Social Security may be one of your better assets. What and back you aggregate will accomplish a huge aberration to your lifetime benefits.
Today’s cavalcade takes up back to book a belted application, spouses filing retroactively, the aftereffect of adopted balance on Social Security retirement benefits, sequencing retirement and conjugal allowances and assets accountable to the balance test. 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:
When Should I Book My Belted Social Security Application?
Hi Larry, My wife turns 62 in June, back she is activity to be bushing for her retirement benefits. I about-face 66 in August and will bind my appliance to my conjugal account alone and let my retirement account abide to grow.
Do I accept to Delay until afterwards the day of my bearing to apply? Should I delay until the afterward ages to abstain any accessible errors? I’m not anxious about accident one ages of conjugal allowances but rather the accident of accident the bulk of dabbling my benefits. I am cerebration of filing in September but I absolutely don’t apperceive if that’s the best option. Thanks, Jim
Hi Jim, You can book your belted appliance for conjugal allowances up to 4 months in beforehand of the ages you about-face age 66, or as backward as 6 months afterwards the ages you about-face 66. The important allotment is to specify on your appliance that you appetite to become advantaged to aloof conjugal allowances alone able the ages you about-face age 66 (i.e August in your case), and that you do not appetite to administer for your own retirement benefits. Electing September as your aboriginal ages of alms would artlessly be forfeiting a ages of benefits. Best, Larry
Could My Bedmate And I Both Affirmation 6 Months Of Attendant Allowances If We Book Added Than 6 Months Past FRA?
Hi Larry, My bedmate and I will be 66 this year. My bedmate will alpha his Social Security retirement allowances in April at his FRA while I am still alive and plan to alpha my retirement allowances in 2020. My bedmate will book for his conjugal account already I book because bisected of abundance is college than his. If I book for the account on my almanac in June 2020 and booty the attendant six ages payment, can my bedmate about-face to conjugal account retroactively too? Thanks, Carmen
Hi Carmen, Yes, if you book for your retirement allowances in June 2020 and affirmation six months of attendant benefits, your bedmate could additionally book for conjugal allowances in the June 2020 and affirmation six months of attendant conjugal benefits. His conjugal bulk would be according to 50% of your Primary Insurance Bulk (PIA), which is according to your abounding retirement age (FRA) retirement account amount, bare his own PIA. If positive, that bulk would again be paid in accession to his own retirement benefit.
However that may not be your best plan for claiming benefits. One achievability would be for you to book aloof for conjugal allowances alone able with the ages you ability abounding retirement age and acquiesce your own account bulk to abound until age 70. You and your bedmate can advance an able Social Security allowances calculator as declared in added answers to analyze your options and actuate your best filing strategy. Best, Larry
Would My Adopted Balance Calculation Adjoin My Social Security Benefits?
Hi Larry, I was aloof offered a job in Belgium and am cerebration of affective there. I am 62 and my wife turns 66 and she was built-in afore 1954. The job pays able-bodied and I apperceive that claiming Social Security allowances afore 66 would appulse the bulk I receive. However, I would like my wife to book a belted appliance to accept conjugal allowances and she is alone able to do so if I file. If I do book for benefits, do the balance I accept from adopted assets calculation adjoin my Social Security retirement benefit? Thanks, Lyle
Hi Lyle, The bulk of your adopted balance wouldn’t matter, but your Social Security allowances could be accountable to denial based on Social Security’s adopted assignment test. Until you ability your abounding retirement age, neither you or your wife could be paid allowances from your almanac for any month(s) in which you assignment added than 45 hours at a job alfresco the US that is absolved from Social Security taxes. Best, Larry
Will My Wife Be Acceptable For Conjugal Allowances In The Future If She Files For Her Own Allowances Now?
Hi Larry, I am 60 and my wife is axis 65. If she applies for retirement allowances now beneath her assignment record, will she be acceptable for conjugal allowances back I ability 65 in addition 5 years? Thanks, Terrance
Hi Terrance, Possibly, but she could alone accept added conjugal allowances if you are cartoon your allowances and if her own Primary Insurance Bulk (PIA), which is according to her abounding retirement age (FRA) retirement account amount,) is beneath than 50% of your PIA. You and your wife may appetite to try an able Social Security allowances calculator, such as my company’s software or addition acutely authentic program, to actuate your best all-embracing action for claiming Social Security benefits. Best, Larry
Will Accidental Added To My 403(b) Plan Acquiesce Me To Accept Added Widow’s Benefits?
Hi Larry, I’m 64 and I’m activity to alpha accession my widow’s account this year, while continuing to let my retirement account increase. I still assignment and acquire about $30,000 a year and I apperceive I can alone acquire $17,640 after penalty. If I accord added to my 403B will that abate my income, so I can accept added of his benefit? Thanks, Martha
Hi Martha, The bulk that Social Security will calculation for balance analysis purposes is the bulk of your accomplishment that are accountable to Social Security taxes. Since Social Security taxes are about withheld from all of your accomplishment anon whether or not they are deferred for assets tax purposes, I don’t accept that accidental added to your 403(b) plan would abate your accountable balance for purposes of the balance test. Truthfully, though, I’m not that accustomed with 403(b) affairs so you may appetite to bifold analysis with your amount office. Best, Larry
To apprentice added about your Social Security options, appointment Economic Security Planning, Inc.
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