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Old 07-02-2015, 09:56 AM
 
Location: Cape Elizabeth
424 posts, read 386,850 times
Reputation: 745

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Quote:
Originally Posted by Pomcrazy View Post
This is great information ILMC. Thank you for responding. We will definitely do January 2016. Should we set up the January 2016 draw date in advance? If so, how many months in advance. Thank you!
You can set it up as early as 3 months before January (around October), but as long as you call and make an appt before January 31. 2016, you have not lost out.

When 2015 is over and you get your W2, it probably will give you and your family an increase, since 2015 might be one of your high years.

So, later in 2016 you can either send in the W2 and ask for a recomputation, or just wait until SSA does it and they will pay you back the difference beginning January 2016.

Coming up before you know it! Finally, having a young child will pay off! (lol)
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Old 10-08-2015, 10:13 AM
 
10 posts, read 8,086 times
Reputation: 21
Okay I have signed up for social security that will go into effect on Jan 1. 2016. I will be receiving 1727.00. How much should my wife and son receive. I have not received any figures from the SSA regarding their portions yet? Thanks in advance for all of your assistance.
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Old 10-08-2015, 10:47 AM
 
10 posts, read 8,086 times
Reputation: 21
I just spoke with the SSA office and they said my wife has to be 62 before she will get any benefits from my retirement. She is caring for our son who is 9. I believe the person I talked to was incorrect. Am I right for thinking this?
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Old 10-08-2015, 02:50 PM
 
Location: Northern panhandle WV
3,007 posts, read 2,167,665 times
Reputation: 6691
Yes I believe you are right.I would call and ask to speak to a supervisor.
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Old 10-08-2015, 05:32 PM
 
10 posts, read 8,086 times
Reputation: 21
I called back and talked to a supervisor and the person was incorrect!! I was very relieved to hear that. I have an appointment on October 30 to sign up my wife and child.
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Old 10-09-2015, 05:42 PM
 
Location: Cape Elizabeth
424 posts, read 386,850 times
Reputation: 745
Quote:
Originally Posted by Pomcrazy View Post
Okay I have signed up for social security that will go into effect on Jan 1. 2016. I will be receiving 1727.00. How much should my wife and son receive. I have not received any figures from the SSA regarding their portions yet? Thanks in advance for all of your assistance.
Pomcrazy, I am very upset that your original phone call resulted in incorrect information. That is why I always tell people that the 800# folks are not claims representatives and you need to speak with one, and one who specializes in Social Security, not the SSI program. You see, SSA administers 2 very different programs, SSA and SSI. The agency goes back and forth with having employees "specialize" or be "generalists" but overall most are now called upon to work with both programs. However, most employees feel more comfortable with one program over the other, but that does not mean they don't pitch in and do the other program, especially when the office is very busy. Now, your situation is basic- not complicated, but unfortunately, the original person was not trained enough to assist you correctly, but hopefully on October, 30th, when they take your wife's and son's applications, all will go well.

Ask the interviewer what your family maximum is (see prior post we discussed #69) and they will also tell you the exact amounts. Again, their rates are based on your "full amount"- not your reduced amount of $1727. The rule is they get 50% of your full, but subject to the family maximum. Also, your wife will have a few checks withheld due to her work being over the limit, but as long as she gives a good estimate (and it really is better to overestimate than underestimate), all will be fine.

When the year is over and they know exactly what she earned, they will send her what they owe her if she overestimated. That is better than her having to send SS money because she underestimated.
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Old 10-10-2015, 06:39 AM
 
Location: Eastern Tennessee
2,533 posts, read 1,822,304 times
Reputation: 6630
Thank you for your post and all your advice ILMC.
I'm curious what your advice would be in my case.
Birth date was June, 1949. Will turn 67 June, 2016 and plan to file to receive benefits then.
I am delaying because in my early years I was a low wage earner but the last 10 years have been high income so I am 'building up credits' so to speak. I plan to quit my job end of May 2016 and start retirement. My reason to not take benefits sooner in 2016 is I figured they would just be taxed away since I am now a high earner.
Do you think I would still be better off to start benefits in January?
Thank you
GrampaTom


P.S. I know a lot of us sound really simple when it comes to SSA and retirement and I gotta tell you -- I FEEL simple when it comes to this stuff.
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Old 10-10-2015, 06:40 AM
 
10 posts, read 8,086 times
Reputation: 21
Thanks for your reply ILMC. The woman that told me wrong was very arrogant and impatient with me. She said that my wife has to be 62 and I said are you sure, and she said yes. I tried to ask her another question and she said you will have to wait until you get an appointment and they will research whether my wife gets any benefits, but that she is sure that she has to be 62. I could tell she was caught off guard when I asked her the question. I just feel bad for knowing that she has given wrong information to others and they may have just taken her word for it. I was so happy that I had talked to ILMC on the forum so I could react intelligently. Thanks ILMC!
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Old 10-10-2015, 06:30 PM
 
Location: Cape Elizabeth
424 posts, read 386,850 times
Reputation: 745
Quote:
Originally Posted by grampaTom View Post
Thank you for your post and all your advice ILMC.
I'm curious what your advice would be in my case.
Birth date was June, 1949. Will turn 67 June, 2016 and plan to file to receive benefits then.
I am delaying because in my early years I was a low wage earner but the last 10 years have been high income so I am 'building up credits' so to speak. I plan to quit my job end of May 2016 and start retirement. My reason to not take benefits sooner in 2016 is I figured they would just be taxed away since I am now a high earner.
Do you think I would still be better off to start benefits in January?
Thank you
GrampaTom


P.S. I know a lot of us sound really simple when it comes to SSA and retirement and I gotta tell you -- I FEEL simple when it comes to this stuff.
Do you have any estimates of the amount effective June, 2016? Or, what your amount was at age 66? If so, I can do an estimate and workup for January vs. June. You will also be receiving delayed retirement credits - 7 for 2015, effective January, 2016 and then depending on when you start-if January, just the 7, but if June, then another 5, effective January,2017.

Remember, your earnings for this year, although high, will be 5 months, plus any accumulated vacation, or other pay you may be due upon retirement, so the taxation issue may or may not change, since the IRS does begin to tax SS benefits after fairly low amounts. If you don't feel comfortable writing your estimate on this forum, you can private message me.

Also, when you say "low earner", that might not play as great a role as you think, and what you may consider low, may have actually been quite good because SSA did not tax people beyond some fairly modest levels for many years. Also, the computation is "indexed" meaning what are those earnings worth in today's dollars? They use the indexed earnings up to the year you reached 60. From 60 on, they use your actual earnings. But, they do use 35 years in the computation, so zero's can be averaged in, if you don't have 35 years under SS.

Look, your last point- believe me, it is not simple and I don't feel anyone is "simple" when they ask questions. This is too important an issue and too important to a person's life. I have seen way too many people "disadvantaged" because they never asked the question.
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Old 10-11-2015, 07:17 AM
 
Location: Eastern Tennessee
2,533 posts, read 1,822,304 times
Reputation: 6630
They said my amount would be $2351 a month as of June, 2015. Also, my wife is already receiving SS but only gets about $1000 a month. Will her benefit change when I start receiving benefits?
thanks again ILMC -- you are a big help
GrampaTom
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