In today’s column, we’ll address the question about the maximum number of families that can be collected on a single record, and ask about working this year while applying for the potential availability of social security benefits and divorced survivor benefits. to answer. Larry Kotlikoff is a professor of economics at Boston University and Economic Security Planning, Inc. Founder and president of.
For more information, please answer the rally here.
Do you have your own social security question you would like to answer? Ask Larry about social security here.
Will our family be the largest for social security benefits?
Hello Larry, my husband has been retired for about a year. I have an adult child with a disability who has been caring for and not working since birth.
The husband’s benefit at full retirement is 1,991. I understand that my son and I are eligible for benefits based on his records. Please tell me what is the greatest benefit of our family and an estimate of the approximate amount I will receive with my son.
This became very important because of my own new diagnosis and the high medical costs we did not anticipate.Thank you, carry
Hello Carry, Family Maximum Benefits (FMB) Calculation
That is, you and your child may expect to receive benefits of approximately $ 830 (that is, ($ 3,650 – $ 1,991) / 2) each when the husband begins to withdraw benefits. ..
You and your husband should consider using my company’s software Maximize My Social Security or MaxiFi Planner to get the exact amount, fully analyze your options and maximize your family’s interests. We encourage you to be able to choose the best filing strategy. Social security calculators provided by other companies and nonprofits may provide appropriate suggestions if created with the utmost care.Best, rally
How do you answer the questions in this application?
Hi Larry, I’m about to turn 70 and apply for social security benefits. The application asks if I have worked in 2021 or if it works. Because of Covid, I’m not working in 2021.
I’m a part-time hourly employee and I’m not fired because I can return when the office reopens. Currently, this is not expected to occur before 2022, but is subject to change. I currently have unemployment insurance.
Given this uncertainty, how do you answer your application’s questions?Thank you Helen
Hi Helen, you’re already over retirement (FRA), so the application question you’re referring to is irrelevant.
Social security only needs to know if a person is working and how much they earn is if they are under the FRA and are subject to the Social Security Income Test. The question you are referring to is used only for revenue testing purposes, and once you reach the FRA, revenue testing will no longer apply to your personal benefits.
So if you haven’t worked in 2021 and don’t expect to work until next year, I’ll answer that question ‘number.. As I say, how you answer the question doesn’t really matter.Best, rally
Can I Profit As a Divorced Survivor?
Hello Larry, I have been married for 12 years and divorced. He then remarried and divorced at the age of 58 for 13 years. The first ex-husband and wife died when they divorced from their second marriage.
I am still unmarried. My deceased ex-husband died at the age of 71 and was receiving his retirement allowance. I am currently unmarried at the time of his death, can I collect social security as a divorced survivor?Thank you, Vicky
Hi Vicky, I can’t give you a definite answer because you haven’t mentioned your current age. You must be at least 60 years old, or at least 50 years old, with a disability to qualify for the survival of your divorced spouse benefit. It doesn’t matter if you were married when he died.
You can also qualify for a divorced spouse’s allowance and a divorced widow’s allowance based on a second original record. Depending on when you were born, you may be able to postpone your retirement application until you are 70 and get the postponed retirement allowance.
There seem to be many potential options for claiming social security benefits, at least in the near future.Best, rally