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@@sherrie-ui8guI had some friends on social security and they were told they could work for so many hours, we she did a month later, they cut her off!!!!
My mother retired awhile ago and she's now 78 years old and she was getting $1,434 every month and for the last 4 months she's been only receiving $ 1,256 Dollars which means it dropped and I'm wondering why😢
I am in my early 60s and retired at 53. Lots of people gave me pushback because they had difficulty grasping the concept of not working if you don’t have to. I looked at my life as stages. I earned everything I have now through a lot of hard work, but I owe it to myself to “stop and smell the roses” in my final stage of life. In my case I left the country after I retired and live in Latin America. It allowed me to get away from all the negative things happening in America while appreciating my new environment. I have yet to meet anyone who regrets retirement.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like *Layan Talia Chokr* who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Take it from 62 because you don’t know how long you’ll live beyond that. My brother waited and took it at 67 and passed away from cancer a month after turning 68.
That can happen - but one size rarely fits all. I took it at 70 this year because I knew I could not live easily off the lower amount and since 2020 I have worked at home. Three of my 4 grandparents lived into their 90's. My parents lived into their 90's. No guarantees on anything.
@@igp808 well I know plenty of people living into their late 90’s and are doing better financially then the ones that took it at 62. Do you believe he knew the difference once he died. No matter how much money a person has saved, once they die they won’t miss that money.
So I wait till age 70 and grow it.. and one year later I die and I don't get to enjoy any life of relaxation.. I retire at 62 .. I get 9 years of freedom. .😊
Thanks for your advice about my lower income years. I didn't know you could replace those years after you complete your 35 years of working. This is very valuable information.
I’m 62 as well, would you please advise me how to start and what to do? It’s really confusing to me and I really don’t know where to go and how to start.
Took mine at 62, I’d hate to wait until 70 and die at 71. I will take the lower amount and plan accordingly. Then if I only To 71 I will have enjoyed 9 years of retirement.
the first time I retired I was 23. It lasted 8 months but it taught me a valuable lesson. Time is more important than money. I retired several times and at 51 semi-retired working about 35 weeks a year. I took my retirement the minute is was available and love not working ever again! Wait until your 70. Screw that! I'm 66 and have already been retired for 5 years!
I'm not sure you understand the difference between retirement and losing a job with the statement you retired at 23 and it lasted 8 months. Even if you started a failed business that lasted 8 months your story lost the readers! 😂
i had a job i liked and worked until i was 70--was making close to 200 k a year and the work was very easy --i did not even consider it work--i was self employed and did what i wanted to do ..
Thank you for the information! It should not matter what age you are or how much you make if your spouse dies. That income is gone. The mortgage still has to be paid, bills, insurance, etc.…
You are so right. When a spouse dies, even though we both worked and paid into ss, one of those years of accumulated payments is erased. A boon for the gvmt
This video clip is extremely informative. I must have read two or three books on social security and none of them explained the calculations as well as you do in this video. Thank you.
Thank you for this specific video. Ive been trying to get this info from SSA for 3 years. No one ive spoken to at SSA has been able to help, and i ve never had a response from anyone who understands it.
Have you tried going on the ssa website? You can punch in your age and it will change as you change the parameters showing what you would get at each age. I don’t know if there’s any inflation adjustment or not.
Two of my aunts who were only three and five years older than me died before they were 65. Soooo I retired at 62. I wanted to enjoy retirement and I figured out how to live with less junk.if the mortality rate is 75, even if you live to 85. Why wait to enjoy life? Unless you enjoy working.
@@YeshuaKingMessiah this is the best time of my life. My only regret is that i did not retire sooner and i’d be happy with even less. I have not wanted for anything other than more free time. Now i have it. I always worked in the field of human services. Since i was 14 i have worked. A lot of that time i was in school and working multiple jobs. I never made a lot of money but I gave a lot of myself and my time. At this stage i want to slow down and enjoy doing as little as possible. Most people who work helping others don’t allow money to rule their lives. My aunt dropped dead at work making great money in finance. She had no survivor; where does that SS money go? The other one never worked outside the home and allowed a man to worry her to death. They were the canary in the mine for me. My little savings my 401k and a few stocks and i am down sizing right now. More money to me means more to worry about. There is not a happier person on this planet than me. I have a few life insurance policies to help my kids. My house is paid for as is a few acres of land purchased a while back. The only bill i have other living expenses is my car note. But i plan to spend every penny I get doing what i want when i want. Tomorrow is not a realistic promise… but that’s just me 😁❤️ be well and be happy it cost less…
@@YeshuaKingMessiah the only thing I regret about retiring at 62 is that I didn’t do it earlier and i would have gladly taken even less. I don’t want for much. I wanted more free time. There is not a happier person on the planet than me. I love doing as little as possible and doing what i want when i want. Time, a man made concept, is no longer my master. I totally ignore it. I never rush to do anything. I started working at age 14. If babysitting my neighbors kids counts at age 12. A lot of my career consisted of going to school and working several jobs at the same time. I have always worked in human services so like most in that field i didn’t do it for the money. I gave my time and all my energy to my students and clients. My aunt made lots of money working in finance and dropped dead on the job. She has no eligible survivors so where does her SS go? My other aunt who never worked outside the home allowed her husband to worry her to death. My house and other properties i own are all paid for. My savings, 401k and a few stocks are enough for me. The only bill i have is my car note, outside of living expenses. I am currently down sizing. I have several life insurance policies to help my kids out. But I intend to spend every penny while doing as little as possible. I love not caring what time it is, because ALL of my time is free and very fulfilled.
My husband started taking SS at FRA and also still works full time. With his SS check we are doubling up our mortgage payments. There are no SS penalties but we have to pay Fed income tax on a portion of his benefits. When our mortgage is paid off in 16 months we will both retire and I will then take my SS (I will be 68). This plan may not work for everyone but it is the best plan for us.
And the sad thing is, it’s our money, it’s ours. It belongs to you and I. We worked for it and had to pay it -no choice. Since when does the government have the right to tell us how we get our money back? or how much we get back? or who else gets to share our portion of money?
A very good overview! One thing that you didn't mention is that a disabled surviving spouse can take survivors benefits at the age of 5 if that benefit is higher than their disability amount.
If one doesn’t need SS at 62, they can still collect it and invest. I’m retiring early and a Gen Z can have my job. Everyone’s needs are different. I enjoy Malcom’s videos and knowledge. Happy Labor Day
@@janetmartin9372 IK, with property taxes and all other living expenses (inflation as well). It’s not going to be easy but life wasn’t easy. All the best.
Unfortunately the index they apply for lifetime earnings is a lie because CPI is never accurately calculated based on actual price increases due to inflation.
"If you're receiving SSDI benefits, your disability benefits automatically convert to retirement benefits, but the amount remains the same." I had to take my benefits early at 62 and around seven years later I became disabled. I asked SS if there was any payment difference between my current SS monthly benefit and the disability benefit and they stated that it would be exactly the same.
Hi I just watched video about Social Security retirement benefit calculations, and I’m really grateful for the detailed explanation. It helped clarify a lot for me! As a disabled veteran, I'm currently navigating the process for SSDI, so I'd appreciate a similar video focusing on that application process. Knowledge is power, especially when it comes to benefits! Thanks for sharing valuable information that can help so many of us!
2019 One Health Problem After Another, Harder and Harder Getting into A Company, Because Cant Pass A " General Health Exam "...I Wish I Had This Teaching Years Ago...
Thank you, Marvin, for your wonderful explanation! You truly are such an amazing presenter of the ins and outs of Social Security benefits. You're my favorite explainer on the topic. 💜💯👍
Marvin, you are a rock star. I love your video's. I have loved about Medicare so much and now I have learned Social Security Surivorior benefits. thanks so much.
I would start taking it at 62. Reasons? Inflation, you can invest this money and enjoy it when you're younger. But it's very helpfull information on how to calculate it. Thank you!
I was forced out early in 2010 and there were no jobs after the financial crisis, so I had to average in 3 years worth of zeros. My pension wasn't quite enough so I had to rob my retirement savings and pay the penalty. So it was best for me to take my SS at 62
Balancing taking SS early vs. spending down part of your retirement accounts until reaching full SS age is something not addressed in these type of calculations. I understand why because it's so specific to the individual/couple. if someone has $2MM in assets and they need to spend $300K over three years to get to their full retirement age at 67, or maximum SS age at 70, then it's not a major issue. If another couple has $400K and they need to spend the same 300K, then it likely makes sense to take SS early to not drain down their assets.
@@vancebeazer458 No this is available. I did this myself in August 2022. I was initially told it wasn’t allowed but then found a SS representative that knew the rules.. Give them the section of the POMs POMs TN7 (07-23) On November 2, 2015, the Bipartisan Budget Act (BBA) of 2015 was signed into law. Section 831(b) of the BBA affects our rules for voluntary suspension of benefits. The new law applies to individuals requesting voluntary suspension who (1) attain FRA on or after April 30, 2016, and to individuals who (2) attain FRA prior to April 30, 2016, but submit their voluntary suspension request on or after April 30, 2016.
Thank you for this information. Dismiss the negative comments. Of course, there will be situations that this information won't work. How ever, it will help some people. He is providing information so you are INFORMED.
Question: got a bit lost at taking survivor benefits. My husband died at age 47years . 9 years later I’m 61 years old. I have a six figure income. He had average around $30,000 yearly . Would I be entitled to survivor benefits and would I be penalized with the taxes he spoke about (Income Test)? Because it still makes sense to take it and let it grow. Got lost at that point.
If you keep working when is it recalculated? Yearly? Do you have to request a recalculation? I took at FRA with benefit of 3,600+ and maxing it out yearly.
Question Please? Upon receiving disability before FRA of 67 receiving SSDI. I am 64 as of 2/27/1960. If I work part time and earn eligible income without being penalized will I get an increase when my SSDI changes over to regular Social Security changes over at my FRA of 67?
That’s what I was telling my granddaughter. It should be taught in school how to open an checking and an ssvshould teach their students how to open an checking and saving accounts. How to budget,save, buy a house
Dave Ramsey has a program for teenagers. You might look into it and go through it with your grand daughter. He also has a school wide program for high schools.
@@alanserjeant4947 I wish I could count on one hand how many college educated customers I had when showing houses that couldn’t figure out what 3% or 20% down would be on the house they were looking at. 🤦♀️
Different subject , but I had a question about what Medicare pays . I went for blood work as a preventative check and they told Medicare will not cover this procedure . Thank you .
We’re here to assist with applying for your benefits if you're ready to collect. However, we don’t assess specific benefit amounts or estimate what you would receive at various times. For those details, we recommend consulting with an accountant or Social Security. Our primary focus is Medicare enrollment and ensuring everyone understands the process. We offer these videos as a general rule so everyone has an idea of what to expect.
We had the lower-earning spouse take their benefits at age 62 (FRA is 66 and 2 months) and used the proceeds to fully fund a Roth IRA while keeping in the 12% income bracket. The dividend and interest income alone is greater than the difference in the spousal benefit and tax-free. The higher earner with over 35 years of work history will take their benefit at age 70, thus having the maximum survivor benefit. The downside of our plan was that SS benefits for the lower-earning spouse were taxed at 85% for ages 62 through 70.
Another downside to your strategy is the lower earner will get 30%less spousal benefits when they hit their fra cuz they claimed early at 62. If they waited til full fra then they wudda got 50 % of the top wage earners fra. In my case that wuda cost us 600 per month for rest of life. Breakeven for my wife is only 7 1/2 years so she will wait til her fra for her full spousal benefits from me
If the higher income spouse has already died, the rule had been earliest widow/survivor benefits could be taken early by the widow up thru age 61. The Biden Admin is eliminating this option at the end of December 2024. It took longer than 3 months for me to get a phone call appointment because local SSA offices in my larger, local city are having serious staffing shortages. My husband died in April this year. I learned from Dr. Ed Weir of the rule/law change and I was already considering applying for SSDI because of injuries from my employment, when I was informed via a preliminary phone call inquiry to SSA about this, I set a phone call appointment immediately. I just said yes at age 61 to Widow/Survivor benefits. Obvsly my husband made considerably more than I ever did, I took the 30% hit due to the upcoming Biden Admin rule/law change and my condition. Any SSDI that might have been available to me off my work record was way less than from my husband's record and Widow/Survivor benefits was more. I will still be poor, but it will be slightly better to manage than from my own record. We were married for 26 years. Obvsly we/I, never expected this to happen. Who does? I am grieving, thou very grateful for my husband.
I paid into the SSA for 50 YEARS! Why are my SS benefits based on only 35 years? I have been scammed out of the money that I paid into system for the first 15 years that I worked! I should AT THE VERY LEAST receive all of the money that I paid during this 15 years that I paid SS taxes ADJUSTED FOR INFLATION! I suppose that my money is now being used to pay for spousal benefits and disability! How totally unfair!
It’s based on your highest earning 35 years. The 15 years would be your lowest earning years. And depending on how long you live, you most likely will collect more than you paid in.
I worked for 40 years then had to go on disability from an accident. Now at FRA and social security says I get no ss raise for being on regular ss now. Also they told me they only go back one year of work history. So I get a very low ss income. Ss is unfair for people that’s worked all their lives paid into ss. How are we supposed to live on low ss income?
They are using your highest 35 years to establish an average annual earnings. Including additional years would serve to bring down your average and reduce your annual benefit.
Unlike a retirement account, there is no "your" money. The taxes you paid while working paid for the benefits of prior retirees. Current workers will pay for your benefits as SS is a pay-as-you-go plan. As for spousal benefits and liability, SS is an entitlement, not an IRA.
I have questions about the spousal benefit and survivor benefit. My sister is 60 now and has been on disability for 5 yrs. She has been married for 11 years, but her husband had a stroke, is in a nursing home, and isn't doing well. Is she eligible for 50% of his SS while he is alive? IF he passes away, is she entitled to the survivor benefit? Thank you so very much for all your valuable information! I am looking to see if my ANOC has arrived and will be reviewing it thoroughly. I found your channel in the nick of time!
The Biden Administration is cutting Widow / Survivor benefits at the end December 2024. Yes, she best get an appointment NOW if he has died because there is a 3 month waiting list for appointments, unless she can go into her local SSA office in person Now MOST SSA offices are mandatory setting phone call appointments and they have a backlog due to SSA staffing shortages. My husband just died and I just did it because of Biden Admin cutting widow / surviver benefits at the end of December 2024. I lost the 30% he is talking about about in this video. I only did it because Biden Admin has cut out Widow / survivor benefits at the end of December 2024.
Can you explain why I don’t get my full benefits from the years I paid in, because other years I worked for a school that didn’t take out social security? I don’t want to collect for the years I didn’t pay in,but want to get 100% of the years I did work. Does that penalty still apply to all of these scenarios
@@sherylvitosh7209 it’s all based on the total years you worked and paid into the system.They take all your earnings that were subject to SS tax,index them for inflation, add up all the money and divide it by 420 which is 35 years.
90 days before turning 65 I visited the SOCIAL SICURITY OFFICE to settle my retirement, not knowing the big surprise, when I heard you don't qualify to get any social security retirement, they showed 3 years of taxes and they came to the conclusion that i made to much and shut me down I am almost 70 years i pay t the system 40 + points and no money coming from me and yet i am being charge $170.00 for the B part, I wonder if any one at you end would help me and tell me what i need to do, maybe i have some money available now .What do you say !
Yes , I paid all the way through 40 points are needed which I have There thing is that I exided or made more money in last 3 years , and yes it shows I made money but they only used the gross not the net What would be your advice
@@juancastellanos196040 points? It’s 40 quarters which is 10 years. It’s hard to understand your situation without more information. The rise in age for FRA angers me as my initial agreement was 65 which is what I signed up for at the time. Not sure if can still opt out but technically social security was a voluntary program. No one tells you that when you get a job.
You may have covered this, but I missed it. My spouse has been a homemaker for most of her life and doesn't have any Social Security benefits to speak of. She barely has her points, and she's several years younger than I. I understand that if I wait until 70 to claim benefits, she will receive my full benefit as a survivor. Does she have to wait until her FRA to get that full benefit, or is it available immediately upon my demise?
She has to wait. I was able to claim on my exhusband because we were married over ten years. I was 65. But I had to wait until FRA to get the full amount. Waiting longer did not increase my benefits. If he was still alive I would not have received the full benefit but since he was deceased I did. When it arrives every month I call it the money fairy’! He waited until he was 70 to collect so his was more than what mine would have been.
Right now I’m getting $550 at FRA (in 7 yrs) lol (the minimum I guess) I have very little earnings also BUT she can file for SSI, which is welfare (BUT w/o a means test) for old & disabled ppl. I def qualify if it stays the same for 7 more yrs. And right now the minimum for SSI is *$1500* a moth! That’s $2K plus Medicaid & assuredly some food stamps & HEAP (medicare premiums will be pd for by Medicaid, plus any extra stuff will be free, vision, dental, Rxs) I was very surprised becuz ppl are always complaining they only get $1K from SS. Do they not know about SSI?? Ofc investing should have been done for compound interest to work its magic, but if u weren’t earning income, or much of it- there’s zero to invest. So old ppl in the US are given welfare, no problem thru SSI with no one screaming about them “being on the public dole” -> 🧐
so to clarify -- previous earnings are indexed up to match Inflation UNTIL you are 60 so any inflation after you turn 60 your previous income is no longer indexed up? .. or only income earned up until you are 60 is indexed up to CURRENT inflation when you start taking SS??
@@Satjr35031 thank you for you help but i'm still a little confused.. so if i retire at 67 in 2027 (my full retirement age) my income Prior to age 60 is indexed up based on inflation to whatever 2027 cumulative inflation would be or is it only indexed up to what cumulative inflation was back in 2020 when i turned 60?
@@xessq1 Correct only indexed to 2020 . Your bend points at your age 62 are 1024 and 6172 they stay with you till you collect They were increased from the year before which were 996 and 6002 You still get all the increases in COLA from 62 on regardless if you are collecting or not
I divorced 8 yrs ago and I am 64, he is almost 65. SSA told me I would make $100 more per month taking SS benefits under his. Can I take my retirement early( in a year or so) under my benefits since the x will wait few more years and when he will retire can I go back as his ex spouse to file under spousal benefits! Thanks!
There's a very important piece of info missing from this video which is that a spouse cannot elect to take half of the higher earning spouse's benefit until that spouse starts taking their own benefit - which dramatically changes the options. So in my case my wife is 2 years older than i am. She has her own social security benefits but ultimately will want to elect to half of mine when I start taking. This video makes it seem like she should just wait until FRA then elect half of my benefits. But she can't do that if I haven't started taking benefits. Instead, her best option from what I can tell is to take her own benefits at FRA then re-elect to take half of mine when I start taking.
If you’re under FRA, you can only earn about $22,000 without penalty. You can choose to stop SS the 1st year and repay what you collected. It should increase if you work later. I’ll take it at 62.5. Numbers aren’t great but we’ll carry on.
Call SS ,they do a call back instead of being on hold for a hour or so. I liked that. Or go in person and get your questions answered. I got mine answered. All the best.
I've trying to find out how much your yearly payments go up if you work and collect. I've tried multiple people in the field. Not a single one can answer that question. I seriously doubt anyone working the phone at ssa will know either.
@@rman52Did you stop in person at your local SS office? You can wait your turn or set up an appointment. Your allowed earnings are based on your age you start collecting but I’m sure you know that. How much it grows after you start, idk. I don’t think it grows once you start collecting unless you stop it the 1st year and then restart. I’ve heard something about suspending it but idk for sure. All the best.
@annnahali7133 Yes. My brother in law did this. They recalculate it yearly. As far as the % of increase depends on your income. I plan on doing this! Take at FRA and continue working to increase my check… definitely until 70 & maybe even to 73 when RMD begins (required distribution from retirement accounts). I’m fortunate to work as little as 3 days a month and have a decent extra bit of income. Still a bummer we practically need to work til dead… mostly for us doing life solo. Some ppl in my field stay working until dang 85+!!! (Flight Attendants) 🤦🏻♀️
I was married for only 3 years with one child. My ex-husband paid very little child support. He started collecting disability from SS at age 55 and died at 57. I collected child support, through his SS disability, of $450 monthly for 18 months, until his death. I am now 70 and have collected my SS since age 66. Is there anyway I could still collect, child support due, from his SS. I have been told no.
If you were not divorced you could claim widows benefits or spousal benefits unlike divorced couples you don't have to of been married 10 years and then be eligible. Go to.a SS office or do it over the phone (better if you could) they will tell you if you're eligible. One caveat, is that he had to of been receiving more SS benefits than you then you can receive from his SS. Find out hopefully you'll be pleasantly surprised Best to you!
Why would u think SS should pay his child support he managed to screw u on? U got his disability for the child already My ex never pd a dime of support but I don’t expect SS to pay it. He also worked little, let alone not cash jobs, so I will get zero from his SS even tho technically married over 10 yrs before divorced.
My wife will be drawing her SS at 62 this coming Febuary. Don't know if spousal benifit will be more or less then her own. She also plans on keep working but only works part time and doesn't make 22k a year so there should be no penalty there. Will SS automatically give her the greater amount when signing up?
@@MedicareSchool so thats why I havent requested it, I dont want to be restricted on my earnings, at$22500 / yr in order to have to pay half of it back if I go over it. I't a big desicion to make. thanks
Hey Marvin just wondered if you have ever done a video on a younger spouse taking their own benefit and then when the bigger earning spouse reaches full retirement age and starts taking social security does their spouse automatically get raised to the half or is there a penalty because they started taking it earlier
No penalty. The younger spouse still has to wait till their FRA to get half of the bigger earner spouse. If they take it before then there will be a reduction in the benefit
@@Satjr35031 I'm sure they have some crazy long formula for that so I guess we'll just wait and see what happens when we get there. She's already taking it so can't go back now
So, if I stop working at 65 but wait for FRA 67, then I will have 2-3 years of zero? What if im earning money on investments, those are not taxed for social security, so will that amount to a zero for those years? If I stop working at 65, would it be better to start taking social security at that time rather than waiting for 67 but adding zero income years?
Don’t get too hung up on the Zero factor. Bottom line is your lifetime earnings indexed for inflation is always divided by 420 . You could have made $3million working 32 years and someone worked 35 years and made $3 million both receive the same SS if you both retired at the same time.Your investments are not included in the SS formula unless you receive some as income.
I was working till 60 years old . I worked with UN so I had no social security benefits. After I retired from there I joined in another organization and still I am working there. Planning to work 2 more years then I’ll be eligible for social security. I wanted to know how my social security will calculate.
You keep saying to go past your FRA but you never address how social security is in trouble. They are saying SS might get cuts up to 20% for individuals. Why not collect as soon as you can before the money decreases. I mean 6% is a lot less than the proposed 20% cut. If Congress doesn't act soon Social Security simply won't support people that are dependent on it for their income. Shouldn't people get their own money back now before it's too late?
If you actually are fearful of losing 20% of your SS wouldn’t you want to delay SS to increase the amount you receive even after losing 20% ? But don’t make decisions based on fear or emotions.
There is no your own money in SS. It is a pay-as-you-go system, where your benefits will be paid by current workers and the taxes you paid went to prior retirees. As for the 20% drop, johnnyretires reply below answers that question.
Notice the "fear mongering" is always....always....on social security?....and NEVER on Welfare or illegal immigrant programs....or emergency funding by the BILLIONS.... for foreign wars support?...it's all a shell game. If the general fund can "Rob" from the SS system ( and it has).....likewise the SS system should be able to rob-back from the general services fund. It's money paid by taxpayers somewhere along the line anyway....just which funding "bucket" the govt wishes to take from.....or start their fear mongering from.
SS doesn’t support anyone Was never meant to It’s one stream in ur retirement pkg INVESTING and assets is how u support urself A pd for house, car, and no kids to pay for are huge assets
How can I see a list of incomes that Social Security has on record for me? Also, is that number reduced by the money that you may have taken out of your check for things like 501k and HSA accounts or is it your gross income number?
I filed the day I turned 62 as a part-time worker. For formula example, say I received $2000. If I waited 5 years, that would be an income of $10,000.00 I could have already received by the then 67 year full retirement age. If my increase at 67 were even $1000 a month, it would take me 10 years to catch up. At age 67, I would also have 5 fewer years to receive the benefit. In my situation, there was NO WAY I was going to delay.
If you take your SS at 62, you are giving up 30% what are you going to invest in that will pay you more than 30% and for only 4 or 5 yrs. How much more money will you really make if you already gave up 30%. Even if you keep working, you can only make 21, 300 a yrs. If you make any more than that you will be penalized.
Unless one has a pension or a substantial IRA it never makes any sense to take early retirement unless one is in ill health. I have met many seniors who took early benefits because they were ‘tired of working’ They still had to work part time to make ends meet. That didn’t work very well when they got up into their eighties. 😮
Couple of clarifications. Survivor benefits can be taken as early as age 50 if the receiver is disabled, and if divorced, the disabled survivor can marry at 50+ and still receive the benefit. Also, Survivor benefits do not grow from FRA to 70, so there is no benefit in delaying them after 67. Plus, if you take Survivor benefits before FRA and the amounts is reduced by earned wages, each month you do not receive a benefit moves the amount up by a month. You don't lose that benefit, it is as if you delayed taking the benefit for a month. You could file at age 60, be a high income earner and receive zero actual benefits before FRA, and at FRA you would receive benefits as if you elected them at FRA.
Actually, survivor benefits do grow from FRA to 70 though. If the deceased spouse died at 70 the surviving spouse is elig. for that amt., including the delayed credits.
From the SS website: The rule for survivor benefits is that they are entitled to the full amt. the deceased was getting including delayed retirement credits as long as they file at their FRA.
Lots of things for a survivor to consider before claiming either benefit. I was widowed at age 44 when my 49 year old husband passed suddenly from a heart attack. After a 44 year nursing career with the last 22 of those years working for the Fed Gov/VA I decided to retire at 64.6 which was two years earlier than my Social Security FRA of 66.6. Although my survivor benefit was less than my own benefit I opted to claim it 1st and delay taking my own at my FRA two years later. I was able to afford to do this as I was debt free which included having no mortgage, as well as I had a FERS pension which combined with my survivor benefit and TSP/401k which I started withdrawing at retirement covered all my needs and wants which are not many. When I went from a $20k/year survivor benefit to my own $37k FRA benefit I dialed way back the amount I was withdrawing from my TSP/401k which will help me tax wise when I reach the age to have to take RMDs from that account because I already lowered the balance on that account which lowered my RMDs and this will lower by my tax burden especially since being a widow I have to file as a single. At present my highest income stream is my Social Security which is taxed at a lower rate than regular income followed by my FERS pension then TSP/401k withdrawals which neither are taxed in my home state of Florida which has no income tax unlike my former state of R.I. which taxed a % of my SS, and my FERs pension and TSP/401k were taxed as regular income. There are many moving parts for a survivor to consider, and it best they be advised by a professional before they retired and then claim a survivor or their own SS benefit.
@@nightengale2123 I was widowed at 25 No benefit to draw from him, he was also 25. Our 2 littles & 1 baby did get survivor benefits till they were 18. Not much at all but more than the zero I get at FRA.
Information & Question: Information - Older spouse collects the reduced social security before full retirement age. ie $500/month Information - Younger spouse waits to full retirement age to collect. ie $3,000/month Information - The older spouse is passed full retirement age when the younger spouse starts to collect social security at full retirement age. Information - 1/2 of the younger spouse benefit is $1,500/month. Question 1 - Does the older spouse get 50% of younger spouses benefit? If no, Question 2 - Was the older spouse benefit reduced since initially collecting prior to full retirement age?
Thank you for your help. Please be careful to let us know about the earnings amounts. Are we talking about an amount per month, per year, or in our lifetime. You talk very fast, and I am trying to follow what you are saying, especially about survivor benefits. Thank you for all your help.
The average life expectancy is 75. Take at 62, reduce benefits. But, you will live to take some of your money back. For some reason they don't pay you interest on the millions you paid in.
An important note is that during the 1st calendar year the dollar for every 2 dollars over rule doesn't apply. Of you make 1 penny over the monthly amount you lose ALL of the benefit. Also, I believe they front-load the benefit Withholding in subsequent years meaning once you go over in 1 month they grab all of you benefit every month until they have what is the estimated total for the year.
your FICA contributions will still count and could potentially increase your future benefit amount. You will still have to pay FICA taxes on your earnings while you still work.
He's Got Some " Interesting Points " here, What I'm Concerned is, I Live in Pa..Rural...If They are " Doing A graph of Wage " Guess What. pa. Has Not Have Had A Wsge Increase In Years...Did They Want To Change it ?! The Average Pa.Woman Raising A Child Has A Wage of $ 7.25; (OMG) unless. You Cross Over State Lines in Jersey, Get Something Decent; But Pay about 2 State Taxes...
I doubt SS will exist when I reach my retirement age of 67 in 2035. I’ve worked since 1985 at the age of 15. I refuse to work past 59 1/2. Especially when i see my taxes going into ridiculous govt. policies. I am hoping i will still have my 401k, but i’m starting to think the govt. has their greedy eyes on that stack of cash as well.
When I was in my early 20's I worked at a Brokerage Firm for 3 yrs. and had a 401k. Called many years later about it and was told they had no records of me having one. They got my money.
I worked for over 40 years. I retired in May 2022 and started receiving SS at FRA. I returned to work at a much higher rate. What should i do to increase the SS payment based on the higher earnings in the period after starting SS?
Are u saying that after 60 it doesn't matter what I make. They are not averaging the top 35 years? 4:30. Can u explain a hypothetical calculation for this
I know if ur divorced, but married 10 yrs, and get spousal benefits, he doesn’t even know unless u tell him I’m thinking same for married but I’m not positive on that
@@MedicareSchool it would be nice if that benefit amt could go to a kid over 18 yrs old instead, like to 24 so they get thru skill accrual for employment.
I have a question 🙋♀️ If you are retired and go back to work at a seasonal job - is the limit you can’t go over with penalty by the month or by the year? I worked for a Christmas season one year and because Social Security said my gross was over the limit for the month of December- they kept an entire almost a $1000. Check for the following April the next year 😠
I'm confused. I am a retired federal employee with my Medicare in place. As I understand it if I change anything as part of my Medicare Plan, I will lose all my Medicare benefits. Can someone clarify this, please? I realized if I go into an advantage plan that will do away with my current coverage. Is there anything additional I can add or change that won't affect my benefits? Thank you for your response😍
Here is video about how Medicare and FEHB work together with plans. If you feel that you would like to explore plan options that may be available to you we'd be happy to help, give us a call at 1-800-864-8890. Here is a link to that video as well: th-cam.com/video/OeiqSiab794/w-d-xo.html
Can you calculate total accumulated income and how many years it takes for someone taking at 67 to catch up to the total accumulated income of someone who started taking at 62 .
Yes, and that's a shame. And if you been divorced from someone for 15, 20, 30 years and that person remarried 5 times, but didn't stay married to either person for at least 10 years, but was married to you for for 10 years even though it's been 30 years ago, they can draw off of you. They say it don't effect your SS. But I just don't see how it don't, because where's the extra money coming from if that personnever worked and paid into SS, no different than Democrats are trying to get it approved that immigrants to ba able to draw SS disability.
Well I had to take a medical disability at age 60 and at the age of 66 they changed me from SSDI to SSA I don't understand that they say I make too much money now to have my social security and Medicaid what's up with this they treat us awful but you take people from another country coming here they get money each month to live on a great deal more than I do and get food stamps how is this right we're the ones that paid the taxes in
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So if you're disabled you don't wanna draw your retirement till you have to well are you allowed to work on disability
@@sherrie-ui8guI had some friends on social security and they were told they could work for so many hours, we she did a month later, they cut her off!!!!
What if your child is under 18 when you file.. how much do they recieve.. if I retire at 62.
My mother retired awhile ago and she's now 78 years old and she was getting $1,434 every month and for the last 4 months she's been only receiving $ 1,256 Dollars which means it dropped and I'm wondering why😢
I am in my early 60s and retired at 53. Lots of people gave me pushback because they had difficulty grasping the concept of not working if you don’t have to. I looked at my life as stages. I earned everything I have now through a lot of hard work, but I owe it to myself to “stop and smell the roses” in my final stage of life. In my case I left the country after I retired and live in Latin America. It allowed me to get away from all the negative things happening in America while appreciating my new environment. I have yet to meet anyone who regrets retirement.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like *Layan Talia Chokr* who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
Took mine at 62. Never look back with a big smile! Work less enjoy life.
same hear!
💯💯💯💯
I just turn 63 and I want to retire now, I just don't know where to start, who to contact and should I hire a lawyer to do my retirement?
Please I need some of your advice, help.
What did you do for medical coverage?
Take it from 62 because you don’t know how long you’ll live beyond that. My brother waited and took it at 67 and passed away from cancer a month after turning 68.
That can happen - but one size rarely fits all. I took it at 70 this year because I knew I could not live easily off the lower amount and since 2020 I have worked at home. Three of my 4 grandparents lived into their 90's. My parents lived into their 90's. No guarantees on anything.
Also SS will become insolvent within 5-10 years.
@@igp808 well I know plenty of people living into their late 90’s and are doing better financially then the ones that took it at 62. Do you believe he knew the difference once he died. No matter how much money a person has saved, once they die they won’t miss that money.
So I wait till age 70 and grow it.. and one year later I die and I don't get to enjoy any life of relaxation.. I retire at 62 .. I get 9 years of freedom. .😊
This is information that should be given to high school students who are starting this game. It doesn’t do much good for someone over 60.
A high school student would not remember all this and it would all change anyways, before they got to the age of 60.
@@TakeTheRide It would serve as a foundation though to pay attention to this through their working careers.
@@horse__power7891 , I agree many have already made that choice not even aware of all the consequences
They should teach high schoolers about finances in general…. PERIOD ‼️
@@lynnnash1175 Problem is...most of the teachers I have known, I wouldn't want them teaching my kid about finances.☹
Thanks for your advice about my lower income years. I didn't know you could replace those years after you complete your 35 years of working. This is very valuable information.
Glad I could help!
I also decided to retire at 62 i am grateful i did ❤
I’m 62 as well, would you please advise me how to start and what to do? It’s really confusing to me and I really don’t know where to go and how to start.
Took mine at 62, I’d hate to wait until 70 and die at 71. I will take the lower amount and plan accordingly. Then if I only To 71 I will have enjoyed 9 years of retirement.
the first time I retired I was 23. It lasted 8 months but it taught me a valuable lesson. Time is more important than money. I retired several times and at 51 semi-retired working about 35 weeks a year. I took my retirement the minute is was available and love not working ever again! Wait until your 70. Screw that! I'm 66 and have already been retired for 5 years!
I'm not sure you understand the difference between retirement and losing a job with the statement you retired at 23 and it lasted 8 months. Even if you started a failed business that lasted 8 months your story lost the readers! 😂
I was retired form age 0 to 18, then I had to go to work or not eat.
@@kennethhughley1611they are trolling.
i had a job i liked and worked until i was 70--was making close to 200 k a year and the work was very easy --i did not even consider it work--i was self employed and did what i wanted to do ..
Thank you for the information! It should not matter what age you are or how much you make if your spouse dies. That income is gone. The mortgage still has to be paid, bills, insurance, etc.…
U don’t get to keep the 2 income lifestyle when ur now single
U downsize
Everything
Just like a divorce
You are so right. When a spouse dies, even though we both worked and paid into ss, one of those years of accumulated payments is erased. A boon for the gvmt
This video clip is extremely informative. I must have read two or three books on social security and none of them explained the calculations as well as you do in this video. Thank you.
It is our pleasure!
Thank you for this specific video. Ive been trying to get this info from SSA for 3 years. No one ive spoken to at SSA has been able to help, and i ve never had a response from anyone who understands it.
Have you tried going on the ssa website? You can punch in your age and it will change as you change the parameters showing what you would get at each age. I don’t know if there’s any inflation adjustment or not.
Glad that we could help!
Two of my aunts who were only three and five years older than me died before they were 65. Soooo I retired at 62. I wanted to enjoy retirement and I figured out how to live with less junk.if the mortality rate is 75, even if you live to 85. Why wait to enjoy life? Unless you enjoy working.
It’s so much less u get at 62!
@@YeshuaKingMessiah this is the best time of my life. My only regret is that i did not retire sooner and i’d be happy with even less. I have not wanted for anything other than more free time. Now i have it. I always worked in the field of human services. Since i was 14 i have worked. A lot of that time i was in school and working multiple jobs. I never made a lot of money but I gave a lot of myself and my time. At this stage i want to slow down and enjoy doing as little as possible. Most people who work helping others don’t allow money to rule their lives. My aunt dropped dead at work making great money in finance. She had no survivor; where does that SS money go? The other one never worked outside the home and allowed a man to worry her to death. They were the canary in the mine for me. My little savings my 401k and a few stocks and i am down sizing right now. More money to me means more to worry about. There is not a happier person on this planet than me. I have a few life insurance policies to help my kids. My house is paid for as is a few acres of land purchased a while back. The only bill i have other living expenses is my car note. But i plan to spend every penny I get doing what i want when i want. Tomorrow is not a realistic promise… but that’s just me 😁❤️
be well and be happy it cost less…
I actually love to work. Keeps me healthy and happy and strong. I'm waiting until 70...
@@KB-ke3fi having purpose is very crucial to a fulfilling life
@@YeshuaKingMessiah the only thing I regret about retiring at 62 is that I didn’t do it earlier and i would have gladly taken even less. I don’t want for much. I wanted more free time. There is not a happier person on the planet than me. I love doing as little as possible and doing what i want when i want. Time, a man made concept, is no longer my master. I totally ignore it. I never rush to do anything. I started working at age 14. If babysitting my neighbors kids counts at age 12. A lot of my career consisted of going to school and working several jobs at the same time. I have always worked in human services so like most in that field i didn’t do it for the money. I gave my time and all my energy to my students and clients. My aunt made lots of money working in finance and dropped dead on the job. She has no eligible survivors so where does her SS go? My other aunt who never worked outside the home allowed her husband to worry her to death. My house and other properties i own are all paid for. My savings, 401k and a few stocks are enough for me. The only bill i have is my car note, outside of living expenses. I am currently down sizing. I have several life insurance policies to help my kids out. But I intend to spend every penny while doing as little as possible. I love not caring what time it is, because ALL of my time is free and very fulfilled.
My husband started taking SS at FRA and also still works full time. With his SS check we are doubling up our mortgage payments. There are no SS penalties but we have to pay Fed income tax on a portion of his benefits. When our mortgage is paid off in 16 months we will both retire and I will then take my SS (I will be 68). This plan may not work for everyone but it is the best plan for us.
I was planning the sam way but my husband is sick now.praying for recovery soon. We never know
It is so sad that they tax our Social Security if we work. It is a tax on a tax (although they call it an “involuntary contribution”)😡
@@robertaj3767 It doesn't matter whether you work or not. I'm retired and I get taxed on SS
I would wait till 70 to get max SS
U certainly don’t need the SS with all ur investments I’m sure
Well played!!!
No guarantee of longevity. What are you really going to do retiring at 67+.? You got to be in good health. Money isn’t everything
Very informative but it just goes to illustrate how complex the government makes the SS process!!!!
And the sad thing is, it’s our money, it’s ours. It belongs to you and I. We worked for it and had to pay it -no choice.
Since when does the government have the right to tell us how we get our money back? or how much we get back? or who else gets to share our portion of money?
@@tonyangelias6808 Illegal immigrants get a big part of that fund now.
@@tonyangelias6808 its a gvmt ponzu scheme 😢
Sorry spl ck- ponzi 😂
That is how they justify that they need to employ a lot of people (who will get paid good money with great benefits and pensions).
A very good overview! One thing that you didn't mention is that a disabled surviving spouse can take survivors benefits at the age of 5 if that benefit is higher than their disability amount.
If one doesn’t need SS at 62, they can still collect it and invest. I’m retiring early and a Gen Z can have my job. Everyone’s needs are different. I enjoy Malcom’s videos and knowledge. Happy Labor Day
marvin
@@mmane257Thx
@@mmane257Thx
Need to live in something, have the earnings limit to deal with.
@@janetmartin9372 IK, with property taxes and all other living expenses (inflation as well). It’s not going to be easy but life wasn’t easy. All the best.
Unfortunately the index they apply for lifetime earnings is a lie because CPI is never accurately calculated based on actual price increases due to inflation.
"If you're receiving SSDI benefits, your disability benefits automatically convert to retirement benefits, but the amount remains the same." I had to take my benefits early at 62 and around seven years later I became disabled. I asked SS if there was any payment difference between my current SS monthly benefit and the disability benefit and they stated that it would be exactly the same.
The big benefit of SSDI(if there is any because who wants to be disabled!) is that it can’t be garnished for spousal support like regular SS.
A true natural teacher.
Agree,he is fantastic
Thank you, glad to help!
You forgot to take out the cost of health insurance on the monthly payment.
Yeah, that was a big surprise.
A terrible surprise. @@Roloves-frank
Hi I just watched video about Social Security retirement benefit calculations, and I’m really grateful for the detailed explanation. It helped clarify a lot for me! As a disabled veteran, I'm currently navigating the process for SSDI, so I'd appreciate a similar video focusing on that application process. Knowledge is power, especially when it comes to benefits! Thanks for sharing valuable information that can help so many of us!
So pleased to hear that we can help!
2019 One Health Problem After Another, Harder and Harder Getting into A Company, Because Cant Pass A " General Health Exam "...I Wish I Had This Teaching Years Ago...
Thank you, Marvin, for your wonderful explanation! You truly are such an amazing presenter of the ins and outs of Social Security benefits. You're my favorite explainer on the topic. 💜💯👍
Glad it was helpful! Thank you!
Marvin, you are a rock star. I love your video's. I have loved about Medicare so much and now I have learned Social Security Surivorior benefits. thanks so much.
We're pleased that we can help! Thank you :)
Please explain how you retire at 23 yrs. old. Quitting isn't retiring.
I would start taking it at 62. Reasons? Inflation, you can invest this money and enjoy it when you're younger. But it's very helpfull information on how to calculate it. Thank you!
You mentioned Disability and Social Security but didn't elaborate on that, I was interested in knowing a little more about that.
I strongly agree 👍
I was forced out early in 2010 and there were no jobs after the financial crisis, so I had to average in 3 years worth of zeros. My pension wasn't quite enough so I had to rob my retirement savings and pay the penalty. So it was best for me to take my SS at 62
Balancing taking SS early vs. spending down part of your retirement accounts until reaching full SS age is something not addressed in these type of calculations. I understand why because it's so specific to the individual/couple. if someone has $2MM in assets and they need to spend $300K over three years to get to their full retirement age at 67, or maximum SS age at 70, then it's not a major issue. If another couple has $400K and they need to spend the same 300K, then it likely makes sense to take SS early to not drain down their assets.
Work three years now and your check will go up.
@@johnnyretiresthey did change that
“No jobs”
LOL
Ppl all died as jobs were non existent
🤦♀️
@@vancebeazer458 No this is available. I did this myself in August 2022. I was initially told it wasn’t allowed but then found a SS representative that knew the rules.. Give them the section of the POMs
POMs TN7 (07-23)
On November 2, 2015, the Bipartisan Budget Act (BBA) of 2015 was signed into law. Section 831(b) of the BBA affects our rules for voluntary suspension of benefits. The new law applies to individuals requesting voluntary suspension who (1) attain FRA on or after April 30, 2016, and to individuals who (2) attain FRA prior to April 30, 2016, but submit their voluntary suspension request on or after April 30, 2016.
Thank you for this information. Dismiss the negative comments. Of course, there will be situations that this information won't work. How ever, it will help some people. He is providing information so you are INFORMED.
Glad that we can help!
Great listening to you. You make the complicated seem easy to understand. Thank you. Great information!
That is great to hear!
I’m almost 67, retired at age 53 …praying for WEP & GPO repeal!!
Is the IRS adding 8% per year, or is that a multiplier? 1.08% * 1.08% is 1.1664% (closer to 1.17%), and 1.08% of that is 1.259712% (closer to 1.26%).
Question: got a bit lost at taking survivor benefits. My husband died at age 47years . 9 years later I’m 61 years old. I have a six figure income. He had average around $30,000 yearly . Would I be entitled to survivor benefits and would I be penalized with the taxes he spoke about (Income Test)? Because it still makes sense to take it and let it grow. Got lost at that point.
If you keep working when is it recalculated? Yearly? Do you have to request a recalculation? I took at FRA with benefit of 3,600+ and maxing it out yearly.
They do a recalculation the following September. If there is an adjustment you will see it the following Jan
Question Please?
Upon receiving disability before FRA of 67 receiving SSDI. I am 64 as of 2/27/1960. If I work part time and earn eligible income without being penalized will I get an increase when my SSDI changes over to regular Social Security changes over at my FRA of 67?
That’s what I was telling my granddaughter. It should be taught in school how to open an checking and an ssvshould teach their students how to open an checking and saving accounts. How to budget,save, buy a house
Dave Ramsey has a program for teenagers. You might look into it and go through it with your grand daughter. He also has a school wide program for high schools.
No, it makes more sense to learn quadratic equations that you will never ever use in your entire lifetime 🙂😂🤣
@@alanserjeant4947 I wish I could count on one hand how many college educated customers I had when showing houses that couldn’t figure out what 3% or 20% down would be on the house they were looking at. 🤦♀️
@@Dbb27 Amazing isn't it.
Savings does nothing
Investing so u earn compound interest is what brings in the millions, producing actual wealth when older
Different subject , but I had a question about what Medicare pays . I went for blood work as a preventative check and they told Medicare will not cover this procedure . Thank you .
Same.... Medicare not covering things they used to.
Thank you , some people I’ve talked to say it was covered , I’ll keep investigating , thanks again .
I wish I knew this program before 2020,I could have been more informed
We can still help as best we can, if you have any questions give us a call at 1-8--864-8890.
Do you school people that's on Social Security "Disability" along with straight ssi. thanks Andrew
We’re here to assist with applying for your benefits if you're ready to collect. However, we don’t assess specific benefit amounts or estimate what you would receive at various times. For those details, we recommend consulting with an accountant or Social Security. Our primary focus is Medicare enrollment and ensuring everyone understands the process. We offer these videos as a general rule so everyone has an idea of what to expect.
We had the lower-earning spouse take their benefits at age 62 (FRA is 66 and 2 months) and used the proceeds to fully fund a Roth IRA while keeping in the 12% income bracket. The dividend and interest income alone is greater than the difference in the spousal benefit and tax-free. The higher earner with over 35 years of work history will take their benefit at age 70, thus having the maximum survivor benefit. The downside of our plan was that SS benefits for the lower-earning spouse were taxed at 85% for ages 62 through 70.
Another downside to your strategy is the lower earner will get 30%less spousal benefits when they hit their fra cuz they claimed early at 62. If they waited til full fra then they wudda got 50 % of the top wage earners fra. In my case that wuda cost us 600 per month for rest of life. Breakeven for my wife is only 7 1/2 years so she will wait til her fra for her full spousal benefits from me
If the higher income spouse has already died, the rule had been earliest widow/survivor benefits could be taken early by the widow up thru age 61.
The Biden Admin is eliminating this option at the end of December 2024.
It took longer than 3 months for me to get a phone call appointment because local SSA offices in my larger, local city are having serious staffing shortages.
My husband died in April this year. I learned from Dr. Ed Weir of the rule/law change and I was already considering applying for SSDI because of injuries from my employment, when I was informed via a preliminary phone call inquiry to SSA about this, I set a phone call appointment immediately.
I just said yes at age 61 to Widow/Survivor benefits. Obvsly my husband made considerably more than I ever did, I took the 30% hit due to the upcoming Biden Admin rule/law change and my condition.
Any SSDI that might have been available to me off my work record was way less than from my husband's record and Widow/Survivor benefits was more. I will still be poor, but it will be slightly better to manage than from my own record. We were married for 26 years. Obvsly we/I, never expected this to happen.
Who does? I am grieving, thou very grateful for my husband.
Good video. This is pretty much as I understood SS rules to be.
Glad it was helpful!
I paid into the SSA for 50 YEARS! Why are my SS benefits based on only 35 years? I have been scammed out of the money that I paid into system for the first 15 years that I worked! I should AT THE VERY LEAST receive all of the money that I paid during this 15 years that I paid SS taxes ADJUSTED FOR INFLATION! I suppose that my money is now being used to pay for spousal benefits and disability! How totally unfair!
Some will argue you didn't pay it, the company paid. Had they did not have to pay, it would be in your pay.
It’s based on your highest earning 35 years. The 15 years would be your lowest earning years. And depending on how long you live, you most likely will collect more than you paid in.
I worked for 40 years then had to go on disability from an accident. Now at FRA and social security says I get no ss raise for being on regular ss now. Also they told me they only go back one year of work history. So I get a very low ss income. Ss is unfair for people that’s worked all their lives paid into ss. How are we supposed to live on low ss income?
They are using your highest 35 years to establish an average annual earnings. Including additional years would serve to bring down your average and reduce your annual benefit.
Unlike a retirement account, there is no "your" money. The taxes you paid while working paid for the benefits of prior retirees. Current workers will pay for your benefits as SS is a pay-as-you-go plan. As for spousal benefits and liability, SS is an entitlement, not an IRA.
Thank you for knowledgeable is power 💡💡😎😎
My pleasure
Good morning! Very informative, could you speak on the disability segment and what kind of disability you can file for, thanks very much.
Thank you for the recommendation!
I have questions about the spousal benefit and survivor benefit. My sister is 60 now and has been on disability for 5 yrs. She has been married for 11 years, but her husband had a stroke, is in a nursing home, and isn't doing well. Is she eligible for 50% of his SS while he is alive? IF he passes away, is she entitled to the survivor benefit?
Thank you so very much for all your valuable information! I am looking to see if my ANOC has arrived and will be reviewing it thoroughly. I found your channel in the nick of time!
The Biden Administration is cutting Widow / Survivor benefits at the end December 2024.
Yes, she best get an appointment NOW if he has died because there is a 3 month waiting list for appointments, unless she can go into her local SSA office in person Now MOST SSA offices are mandatory setting phone call appointments and they have a backlog due to SSA staffing shortages.
My husband just died and I just did it because of Biden Admin cutting widow / surviver benefits at the end of December 2024. I lost the 30% he is talking about about in this video. I only did it because Biden Admin has cut out Widow / survivor benefits at the end of December 2024.
Can you explain why I don’t get my full benefits from the years I paid in, because other years I worked for a school that didn’t take out social security? I don’t want to collect for the years I didn’t pay in,but want to get 100% of the years I did work. Does that penalty still apply to all of these scenarios
@@sherylvitosh7209 it’s all based on the total years you worked and paid into the system.They take all your earnings that were subject to SS tax,index them for inflation, add up all the money and divide it by 420 which is 35 years.
90 days before turning 65 I visited the SOCIAL SICURITY OFFICE to settle my retirement, not knowing the big surprise, when I heard you don't qualify to get any social security retirement, they showed 3 years of taxes and they came to the conclusion that i made to much and shut me down I am almost 70 years i pay t the system 40 + points and no money coming from me and yet i am being charge $170.00 for the B part, I wonder if any one at you end would help me and tell me what i need to do, maybe i have some money available now .What do you say !
So, you paid no taxes in all those years? Did you make cash? That means you contributed none towards ss!
Yes , I paid all the way through
40 points are needed which I have
There thing is that I exided or made more money in last 3 years , and yes it shows I made money but they only used the gross not the net
What would be your advice
It sounds like you did not meet the FRA when you were 65, and you were working. Therefore your high wages cancelled your SS. Correct?
@@juancastellanos196040 points? It’s 40 quarters which is 10 years. It’s hard to understand your situation without more information. The rise in age for FRA angers me as my initial agreement was 65 which is what I signed up for at the time. Not sure if can still opt out but technically social security was a voluntary program. No one tells you that when you get a job.
You may have covered this, but I missed it. My spouse has been a homemaker for most of her life and doesn't have any Social Security benefits to speak of. She barely has her points, and she's several years younger than I. I understand that if I wait until 70 to claim benefits, she will receive my full benefit as a survivor. Does she have to wait until her FRA to get that full benefit, or is it available immediately upon my demise?
Yes, she would have to be at her FRA in order to receive the full benefits. If she filed at an earlier age she would incur some early filing penalty.
She has to wait. I was able to claim on my exhusband because we were married over ten years. I was 65. But I had to wait until FRA to get the full amount. Waiting longer did not increase my benefits. If he was still alive I would not have received the full benefit but since he was deceased I did.
When it arrives every month I call it the money fairy’!
He waited until he was 70 to collect so his was more than what mine would have been.
Right now I’m getting $550 at FRA (in 7 yrs) lol (the minimum I guess)
I have very little earnings also
BUT she can file for SSI, which is welfare (BUT w/o a means test) for old & disabled ppl. I def qualify if it stays the same for 7 more yrs. And right now the minimum for SSI is *$1500* a moth! That’s $2K plus Medicaid & assuredly some food stamps & HEAP (medicare premiums will be pd for by Medicaid, plus any extra stuff will be free, vision, dental, Rxs)
I was very surprised becuz ppl are always complaining they only get $1K from SS. Do they not know about SSI??
Ofc investing should have been done for compound interest to work its magic, but if u weren’t earning income, or much of it- there’s zero to invest.
So old ppl in the US are given welfare, no problem thru SSI with no one screaming about them “being on the public dole” -> 🧐
@@YeshuaKingMessiahSSI is now, $1500.00 a month, for 1 person?
so to clarify -- previous earnings are indexed up to match Inflation UNTIL you are 60 so any inflation after you turn 60 your previous income is no longer indexed up? .. or only income earned up until you are 60 is indexed up to CURRENT inflation when you start taking SS??
Correct but you will still get the higher Bend Points that are adjusted for inflation when you turn 62
@@Satjr35031 thank you for you help but i'm still a little confused.. so if i retire at 67 in 2027 (my full retirement age) my income Prior to age 60 is indexed up based on inflation to whatever 2027 cumulative inflation would be or is it only indexed up to what cumulative inflation was back in 2020 when i turned 60?
@@xessq1 Correct only indexed to 2020 . Your bend points at your age 62 are 1024 and 6172 they stay with you till you collect They were increased from the year before which were 996 and 6002 You still get all the increases in COLA from 62 on regardless if you are collecting or not
I divorced 8 yrs ago and I am 64, he is almost 65. SSA told me I would make $100 more per month taking SS benefits under his. Can I take my retirement early( in a year or so) under my benefits since the x will wait few more years and when he will retire can I go back as his ex spouse to file under spousal benefits! Thanks!
@@taniadangtran1359 Yes you can. You have to wait till your FRA age 67 to get 50% .You working another year or so might make your benefit higher.
Very informative and easily understood... Thank You 👍
Glad it was helpful! If you have any questions please give us a call at 800-864-8890.
Very informational - thanks! Question though about delaying past FRA: is the 8% compounded? If so, I come up with $2,896.14.
It is not compounded past FRA
@@MedicareSchool Thank you!
Greeting I want to thank you for all of your helpful knowledge
I lost my Medicare card how do I replace it please help
You will call Medicare directly to request a new copy. 1-800-633-4227
There's a very important piece of info missing from this video which is that a spouse cannot elect to take half of the higher earning spouse's benefit until that spouse starts taking their own benefit - which dramatically changes the options. So in my case my wife is 2 years older than i am. She has her own social security benefits but ultimately will want to elect to half of mine when I start taking. This video makes it seem like she should just wait until FRA then elect half of my benefits. But she can't do that if I haven't started taking benefits. Instead, her best option from what I can tell is to take her own benefits at FRA then re-elect to take half of mine when I start taking.
@@peters616Remember she has to be at FRA to get your half if it’s more than hers.
I see work more, work longer. BIG SECRETS!
LOL
If you’re retired and receiving social security but go back to work full time, can you increase social security income?
If you’re under FRA, you can only earn about $22,000 without penalty. You can choose to stop SS the 1st year and repay what you collected. It should increase if you work later. I’ll take it at 62.5. Numbers aren’t great but we’ll carry on.
Call SS ,they do a call back instead of being on hold for a hour or so. I liked that. Or go in person and get your questions answered. I got mine answered. All the best.
I've trying to find out how much your yearly payments go up if you work and collect. I've tried multiple people in the field. Not a single one can answer that question. I seriously doubt anyone working the phone at ssa will know either.
@@rman52Did you stop in person at your local SS office? You can wait your turn or set up an appointment. Your allowed earnings are based on your age you start collecting but I’m sure you know that. How much it grows after you start, idk. I don’t think it grows once you start collecting unless you stop it the 1st year and then restart. I’ve heard something about suspending it but idk for sure. All the best.
@annnahali7133 Yes. My brother in law did this. They recalculate it yearly. As far as the % of increase depends on your income. I plan on doing this! Take at FRA and continue working to increase my check… definitely until 70 & maybe even to 73 when RMD begins (required distribution from retirement accounts). I’m fortunate to work as little as 3 days a month and have a decent extra bit of income. Still a bummer we practically need to work til dead… mostly for us doing life solo. Some ppl in my field stay working until dang 85+!!! (Flight Attendants) 🤦🏻♀️
I like how social security gives you a raise then takes it away all in the same letter with a tax increase.
That was very informative! I appreciate your time and knowledge! Ty
Glad you enjoyed it!
❤
I was married for only 3 years with one child. My ex-husband paid very little child support. He started collecting disability from SS at age 55 and died at 57. I collected child support, through his SS disability, of $450 monthly for 18 months, until his death. I am now 70 and have collected my SS since age 66. Is there anyway I could still collect, child support due, from his SS. I have been told no.
😅
No he is not collecting ss
If you were not divorced you could claim widows benefits or spousal benefits unlike divorced couples you don't have to of been married 10 years and then be eligible. Go to.a SS office or do it over the phone (better if you could) they will tell you if you're eligible. One caveat, is that he had to of been receiving more SS benefits than you then you can receive from his SS. Find out hopefully you'll be pleasantly surprised Best to you!
In essence you are wanting to sue SS for child support he neglected to pay.
Why would u think SS should pay his child support he managed to screw u on?
U got his disability for the child already
My ex never pd a dime of support but I don’t expect SS to pay it. He also worked little, let alone not cash jobs, so I will get zero from his SS even tho technically married over 10 yrs before divorced.
My wife will be drawing her SS at 62 this coming Febuary. Don't know if spousal benifit will be more or less then her own. She also plans on keep working but only works part time and doesn't make 22k a year so there should be no penalty there. Will SS automatically give her the greater amount when signing up?
Remember taking spousal benefits early before her FRA will result in a permanent reduction
@@Satjr35031 yes, just like me when I took SS at 62.
Yes, they will evaluate which benefit is higher.
I'm 59 yrs old right now. my spouse passed in 2020. but I was told by SS that if I took Survivor's Benefits the Earning Test rule would applied.
That is correct, they will do the earnings tests until you reach your full retirement age.
@@MedicareSchool so thats why I havent requested it, I dont want to be restricted on my earnings, at$22500 / yr in order to have to pay half of it back if I go over it. I't a big desicion to make. thanks
Hey Marvin just wondered if you have ever done a video on a younger spouse taking their own benefit and then when the bigger earning spouse reaches full retirement age and starts taking social security does their spouse automatically get raised to the half or is there a penalty because they started taking it earlier
No penalty. The younger spouse still has to wait till their FRA to get half of the bigger earner spouse. If they take it before then there will be a reduction in the benefit
@@Satjr35031 I'm sure they have some crazy long formula for that so I guess we'll just wait and see what happens when we get there. She's already taking it so can't go back now
If your husband passes can you apply for survivor if you are already receiving your own benefits
That is a possibility, you will want SS to asses and they will see which benefit is higher.
I received my benefit age 47. Unfortunately, I have RA.
So, if I stop working at 65 but wait for FRA 67, then I will have 2-3 years of zero? What if im earning money on investments, those are not taxed for social security, so will that amount to a zero for those years? If I stop working at 65, would it be better to start taking social security at that time rather than waiting for 67 but adding zero income years?
Don’t get too hung up on the Zero factor. Bottom line is your lifetime earnings indexed for inflation is always divided by 420 . You could have made $3million working 32 years and someone worked 35 years and made $3 million both receive the same SS if you both retired at the same time.Your investments are not included in the SS formula unless you receive some as income.
Great Information-
Glad it was helpful! If you have any questions give us a call 1-800-864-8890.
I was working till 60 years old . I worked with UN so I had no social security benefits. After I retired from there I joined in another organization and still I am working there. Planning to work 2 more years then I’ll be eligible for social security.
I wanted to know how my social security will calculate.
You will want to contact your local SS office to assess your benefit amount. Or you can always check on SSA.gov logging into your account.
Would one request for full ramsum of the retirement benefits to invest?
You keep saying to go past your FRA but you never address how social security is in trouble. They are saying SS might get cuts up to 20% for individuals. Why not collect as soon as you can before the money decreases. I mean 6% is a lot less than the proposed 20% cut. If Congress doesn't act soon Social Security simply won't support people that are dependent on it for their income. Shouldn't people get their own money back now before it's too late?
If you actually are fearful of losing 20% of your SS wouldn’t you want to delay SS to increase the amount you receive even after losing 20% ?
But don’t make decisions based on fear or emotions.
There is no your own money in SS. It is a pay-as-you-go system, where your benefits will be paid by current workers and the taxes you paid went to prior retirees. As for the 20% drop, johnnyretires reply below answers that question.
Notice the "fear mongering" is always....always....on social security?....and NEVER on Welfare or illegal immigrant programs....or emergency funding by the BILLIONS.... for foreign wars support?...it's all a shell game. If the general fund can "Rob" from the SS system ( and it has).....likewise the SS system should be able to rob-back from the general services fund. It's money paid by taxpayers somewhere along the line anyway....just which funding "bucket" the govt wishes to take from.....or start their fear mongering from.
SS doesn’t support anyone
Was never meant to
It’s one stream in ur retirement pkg
INVESTING and assets is how u support urself
A pd for house, car, and no kids to pay for are huge assets
IF “THEY” would quit GIVING it away to those that DID NOT pay into it, we would be fine‼️
How can I see a list of incomes that Social Security has on record for me? Also, is that number reduced by the money that you may have taken out of your check for things like 501k and HSA accounts or is it your gross income number?
You can review that on SSA.gov
I filed the day I turned 62 as a part-time worker. For formula example, say I received $2000. If I waited 5 years, that would be an income of $10,000.00 I could have already received by the then 67 year full retirement age. If my increase at 67 were even $1000 a month, it would take me 10 years to catch up. At age 67, I would also have 5 fewer years to receive the benefit. In my situation, there was NO WAY I was going to delay.
I am on 65 and on social security. My wife is 62 Dec going on ss when I can apply spouse benefit
Thank you.
You're welcome!
Very interesting, great video !!! Thanks 👍
You're welcome, glad that we can help!
RESPECT I'AM 62 GET OAP TRYING TO GET Early retirement,some of us go by the rule,s. THANK YOU FOR SHARING.
If you take your SS at 62, you are giving up 30% what are you going to invest in that will pay you more than 30% and for only 4 or 5 yrs. How much more money will you really make if you already gave up 30%. Even if you keep working, you can only make 21, 300 a yrs. If you make any more than that you will be penalized.
Unless one has a pension or a substantial IRA it never makes any sense to take early retirement unless one is in ill health. I have met many seniors who took early benefits because they were ‘tired of working’ They still had to work part time to make ends meet. That didn’t work very well when they got up into their eighties. 😮
You pay taxes on all that extra income too.
Couple of clarifications. Survivor benefits can be taken as early as age 50 if the receiver is disabled, and if divorced, the disabled survivor can marry at 50+ and still receive the benefit. Also, Survivor benefits do not grow from FRA to 70, so there is no benefit in delaying them after 67.
Plus, if you take Survivor benefits before FRA and the amounts is reduced by earned wages, each month you do not receive a benefit moves the amount up by a month. You don't lose that benefit, it is as if you delayed taking the benefit for a month. You could file at age 60, be a high income earner and receive zero actual benefits before FRA, and at FRA you would receive benefits as if you elected them at FRA.
Actually, survivor benefits do grow from FRA to 70 though. If the deceased spouse died at 70 the surviving spouse is elig. for that amt., including the delayed credits.
From the SS website: The rule for survivor benefits is that they are entitled to the full amt. the deceased was getting including delayed retirement credits as long as they file at their FRA.
Lots of things for a survivor to consider before claiming either benefit. I was widowed at age 44 when my 49 year old husband passed suddenly from a heart attack. After a 44 year nursing career with the last 22 of those years working for the Fed Gov/VA I decided to retire at 64.6 which was two years earlier than my Social Security FRA of 66.6. Although my survivor benefit was less than my own benefit I opted to claim it 1st and delay taking my own at my FRA two years later. I was able to afford to do this as I was debt free which included having no mortgage, as well as I had a FERS pension which combined with my survivor benefit and TSP/401k which I started withdrawing at retirement covered all my needs and wants which are not many. When I went from a $20k/year survivor benefit to my own $37k FRA benefit I dialed way back the amount I was withdrawing from my TSP/401k which will help me tax wise when I reach the age to have to take RMDs from that account because I already lowered the balance on that account which lowered my RMDs and this will lower by my tax burden especially since being a widow I have to file as a single. At present my highest income stream is my Social Security which is taxed at a lower rate than regular income followed by my FERS pension then TSP/401k withdrawals which neither are taxed in my home state of Florida which has no income tax unlike my former state of R.I. which taxed a % of my SS, and my FERs pension and TSP/401k were taxed as regular income. There are many moving parts for a survivor to consider, and it best they be advised by a professional before they retired and then claim a survivor or their own SS benefit.
@@nightengale2123 you’re a smart person! Good job and thanks for your many years of helping people. ❤
@@nightengale2123 I was widowed at 25
No benefit to draw from him, he was also 25.
Our 2 littles & 1 baby did get survivor benefits till they were 18. Not much at all but more than the zero I get at FRA.
Information & Question:
Information - Older spouse collects the reduced social security before full retirement age. ie $500/month
Information - Younger spouse waits to full retirement age to collect. ie $3,000/month
Information - The older spouse is passed full retirement age when the younger spouse starts to collect social security at full retirement age.
Information - 1/2 of the younger spouse benefit is $1,500/month.
Question 1 - Does the older spouse get 50% of younger spouses benefit?
If no, Question 2 - Was the older spouse benefit reduced since initially collecting prior to full retirement age?
Can the fra older spouse switch to spousal benefits when the younger fra starts getting benefits?
Excellent explanation 👌
Glad it was helpful!
Thank you for your help. Please be careful to let us know about the earnings amounts. Are we talking about an amount per month, per year, or in our lifetime. You talk very fast, and I am trying to follow what you are saying, especially about survivor benefits. Thank you for all your help.
The earnings test is based on yearly income :)
WHAT HAPPENS WHEN YOU RETIRE EARLY AT 63 AND WORK PARK TIME UNTIL MY FULL-TIME RETIREMENT 66AND 8 MONTHS DO I GET ANY MONEY WORKING THE PARK-TIME JOB.
You can also suspend your ss at fra until 70, then resume at a higher amount.
Great presentation...thanks for the information
Glad it was helpful!
The average life expectancy is 75. Take at 62, reduce benefits. But, you will live to take some of your money back. For some reason they don't pay you interest on the millions you paid in.
An important note is that during the 1st calendar year the dollar for every 2 dollars over rule doesn't apply. Of you make 1 penny over the monthly amount you lose ALL of the benefit. Also, I believe they front-load the benefit Withholding in subsequent years meaning once you go over in 1 month they grab all of you benefit every month until they have what is the estimated total for the year.
If i continue to work after taking SS will my contributions (FICA) count and accumulate as my benefit?
your FICA contributions will still count and could potentially increase your future benefit amount. You will still have to pay FICA taxes on your earnings while you still work.
Excellent explanation. Thank a lot!!
You are welcome!
He's Got Some " Interesting Points " here, What I'm Concerned is, I Live in Pa..Rural...If They are " Doing A graph of Wage " Guess What.
pa. Has Not Have Had A Wsge Increase In Years...Did They Want To Change it ?! The Average Pa.Woman Raising A Child Has A Wage of $ 7.25; (OMG) unless.
You Cross Over State Lines in Jersey, Get Something Decent; But Pay about 2 State Taxes...
I doubt SS will exist when I reach my retirement age of 67 in 2035. I’ve worked since 1985 at the age of 15. I refuse to work past 59 1/2. Especially when i see my taxes going into ridiculous govt. policies. I am hoping i will still have my 401k, but i’m starting to think the govt. has their greedy eyes on that stack of cash as well.
When I was in my early 20's I worked at a Brokerage Firm for 3 yrs. and had a 401k. Called many years later about it and was told they had no records of me having one. They got my money.
I worked for over 40 years. I retired in May 2022 and started receiving SS at FRA. I returned to work at a much higher rate. What should i do to increase the SS payment based on the higher earnings in the period after starting SS?
@@kendugas50 The SSA will do a recalculation the following September. You will get any additional monies starting the following January.
Can both spouse take spousal benefits from each other social security benefits? Or this only applies to the wife?
It is gender neutral. You get one benefit yours or a spousal top up. You do not get two benefits.
That applies to both husband and/or wife.
Are u saying that after 60 it doesn't matter what I make. They are not averaging the top 35 years? 4:30. Can u explain a hypothetical calculation for this
@@AJH10000 Don’t get hung up on the indexing It’s minuscule what you would get
Is the spousal benefit reduced the spouse social security benefits or it doesn’t affect them ?
I know if ur divorced, but married 10 yrs, and get spousal benefits, he doesn’t even know unless u tell him
I’m thinking same for married but I’m not positive on that
It doesn't affect their benefit in any way.
@@MedicareSchool it would be nice if that benefit amt could go to a kid over 18 yrs old instead, like to 24 so they get thru skill accrual for employment.
I have a question 🙋♀️
If you are retired and go back to work at a seasonal job - is the limit you can’t go over with penalty by the month or by the year?
I worked for a Christmas season one year and because Social Security said my gross was over the limit for the month of December- they kept an entire almost a $1000. Check for the following April the next year 😠
I think it's per year. I'd call SS and explain.
I'm confused. I am a retired federal employee with my Medicare in place. As I understand it if I change anything as part of my Medicare Plan, I will lose all my Medicare benefits. Can someone clarify this, please? I realized if I go into an advantage plan that will do away with my current coverage. Is there anything additional I can add or change that won't affect my benefits? Thank you for your response😍
Here is video about how Medicare and FEHB work together with plans. If you feel that you would like to explore plan options that may be available to you we'd be happy to help, give us a call at 1-800-864-8890. Here is a link to that video as well: th-cam.com/video/OeiqSiab794/w-d-xo.html
How much will we pay in taxes at full retirement? I don't believe you have ever talked about that. Maybe I'm wrong.
Can you calculate total accumulated income and how many years it takes for someone taking at 67 to catch up to the total accumulated income of someone who started taking at 62 .
Just so the government can give the money to someone who has not contribute to the system.
Yes, and that's a shame. And if you been divorced from someone for 15, 20, 30 years and that person remarried 5 times, but didn't stay married to either person for at least 10 years, but was married to you for for 10 years even though it's been 30 years ago, they can draw off of you. They say it don't effect your SS. But I just don't see how it don't, because where's the extra money coming from if that personnever worked and paid into SS, no different than Democrats are trying to get it approved that immigrants to ba able to draw SS disability.
Stop whining and stop spreading racist lies. So sick of you idiots
Well I had to take a medical disability at age 60 and at the age of 66 they changed me from SSDI to SSA I don't understand that they say I make too much money now to have my social security and Medicaid what's up with this they treat us awful but you take people from another country coming here they get money each month to live on a great deal more than I do and get food stamps how is this right we're the ones that paid the taxes in