What Are the Most Common Retirement Questions You Receive about Social Security?
Reading Time: 2 MinutesLast Updated: April 6, 2017
There are two big questions I hear plenty.
- 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.
Your FRA benefit is 25 to 30 percent higher than the benefit you can get at age 62. Even better is to have the high earner wait all the way until age 70. The benefit if you start then is more than 65 percent higher than the benefit you are entitled to at age 62. While the high-earner should wait as long as possible, the other spouse can start earlier, but I always encourage both spouses to delay as long as possible.
- I am getting divorced and haven’t worked full time. Am I going to be able to get Social Security?
If you were married at least 10 years you will be eligible for Social Security based on your ex-spouse’s earnings record. Your receiving a benefit will have no impact on the benefit your ex is eligible for.
There are a few caveats to understand about how this works. Most important, you can’t make a claim on an ex-spouse’s record if you remarry. (It doesn’t matter if your ex remarried.) You also need to be at least 62 years old. You can learn more about that here.
SSA does not endorse any particular financial advisory product or service.
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Tags: full retirement age, retirement benefits, Social Security benefits
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Suze Orman, Personal Finance Expert
Suze Orman is an award-winning personal finance expert.
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Susan
Social Security
I have a question…
My mother is 92 and had Dementia/Alzheirmers ( about 8 years now).
My brother will not let her go to the bank to withdraw her Social Security if she needs it. He get very angry at my daughter & I if we take $20.00 for a cup of coffee or a sandwich. My daughter is assisting her 7 days a week, does not get paid, yet she is working. However I want to know if my brother can keep my Mother from her Social Security she has worked 25 years for her money, & now has not one darn die to herself, He also took her check book & ATM cards
can you please help?
Thank you
R.F.
Hello Susan, it appears that your mother needs a representative payee to help her manage her Social Security benefits. Please note that having a power of attorney, or having a joint bank account with the beneficiary, is not the same as being a representative payee. These arrangements do not give legal authority to negotiate and manage payments for someone receiving Social Security or SSI payments.
If you or another relative are interested in applying to become your mother’s representative payee, please contact your local office for a face-to-face interview.
When friends or family are not able to serve as payees, Social Security looks for qualified organizations to be representative payees.
Please read our publication: A Guide For Representative Payees. If you have specific questions, or to make an appointment, please call 1-800-772-1213. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m.
We hope this information helps!
HOWARD M.
I believe my current wife (of 4 years) has not been receiving Social Security checks as large as she should be receiving. I believe she should have had hers based on her prior deceased husband’s income. Her husband was a tenured history professor (37 years) at Southern Illinois University and had a great income. His surviving wife is receiving less than $800 monthly and that seems very insufficient to me. Do you agree? If so, what can she do not to rectify the shortfall?
Mary C.
How much can I earn a year without paying tax on by SS?
R.F.
Hello Mary. Current law requires everyone working in covered employment or self-employment regardless of age or eligibility for benefits to pay Social Security taxes.
Also, some people have to pay federal income taxes on their Social Security benefits. This usually happens only if you have other substantial income (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return) in addition to your benefits.
To see what the Social Security earnings limits are for 2018 visit “Getting Benefits While Working“. For further income tax questions, you will need to contact the IRS. Their toll-free number is 1-800-829-1040. Thanks!
Bonnie R.
I receive SSI now. I reach my retirement age in January in 2019. Can I stop my SSI and get my retirement now for the rest of this year being I am entitled to my retirement in January anyway or should I wait until I turn 66.
Bonnie R.
I receive SSI now. I reach my retirement age in January in 2019. Can I stop my SSI and get my retirement now for the rest of this year being I am entitled to my retirement in January anyway or should I wait until I trun 66.
R.F.
Hello Bonnie. We have strict guidelines that apply to individuals receiving benefits under the Supplemental Security Income or SSI program.
First of all, SSI beneficiaries are required to report their income or resources available to them. Also, we conduct “redeterminations” periodically to identify SSI recipients who –at any time- are potentially eligible for any or other Social Security benefits on their own record and the records of others (e.g., spouse’s, widow’s, or childhood disability benefits). If an SSI recipient is insured and qualifies on his or her own record for their own retirement benefit, they are required to apply at age 62. Failure to apply for additional benefits will result in suspension or termination of their SSI benefits.
Keep in mind that the SSI program is a needs-based program that pays benefits to disabled adults and children who have limited income and resources. SSI benefits are also payable to people 65 and older without disabilities who meet the financial limits.
If you have low income and limited resources, you may be eligible to receive both benefits.
Please call our toll free number at 1-800-772-1213 and speak to one of our agents. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Or contact your local Social Security office directly.
Thanks!
Shirley P.
I am a MO retired teacher collecting a small amount of mo social security and retirement. My question to you is can I draw ss from my exhusband with 12 years of marriage . I am 68. I tried 5 years ago to receive benefits from my exhusband’s ss but was turned down. Please explain why I was not able to receive any of his benefits. I am teaching remedial reading in a Kansas elementary school. I am trying to find a way to have an income that will allow me to keep my home.
R.F.
Hello Shirley. A pension based on work that is not covered by Social Security (for example, Federal civil service and some State or local government agencies) may cause the amount of your Social Security benefit to be reduced. Your benefits can be reduced based on one of two provisions:
Your own Social Security benefit can be reduced based on the Windfall Elimination Provision;
Your spouse’s, divorced spouse’s, surviving divorced spouse’s or widow’s benefits under Social Security may be affected by the Government Pension Offset.
We hope this information helps!
Sybil D.
Getting ready to apply for social security. How is the date of receiving check determined?
R.F.
Hello Sybil, Social Security beneficiaries receive their payments on the 2nd, 3rd, or 4th Wednesday of the month. Your payment date is established, based on the date of birth of the person on whose record you collect benefits. See Schedule of Social Security Payments.
John
How much money can I make and still collect my full Social Security benefits.
R.F.
Hello Jon, please see “Getting Benefits While Working” for complete information on this topic. Thanks!
Marjorie M.
How much can you make working part time in a month.
R.F.
Hello Marjorie, you can keep working and receive your Social Security retirement benefits at the same time. However, if you’re younger than the full retirement age and earn more than the yearly earnings limit, your benefits could be reduced. That limit -in 2018- for someone younger than full retirement age is $17,040.
If you work and are full retirement age or older, the amount you make at work will not affect your Social Security benefits, no matter how much you earn.
You can use our earnings test calculator to see how your earnings could affect your benefit payments. For more information, please read our publication “How Work Affects Your Benefits”. Thanks!
DeCarlo P.
Dear Suzy, I am thinking of starting my monthly benefits from SS. I just turned 65, this month. I do plan to work another (2) years. I am at 95% …..I am unmarried and have no children…I currently earn too much for the current deductions