You actually made the deadline by a day. A recent law changed the way many people can claim spousal benefits. For example, I will be 70 on June 22 of this year. Who’s Affected: The new law applies to individuals who request a suspension on or after April 30, 2016, which was 180 days after the new law was enacted. This strategy would let you start receiving spousal benefits, while delaying taking your earned benefits, causing them to grow. Deemed filing. Every household's life situation, values, health, and culture play a role in deciding which route to take -- or if its even worth exploiting the loophole while its open. They said that I should had filled Here’s what you need to know about how the Social Security Administration calculates spousal benefits. However, if you turn 62 before January 2, 2016, deemed filing rules will not apply if you wait to file at your full retirement age or later. But I legally turn 70 on June 21. The earlier law allowed a worker at full retirement age or older to apply for retirement benefits and then voluntarily suspend payment of those retirement benefits; which allowed a spousal benefit to be paid to his or her spouse while the worker was not collecting retirement benefits. 5. Generally, during the initial interview when applying for Social Security benefits, we typically explore all other benefits that could yield you a higher benefit amount. In other words, we’ll pay the higher of the two benefits for which you’re eligible, but not both. I worked as a teacher and then I became disabled from Kentucky in 1997.
As you'll see, the loophole has the potential to be quite lucrative, and if you're thinking about using the strategy, your window for doing so is rapidly closing. He tends to follow the investment strategies of Fool co-founder David Gardner, looking for the most innovative companies driving positive change for the future. Once Rob's paperwork clears, Rosie turns around and suspends her benefits until age 70. Now they tell me I owe $11,400 because I did not pay social security as a teacher. 3. When you’re ready to apply, we recommend using a checklist to ensure you take the right steps and have the right documentation. Please be aware that our call wait times are longer than normal. To get the maximum payment -- 50% of theirs or 100% of your own -- you'll have to wait until you've reached your FRA. I need an attorney and cannot find one.
Next, the SSA calculates 50% of your spouse’s PIA. But, if that retired worker chooses to, he/she can delay benefits up until age 70 -- and the size of those monthly benefits will increase by 8% for every year after the age of 66 they wait. I am Requireing about My Exhusbands Retirement Account and If I would Recieve funds? Based on everything I've read, I guess I'm out of luck and can't file for husband's benefits on her record while delaying my own until 70. What you learn may bring a smile to your face … even on tax day! Survivor benefits are for people whose spouse or ex-spouse has passed away. That allowed them to rack up delayed retirement credits until they turned 70.
The number may appear under Show Additional Office Information. You can file for spousal benefits the same way you would earned benefits: on the Social Security Administration website, by phone at 1-800-772-1213, or by visiting your local Social Security field office. You can claim up to 50% of your ex-spouse's primary insurance amount. If, however, you decide to wait until full retirement age to apply as a divorced spouse, your benefit will be equal to half of your ex-spouse’s full retirement amount or disability benefit.
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