Social Security may be one of your bigger assets. What and back you aggregate will accomplish a huge aberration to your lifetime benefits.
Today’s cavalcade addresses back conjugal allowances are paid afterwards filing for retirement benefits, acclimation an absurdity in one’s balance record, the acumen of denial advice from Social Security and the sequencing and availability widow(er)’s and added benefits. Larry Kotlikoff is the architect and admiral of Economic Security Planning, a aggregation that markets Maximize My Social Security, a Social Security allowances calculator referred to in this post.
See added Ask Larry answers here.
Ask Larry about Social Security:
Whose Almanac Will My Social Security Account Be Based On?
Hi Larry, As we plan for retirement, I’m aggravating to accomplish faculty of contempo changes in Social Security retirement rules. My bedmate has consistently fabricated decidedly added than me and I’m debating whether abiding to assignment will be benign based on anniversary of our earnings. I was built-in in 1963 and my bedmate was built-in in 1962. If I book at 67, will my account be based on my husband’s almanac or my own? If my bedmate waits to draw until age 70, will my account be adapted to accommodate the aberration amid my account and his? Thanks, Natalie
Hi Natalie, Assuming that your bedmate is accepting his Social Security retirement allowances back you ability abounding retirement age (FRA) of 67, if you book for allowances again you would accept the college of a) your own Primary Insurance Bulk (PIA), which is according to your abounding retirement age (FRA) retirement account amount, or b) 50% of your husband’s PIA. If your bedmate files afterwards than you, you could potentially alpha out cartoon your own retirement allowances and again accept added conjugal allowances back he files if 50% of his PIA is college than your own PIA.
You may appetite to accede appliance an able Social Security allowances calculator, such as my company’s software or added actual absolute software, to access an authentic appraisal of your and your husband’s approaching account rates. You’ll appetite to accomplish abiding the software will acquiesce you to access approaching years of projected earnings, which should accredit you to barometer their abeyant aftereffect on your approaching account rates. Best, Larry
How Can I Get Credit For Balance Missing From My Social Security Record?
Dear Larry, I am residing alfresco the US and i aloof started to accept my Social Security retirement account and I noticed on my earning account that about a third of my earning years has aught balance listed alike admitting I had earning and payed taxes on them. How can I get this corrected? Thanks. Stuart
Hi Stuart, If you paid Social Security taxes on balance that aren’t acquaint to your balance record, you will acceptable charge to abide affidavit of those balance to Social Security in adjustment to accept them accustomed to your record. The best affirmation of accomplishment are commonly W-2 forms, but added satisfactory affirmation may additionally be used. For self-employment earnings, a archetype of your tax acknowledgment and affidavit that you paid the appropriate taxes (e.g. canceled check, IRS receipt) is commonly required. Best, Larry
What Action Would Social Security Use To Verify Your Conjugal Status?
Hi Larry, If you were to administer for survivor benefits, what action would Social Security use to verify your conjugal status, i.e. to see if you had been remarried or remarried and afar to anyone abroad afterwards your apron whose almanac you were applying on had died? Thanks, Lorraine
Hi Lorraine, First agenda that a consecutive remarriage and annulment would not disqualify a being from potentially condoning for allowances as a widow(er) or actual afar apron on the almanac of a above-mentioned asleep spouse.
More importantly, denial actual advice or lying on a Social Security appliance is amiss by accomplished and/or imprisonment, so that would not be advisable. Marriage and annulment annal are accessible information, and can be acquired by Social Security if they doubtable wrongdoing. Best, Larry
What Would Be Most Advantageous In My Case?
Hi Larry, I purchased Get What’s Yours and would like some clarification. My bedmate anesthetized abroad in 2003 at 49 years. I anticipate he accustomed SSDI for 3 months. I am 61 years and am currently unemployed, accepting VA advantage and accept been disabled back 2012. I’m not accepting SSDI. I am borderline if I authorize for the disabled widow’s account or the widow’s benefit. I could use some added assets at this time, but I appetite to do what’s best for now with my approaching in mind. Which do I authorize for and would my accepted assets be included or captivated adjoin me? Would it be advantageous to book now or wait? And if I wait, until when? Would I additionally be able to book for my own Social Security retirement account at 70 if it’s college than my widow’s benefit? Thanks, Connie
Hi Connie, I’m apologetic for your loss.
You don’t charge to authorize for disabled widow’s allowances to become advantaged to allowances on your husband’s record. In fact, no one can become advantaged to disabled widow’s allowances afterwards they ability age 60 back they can authorize for approved widow’s allowances at that time alike if they aren’t disabled.
Depending on your abeyant account ante as a added and on your own record, it sounds like your best action is apparently one of the following:
However, if you could authorize for affliction allowances (SSDI) on your own record, it ability be bigger to book for those allowances now and additionally administer for added widow’s allowances if your widow’s amount would be college than your SSDI rate. An able Social Security allowances calculator, such as Maximize My Social Security or addition acutely authentic program, can analyze all of your options and advice you actuate which of these filing strategies would be best in your case. Best, Larry
Can A Apron Accept Allowances Alike If The Being They Ally Is Already Getting Allowances At The Time Of The Marriage?
Hi Larry, If one gets affiliated afterwards they are accepting retirement benefits, can their apron accept conjugal benefits, or charge one be affiliated above-mentioned to applying for benefits? Thanks, Jeff
Hi Jeff, Yes, a new apron can potentially become advantaged to conjugal allowances alike if they ally afterwards their apron began accepting Social Security benefits. They are not appropriate to accept been affiliated afore the apron whose almanac the conjugal account is based on has filed for their own retirement benefit. Best, Larry
To apprentice added about your Social Security options, appointment Economic Security Planning, Inc.
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