Ex-Spouse Benefits And How They Affect You

two women and child smiling Just like during tax season, it’s good to have all the information you need early so you can prepare and get any money you are due.

If you are age 62, unmarried, and divorced from someone entitled to Social Security retirement or disability benefits, you may be eligible to receive benefits based on his or her record. To be eligible, you must have been married to your ex-spouse for 10 years or more. If you have since remarried, you can’t collect benefits on your former spouse’s record unless your later marriage ended by annulment, divorce, or death. Also, if you’re entitled to benefits on your own record, your benefit amount must be less than you would receive based on your ex-spouse’s work. In other words, we’ll pay the higher of the two benefits for which you’re eligible, but not both. Continue reading

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Working While Retired

two women smiling and looking at flowersRetirement life is different for everyone. Social Security is here to secure today and tomorrow, whether you sail into the sunset or decide to continue working. Some of our rules allow you to receive Social Security retirement or survivor benefits and work at the same time, as long as you don’t make more than Social Security’s annual earnings limit. For 2017, that limit is $16,920. Continue reading

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Can I Keep This Benefit Payment?

two women looking at laptopSocial Security is with you through life’s journey, securing today and tomorrow for millions of people. We know that reliability and dependability is an important part of your financial security. We use the same throughout the month eligibility rules for the first month’s Social Security check through the last month’s check, so it’s easy to know when checks are payable. Continue reading

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What Is the Biggest Retirement Planning Mistake?

Suze OrmanThat’s easy to answer: Not having a plan!

Building a financially secure retirement doesn’t happen by itself. You need to make a commitment to smart financial decisions long before retirement — starting in your 20s would have been ideal — and then keep carrying through on your retirement plan.

Here are some other big retirement-planning mistakes I want you to avoid: Continue reading

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What Are the Most Common Retirement Questions You Receive about Social Security?

Suze OrmanThere are two big questions I hear plenty.

  1. My husband wants to retire at 62 and start taking Social Security. Is that okay?

This typically comes up because husbands are often a few years older than their wives, and figure they want to “get their money’s worth” by taking Social Security as early as possible. I think that can be a bad move. Unless you have oodles of money to live on in retirement, you — as a couple — want to maximize your Social Security payout for the longest surviving spouse. It’s important to understand that when one spouse dies, the other spouse is entitled to just one Social Security payment. So you want the surviving spouse to have the biggest possible benefit. Here’s how: Whichever spouse is the higher earner (and thus eligible for a bigger Social Security benefit) should  delay taking Social Security at least until their Full Retirement Age (FRA), which is between age 66 and 67, depending on the year you were born. Continue reading

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When Is a Good Time to Start Receiving Social Security Benefits?

a woman gardeningEnjoying a comfortable retirement is everyone’s dream. For over 80 years, Social Security has been helping people realize those dreams, assisting people through life’s journey with a variety of benefits. It’s up to you as to when you can start retirement benefits. You could start them a little earlier or wait until your “full retirement age.” There are benefits to either decision, pun intended. Continue reading

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2017 Brings New Changes to Full Retirement Age

3 elderly people siting on a stoopEvery worker’s dream is to enjoy a secure retirement. Social Security is here to secure today and tomorrow. Part of that commitment is ensuring you have the most up-to-date information when you make your retirement decisions.

As the bells ring in the New Year, they also bring changes for new Social Security retirement beneficiaries. Full retirement age is 66 and two months for people born 01/02/1955 through 01/01/1956.  They are eligible to receive permanently reduced retirement benefits when they turn 62 in 2017. Continue reading

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