Dear Rusty: I am getting hammered with taxes on my Social Security (SS). I am retired and draw a meager work pension and SS benefits. When my wife and I fi
Dear Rusty:
I was born in 1956 and my wife in 1961. Iâve got 45 years of SSA earnings, and I will have income in 2021. We have 4 minor children, the youngest born in 2012. When is the best time for us to apply for benefits? Are we eligible for family benefits? My statement infers that we are.
Signed: Older Dad
Dear Older Dad: Born in 1956, your full retirement age (FRA) for Social Security purposes is 66 years and 4 months. If you claim your SS benefit at any time before your FRA, it will be permanently reduced. If, for example, you claimed your SS benefits now, the amount would be permanently cut by about 14%. Your wifeâs FRA is 67 and, similarly, she will receive a reduced SS retirement or SS spousal benefit if taken any time before her FRA.
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How will wifeâs benefits be impacted by his pension?
By Russell Gloor, AMAC Certified Social Security Advisor Saturday, February 13, 2021 10:46 AM
This article is intended for information purposes only and does not represent legal or financial guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, trained and accredited by the National Social Security Association (NSSA). NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (amacfoundation.org/programs/social-security-advisory) or email us at ssadvisor@amacfoundation.org.