Wednesday, June 15, 2022

When Will I Be Able To Draw Social Security

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How To Deposit Social Security Benefit Checks

How long will I be able to receive Social Security disability benefits?

If the SSA is able to send payments to the foreign country where you plan to spend retirement, you have a few options. You can have the checks sent to that country, or you can have them deposited into either a U.S.-based bank account or a foreign account held in a country with an international direct deposit agreement.

Direct deposit is the fastest, most secure way to receive payments. Keep in mind that it will often take longer to receive paper Social Security checks outside the U.S.

Social Security Benefits For Children

A minor child or an adult child with a disability may be eligible for Social Security benefits if the parent receives retirement or disability benefits. The child must be one of the following:

  • Under the age of 18
  • A high school student up to age 19
  • An unmarried adult who became disabled before the age of 22

Family income limits may also apply. Dependent child benefits begin when a retired worker’s benefits start. They end when the child turns 18 . The disabled person may then qualify for continuing benefits as an adult who is unable to work.

No 3 Benefits If You Are Divorced

Are you divorced, but were married for at least 10 years or more? Are you unmarried? At least 62 years old?

If yes, you may be able to collect benefits on your ex-husbands earnings record, even if he has remarried.

There are 2 major considerations for determining if benefits are available to you.

  • You must be unmarried
  • And, your ex-husband is entitled to Social Security retirement benefits or disability benefits.

If you worked after your divorce, you may qualify to collect Social Security on your own earnings record. However,; the amount could be less than your ex-husbands.

The Social Security Administration takes this into account.

You may receive an additional amount based on your ex-husbands earnings record.

The Social Security Administration will combine your and your ex-husbands benefit amounts and pay you the highest sum of money available, based on their calculations.

Note: If you remarry your benefits generally end unless that marriage later ends in divorce, death, or annulment.

Social Security benefits tend to be a bit more complex for divorcees. I suggest visiting this Retirement Benefits Planner page to get a complete understanding of your options.

In case youre wondering how your collecting after divorce affects your ex-husbands account, it doesnt. He still gets his full amount regardless of what you receive from Social Security.

The book selections below are my affiliate links to Amazon and may help you with your Social Security journey.

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When Should You Retire

To draw full retirement benefits, the following Social Security Administration age rules apply:

Born in 1937 or earlier – Full retirement can be drawn at age 65Born in 1938 – Full retirement can be drawn at age 65 years and 2 monthsBorn in 1939 — Full retirement can be drawn at age 65 years and 4 monthsBorn in 1940 — Full retirement can be drawn at age 65 years and 6 monthsBorn in 1941 — Full retirement can be drawn at age 65 years and 8 monthsBorn in 1942 — Full retirement can be drawn at age 65 years and 10 monthsBorn in 1943-1954 — Full retirement can be drawn at age 66Born in 1955 – Full retirement can be drawn at age 66 and 2 monthsBorn in 1956 — Full retirement can be drawn at age 66 and 4 monthsBorn in 1957 — Full retirement can be drawn at age 66 and 6 monthsBorn in 1958 — Full retirement can be drawn at age 66 and 8 monthsBorn in 1959 — Full retirement can be drawn at age 66 and 10 monthsBorn in 1960 or later — Full retirement can be drawn at age 67

Remember that while you can begin drawing Social Security retirement benefits at age 62, your benefits will be 25 percent less than what they will be if you wait until your full retirement age as shown above. Also keep in mind that no matter when you start drawing Social Security benefits, you must be 65 to be eligible for Medicare.

For example, people who waited until age 70 to retire in 2017 could get a maximum benefit of $3,538.

How Much Can You Expect To Get


Your Social Security retirement benefit payment is based on how much you made during your working years. The more you earned, the more you’ll get when you retire.

Your Social Security retirement benefit payment is also affected by the age at which you decide to retire. You can retire as early as age 62, but if you retire before your full retirement age, your benefits will be permanently reduced, based on your age. For example, if you retire at age 62, your benefit would be about 25 percent lower than what it would be if you waited until you reach full retirement age.

You also need to remember that monthly premiums for Medicare Part B are usually deducted from monthly Social Security benefits. Retirement is a great time to look into the pros and cons of a private Medicare Advantage plan.;

Retirement benefits are based on the recipients lifetime earnings in work in which they paid Social Security taxes. Higher income translates to a bigger benefit, up to a point. The amount to which retirees are entitled is modified by other factors, most crucially the age at which they first claim benefits.;

For reference, the estimated average Social Security retirement benefit in 2021 is $1,543 a month. The maximum benefitthe most an individual retiree can getis $3,148 a month for someone who files for Social Security in 2021 at their full retirement age.

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Retirement Disability Or Survivors Benefits: Which Do You Qualify For

Lets start with retirement benefits and how a spouse or ex-spouse who has never worked can qualify for them. To claim;Social Security spousal benefits, youll need to meet certain criteria, including being at least age 62 in most cases. Your spouse or ex-spouse also must be living. Keep in mind that the criteria for spousal benefits varies depending on whether youre married or divorced.

Bridge To Medicare At Age 65

Remember that while you are eligible for reduced Social Security benefits at 62, you won’t be eligible for Medicare until age 65, so you will probably have to pay for private health insurance in the meantime. That can eat up a large chunk of your Social Security payments.

Read Viewpoints on Your bridge to Medicare

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How Benefits Can Be Paid

If you have Social Security credits in both the United States and Canada, you may be eligible for benefits from one or both countries. If you meet all the basic requirements under one countrys system, you will get a regular benefit from that country. If you do not meet the basic requirements, the agreement may help you qualify for a benefit as explained below.

How Disability Benefits Differ

If I am approved for disability, how much will my Social Security Disability benefit be?

Social Security Disability Insurance benefits are for people who are eligible for Social Security retirement benefits, but became disabled before they reached full retirement age. When a beneficiary begins to receive disability benefits, certain members of their family may also qualify for benefits, including:

  • spouse

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Earn Ssa Work Credits In Some Countries

You may not have enough credits from your work in the United States to qualify for retirement benefits. But, you may be able to count your work credits from another country. The SSA has agreements with 24 countries. If you earned credits in one of those countries, they can help you qualify for U.S. benefits.

Does Social Security Pay Death Benefits

They do. They pay a one-time lump sum payment of $255. The spouse must have lived with the deceased. If there was no surviving spouse, the payment can be made to a surviving child. You must claim this benefit within two years of the death.

Obviously, this amount is not going to take you very far, so lets look more closely at the monthly benefits.

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Congress Must Act Sooner Rather Than Later

In theory, the AWI problem could be fixed anytime before 2022, when, for example, workers who turn 60 this year are first eligible to retire at the age of 62. But that delay would cause significant anxiety for these workers, whose future benefits would be at risk. Moreover, people decide when to retire based on projections of their incomes in their initial year of retirement and in the remainder of their lives. It would be most unfair to workers decision-making processes to have the expectations of their future incomes be uncertain for some period of time while they are trying to make such an important decision.

Congress needs to act sooner rather than later to ameliorate this problem. One possibility would be to include a fix in the stimulus legislation to cope with the economic effects of the COVID-19 pandemic that Congress is currently considering.

If You Were Born In 1960 Your Full Retirement Age Is 67

Social Security Survivor Benefits: Life Insurance For All ...

You can start your Social Security retirement benefits as early as age 62, but the benefit amount you receive will be less than your full retirement benefit amount.

The chart below provides examples of the percentage of your full retirement benefit amount you and your spouse would receive from age 62 up to your full retirement age.

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Chapter : How Much Will You Receive In Survivor Benefits

After the passing of the worker, Social Security pays a one-time death benefit of $255 which can be collected by the widow or child.

Then there is the monthly Social Security survivor benefit. That benefit is based on the Social Security benefit the worker was receiving .

The benefit can be up to 100% of what your spouse would have received at full retirement. If the benefit you would receive as a survivor is higher than the benefit you receive on your own, Social Security will pay you the higher of the two amounts,;not the two combined. However, survivor benefits, unlike;spousal benefits, dont have to be claimed at the same time as your;own;retirement benefits. You can, in many cases, receive one benefit for a time and then file for the other one later. This is a common strategy for widows to take to maximize their benefits.;

Did you Know?

The earliest a widow or widower can apply for survivor benefits is age 60 .

Spouses Who Dont Qualify For Their Own Social Security

Spouses who didnt work at a paid job or didnt earn enough credits to qualify for Social Security on their own are eligible to receive benefits;starting at age 62 based on their spouses record. As with claiming benefits on your own record, your spousal benefit will be reduced if you take it before reaching your FRA. The highest spousal benefit that you can receive is half of the benefit that your spouse is entitled to at their FRA.

While spouses get a lower benefit if they claim before reaching their own FRA, they will not get a larger spousal benefit by waiting to claim after their FRAsay, at age 70. However, a nonworking or lower-earning spouse may get a larger spousal benefit if the working spouse has some late-career, high-earning years that boost their benefits.

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It Depends On The Type Of Benefit And Other Factors

    Most people think of Social Security benefits as a monthly payment that you start getting in retirement and receive for the rest of your life. In fact, Social Security is an umbrella term for several federal benefits programs. One of the largest government programs anywhere in the world, Social Security is expected to have paid out more than $1 trillion to about 65 million Americans in 2020.

    There are three key groups of people who receive Social Security benefits: retired workers, survivors of retirees, and people with disabilities and their families. How long does Social Security last? It depends on the type of benefit.

    What Is A Social Security Card

    ð´Can You Take Social Security at 62 and Still Work Retirement Question

    Your Social Security card is an important piece of identification. You’ll need one to get a job, collect Social Security, or receive other government benefits.

    When you apply for a Social Security number , the Social Security Administration will assign you a nine-digit number. This is the same number that is printed on the Social Security card that SSA will issue you. If you change your name, you will need to get a corrected card.

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    How Should I Decide When To Take Benefits

    Consider the following factors as you decide when to take Social Security.

    Your cash needs: If youre contemplating early retirement and you have sufficient resources , you can be flexible about when to take Social Security benefits.;;

    If youll need your Social Security benefits to make ends meet, you may have fewer options. If possible, you may want to consider postponing retirement or work part-time until you reach your full retirement ageor even longer so that you can maximize your benefits.

    Your life expectancy and break-even age: Taking Social Security early reduces your benefits, but youll also receive monthly checks for a longer period of time. On the other hand, taking Social Security later results in fewer checks during your lifetime, but the credit for waiting means each check will be larger.

    At what age will you break even and begin to come out ahead if you delay Social Security? The break-even age depends on the amount of your benefits and the assumptions you use to account for taxes and the opportunity cost of waiting . The SSA has several handy calculators you can use to estimate your own benefits.

    If you think youll beat the average life expectancy, then waiting for a larger monthly check might be a good deal. On the other hand, if youre in poor health or have reason to believe you wont beat the average life expectancy, you might decide to take what you can while you can.

    A quick note about life expectancy;

    Watch Out For Hidden Costs

    Youll also want to consider other lifestyle factors, especially Medicare. Americans become eligible for federal health insurance coverage at age 65, well after when you can begin to file for Social Security.

    If you stop working at age 62 and lose health insurance, you have to get supplemental insurance to bridge the gap until you turn 65 and Medicare kicks in, Neiser says.

    If you work during retirement, you have another incentive to delay collecting Social Security. Earning too much at a job after you begin collecting your benefit can reduce your payout, but only if you have yet to hit full retirement age.

    However, when you hit full retirement age, your benefit will increase to account for any benefit that was withheld earlier due to working. Heres how much you can earn and not get hit.

    If youre younger than full retirement age for all of 2021, the Social Security Administration will deduct $1 of your monthly check for every $2 you earn above $18,960 per year.

    If you reach full retirement age in 2021, the administration deducts $1 of your monthly check for every $3 you earn above $50,520 until the month you reach retirement age.

    Youll also owe Social Security and Medicare tax on your earnings, even if youre already receiving benefits.

    So those are some potential pitfalls to claiming Social Security early.

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    Report The Death Of A Social Security Or Medicare Beneficiary

    You must report the death of a family member receiving Social Security or Medicare benefits. The Social Security Administration processes death reports for both. Find out how you can report a death and how to cancel benefit payments. In addition to canceling SSA and Medicare benefits, find out what other benefits and accounts you should cancel.;

    How Much Can You Earn And Still Collect Survivor Benefits

    How to Apply for Social Security Disability

    While it can seem unfair to not be able to fully claim both your own and your survivor benefits, there are;claiming strategies to maximize what you receive. This includes switching from one benefit to the other. See an example from one of our users directly below.

    Making the right decision on how to maximize your own benefits depends on how much your own retirement benefit vs. survivor benefit would be, and how long you think you will be living and needing the money. It also depends on whether youre working.

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    Managing Medicare While Living Abroad

    Medicare benefits are only available in the U.S. For that reason, it may not be a good idea to sign up and pay premiums for the program if you will be out of the country for a long period of time.

    But if you do not sign up for Medicare, and you later do so, you will pay a 10% higher premium for each year you could have been enrolled but were not. If you have Medicare Part B coverage and want to cancel it, contact the SSA and request it to be canceled.

    Expect premiums for Part B to continue for another month after the month you notify the SSA.

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