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Economic Security Planning, Inc.
Today’s cavalcade addresses questions about continuing assets and account rates, requirements for conjugal benefits, back widow’s allowances can become available, abeyant furnishings of low assets years and reflections on a abeyant filing strategy. Larry Kotlikoff is a Professor of Economics at Boston University and the architect and admiral of Economic Security Planning, Inc, which markets Maximize My Social Security and MaxiFi Planner.
See added Ask Larry answers here.
Have Social Security questions of your own you’d like answered? Ask Larry about Social Security here.
Will Social Security Recalculate My Allowances To Accommodate My New Salary?
Hi Larry, I alpha ed demography my Social Security retirement allowances at abounding retirement age. But I afresh started a new position with a bacon increase. Will my Social Security allowances bulk be reevaluated annually to accommodate my new salary? Thanks, Tim
Hi Tim, Yes, your Social Security retirement account bulk can be recomputed afterward any year in which you accept Social Security covered earnings. Your balance would accept to be college than those in one of your antecedent 35 accomplished wage-indexed balance years in adjustment to aftereffect in a account increase, however.
Social Security automatically recomputes account ante on an anniversary basis, but you may be able to acceleration up the action by appointment affidavit of your balance (e.g. W-2 form) and requesting a chiral recomputation. Best, Larry
Is It True That My Wife Can’t Get Conjugal Allowances Until I Book For Retirement Benefits?
Hi Larry, My wife and I are both 667. I plan to abide alive abounding time until 70. My wife formed allotment time for best of her career, so she able for Social Security retirement allowances but at beneath than the best per year. Given our circumstances, we anticipation my wife could book a belted appliance for conjugal allowances and still acquiesce her retirement allowances to abound until 70. However, the Social Security appointment said my wife cannot get conjugal allowances until I book for retirement benefits. Is that accurate? What would you suggest? Thanks, Stan
Hi Stan, Yes, what Social Security told you is accurate. Your wife could not aggregate conjugal allowances at atomic until you alpha cartoon your Social Security retirement benefits.
The best filing action for you and your wife depends in ample allotment on your allusive account rates. You should apparently at atomic accede accepting one of you book for Social Security retirement allowances so that the added of you can book for conjugal allowances while acceptance their own account bulk to abound until 70. If your wife’s retirement account bulk is lower than yours, it would apparently be bigger for her to affirmation retirement allowances while you affirmation conjugal benefits, but you can use — Maximize My Social Security or MaxiFi Planner — to analyze all of your options in adjustment to accomplish abiding that you accept the best accessible action for maximizing your benefits. Social Security calculators provided by added companies or non-profits may accommodate able suggestions if they were congenital with acute care. Best, Larry
Do I Accept To Delay Until Age 60 To Aggregate Social Security Widow’s Benefits?
Hi Larry, I am 53, assignment abounding time and accept a VA affliction analysis anniversary month. My bedmate anesthetized afresh at 58. This has fabricated me anticipate of backward from my job abutting year as I am acceptable due to years of service. Do I accept to delay till I’m 60 to aggregate my Social Security widow’s benefits? Thanks, Anne
Hi Anne, I’m apologetic for your loss.
The acknowledgment to your catechism is yes, unless you could authorize for disabled widow’s allowances (DWB), you couldn’t aggregate Social Security widow’s allowances until you ability 60. And if you aggregate them afore your abounding retirement age, they’ll be reduced. DWB allowances can be paid as aboriginal as age 50, but in adjustment to authorize you charge be advised disabled by Social Security standards. The medical requirements for DWB accommodation are the aforementioned as the requirements for Social Security affliction (SSDI) benefits. Best, Larry
Do I Get Any Acclaim For The Years In Which I Earned Beneath Than The Best Bulk Subject To Social Security Taxes?
Hi Larry, Aboriginal in my assignment history, I accept several years area my balance were beneath the abounding appropriate balance for that year, i.e.: 1964 I fabricated $327 vs. $1,200 and 1966 I fabricated $1,390 vs. $1,650. Do I get fractional year acclaim for those years; do they calculation for annihilation or nothing? Thanks, Matt
Hi Matt, Those balance absolutely count, but they won’t be acclimated in artful your account bulk if you accept 35 college years of wage-indexed earnings. Social Security retirement account ante are based on an boilerplate of a person’s accomplished 35 years of wage-indexed balance If they accept added than 35 years of Social Security covered earnings, the lower assets years are not acclimated back free their account rate. Best, Larry
Do My Numbers And Cerebration Sound Actual To You?
Hi Larry, I was built-in in backward 1953 and my PIA is $2,771. My wife was built-in in 1959 and her PIA is $2,148. In 2021, our action is to accept her affirmation a bargain Social Security retirement account at 62 of about $15,30 and I will again affirmation a conjugal benefit. Upon my extensive 70, I will again affirmation my added Social Security account of about $3,658. Are my numbers and cerebration actual to you? Thanks, Tom
Hi Tom, Yes, bold that your wife’s primary allowance bulk (PIA), which is the bulk of her Social Security retirement account bulk if she files at abounding retirement age (FRA), is $2,148, again your abeyant conjugal bulk would be bisected of that bulk or $1,074. The alone downside of your action is that your wife will again be ashore with a bargain account bulk for as continued as both of you are living. However, if you and your wife feel that the upside of you actuality able to draw conjugal allowances for 2 years afore axis 70 outweighs that downside, again it sounds like the plan you call would assignment out like you accept in mind. Best, Larry
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