A: Your benefits will be reduced by approximately 0.555% for each of of the 36 months you collect prior to your full retirement age. Benefits are reduced by .416% for months that are more than 36 months before your full retirement age. If your monthly benefit would be $1,000 a month at your full retirement …View Article
A: You can work and earn as much as you want without affecting your Social Security benefits after you reach your full retirement age. However, between age 62 and your full retirement age, you can only earn up to the “Earnings Threshold,” which is currently $18,240 (2020). For every $2 you earn above the threshold, …View Article
A: Social Security will never go bankrupt. However, it is good to understand the financial state of Social Security. The system has historically collected more in taxes than it has paid out. The accumulated surplus is called the “trust fund”. The trust fund will be depleted by 2033 if changes are not made to …View Article
A: When the parent of minor children dies, each child can receive up to 75% of the Social Security benefit that the decedent would have been entitled to at their full retirement age. Children can collect until they turn 18 (19 if they are still in high school). The surviving spouse can also collect benefits …View Article
A: Unfortunately, this is no longer possible. The worker must reach Full Retirement Age and file for benefits in order for his or her spouse to collect spousal benefits. This was not always the case. However, the file-and-suspend strategy was eliminated at the end of 2015. Lets look at an example: A husband can still …View Article
A: Yes. Social Security benefits are supposed to increase to reflect increases in the cost of living (as measured by the Consumer Price Index for Urban Wage Earners: CPI-W. However, there is also a provision that Medicare recipients must pay for 25% of the cost of Medicare part B. These Medicare premiums are deducted from …View Article
A: You can begin collecting Social Security retirement benefits as early as age 62 or your full benefits when you reach your full retirement age, which is 67 years old for those born in 1960 or later. Read: Social Security Benefits: Frequently Asked Questions.