A Few Other Situations:
- If you already receive benefits as a spouse, your benefit will automatically convert to survivors benefits after we receive the report of death.
- If you are also eligible for retirement benefits , you have an additional option. You can apply for retirement or survivors benefits now and switch to the other benefit later.
- For those already receiving retirement benefits, you can only apply for benefits as a widow or widower if the retirement benefit you receive is less than the benefits you would receive as a survivor.
If you became entitled to retirement benefits less than 12 months ago, you may be able towithdraw your retirement application and apply for survivors benefits only. If you do that, you can reapply for the retirement benefits later when they will be higher.
How Much Will Your Divorced Spouse Receive
If you have not applied for retirement benefits, but can qualify for them, your ex-spouse can receive benefits on your record if you have been divorced for at least two continuous years.
If your ex-spouse is eligible for retirement benefits on their own record, we will pay that amount first. If the benefit on your record is higher, they will get an additional amount on your record so that the combination of benefits equals that higher amount.
If your ex-spouse was born before January 2, 1954, and has already reached full retirement age, they can choose to receive only the divorced spouses benefit and delay receiving their own retirement benefit until a later date.
If your ex-spouses birthday is January 2, 1954 or later, the option to take only one benefit at full retirement age no longer exists. If your ex-spouse files for one benefit, they will be effectively filing for all retirement or spousal benefits.
Ask Larry: Will I Need To Reapply For Social Security Retirement Benefits At 70
Economic Security Planning, Inc.
Today’s Social Security column addresses questions about whether a new application is necessary to receive retirement benefits after taking spousal benefits, taking early survivor’s benefits before retirement benefits and when Social Security considers you to be 70. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc.
Have Social Security questions of your own youd like answered? Ask Larry about Social Security here.
Will I Need To Reapply for Social Security Retirement Benefits At 70?
Hi Larry, I will be 70 in July and will then be changing from spousal to my retirement benefits. I expect to get about $3,400.00. My wife, who was born in 1954, started her retirement benefits at 62. Her benefit is about $1,200. When I’m 70, will I have to reapply for my retirement benefit? also, when I’m 70 and my wife is 67-68, would it be better for her to switch to spousal till she is 70? Thanks, Pat
Hi Pat, Yes, you’ll need to file a new application to switch from spousal benefits to your own Social Security retirement benefits. If you turn 70 in July, you can submit your application as early as February.
If a person who is receiving their own benefits becomes eligible for a higher spousal or survivor benefit rate, they can continue to be paid their own benefits plus a partial or excess spousal or survivor benefit.
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Social Security Benefits: How To Determine How Much You Get
There are three main methods that people use
- Social Security Taxes 2022.Are payroll taxes changing in 2022?
Many people in the United States who are nearing retirement age will have been putting money towards their Social Security for decades, but when it comes to figuring out just how much the Social Security Administration owes you, it can be a bit tricky.
It’s possible that you and your employer, over many years, could have put more than $200,000 into the Social Security system on your behalf, so it’s important to know what your Social Security Income might be as a result.
Other Things You Need To Know
There are limits on how much survivors may earn while they receive benefits.
Benefits for a widow, widower, or surviving divorced spouse may be affected by several additional factors:
- If you remarry before you reach age 60 , you cannot receive benefits as a surviving spouse while you are married.
- If you remarry after you reach age 60 , you will continue to qualify for benefits on your deceased spouse’s Social Security record.
- If you receive benefits as a widow, widower, or surviving divorced spouse, you can switch to your own retirement benefit as early as age 62. This assumes you are eligible for retirement benefits and your retirement rate is higher than your rate as a widow, widower, or surviving divorced spouse.
- In many cases, a widow or widower can begin receiving one benefit at a reduced rate and then, at full retirement age, switch to the other benefit at an unreduced rate.
- If you will also receive a pension based on work not covered by Social Security, such as government or foreign work, your Social Security benefits as a survivor may be affected.
However, if your current spouse is a Social Security beneficiary, you may want to apply for spouse’s benefits on their record. If that amount is more than your widow’s or widower’s benefit, you will receive a combination of benefits that equals the higher amount.
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How To Get Your Social Security Benefits
To be entitled to Social Security, you first need 40 work credits or approximately 10 years of work. To qualify for the maximum Social Security payment, you must earn the maximum Social Security taxable income for 35 years. The cap, which is the amount of income subject to Social Security tax, is $147,000 in 2022, up from $142,800 in 2021.
Social Security payments are calculated by combining your highest paid 35 years . First, all salaries are indexed to account for inflation. Previous years’ wages are multiplied by a factor based on the years they were earned. This calculation gives an amount comparable to purchasing power based on the current value of the dollar. Accounting for this change in valuation is important because a salary of $14,000, for example, was much more impressive in 1954 than it is today.
Once all wages are indexed, the average indexed monthly wage is calculated by dividing the sum of all indexed wages by 420 . If you have worked less than 35 years, enter a zero for the years you have not worked. Your benefit amount is then calculated based on factors including the year you start to collect, whether you’ve reached Full Retirement Age and whether you’re still working while collecting benefits.
Thinking About Retirement Check This Article
Financial hardships are becoming common occurrence during this pandemic, but as the economy starts to rise and more people return to their jobs, several changes to economic programs and social security benefits, have occurred and people want to know how much they can get from their monthly checks.
Let’s cut to the chase, the maximum amount of money you can get from Social Security payments depends, among other factors, on the age at which you start collecting and your earnings history. In 2022, the maximum is $3,240 a month for someone filing for full-age retirement at age 66. But $4,194 is the highest benefit in absolute terms for those who qualify and delay applying until age 70.
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What Happens If I Work And Get Social Security Retirement Benefits
You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefit. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.
- We use the following earnings limits to reduce your benefits: If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.
For 2021 that limit is $18,960.
- In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age.
If you will reach full retirement age in 2021, the limit on your earnings for the months before full retirement age is $50,520.
Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.
Use our Retirement Age Calculator to find your full retirement age based on your date of birth.
Use our Retirement Earnings Test Calculator to find out how much your benefits will be reduced.
What counts as earnings:
Your benefits may increase when you work:
When youre ready to apply for retirement benefits, use our online retirement application, the quickest, easiest, and most convenient way to apply.
If you need to report a change in your earnings after you begin receiving benefits:
How Much Will My Spouse Receive
If your spouse qualifies for benefits on their own record, we will pay that amount first. If the benefit on your record is higher, they will get an additional amount on your record so that the combination of benefits equals that higher amount.
If they begin receiving benefits:
If your spouse will receive a pension for work not covered by Social Security such as government employment, the amount of their Social Security benefits on your record may be reduced.
at any age
Benefits paid to your spouse will not decrease your retirement benefit. In fact, the value of the benefits they may receive, added to your own, may help you decide if taking your benefits sooner may be more advantageous.
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The Biggest Benefit Increase In Decades Is Good News
A more substantial Social Security raise than retirees have seen in decades seems like great news. The only problem is, cost-of-living adjustments that result in benefit increases aren’t like typical raises employers may provide based on merit.
Instead, COLAs are determined based on a set formula designed to help retirees maintain buying power. Retirees get a cost-of-living adjustment when a comparison of the costs of goods and services shows prices are increasing year over year. The only reason retirees are getting such a big benefits bump is because data shows inflation is surging. And inflation isn’t good for retirees.
When prices rise, seniors’ buying power ends up falling because their savings don’t stretch as far. Savings is one of two important income sources for older Americans, along with Social Security. If you’re retired and withdrawing a set amount from your retirement account, and that money doesn’t buy as much as it did in the past, you end up worse off.
You may think the big Social Security raise helps offset the damage inflation does to the value of retirees’ savings. After all, they’ll get bigger retirement benefit checks. The only problem with that is the best a COLA will do is help a retiree keep pace with cost increases. It shouldn’t increase buying power because the COLA calculation matches changes in the consumer price index.
The $16,728 Social Security bonus most retirees completely overlook
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What Is A Social Security Benefit Statement
The Benefit Statement, also known as the SSA-1099 or the SSA-1042S, is a tax form we mail each year in January to people who receive Social Security benefits. It shows the total amount of benefits you received from us in the previous year so you know how much Social Security income to report to the IRS on your tax return.
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Can I Get Social Security Benefits At Age 63
To be clear, you are allowed to file for Social Security at 63. In fact, you can do so as early as age 62, and not surprisingly, thats the most popular age to claim benefits. If you were to file for Social Security at age 63 with a full retirement age of 66, youd lose about 20% of your monthly benefit amount.
C You Can Continue Working And Not Receive Your Retirement Benefits
If you decide to continue working and not start your benefits until after full retirement age, your benefits will increase for each month you do not receive them until you reach age 70. There is no incentive to delay filing for your benefits after age 70. Continuing to work may also increase your benefits, because your current earnings could replace an earlier year of lower or no earnings, which can result in a higher benefit amount.
If you are not receiving your Social Security benefits when you turn 65, you will need to apply for Original Medicare three months before you turn 65. If you dont sign up for Medicare Part B when youre first eligible at age 65, you may have to pay a late enrollment penalty for as long as you have Medicare coverage.
However, if you or your spouse are still working and covered under an employer-provided group health plan, talk to your personnel office before signing up for Medicare Part B. Once the covered employment ends, you may be eligible for a Special Enrollment Period to sign up for Part B. If so, you wont have to pay a late enrollment penalty.
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Benefits For Disabled Widows Or Widowers
If something happens to a worker, benefits may be payable to their widow, widower, or surviving divorced spouse with a disability if the following conditions are met:
- The widow, widower, or surviving divorced spouse is between ages 50 and 60.
- The widow, widower, or surviving divorced spouse has a medical condition that meets the definition of disability for adults and the disability started before or within seven years of the worker’s death.
Widows, widowers, and surviving divorced spouses cannot apply online for survivors benefits. However, if they want to apply for these benefits, they should contact Social Security immediately at 1-800-772-1213 to request an appointment
To speed up the application process, complete an Adult Disability Report and have it available at the time of your appointment.
We use the same definition of disability for widows and widowers as we do for workers.
Apply For Benefits Online
You should apply for disability benefits as soon as you become disabled. Follow these easy steps to apply online for disability:
- To start your application, go to our Apply for Benefits page, and read and agree to the Terms of Service. Click Next.
- On that page, review the Getting Ready section to make sure you have the information you need to apply.
- Select Start A New Application.
- We will ask a few questions about who is filling out the application.
- You will then sign into your mySocial Security account, or you will be prompted to create one.
- Complete the application.
You can use the online application to apply for disability benefits if you:
- Are age 18 or older.
- Are not currently receiving benefits on your own Social Security record.
- Are unable to work because of a medical condition that is expected to last at least 12 months or result in death and
- Have not been denied for disability in the last 60 days.
Note: If your application was recently denied, our application is a starting point to request a review of the determination we made.
You may be able to file online for SSI at the same time that you file for SSDI benefits. Once you complete the online process above, a Social Security representative will contact you if we need additional information.
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Documents You Need To Apply
Please select the benefit you will be applying for from the list below to see what information and documents you may need when you apply:
If you don’t have all the documents you need, don’t delay applying for Social Security benefits.
In many cases, your local Social Security office can contact your state Bureau of Vital Statistics and verify your information online at no cost to you. If we can’t verify your information online, we can still help you get the information you need.
Mailing Your Documents
If you mail any documents to us, you must include the Social Security number so that we can match them with the correct application. Do not write anything on the original documents. Please write the Social Security number on a separate sheet of paper and include it in the mailing envelope along with the documents.
Social Security Entitlement Requirements
Many people who are eligible for Supplemental Security Income may also be entitled to receive Social Security benefits. In fact, the application for SSI benefits is also an application for Social Security benefits. We often need to obtain additional information from the person before we can award Social Security benefits.
The following sections provide information on who may be entitled to Social Security benefits.
TO BE ELIGIBLE FOR SOCIAL SECURITY BENEFITS AS A WORKER YOU MUST BE:
Age 62 or older, or disabled or blind and
“Insured” by having enough work credits.
For applications filed December 1, 1996, or later, you must either be a U.S. citizen or lawfully present alien in order to receive monthly Social Security benefits.
HOW MUCH WORK DO YOU NEED TO BE”INSURED”?
We measure work in “work credits”. You can earn up to four work credits per year based on your annual earnings. The amount of earnings required for a work credit increases each year as general wage levels rise.
To be eligible for most types of benefits , you must have earned an average of one work credit for each calendar year between age 21 and the year in which you reach age 62 or become disabled or blind, up to a maximum of 40 credits. A minimum of six work credits is required, regardless of age.
The rules are as follows:
|Born After 1929|
WHO CAN RECEIVE BENEFITS ON YOUR EARNINGS RECORD?
If you are receiving retirement or disability benefits, your spouse may qualify if he or she is:
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