This podcast covers when to apply, maximizing benefits, the restricted application strategy and how benefits are calculated.
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].
2 comments about “Social Security Podcast 88: How benefits are calculated; Maximizing benefits; When to apply (early, FRA, DRCs); the Solvency issue”
I am on disability SSI, SSDI, don’t know which since 2017 (actually Empl LTD for first 2.6yrs, but filed and was paid back to the original date lump sum by SS. Of course, the LTD co. took all of their money back) My FRB age is 66.8. Can I file to wait on SS Retirement Benefits one month before that to extend to age 70? Signed: Patience is a Virtue
Taking SSDI benefits does not preclude you from withdrawing them prior to their converting to your retirement benefits at your full retirement age, but if you withdraw before they convert you will need to pay back all SSDI benefits which have been previously paid to you, including any dependent benefits paid. Suspending your benefits, however, will also suspend benefits for anyone else receiving payments on your record.
When you do this you have to be very careful. Do not contact Social Security to suspend your retirement benefits any sooner than one month before you reach your FRA. Then make it clear you want to suspend your “retirement benefits” beginning in the month your reach your FRA. If you decide you need the income before you turn 70, call Social Security and ask them to unsuspend your benefits.
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®
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