The current Social Security system has more than 2,728 rules listed. In ‘Get what’s Your,’ the important facts to remember are highlighted to help you navigate through this overwhelming system. A look at the most frequently used benefit scenarios are discussed to help you maximize your potential now. Here is a look at some of the best quotes from ‘Get What’s Yours’ to remember.
“All three ex-wives can collect spousal and survivor benefits provided they were married at least 10 years.”
“Apart from any reduction for taking a widow(er) benefits early, your widow(er) benefit will equal at least what your spouse was collecting as a retirement benefit.”
“File and Suspend For one spouse to claim spousal benefits, the other spouse has to have filed for their own retirement benefits. Once they reach Full Retirement Age, they can file for retirement benefits and then suspend them at the same time. This action enables their spouse to file for spousal benefits while allowing the one who files and suspends to defer taking their own retirement benefits for up to 4 years until they turn 70. During the suspension period, they will earn Delayed Retirement Credits, raising their eventual monthly benefit in real terms by 8 percent a year.”
"I maxed out my Social Security. Purrrrr" pic.twitter.com/eWmlDodUMM
— Laurence J Kotlikoff (@Kotlikoff) February 16, 2015
“From 9 months on, either spouse can buy the farm and the other will be eligible for survivor benefits, as well as mother or father benefits if there are children, and the children themselves—whether premarital, newborn, adopted, or from previous relationships—will be eligible for child survivor benefits.”
“If husband took his retirement benefit after FRA and widow takes the survivor’s benefit at or after her own FRA, she will, indeed, receive his actual retirement benefit—his full retirement benefit inclusive of his Delayed Retirement Credits. As it happens, this may be even more than the check he was receiving each month. Why? Because his monthly Medicare Part B premium may have been withheld from his monthly Social Security check and of course those premiums no longer need to be paid.”
“If you are receiving Medicare and were receiving Social Security benefits when you suspended them, your Medicare payments can no longer be paid automatically and deducted from your Social Security payments. You will need to pay your Medicare premiums out of your own pocket. Don’t forget this, as failure to do so can mess up your benefit suspension.”
“If you decide to defer your benefits, the odds are you will need to file for Medicare before you file for Social Security. Medicare, of course, often seems as complicated as Social Security. That’s a book for another day. For now, just make sure that you file for Medicare alone and do not accidentally file for your Social Security benefit, too. Take your time. Make sure you understand ahead of time anything you sign or are asked to sign.”
“If your spouse dies between 62 and FRA, the benefit will be based on their full retirement benefit. If they die later, the benefit will be based on whatever retirement benefit they were entitled to, including any Delayed Retirement Credits.”
It’s been an honor to serve at FERC since '06. My plan as of now is to serve until a new Commissioner is confirmed. pic.twitter.com/NABVwhm6CV
— Philip Moeller (@PhilDMoeller) May 13, 2015
“In most cases—but not all!—a spousal benefit is equal to half of the Primary Insurance Amount—the retirement benefit the other spouse would receive upon reaching their FRA.”
“Married? You Can Get Maximum Spousal and Retirement Benefits If your husband (wife) files for their retirement benefit (regardless of whether they suspend it), you can, after reaching FRA, file just for a full spousal benefit (half of your spouse’s full retirement benefit) and then wait until 70 to collect your largest possible retirement benefit.”
“The limitation on patience applies here because deferred spousal benefits rise in value between age 62 and FRA but they do not rise beyond that point. So holding out any longer won’t hike your spousal benefits one red cent, save for the annual inflation adjustment. As for survivor benefits, which are available as early as age 60 (age 50 for widow[er]s of disabled workers), the reward for patience also ends at FRA.”
“The wife can file for a retirement benefit, but then immediately suspend its collection and restart the benefit at or before age 70, during which time she will earn Delayed Retirement Credits of 8 percent a year. But filing for her own retirement benefit permits her spouse to file a restricted application just for his spousal benefit.”
— Philip Moeller (@PhilDMoeller) March 19, 2015
“Widow/Widower Survivor Benefits—you have to be 60 or over (50 or over if you are disabled) to collect on a deceased ex to whom you were married for at least 10 years provided you didn’t remarry before 60 (50 if disabled).”
“You Can File and Suspend to Get Benefits for Your Spouse To enable your spouse to receive spousal benefits, you need to file for your retirement benefit. But you don’t need to take your retirement benefit if you file after reaching FRA. You can, instead, file and suspend—that is, file for your benefit, but suspend its collection. This way you can wait until 70 to begin taking your own retirement benefit, when it will be at its largest value thanks to the Delayed Retirement Credit.”
In the book, ‘Get What’s Your’s’ the secrets to maximizing your social security benefits is uncovered. From 1935 when Franklin D. Roosevelt signed the Social Security Act into law, to the decades that have followed, many changes made to this law can impact how much you end up collecting.
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