Money

I am a widow, age 65. Initially when I visited the local SS office and presented all my paperwork, I was told that I could start collecting my SS benefit whenever I choose, and then when I turn 66+4 months I can switch over to my late husband's benefit, which is significantly higher than mine. Based on this, I chose to start receiving my benefit in January 2024, since my 2023 income is too high to collect immediately. The understanding was that I would switch to my husband's benefit after age 66. I was given a phone appointment to get the paperwork started for this. The SS agent on the phone told me this was not possible; I couldn't start taking my benefit and then switch to my husband's at age 66+4, which is contrary to what I was told in person. I asked her 3 times to make sure I understood, and she reiterated that this is the case.  My question is, which agent is correct? I can't seem to find consistent information on this. 

Hello, I am a US citizen and eligible for social security. I am presently in US, but planning to move to India for extended duration. I have following questions: Will I get social security while I am in India?Is there any restriction on how long I can be abroad (India) for continuing getting social security? Thank you Kiran Bakshi 

II have been hearing and reading about a Bill being Passed to give SS Retirement and other SS recipients, A Stimulus check in February 2024.  Is this going to happen ??  Can't seem to get any Info. My Bank has heard nothing about it.  Just wondering if anyone has information on this. Replies would be helpful.

An insurance company representative confirmed to me that this is common with older people. I had a bill and was getting calls that it needed to be paid. I called the doctor’s office and they told me that it was paid in full. And I called the insurance company and they told me that they had paid, but the bill collector who kept calling said to me that if I didn’t pay, it would be turned over to a collection agency, and my credit would be at risk. In fact, they said, “why don’t you just pay it so it doesn’t get turned over to a collection agency.” Watch out for this one! If you know you paid, don’t get scammed.

 LOOKING FOR OPINIONS ON MAKING ROTH CONVERSIONS AT AGE (72) AND BEYOND.  I REALIZE THAT INCOME TAXES ARE UNIQUE TO THE INDIVIDUAL PAYER, BUT LOOKING TO SEE IF ANYONE OUT THEIR HAS DONE SOME RECENTLY IN THESE LATE YEARS.  MY CONCERN IS THE UPCOMIMG "TRUMP TAX CUT ERA" IS SET TO EXPIRE AT THE END OF 2025."  PLEASE WEIGH IN ON THE PRO'S AND CON'S.  THANKS!

I see so many class action lawsuits advertised. I suspect in most of these suits, the lawyers are making millions and the individuals in the class are making a couple of bucks. Maybe we need fewer lawyers. Two lawyers are in a bank when, suddenly, two armed robbers burst in. While one of the robbers takes the money from the tellers, the other lines the customers, including the lawyers, up against a wall and proceed to take their wallets, watches, and other valuables. The first lawyer shoves something into the other one’s hand. “What is this?” the latter asks without looking. “It’s that $100 I owe you.” 

Im starting social security benefits this year in June ( age 62) . How much can I make monthly in extra income ?  I have read 2 things — a) as much as I want this year  or b) 1680 per month ( or something close to that .  Does anyone know how that works ? 

🗣  By Donna Fuscaldo,   AARP. Published September 05, 2023. I just read this article! Comments are welcome. I will comment below. https://www.aarp.org/retirement/planning-for-retirement/info-2023/signs-you-are-not-ready-to-retire.html 

What do you like? What do you dislike (and what would you change)?

When I retired I began reading academic publications that were relevant to "retirement." I created a free resource... Designing Your Retirement is a free instructional manual to help retirees have happy, healthy, and fulfilling retirement. At 136 pages and containing more than 60 references, the Designing Your Retirement Manual is a data-driven methodology that will help retirees create the retirement they want. It can be downloaded, for free, in PDF and EPUB format from:https://ihaveanidea.us/designingyourretirement/  It can also be downloaded from Apple Books (free) and Amazon (for a nominal fee.) Hayward Zwerling, M.D.IHaveAnIdea.us

Recently I was informed by a Social Security representative they would hold several months of my supplement now based on projected income earnings over the Federal mandate of allowed annual earnings outside of Social Security rather than wait and see if I earn that amount. Is this a true thing? Is that how it is done?

----Scam Alert - Fake Numbers Appear On Your Caller ID----Caller ID Spoofing----Government website - FCC----Link doesn’t work, just Google:----“FCC + Caller ID Spoofing”

How do I get a message to Rob Tannenbaum, the author of What I Learned After Hackers Attacked Me and Stole $4,000? From reading the article, it looks like he uses an online password manager. I just wanted to let him know if he was using LastPass, they were hacked over the past year and it appears the hackers have been able to crack into password databases. He never mentioned if he ever figured out how he was compromised. But this is one way it could have been done with no obvious breach on his side.  

Hello, my husband and I were assessed this adjustment for 2024.  It was because our AGI dramatically increased due to the sale of real property in 2021.  We've been told that the adjustment CANNOT be reduced unless one of eight life-changing events occurred, which are listed and explained on formSSA-44.  None of which apply to us.  Certainly that can't be situation.  Our assessment was made because we filed our 2022 tax return in October as opposed to April, and the assessment was made based on our 2021 tax return.  Does anyone have any experience like ours?  Many thanks, and best wishes!

I don't see anything on the subject posted here, but to my understanding when you have no one to take care of your final wishes, you apparently hire an attorney for this (Your executor).   To what kind of take on the estate is one looking for them to take, about a third?   I believe if it goes this route the attorney is entitled to a higher rate of your estate than the standard executor fee. 

I was completing the retirement calculator at https://www.aarp.org/retirement/retirement-calculator/. After answering the last question on the page about our expense expectations in the future it wasn't very clear how to proceed.  The only option was to scroll further down the page where there was an option to continue after advertisements.  I clicked on this and then there was some message about donating clothing.  I continued again and then received a pop from a bogus Windows Defender telling me my computer is frozen and to call a phone number for assistance.  The message also stated not to restart my computer as I could lose my information.  Well, I wasn't calling the phone number and my computer is fine after I restarted. Rather annoyed that after logging into AARP and trying to complete the calculator I ran into this issue.  Also found the page I was on before the subsequent bogus message to be confusing

I am a US citizen who lives on a fixed income in Jalisco,Mexico. I receive SSDIand live from month to month. Every year there is a form 7162 that needs to befilled and returned to social security, in my case since I live in Mexico we sendthe forms to the FBU federal benefits unit.These offices only communicate through email. On February 2nd, I received an email that my benefits were suspended. Along with the email was the Form 7162, that the FBU offices shouldhave sent me weeks ago. Instead they waited until I was suspended and then sentme the forms. I returned the form yesterday to the local US consulate office.This form does have to be filled out every year, but the time of the year differseach year, so knowing exactly when its due is something that the office wanted me to guess.Instead they haven't emailed me anything since November of 2023until they tell me my benefits are suspended. Now because of their error, I facea financial emergency. There are no outreach programs in Mexico f

Inflation bumps up benefit payments — but not the income thresholds that make them taxable. By Andy Markowitz. Published February 06, 2024. https://www.aarp.org/retirement/social-security/info-2024/benefits-taxes-cola.html 

 I was born the first week of May in 1958. According to SSA, I can start collecting 100% of my benefits January of 2025--66 & months is when I qualify for 100%. When I put in the date to start collecting my benefits, should I state January 2025 as the start date or February 2025? I don't want to start it a month early and be stuck with less than 100%.  I'm sure this question has been addressed before many times, but I'm not finding a post that directly answers my question.

IRS tax code offers perks to taxpayers of a certain age. Published January 19, 2024. By Patricia Amend (a lifestyle writer and editor for 30 years). https://www.aarp.org/money/taxes/info-2024/tax-breaks-after-50.html 

I applied for social security on 1/1/24. My application is still in the review process even though the ss website says 2-4 weeks. I can’t call or email anyone in ss.  I want to give notice at work but I’d like to hear something from ss beforehand. Am I just overly impatient?

Greetings. I am retired but not yet collecting social security, which I plan to do when I turn 67 in about 4 years. I use some retirement planning models which have you look up you projected benefit amount at age 67 and put them in the model. In 2023, this amount was approximately $3500 on the My Social Security website. I logged on to the site a few days ago and this number is now about $3650 per month. I know there is a COLA for when you are actually collecting social security but I was not expected my project amount to go up. This might not seem like a big different but over more than 20 years it is significant and if this happens again the next three years before I start taking benefits, it would be a relatively large increase that I would want in my retirement planning now. Thanks for any assistance. 

I wanted to switch service for 3 existing phones on an active ATT account to Consumer Cellular. Contacted CC and set up an an account. Provided the IMEI's for the 3 phones. The agent assured me the phones would work with CC. Inserted a CC SIM card in one of the phones (Samsung S8, unlocked ATT phone). Text and data worked but could not make or receive calls. After going through several agents, I was told the phone was not compatible with CC and would have to purchase a new phone. What a scam. I was basically lied to. I tested the SIM in several other unlocked ATT phones (another S8 and S9+). Same symptoms, no voice calls in or out. I did find the SIM worked in an unbranded international version of the S8. My suspicion is CC (or ATT) is blocking unlocked ATT phones on CC's system.

I am retired but still have some ESPP stock from my last two employers. I know that when I sell these ESPP shares the 15% discount I received will be deemed "ordinary income" and as such I will need to pay federal and state taxes. My question is do I also have to pay FICA on this as well?  I have no other "earned income", just dividends and social security, so no FICA due on those.   

I have received a couple of emails since the new year began that have piqued my interest.  I thought I would share in order to get some feedback while I investigate further. One claims to be from my State's Office of Taxation inviting me to attend an online webinar about state tax returns.  The message source of the email looks legitimate and I will be calling the Tax Office, but I wondered if anybody else has received invitations like this from their home states.  A few years back I decided to try faxing my returns to them.  The phone number I got from the web site had an area code from a state that is thousands of miles away so I called to verify it. The other one claims to be a notification to participate in a class action law suit against Verizon Wireless.  Again, the message source looks legitimate, but I'll be doing more research before attempting any contact and I was wondering if anybody else had recently received anything similar?  If it