Social Security Benefits

[Urkidding]

This is in PDF format and basically a "Letter of Instructions" to help you with giving your loved ones the proper information that is needed in detail. This is not to be confused with a will but as a guide to putting all your information together in one place

 

Letter of Instructions

You guys are welcome!

 

I just hope others take it to heart and put the ink on the paper to show your loved ones that you really care about them in more ways than one!

 

Go ahead and fill it out on a rainy day! . You will will feel better once you did!

[Fu Lai]

Saw this

 

13 Ways to Get More Social Securityhttp://l2.yimg.com/bt/api/res/1.2/3EY212jxf8Ig9Ikkbpsz3Q--/YXBwaWQ9eW5ld3M7Zmk9Zml0O2g9MzA-/http://media.zenfs.com/284/2011/06/16/MoneyTalksNews_011040.jpgBy Renee Morad | Money Talks News – 23 hours ago

http://l2.yimg.com/bt/api/res/1.2/2oAxIUiEQ.VsFpqWbdhQOQ--/YXBwaWQ9eW5ld3M7Y2g9MjczNDtjcj0xO2N3PTM2NDU7ZHg9MDtkeT0wO2ZpPXVsY3JvcDtoPTQ3MjtxPTg1O3c9NjMw/http://l.yimg.com/os/publish-images/finance/2013-01-18/957a5302-ddbe-41ef-91c3-4e301b829eb3_83605145.jpg

The average monthly Social Security benefit for a retiree in 2013 is estimated at $1,261, according to the Social Security Administration. That’s just $15,132 a year – hardly enough to live on.

 

Hopefully when you reach retirement, you’ll have a nice nest egg to offset hurdles like vanishing pensions and unpredictable stock-market returns. But either way, there are certain actions you can take today to boost your Social Security payments during retirement – and they can add up to thousands of extra dollars in your golden years.

Here are 13 things you can think about today to increase your Social Security payments during retirement:

1. Work at least 35 years

Social Security benefits are calculated based on your 35 highest-earning working years. If you work fewer years, you’ll have years with zero income averaged in – which will lower your payout.

2. Ask for a raise

If you experience a jump in salary, you’ll likely boost your future earning potential and may see an increase in your Social Security payments down the road – since as we just explained, Social Security takes into account the 35 top-earning years of your career.

3. Take a second job

The same logic applies: If you earn more each year, you’ll likely increase the amount you get in Social Security when you retire.

4. Wait until full retirement age to claim Social Security

You can begin collecting Social Security benefits as early as age 62, but you might not want to: Your benefit will be reduced by 25 percent for life. To get your full payment, wait until you reach full retirement age – currently 66 for anyone born between 1943 and 1954. For those born between 1955 and 1959, the age gradually rises toward 67. For those born in 1960, it’s 67.

5. Better yet: Wait until age 70

If you can afford to wait until age 70 to claim Social Security benefits, it’ll pay off. Thanks to what the Social Security Administration calls “delayed retirement credits,” benefits increase 8 percent each year you delay tapping into Social Security – up till age 70. So waiting until you reach 70 means about a third more income for life.

When considering this strategy, it’s particularly beneficial for the higher-earning spouse in a marriage to hold out until age 70 to increase the total benefits the couple will receive throughout their lifetime. In the event that the spouse with the higher benefit passes away, the surviving spouse will receive the higher payment.

If you took benefits early and regret the move, it might not be too late to fix it. You may be able to repay all the benefits you received so far and restart them at a higher level based on your age. But this policy isn’t as flexible as it used to be: For more details, check out this page on the SSA site.

6. Use online tools

If you’re unsure about the best time to claim benefits based on your individual budget, health, life expectancy, or other factors, use online resources to help you decide. A good place to start is SocialSecurity.gov/MyStatement, where you’ll get your personalized statement. This estimates what your benefits will be at age 62, at full retirement age, or at age 70.

Once you get estimates for both you and, if applicable, your spouse, there are other online tools that compare your benefits under various scenarios to help you determine the best claiming strategy. Consider AARP’s Social Security Benefits Calculator or Analyze Now’s “Strategic Social Security Planner.”

7. Claim spousal benefits

If you’re married, you have a choice: You can either take the benefit based on your work history, or half your spouse’s benefit. So if your spouse earned a lot more than you did, and has a higher benefit as a result, compare and see which will pay the most.

You can also claim Social Security benefits based on an ex-spouse’s work record if you were married for at least 10 years. Doing so doesn’t reduce their check or otherwise impact them. In fact, they’ll never know you applied.

8. Taking early retirement? Beware of outside income

If you start taking benefits before reaching your full retirement age, employment elsewhere can reduce your Social Security checks.

For example, say you started taking Social Security in 2012 at age 62 and your full retirement age is 66. For 2012, your benefit would be reduced by $1 for every $2 you earned in gross wages or net self-employment income above $14,640.

If 2012 was the year you reached full retirement age, you could have earned up to $38,880 prior to the month you turned 66. More than that and your benefit would be reduced by $1 for every $3 you earned.

After you reach full retirement age, you get your full benefit no matter how much you earn.

9. Claim twice

A dual-income retired couple may be able to claim spousal benefits, then later switch to payments based on their own work record. This could make sense if waiting until a later age would result in higher benefits.

For example, say the husband is 66 and the wife is 62. If the husband files for benefits, the wife could opt for half her husband’s benefit, while still earning money and letting her benefit grow. When she turns 70, she could drop the spousal benefit and file for benefits based on her own work record.

There are lots of strategies like this to maximize Social Security. As you approach retirement age, be sure and do lots of reading. This article from Kiplinger is a good example.

10. Benefits for your kids

When you start collecting Social Security benefits, unmarried dependent children under age 18 may qualify to receive benefits worth up to half of your full retirement benefit amount. This can include a biological child, adopted child, stepchild, or dependent grandchild. They may also get benefits if they’re 18-19 years old and a full-time student (no higher than grade 12) or 18 or older with a disability that began before age 22.

11. Plan ahead for taxes

If the sum of your adjusted gross income, nontaxable interest, and half your 2012 Social Security benefits exceeds $34,000 ($44,000 for couples), up to 85 percent of your benefits may be taxable. You can minimize this expense by using certain tax-saving moves, such as investing in annuities that allow you to earn interest that isn’t taxed until you withdraw it.

12. Do your due diligence

Always read your Social Security statements (either received as paper statements in the mail or online at SocialSecurity.gov/MyStatement) to be sure everything has been reported correctly. Although inaccuracies are uncommon, some scenarios lend themselves to a greater chance of error – such as a name change your employer failed to update on company records.

13. Clear your debts

Your Social Security benefits are protected from most debt collections, but they can be taken to collect unpaid federal taxes, federal student loan balances, and child support or alimony. Clearing these debts will leave your Social Security benefits untouched.

View this article on MoneyTalksNews.com

More from Money Talks News

• 8 Social Security Myths Exposed
• 8 Surprising Truths About Retirement

[tsap seui]

Great article Fu Lai. Many strategies most of us don't know about, or even thought about for that matter.

 

I like that it lays out all the options you can use.

 

For myself, in 2008 I started getting SSDI benefits which were back dated to mid 2007 when I was 57. Luckily SSDI gives you your full benefits as if you had applied for regular SS at age 66. I just lucked into this by talking to a real estate attorney about a property I had flipped. He was a former Navy seal and once we started talking about teh VA and such he asked me if I had ever heard of SSDI. Of course I had no clue what SSDI was and what it did. The guy says, you qualify and I'll put in an application for you right now. He typed a little on his computer and by the time I got home I had an e-mail from the local SS office. In the e-mail was a link to teh online application for SSDI. It took me 4 or 5 days to fill out the application online (a ton of facts on doctors, and the troubles you have).. About 6 months later I was laying in a VA rehab hospital after having had a quad bypass and a friend who was picking up my mail for me calls and says teh SSA had approved my application and that I had a nice check awaiting me when I went home. The world works in crazy ways sometimes...lol I seem to stumble into outhouse pits sometimes and wind up smelling like roses.

 

Again, great information on how SS works. Not often you get it laid out before you like this.

 

tsap seui

 

Oh yeah, SS is not unlimited. No matter how much you made working I think the most you can collect in one month is around $2,550 or so.

 

A guy who is very inttelligent about annuities and such is 2Mikes. He is very smart and knowledgable on darn near everything to do with the dollar.

Edited January 19, 2013 by tsap seui (see edit history)

[Urkidding]

I was discussing the SS benifits last night and I pulled up my handy dandy littlle government supplied Hack-U-later that they supply (I wonder why?) and we came up with several different formulas

 

http://i49.tinypic.com/2d778fl.jpg

 

They also make suggestions

 

They also make several suggestions as to what I need to do after I retire... I really like the last one!

 

 

 

Remember to tell us whenever there's any change in your life circumstance that affects your benefits. For example, we should be notified if you:

• Move
• 
  
• Marry or divorce
• 
  
• Change your name
• 
  
• Learn your estimated earnings will change
• 
  
• Change your Direct Deposit accounts
• 
  
• Adopt a child
• 
  
• Are no longer caring for a child who receives benefits
• 
  
• Are a non-citizen and your status changes
• 
  
• Start getting a pension from work not covered by Social Security
• 
  
• Get both Social Security and Railroad Retirement benefits
• 
  
• Leave the United States for more than 30 days
• 
  
• Become unable to manage your funds
• 
  
• Are convicted of a criminal offense
• 
  
• Die.

 

 

You can get your Hack-U-later right here!

[tsap seui]

It's not pretty at all boys and girls. And that full retirement age for our spouces is gonna be 67, not 66, for most of them as they are born after 1962.

 

I tried to tell you guy the benefits of marryin' older broads....sigh, but who wants to listen to a dumb hillbilly. Hell, I didn't even listen to me, my mail order bride wuz borned in 1963.

 

I blew the last two weeks by backin' off on the jack porch but this is my weekof studyin', since we have the interview with a SSA worker on Thursday about our sons SSDI benefits until he is 18.

 

I'm only studyin' for lil' rabbit's "survivor" benefits as at this point I'm don't know if rental income would even work as giving her any quarters towards retirement, seeing as how we aren't paying anything to SSA for her. Got an appointment with my accountant about last years return.

 

I'll post what I find on survivors benefits later this week. And about the survivor being a non US citizen living in China.

 

Andrew, what a nice Sunday morning wake up, eh?

[Urkidding]

I have rental property too. The only thing that you will pay into is to unkie Sambo...with the 1099 that you issue yourself...unless your victumes...er I mean rentores pay you with greenbacks. It seems all that money he has been giving you through the VA' he wants to get it back, one way or another. Did you use the hack-o-later to see how long he's figuring that ya going to live?

 

I did and if I don't stretch the truth too much I got another 20 years left...maybe unkie samie's hack-o-later needs new batteries...you think?

[credzba]

I tried the life expectancy calculator, and I hope my wife doesn't see the results.

Says I am gonna live till 86. I am pretty sure my wife was planning on being rid of me at 68 !

 

 

[tsap seui]

63 next Saturday, says I'll live until 83 1/2 YeeeHawwww

 

Yep, I was certain the accountant told us last year when we bought the properties that they would NOT count toward any quarters for Wenyan's SS.

 

That is why I have been teaching her about this word called "write-off".

Edited January 27, 2013 by tsap seui (see edit history)

[Randy W]

63 next Saturday, says I'll live until 83 1/2 YeeeHawwww

 

Yep, I was certain the accountant told us last year when we bought the properties that they would NOT count toward any quarters for Wenyan's SS.

 

That is why I have been teaching her about this word called "write-off".

 

 

But YOUR quarters are HER quarters while married, no? She can get at most 4 every year, regardless of whether she's working or not, so it'll take 10 years regardless for her to rack up the 40 quarters. But wouldn't she draw the spousal benefits, instead? The only limit there is the 5 year thing we talked about. Or are you thinking about what might happen if you croak before your 10th anniversary?

[Urkidding]

Choppie,

 

Did u ever legally adopt Wenyan's son, if so then that changes all the rules and she can get access to your SS!!!

Edited January 28, 2013 by Urkidding (see edit history)

[tsap seui]

 

63 next Saturday, says I'll live until 83 1/2 YeeeHawwww

 

Yep, I was certain the accountant told us last year when we bought the properties that they would NOT count toward any quarters for Wenyan's SS.

 

That is why I have been teaching her about this word called "write-off".

 

 

But YOUR quarters are HER quarters while married, no? She can get at most 4 every year, regardless of whether she's working or not, so it'll take 10 years regardless for her to rack up the 40 quarters. But wouldn't she draw the spousal benefits, instead? The only limit there is the 5 year thing we talked about. Or are you thinking about what might happen if you croak before your 10th anniversary?

In our case I can't legally have a gainful employment anymore unless I report it to SSA and especially so with the VA, so I have no more quarters. With the VA I couldn't even write a book, in my name at least, and sell it for any sort sort of profit, saw one guy who wrote a few paragraphs article for a magazine, got $50 for it and got his percentage reduced. That was an extreme case.

 

I feel good health wise and should live out my SSA projected 20.5 years and other than Wenyan just needing something to keep her busy she has somewhat stopped thinking about needing a job, but she is Chinese so I doubt she will ever completely stop thinking in terms of she needs a job....lol But no, we aren't thinking about her getting 40 quarters.

 

Yes, I am thinking of if I croak before the 10 years, and as we discussed her living in China. So we're looking mainly into her survivor benefits from SSA and VA. Later this year we're giving the rentals to a property management firm so she will get a check direct deposited into her account by them. As it is now, they could live off of the rental income without any trouble and the VA will pay her quicker than SS if I pass their time limit of marriage and ratings. At some point she would have 3 incomes again.

 

I don't have have many questions answered now, but a large dent will get put into my ignorance at this Thursday's SSA meeting, and I will be a frequent visitor there until I have EVERY question answered. Once the SSA questions are answered it's on to the VA side of survivor benefits called DIC which is another mess of code wiht their own timelines to meet.

 

Again, I feel healthy enough, it's the loss of some of the members and the stress it put on their wives and kids that has me feeling so urgent about all this.

 

tsap seui

[tsap seui]

Choppie,

 

Did u ever legally adopt Wenyan's son, if so then that changes all the rules and she can get access to your SS!!!

Please explain it to me buddy. I haven't adopted Fengqi. I remember the fella who did adopt his step son....from Texas and he was a moderator, just can't remember his name. I can see his avatar even....color me embarrassed or at least bare assed.

[Randy W]

 

Choppie,

 

Did u ever legally adopt Wenyan's son, if so then that changes all the rules and she can get access to your SS!!!

Please explain it to me buddy. I haven't adopted Fengqi. I remember the fella who did adopt his step son....from Texas and he was a moderator, just can't remember his name. I can see his avatar even....color me embarrassed or at least bare assed.

 

Don't remember for sure if he was from Texas (I think Dallas) or not, or if he adopted a kid, but are you thinking of Jeff?

[Urkidding]

 

Choppie,

 

Did u ever legally adopt Wenyan's son, if so then that changes all the rules and she can get access to your SS!!!

Please explain it to me buddy. I haven't adopted Fengqi. I remember the fella who did adopt his step son....from Texas and he was a moderator, just can't remember his name. I can see his avatar even....color me embarrassed or at least bare assed.

 

 

Here is some info and without knowing his exact age...even step children have access...

 

• Your widow or widower who has not remarried can receive survivors benefits at any age if she or he takes care of your child who is under age 16 or is disabled and receives benefits on your record.

 

I'm sure you can get some more answers - answered this thursday but you may whant to print this post or thread and mark it up before you go...

Your unmarried children who are under 18 (up to age 19 if attending elementary or secondary school full time) can be eligible to receive Social Security benefits when you die.

 

 

And your child can get benefits at any age if he or she was disabled before age 22 and remains disabled.

 

 

Besides your natural children, your stepchildren, grandchildren, step grandchildren or adopted children may receive benefits under certain circumstances.

 

 

Select one of the links below to get additional information about

 

 

• Survivors Benefits For Your Widow Or Widower;
• Benefits For Your Surviving Divorced Spouse; and
• How Much Your Survivors Would Receive.

[Urkidding]

Of course you of all people should know, there is more than one way to skin a cow... or is that a cat...