U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 01-28-2013, 09:17 AM
 
1 posts, read 1,595 times
Reputation: 10

Advertisements

Hi
I have two children below the age of 16 and I am working.
I know they can claim my social security benefits as long as I begin claiming, hence I am thinking to claim at the age of 62, but I do plan to continue to work and given my earned income, I suspect I won't be receiving any benefits.

Questions:
1. will I be able to apply and suspend so as to keep the full benefit at age 66?

b. If not, I assume my portion of the benefits will be withheld and be distributed back to me, right? Say assuming I should have received $20,000 annually and if I do not have earned income beginning at age 64, the 2 *$20,000 will be distributed back to me right?

c. Given 2 of my children will be able to receive benefits until I reach 66, I assume my break even point will be above age 80, true?

d. I have read from the ssa.gov site that the total benefits for the family can be from 150 to 180 percent of the parent's full benefit amount. As I am assuming I will be getting 100% of the reduced benefits, therefore, does it mean that my children can only receive a maximum of 80% (or plus a bit more as I am not getting 100% of the full benefits) of the full benefits? or that their benefits added together should not be over 100%

thank you.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 01-28-2013, 10:22 PM
 
11,129 posts, read 8,874,450 times
Reputation: 18220
1. No, you can't file/claim at 62 and then suspend. You can't use file/suspend until you reach 66.

b. No. Your benefits begin when you apply. There's no retroactive distribution. edit: if you file and do later have too-high earnings, they will recompute your benefit to adjust for months withheld. See http://www.socialsecurity.gov/retire2/whileworking3.htm

c. ?? Not sure what you're asking. Are you trying to include your children's potential benefits when calculating your break-even? Regardless, your break-even point depends upon many variables.

d. True, there's a maximum family benefit in the range of 150-180% of the worker/parent's full benefit amount. However the formula is somewhat complex and doesn't work like you show, i.e., there's not a % breakdown between the parent's and the children's benefits. See Formula for Family Maximum Benefit.

Last edited by biscuitmom; 01-28-2013 at 10:38 PM..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-30-2013, 06:35 PM
Status: "When is this over???" (set 1 day ago)
 
Location: Prescott AZ
6,553 posts, read 10,001,760 times
Reputation: 12801
Why do you want your children to begin receiving benefits from your claim? I don't understand. Are they disabled?
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top