroll tax) income will not be included in this figure.
If we can be of any further assistance, please contact us at 888-750-2622 or via email at [email protected].
Gerry Hafer, Social Security Advisor
AMAC Foundation, Inc.
The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
We are pleased to have the opportunity to serve you via the AMAC Foundation’s Social Security Advisory Service, a program we offer to the public free of charge. The AMAC Foundation is a 501(3)(c) non-profit organization, operating completely on financial contributions from the public. To learn more about the Foundation and the programs we provide, or to contribute to the Foundation’s mission, visit our website: http://www.AmacFoundation.org. Also, please note that we conduct periodic surveys of people we have served to help ensure that we are providing the highest level of quality. These surveys are done via separate email contact, and are very brief. Your participation is important and much appreciated! If you prefer that we do not include you, please let us know and we’ll exclude your email address from the survey list.
I am 63 years old, however, I stopped working full time at age 58. I since worked part time until age 63 when I’m now fully retired. When I got my quote from Social Security they quoted me a certain monthly income, however, I’m wondering if that figure is even less, since I did not work full time to age 63.
Joel:
When you file for Social Security benefits, your monthly amount is based on the highest 35 years of earnings on which you paid FICA tax (also referred to as “Payroll Tax”). These annual earnings are individually indexed to account for inflation, then totaled and divided by 420 (the number of months in 35 years) to arrive at what’s known as your Primary Insurance amount (PIA), which is the base benefit amount you’re eligible at your full retirement age (FRA). If you file before your FRA, the amount is discounted.
So, the benefit amount quoted to you by Social Security would have been calculated based on your highest 35 years of taxed earnings. If you had 35 years of full-time earnings, then the lower earnings attributable to part time should not impact your benefit amount. In any event, you can get a more current estimate of you benefit amount using calculator available at this Social Security Administration site:
https://www.ssa.gov/benefits/retirement/planner/AnypiaApplet.html.
If we can help you further, please give our Advisory Service a call at 888-750-2622 or via email at [email protected].
Gerry Hafer, Social Security Advisor
AMAC Foundation, Inc.
The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
We are pleased to have the opportunity to serve you via the AMAC Foundation’s Social Security Advisory Service, a program we offer to the public free of charge. The AMAC Foundation is a 501(3)(c) non-profit organization, operating completely on financial contributions from the public. To learn more about the Foundation and the programs we provide, or to contribute to the Foundation’s mission, visit our website: http://www.AmacFoundation.org. Also, please note that we conduct periodic surveys of people we have served to help ensure that we are providing the highest level of quality. These surveys are done via separate email contact, and are very brief. Your participation is important and much appreciated! If you prefer that we do not include you, please let us know and we’ll exclude your email address from the survey list.
if I retire at 62 and my wife is 59 .can she draw social security when she is 62 also?
Tom,
Yes, your wife can also claim her benefits at 62 if wants. However, the reduction for her taking her benefits at age 62 will be larger than the reduction for you taking yours at 62. As the retirement age increases the reduction for taking your at benefits at age 62 is also increasing. Use the following calculator to determine what percentage of your full retirement age benefit you will receive if you start your benefits at age 62. https://www.ssa.gov/OACT/quickcalc/early_late.html
If we can help you further, please give our Advisory Service a call at 888-750-2622 or via email at [email protected]
Sharon L Kleczka RSSA®
AMAC Foundation
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
i applied for social security at 62 but i am continuing to work will my benefit amount go up when i reach 65 and no longer work?
Hi Barbara,
That depends on your previous years of earnings. Your Social Security benefit is based on your highest 35 years of earnings, and when you don’t have 35 years of earnings, Social Security adds zeros to make 35 years. If you are still replacing zeros in your work history, then yes you will see a small increase in the amount of your benefit. It will not be a substantial increase as it is only 1/35th of your annual monthly earnings. If you already have 35 years of earnings it would have to be higher than any of the 35 years currently being used. This is not as easy to determine as your earnings through age 59 have been adjusted for inflation and these figures do not show on your earnings statement.
If you would like to determine whether or not your continuing to work until age 65 will increase your benefit use the following calculator on the SSA website: https://www.ssa.gov/benefits/retirement/planner/AnypiaApplet.html
If we can help you further, please give our Advisory Service a call at 888-750-2622 or via email at [email protected]
Sharon L Kleczka RSSA®
AMAC Foundation
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
I am 62. I currently work full time. I would like to retire at the age of 63 and work part time while collecting 76.25% of my primary insurance amount. I realize I cannot make over a certain amount per month. What amount can I make per month while working part time when I reach the age of 66? Thank you.
Katherine
The earnings limit for 2022 is $19,560 or $1,630 per month on gross W-2 earnings. Social Security does not allow for non-taxable deductions such as health insurance or 401K contributions, they look at the amount in Box 3 of your W-2. If you are self-employed, Social Security goes by your net income. There are special rules for the self-employed that take their Social Security benefits early, in addition to the earnings limit. Social Security bases your eligibility for taking your benefits early on the number of hours you work and your skill level. These rules allow for working as much as 45 hours per month but can be as little as 15 hours per month, for example, you work as a consultant.
As you are currently only 62, your full retirement age (FRA) is higher than 66. If you were born in 1959, your FRA is 66 & 10 months. The annual limit goes up in the year you reach your FRA, for 2022 it will be $51,960, equivalent to $4,330, per month that you can earn before the month you reach your FRA. These amounts tend to increase each year. In the month you reach 66 & 10 months you will no longer be subject to an earnings limit.
If you go over the annual limit, Social Security will withhold $1 for every $2 you go over. If you choose to use the monthly limit, such as if you retire mid-year and want to avoid your earnings prior to beginning your retirement benefits from being counted, you can not go over the limit so much as by $1, or Social Security will want the full payment for each month that you go over the monthly limit back.
If we can help you further, please give our Advisory Service a call at 888-750-2622 or via email at [email protected]
Sharon L Kleczka RSSA®
AMAC Foundation
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government..
I’m currently 57 and retired, and plan on taking SS when I’m 67. My wife is currently 49 and plans on working until she’s 58 and will start taking SS at 67 also. I’ll get full SS at 67, can she wait until she’s 67 and also get full SS? Or will she have to take sooner? Thx
D Kelly
You both have the option to wait until your full retirement (FRA) age of 67 to claim your Social Security benefits. The family maximum does not apply to the total amount of both your benefits, even if that total is higher.
You should be aware, however, that Social Security expects you to work until your FRA, this means your current earnings have been carried forward up to your FRA of 67. When your wife retires at age 58, she may see a decrease in her estimate at that time. Your benefit is based on your highest 35 years of earnings, indexed for inflation through age 59. If you don’t have 35 years of earnings, Social Security will add zeros to make 35 years, which will reduce the amount of your Social Security benefit.
If we can help you further, please give our Advisory Service a call at 888-750-2622 or via email at [email protected]
Sharon L Kleczka RSSA®
AMAC Foundation
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government..
I am not receiving my social security check. I am desperate. I have a very low income and I have bills to pay. Please help.
Karen
If you are eligible for receiving your Social Security benefits but have not yet reached your full retirement age (FRA), you will be subject to an earnings limit should you start them. The earnings limit for 2022 is $19,560 annually or $1,630 per month. Should you go over the earnings limit, Social Security will withhold $1 for every $2 you go over. Social Security does this by withholding your payments until they are paid back for any overage. If you will reach your FRA this year the earnings limit increases to $51.960 annually or $4,330 per month. If you go over the earnings limit Social Security will withhold $1 for every $3 you go over.
Depending on whether you are single, married, divorced, or widowed, determines what Social Security benefits you may be eligible for. If you are widowed, and you were married for at least nine months at the time of your spouse’s death, you become eligible for your survivor benefit at age 60 as long as you are single. However, if you were to take your survivor benefit at age 60, you would only receive a benefit equal to 71.5% of your spouse’s benefit at their time of death.
You must be at least 62 to take your own retirement benefits or receive a spousal benefit, To receive a spousal benefit you must be currently married, or if divorced, you had to be married at least 10 years. Once again if you take your benefits early, they will be reduced and it will be a permanent reduction.
If you are looking to apply for your Social Security benefits at this time, you should apply 3 months before you want them to start. You have two options for applying, online with a MySocialSecurity account. If you do not have one use the following link to create one: https://www.ssa.gov/myaccount/ Otherwise call your local Social Security office to apply over the phone. Use the following link to obtain the phone number to your local office: https://secure.ssa.gov/ICON/main.jsp
If we can help you further, please give our Advisory Service a call at 888-750-2622 or via email at [email protected]
Sharon L Kleczka RSSA®
AMAC Foundation
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government..
My birthday is the 29th of August, and I am currently 63. If I retire in, say March, does it matter (payout wise) if I retire on the first or the last of the month?
Susan
It will make a difference on whether or not you will be eligible for a Social Security payment in March or not. When someone retires mid-year, such as in March, Social Security will not count your earned income prior to the month you begin your benefits. As you are under your full retirement age (age) you are subject to an earnings limit. For 2022 the earning limit is $19,560 annually or $1,630 per month. If you work March 1st, any final pay you receive when you retire, such as vacation time, sick time, severance pay, etc. will be considered as earned in March, and if it is more than $1,630 you will not be eligible to begin your Social Security benefits until April.
If you are planning on starting your Social Security benefits in April, it will not make any difference whether you retire March 1st or March 31st, even though you won’t receive your final payment until April, those earnings were earned prior to April and won’t affect your April benefit. If your earnings for January through March exceed the annual limit, you will have the option to use the monthly limit for April through December. Any month you earn less than $1,630 you will be able to keep the payment for those months and any month, your earn so much as $1 more, you will have to pay the entire payment for that month back to Social Security.
If we can help you further, please give our Advisory Service a call at 888-750-2622 or via email at [email protected]
Sharon L Kleczka RSSA®
AMAC Foundation
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
I am nearly 64 now (born in 1958) and my wife 4 years (1962) younger than me but she won’t quality for SSI.
I plan to take social security at 70 so she can start at 66 in the same year. If I want my wife to get the most (50% of mine) will she have to wait till she is 67? Or can she get 50% of my income when ever I start? I’m just not clear if she will get ducted for taking SSI before age 67… thanks for your time.
Alex
As you want your wife to receive her full spousal benefit, she would have to wait to her full retirement age (FRA) of 67 to receive a spousal benefit equal to 50% of your FRA benefit amount. If she takes it at 66, she will only receive a spousal benefit of approximately 45.8% of your FRA amount. The delayed retirement credits (DRCs) you will earn by delaying your own retirement benefit until the age of 70, will not affect the amount of her spousal benefit. But, if your wife should be the surviving spouse, and have reached her FRA of 67 at your time of death, she will receive 100% of your benefit, including the DRCs you earned by waiting, and her spousal benefit will stop.
If we can help you further, please give our Advisory Service a call at 888-750-2622 or via email at [email protected]
Sharon L Kleczka RSSA®
AMAC Foundation
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
This concerns a question on the application for SS retirement benefits: The question is in the section “When to start retirement benefits” Since my 70th birthday is on April 13th, how should the answer the question “Benefits should start in:?” I want to be sure that my benefits be paid based on age 70, not 69?
Jim
Social Security considers you age 70 on the 1st of the month in the month you turn 70. As your birthday is April 13th, you can apply this month. When asked if you want to start your benefits now, say no, and it will give you the option to select April 2022.
Social Security pays one month behind, so you will receive your first payment on the 3rd Wednesday of May 2022, as Social Security sends out payments based on the day of the month you were born.
If we can help you further, please give our Advisory Service a call at 888-750-2622 or via email at [email protected]
Sharon L Kleczka RSSA®
AMAC Foundation
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
My husband just reached FRA and wants to start drawing SS but wants to keep working what is the limit he can earn and will he get taxed on it? Thank you
Dave
Once you reach your full retirement age (FRA) you are no longer subject to an earnings limit, so the amount he earns will not affect him being able to receive 100% of his benefits.
His earnings, however, will affect the tax liability of his Social Security benefits. When you file your joint tax return, the amount of your Modified Adjusted Gross Income (MAGI) can result in up to 85% of his Social Security benefits being taxable. It is very hard to work and not pay taxes on your Social Security benefits. For a married person, once your MAGI goes over $32,000 up to 50% of your Social Security benefits can be subject to tax. If your MAGI goes over $44,000 up to 85% of your Social Benefits can be subject to tax. Your MAGI is determined by re-adding 50% of the amount of your Social Security and any non-taxable interest to your Adjusted Gross Income (AGI). The tax rate is based on your personal tax rate. The only time you usually don’t pay taxes on your Social Security benefits is when Social Security is your only income.
If you would like to know how much you will have to pay in taxes on his benefits, I suggest you ask your tax advisor to prepare you an estimate. Whether or not you decide to have taxes withheld from his Social Security benefits, is optional. You have the option to pay the taxes when you file your regular tax return or pay your estimated payments. If you want to have taxes withheld from his Social Security benefits, you can ask to have taxes withheld at the time he files for his benefits or file IRS Form W4-V and submit it to your local Social Security office. To follow is the link for the form: https://www.irs.gov/pub/irs-pdf/fw4v.pdf
If we can help you further, please give our Advisory Service a call at 888-750-2622 or via email at [email protected]
Sharon L Kleczka RSSA®
AMAC Foundation
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
II am unable to work because of physical disabilities causes are unknon
Thomas
As you are responding to an unemployment podcast, I am not quite sure what you are asking. If you are asking if you should apply for unemployment, a requirement of receiving unemployment is that you are ready and able to work. If you are unable to work due to a physical disability it would not be an option for you.
Your best option might be to apply for Social Security Disability benefits. Applying for disability can be a long process. I recommend you begin by speaking with your doctor to find out if your doctor feels this is the best option for you. If your doctor agrees you should apply for disability benefits you may then want to consider speaking with a disability attorney. Most disability attorneys offer a free consultation and can help you evaluate your chances of winning your case. It is not uncommon however for a disability attorney to tell you to come back if your initial claim is denied.
If we can help you further, please give our Advisory Service a call at 888-750-2622 or via email at [email protected]
Sharon L Kleczka RSSA®
AMAC Foundation
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
If I never worked because I took care of my handicapped brother for 41 years can I still collect social security
Donald
You need to have 40 credits, usually equivalent to 10 years of work, to qualify for Social Security on your own record. If you are married or were ever married and meet the requirements to qualify under your spouse, you would be eligible for both a Social Security benefit and Medicare under their Social Security record. If you were married at least nine months and your spouse passed away, and you are currently single or didn’t remarry until after your 60th birthday you are eligible for a survivor benefit. If you are currently married or are divorced and were married for at least 10 years, you are eligible for a spousal benefit on their record. You would also qualify for Medicare under their record.
If none of these scenarios pertain to you, and you are at least 65 years old you may qualify for Supplemental Security Income (SSI). SSI is subject to an asset limit, and if you have money in the bank or countable assets you may not qualify. As SSI is not part of Social Security and is simply handled by the Social Security Administration, as a Social Security Advisor I am not versed in all its rules and recommend you call your State Agency.
If we can help you further, please give our Advisory Service a call at 888-750-2622 or via email at [email protected]
Sharon L Kleczka RSSA®
AMAC Foundation
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
I turned 65 last month and am 5 credits short to claim SS, my husband is 7 years younger than me and is still working can I draw on his social security or do I have to wait til he retires
Bonita
You will not be able to receive a Social Security spousal benefit on your husband’s Social Security record until he starts taking his retirement benefits. It is also important that he keep you on his employer’s health insurance until he turns 62. At that time you will be eligible for free Medicare Part A, should he lose that health insurance before he is 62, you would be required to sign up for Medicare at that time, but you would have to pay for both Medicare Part A and B. As you have 35 credits you would pay a reduced amount, for 2022 that amount would be $274.You other option to receive free Part A before your husband turns 62, would be to earn 5 more credits. For 2022, you would need to earn at least $1,510 per quarter or a total of $6,040. You earn all four credits when you reach that amount, you don’t have to work all four quarters. You would also then become eligible for at least a small Social Security benefit that may be enough to pay for Medicare Part B, which is currently $170.10. The amount you are required to earn each quarter and the cost of Medicare tends to increase each year. Then when your husband applies for his retirement benefits, your spousal benefit would automatically be added to your own benefit, and the total would equal 50% of your husband’s full retirement age (FRA) benefit regardless of when he starts taking it.
If you have further questions please contact us either by email at [email protected] or call (888)750-2622
Sharon L Kleczka RSSA®
AMAC Foundation
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
I’m 61 and my wife is 62. I work full time and expect to retire at 65 but not file for ss until 67. My wife has prior earnings but no longer works. Is it better for my wife to file for ss now and get a small payment, and then claim the spousal benefit when I turn 67? Or should she wait to file until I file at 67?
Ron
When to collect your Social Security benefits is a decision only you and your wife can make. Things to take into consideration are your finances, your health, your expected longevity, and how heavily dependent you will be on your Social Security benefits.
If your wife starts her benefits now, she will receive approximately 70% of her full retirement age (FRA) estimated amount. As you are not taking your benefits until age 67, she will have reached her FRA by then. When you start your retirement benefits, she will automatically be deemed as applying for any spousal benefit she may be eligible for on your record.
If 50% of your FRA benefit is more than 100% of her FRA benefit, she will be eligible for a spousal boost to bring her own benefit equal to 50% of your benefit if she waits until her FRA to start her own benefit. If she starts her own benefit at 62, her reduced benefit amount will be the amount her spousal benefit is added to, and it will never equal 50% of yours.
However, if she does take her own benefits at age 62, and should she be the surviving spouse, it will not affect her survivor benefit. She would still receive 100% of your benefit at your time of death if she had reached her FRA. Her own smaller benefit would stop at that time.
If you have further questions please contact us either by email at [email protected] or call (888)750-2622
Sharon Kleczka
AMAC Foundation
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
I am 72 (receiving my benefits since reaching full retirement age) and my wife is 65. If she starts collecting spousal benefits now, will her own benefits be permanently reduced when she reaches her full retirement age?
Mark,
Your wife cannot separate her spousal benefit from her own personally earned SS benefit. Whenever your wife claims, she will be automatically deemed to be filing for both her own benefit and her spousal benefit if she is entitled to one. If she claims Social Security at 65, her own earned benefit will be reduced because she is claiming it before her full retirement age (FRA) of 66 plus 6 months and that is a permanent reduction. If she is also entitled to a spousal boost as your spouse, that will also be reduced because it will be automatically awarded when she claims. The reduction to her own SS retirement benefit will be .556% for each month prior to her FRA she claims it; the reduction to her spousal boost will be .694% less benefit for each month before her FRA she claims, and those are permanent reductions. Your wife’s benefit will not change when she reaches her full retirement age.
Whether or not your wife will get a spousal boost when she claims depends on how her own FRA benefit amount compares to your FRA benefit entitlement. If half of your FRA entitlement is more than your wife’s FRA entitlement, the difference will be added to her own benefit when she claims, to become her spousal entitlement.
Russell Gloor
National Social Security Advisor
The AMAC Foundation
I’ll be 66.4 months in March, when do I need to apply for social security?
Hello Deborah,
Social Security recommends that you apply 3 months before you want your benefits to start, so you can apply anytime now. On the application you will request your start date as March 2023 and you will receive your first payment in April. You can apply online with a My Social Security account at ssa.gov or you can call Social Security at 800-772-1213 to set up a phone or in person appointment.
If you have further questions please contact us at [email protected] or 888-750-2622.
Arlene Sharp
AMAC Foundation
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
I’m going to reach my Full Retirement Age (66 and 4 Months) in April 2023 and will start collecting my Social Security. My wife will turn 65 in February 2023 and reach her Full Retirement Age in October 2024 (66 and 8 months). Her Full Retirement amount will be less than 50% of mine. When can she apply for Retirement and get 50% of my Full Retirement Age amount?
Mark,
In order to get the full 50% of your full retirement age (FRA) amount, your wife will need to wait until she reaches her own FRA to claim Social Security. If she claims any earlier than her FRA, she will not get the full 50% of your FRA amount. Your wife’s spousal benefit reaches maximum at her full retirement age and doesn’t grow thereafter, so claiming at her FRA is the strategy that will yield her maximum benefits as your spouse.
Russell Gloor
National Social Security Advisor
The AMAC Foundation
I was born August 28, 1958, can I file for social security and still work, and if so, will I be penalized for working?
Rozezina:
Everyone who collects Social Security before attaining their full retirement age (FRA) is subject to Social Security’s “earnings test” which limits how much can be earned before some benefits are taken away. Your FRA, based on your birth date, is 66 years and 8 months, so drawing benefits before that point will subject you to the earnings test.
The earnings limit for 2023 is $21,240 and if that is exceeded, they will take away benefits equal to $1 for every $2 you are over the limit. The earnings limit changes annually, but if you work part-time and don’t exceed the annual limit, your Social Security benefits won’t be affected. FYI, the earnings limit no longer applies after you reach your full retirement age (FRA).
Please contact our free Social Security Advisory Service at 888-750-2622 if we can be of any further assistance.
Gerry Hafer
AMAC Foundation, Inc.
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
Thank you for this, it’s been helpful. I am 63 and my husband will be 58 this year. If I apply for benefits later this year near 64, is this going to impact my husband’s benefits when he applies at age 67? About the tax end of it as well. Will my benefits be taxed at a higher rate because of his earnings in the interim?
Karen
If you apply for your own benefits early, it will not impact your husband’s benefit when he applies at age 67. However, if you are eligible for a spousal benefit, the amount of increase to your own benefit when he finally applies for his own, will be reduced. A spousal benefit is applied when 50% of the higher earner’s full retirement age (FRA) is more than 100% of the lower-earning spouse’s FRA benefit. If you are eligible for a spousal benefit, Social Security will automatically apply it to your own benefit when your husband applies. However, it will only equal 50% of your husband’s FRA benefit if you wait until you claim your own retirement benefit, at age 64 it will only be equal to approximately 38.2% of your husband’s FRA amount.
Your Social Security benefits will be taxed on up to 85% of your benefits at your personal tax rate depending on the amount of your total taxable income, which would include your husband’s earnings. To find out the effect taking your Social Security benefits will have on your joint tax liability, I recommend you consult your tax advisor.
If you have further questions please contact us at [email protected] or 888-750-2622.
Sharon Kleczka RSSA
AMAC Foundation
Hi, If I begin receiving social sec. benefits at age 62, will it affect the amount my husband gets when he applies?
Darla
No, you starting your own Social Security benefits at age 62 will not affect the amount of what your husband gets when he applies. But, if you are eligible for a spousal benefit when your husband finally applies, your benefits will not be increased to equal 50% of his full retirement age (FRA) amount. Your spousal benefit will be added to your current reduced benefit amount, and it will be a permanent reduction.
If you should be the surviving spouse, the fact that you took your own retirement benefits early, will not affect the amount of your survivor benefit.
If you have further questions please contact us at [email protected] or 888-750-2622.
Sharon Kleczka RSSA
AMAC Foundation
I started taking Social Security at the age of 63 because I am still waiting on the rest of my retirement and I have bills to pay. Can I stop taking it and elect to restart at age 67?
Laurie:
The Social Security program has a provision that allows for the withdrawal of an application for benefits if done within 12 months of the date of your original application. There are consequences to doing this: If you withdraw your application, you must repay to Social Security all benefits paid to you, as well as any other money paid by Social Security on your behalf (such as dependent benefits, withheld income tax, Medicare premiums, etc.). This will, essentially, “wipe the slate clean” as though you had never applied for benefits, which means that your benefit amount will continue to grow until you later claim again. You can exercise the “do-over” option only once in your lifetime, but it is a handy option for those who change their mind for any reason after first applying for their Social Security benefits.
So, if you are within the 12-month period, this option is available to you, subject to the consequences noted above.
If we can help you further, please contact our free Advisory Service at 888-750-2622 or via email at SSAdvisor@AmacFoundation, Inc.
Gerry Hafer, Social Security Advisor
AMAC Founation, Inc.
http://www.AmacFoundation.org
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
My wife turns 65 in July,2023. But she is not able to receive full benefits until she reaches 67. Does she have to sign-up for Social Security and Medicare now or can she wait until she is 67?
James
Yes, your wife has the option to wait to claim her Social Security benefits until she reaches her full retirement age (FRA) of 67. Whether or not she needs to start Medicare at 65 depends on her current insurance coverage. If she has “creditable employer health insurance” she does not need to take Medicare until that coverage ends. Usually, if a company has more than 20 employees, you have creditable coverage. It does not matter if she is covered through her own employer or your employer.
If you have further questions please contact us at [email protected] or 888-750-2622.
Sharon Kleczka RSSA
AMAC Foundation
To receive full social security benefits, would you start the month you turn 70 or the month after you turn 70.
Thank you!
Barry:
Full retirement benefits are payable beginning with the month FRA is attained regardless of the day of the month. Example: You’re your birthday is November 30th; you are entitled to benefits for the entire month of November.However, if you were born on December 1st, according to Social Security’s rule, you actually “turn” 67 –FRA – on November 30th. Your first check could arrive the month before your actual birth month, as you are entitled to a check for the
month of November. Whether you wish to begin receiving benefits before, at, or after FRA, when you apply you can and should specify the month you want the first check sent. This has to be done when you file your initial application, regardless of whether you do it online or in person. Make sure you keep a copy.
So as a direct answer to your question, we would suggest you start your benefit the month you turn 70, and that you initiate the claim three months before turning 70.
Gerry Hafer, Social Security Advisor
AMAC Foundation
http://www.AmacFoundation.org
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
I am currently 66 years and 4 months. Have started to collect social security at the start of my 66th years, and at the same time continue to work. Wondering what is the negative impact of my compensation to my social security given that my compensation runs about a little over $12k per month?
Jean
You do not mention your full retirement age (FRA). If you are reaching your FRA this year, you can earn up to $56,520 before the month you reach your FRA. If you go over that amount before the month you reach your FRA, Social Security will withhold $1 for every $3 you went over. In the month you reach your FRA you will no longer be subject to the earnings test.
I have attached a link to the earnings test retirement calculator to assist you in determining if your benefits will be affected:https://www.ssa.gov/oact/cola/RTeffect.html
Sharon Kleczka, Social Security Advisor
AMAC Foundation
http://www.AmacFoundation.org
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
I’m at full retirement age 66.5, but still working is it best to file for benefits now or should I wait
Jeff
When to start your Social Security Benefits is a personal decision only you can make. If you are married, it is something you should discuss with your spouse. If your benefit is always going to be the highest benefit, it is the amount the surviving spouse will receive as the surviving spouse only receives the highest of the two benefits, the smaller benefit stops. You need to look at your other finances, pensions, savings, etc., your expected longevity, your health, do you need the money more now than later, and how dependent will you be on your Social Security benefits.
As you have reached your full retirement age (FRA) you are eligible to receive 100% of your benefit and are no longer subject to an earnings limit. However, up to 85% of your Social Security benefits can be subject to taxes based on your personal tax rate. If you delay until age 70 your benefit will increase to 128%. Your benefit actually increases by 76% between the age of 62 and 70.
Sharon Kleczka, Social Security Advisor
AMAC Foundation
http://www.AmacFoundation.org
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
I will be age 66 on April 28th of 2023. Should I fill out my online application by July 28th 2023 to start receiving my SS benefit on October 2023? (This would be 6 mos after my 66th birthday) I’m just not sure of the time I need to get my application in.
Thank you
Hello Melissa,
Social Security recommends that you apply 3 months before you want your benefits to start.
You can apply any time after July 1st to start your benefits in October. You do not have to wait until July 28th.
Thank you for your comment. Please let us know if you need further assistance.
Arlene Sharp
Social Security Advisor
AMAC Foundation
http://www.amacfoundation.org
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
My wife is collecting her benefits (Age 70) and I am approaching my 70th birthday this month (16th). We are still working full time and I am making a 6 figure income. I am healthy enough to continue working in my highly skilled career and my benefit page tells me I have reach my maxium social security benefits. Should I file and if I do, does my wife’s benefits get reduced?
Joe,
You were considered 70 as of July 1st. You should file and request your benefits start this month. Your wife’s benefits will not be reduced. You mention she is 70, did she start her benefits at age 70? The only way your wife’s benefits would be affected is if 50% of the amount you would have received at your full retirement age (FRA) is more than 100% of the amount she receives if she waited until at least her FRA to begin her own retirement benefits. If this is the case, she would need to apply for her spousal benefits, which would increase her benefit to equal 50% of your FRA amount, not your age 70 amount. It would not affect the amount of your benefit.
Sharon Kleczka, Social Security Advisor
AMAC Foundation
http://www.AmacFoundation.org