Ask Rusty – When Should I Claim My Survivor Benefit?
National Social Security Advisor at the AMAC Foundation
SPECIAL TO DEVILS LAKE JOURNAL USA TODAY NETWORK
Dear Rusty: My wife passed away in 2014. I m 60 years old and have been retired since August 2020. I know I m entitled to survivor benefits, but my question relates to when to file for them. To say the information online is confusing is an understatement. Some background. My wife was born in 1960 and would have turned 62 next year. I was born in 1960 and turned 60 this past April. I do not plan on taking my SS until age 67 (I could wait until age 70 if it is more beneficial). I have not remarried. When should I file for survivor benefits to maximize the benefit? Signed: Surviving Husband
Ask Rusty – My Social Security Card Is Incorrect – What Should I Do?
Devils Lake Journal
Dear Rusty: My sister and I have the same first and last names but are distinguished by our “middle” names. Our last name consists of two family names, which gives us both four, with only our middle names unique. We received two Social Security cards with the same name (middle name excluded), each with a unique number, but with our last name misspelled. So, my questions are:
· Is it okay that our last name is misspelled?
I called Social Security and was told to make an appointment online, which I tried but could not because it wouldn’t accept my last name. I don’t know what to do now and hope you can advise me. Signed: Confused Sister
Devils Lake Journal
Dear Rusty: I will be 65 in August of this year. If I start drawing Social Security on my 65th birthday, how will my Social Security check be affected if I continue working at my full-time job, and take home $1380 every two weeks, until I reach my full retirement age? Signed: Working Senior
Dear Working Senior: Social Security (SS) has an “earnings test” which applies to anyone who collects benefits before they have reached their full retirement age (FRA). There is also a “first year rule” which applies when someone claims benefits mid-year, prior to their full retirement age. The first-year rule says that if you exceed a monthly limit you aren’t entitled to benefits for that month, and that applies for each remaining month in the first year, after your benefits start. Then, starting in 2022, you’ll be subject to an annual earnings limit. Since you will reach your full retirement age in 2022, your annual limit that year will be a bit more than the
Ask Rusty – Should I Claim Social Security Now or Wait Until I’m 70?
AMAC Certified Social Security Advisor Association of Mature American Citizens
Dear Rusty: I m currently 67 years old and still working full time. I took a big financial hit in 2008, which is why I m still working, and I expect to continue working until I m 70. My question is: should I take Social Security now, bank it until I’m 70, and then pay it out to myself upon retirement? Or would it be better to hold off until I’m 70 to claim. Longevity of about 85 seems to run in my family. Signed: Working Senior