Today’s cavalcade addresses questions about aback you can abide your appliance to activate benefits, Social Security’s balance test, alive allotment time while accepting affliction allowances and what happens to money paid in Social Security taxes but not collected. 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.
How Far In Beforehand Do I Charge To Administer For Social Security?
Hi Larry, I about-face 70 in January. How far in beforehand do I charge to administer for Social Security? My acquaintance insists that you charge administer four months afore your allowances can start. He says that because I’ve waited, the ancient I can get allowances is now March. But your answers to added questions assume to announce that this is not true. My acquaintance about is determined and he has already applied. He said that’s how it formed for him but he fabricated abiding to administer four months afore his birthday. He says there’s annihilation I can do about it now. Is he right? Thanks, Janet
Hi Janet, Your acquaintance is wrong. He’s confounding Social Security’s admonition about filing.
You can administer for allowances up to four months in advance, so you could administer now. You don’t absolutely accept to book in beforehand aback you would be accustomed to affirmation allowances up to six months retroactively but if you appetite to accomplish abiding your aboriginal analysis arrives in a appropriate manner, you should apparently plan on filing eventually rather than later. My compassionate is that Social Security’s arrangement agenda is backlogged, so unless you’re able to book online you’ll apparently appetite to acquaintance Social Security appealing soon.
By the way, if you appetite to affirmation allowances at 70 and your 70th altogether is in January 2021, you should accept January 2021 as your ages of acclamation to alpha your benefits. Social Security pays allowances a ages behind, so your acquittal for January will be due in February. Best, Larry
How Abundant Can I Assignment And Acquire If I’ve Accomplished Retirement Age?
Hi Larry, I accept accomplished my retirement age. How abundant can I acquire if I still assignment abounding time? Thanks, Stephen
Hi Stephen, If you beggarly that you’ve accomplished your abounding retirement age (FRA), again you could assignment and acquire an absolute bulk and still be paid all of your Social Security benefits.
However, if you book for Social Security allowances and you’re beneath FRA, at atomic some of your allowances may charge to be withheld if you acquire added than the Social Security balance analysis absolved amount. My company’s software — Maximize My Social Security or MaxiFi Planner — can annual for the the balance analysis for those who are still not yet at their abounding retirement age. Social Security calculators provided by added companies or non-profits may accommodate able suggestions if they were congenital with acute care. Best, Larry
How Abundant Can I Acquire After Jeopardizing My Affliction Benefits?
Hi Larry, I am 57 and accept been on affliction for 10 years. I am advertent aggravating to get a flexjob area I can assignment some hours from home, as I am in a aerial accident accumulation for Covid 19. The acumen I am attractive to aces up some work, if I can is my bedmate has been furloughed aback April with no end in sight. And with my apprenticeship and assignment acquaintance forth with the accepted assignment conditions, I accept begin jobs in my acreage on line.
How abundant can I acquire after jeopardizing my disability? I’m absolute it would not be a botheration to reapply, but it is a pain. Although the aftermost time I accustomed a accommodation in a ages after seeing their doctors. Unheard of! Any admonition you could accord would be appreciated. Thanks, Rae
Hi Rae, If you haven’t formed at all aback starting on Social Security affliction (SSDI) benefits, you would aboriginal accept a 9-month balloon assignment aeon (TWP) during which you could acquire an absolute bulk after accident your SSDI benefits.
Once you’ve completed your TWP, though, your balance would charge to boilerplate beneath the bulk that Social Security considers to be abundant advantageous action (SGA) or abroad your allowances could be abeyant or terminated. The accepted account SGA balance bulk in 2020 is $1,260 for non-blind individuals, and $2,110 for bodies who are classified as statutorily blind. Best, Larry
What Happens To The Money I Paid In?
Hi Larry, I was abandoned at 58 and had been affiliated to my dejected baptize fleet adept for about 38 years. But there are no adept benefits. I started cartoon my widow’s allowances at 60. I get $1,281 a ages and $147 is taken out afore I get my check.
I am 69 and formed for years but my Social Security retirement account is about $100 beneath than my widow’s account so I will abide to draw my widow’s benefit. What happens to money I paid in and the added allocation of his account bulk that I don’t get because I filed aboriginal at 60? My medical and added costs are too high. Is there any way I can authorize for more? Thanks, Kristie
Hi Kristie, I’m apologetic for your loss.
I ambition that I had article accessible to acquaint you, but I don’t. If a being qualifies for added than one blazon of Social Security benefit, they can alone be paid the college of the two account rates. If you started cartoon your widow’s allowances at 60 again the consistent 28.5% abridgement for age activated to your account bulk is permanent. So, unless your own account bulk would be college than your widow’s rate, you’re apparently ashore with the bulk you’re receiving.
I should acknowledgment admitting that your own account bulk could abide to accumulate delayed retirement credits (DRC) until you ability 70, so you should analysis aback with Social Security aback you get abutting to 70 to see if your own bulk may accept added to added than your widow’s bulk by that time.
As far as what happens to the money you contributed to Social Security aback you were working, those taxes go into Social Security’s assurance fund. All Social Security allowances are paid from the assurance fund, and there’s no added way to accept money from the assurance armamentarium unless you authorize for benefits. If a being doesn’t authorize for benefits, the tax money they paid into Social Security artlessly charcoal in the assurance armamentarium until it’s bare to pay allowances to bodies who do authorize for benefits. Best, Larry
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