When you’re married to someone who has worked under the Social Security taxation system, you have two different benefits that may be available to you: Survivor Benefits, and Spousal Benefits. These two benefits may be more than the benefit you’ve earned under your own working record. Spousal Benefits are available while your spouse (or ex-spouse) is still alive. Survivor Benefits are available after your spouse’s (or ex-spouse’s) death. Social Security Survivor Benefits are much different from Spousal Benefits in several ways. In fact, there’s very little to compare between the two, other than that they are benefits for the spouse or ex-spouse of someone who earned a Social Security Retirement Benefit. Here are the primary things that you need to know about Survivor Benefits: Survivor Benefits can be claimed as early as age 60. Of course, as with all early claims for benefits, the amount will be reduced if you […]
social security benefits
3 Myths About Social Security Filing Age
This article takes a long hard look at these three “facts” about Social Security filing age and shows the real math behind them. All three are only true to a point – and as you’re planning your Social Security filing age, you should understand the real truth behind these three items. First, let’s look at the concept of delay. You Should Always Delay Your Social Security Filing Age to 70 This one is the easiest to understand why it’s wrong – but the component of truth in it can be important because it could work in your favor to delay. Of course an absolute like this is going to be proven incorrect in some circumstances. If you happen to be able to delay your Social Security filing age and you live a long time after age 70, over your lifetime you will receive more from Social Security than if you […]
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Credit for Reduced Social Security Benefits When Subject to the Earnings Test
Continuing to work while receiving Social Security benefits may cause a reduction to your benefit – if you earn more than the annual earnings test (AET) amount. But this reduction isn’t permanent – you will get credit for reduced Social Security benefits when you reach Full Retirement Age. So how does this work? Earnings Test The earnings test limit is $17,640 for 2019 if you are under Full Retirement Age for the entire year. The limit is $46,920 in the year that you reach Full Retirement Age. Full Retirement Age (FRA) is age 66 if you were born between 1946 and 1954, ratcheting up to age 67 if your birth year is 1960 or later. So for 2019 if you were born after 1952 and you are receiving Social Security benefits, for every two dollars that you earn over $17,640, one dollar of your benefit is withheld. For example, if […]
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Friends With (Social Security) Benefits
Social Security is arguably one of the most important cash flows for individuals in retirement. Many individuals have paid into the system for years, and in turn will be eligible for reduced benefits as early as age 62, or at their full retirement age (between ages 66 and 67). The decision on when to start collecting benefits is important and can impact your retirement cash flows for your remaining retirement. This decision should not be taken lightly, and it should not be left to informal conversations with friends, coworkers, etc. In other words, don’t base your decision to take benefits based on what your friends have done. Your situation is different. And in most cases, your decision is final. There are several strategies that may be employed when collecting benefits. Such strategies include taking benefits early at a reduced amount, delaying benefits for a higher amount, spousal retiree benefits, and […]
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Spousal Benefits are for One Spouse at a Time
Note: with the passage of the Bipartisan Budget Act of 2015 into law, File & Suspend and Restricted Application have been effectively eliminated for anyone born in 1954 or later. If born before 1954 there are some options still available, but these are limited as well. Please see the article The Death of File & Suspend and Restricted Application for more details. This post intends to clarify something that comes up repeatedly: both spouses cannot collect Spousal Benefits at the same time. If you stop and think about the mechanics of Spousal Benefits, it should become clear to you that this isn’t possible. Below is a recap of the rules that are necessary for Spousal Benefits to work. Image via Wikipedia Rules for Spousal Benefits 1. In order for a spouse to file for Spousal Benefits, the other spouse in the couple must have filed for his or her own […]
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