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Re: Are You Savvy About Social Security?

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Message 41 of 59

 

"...the answer is True. If your birthday falls between the first and 10th of the month, you will be paid on the second Wednesday of the month. "

 

 

Well, not in my case.  My birthday is the 3rd of the month, and my payment is deposited on the 4th Wednesday.

 

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Re: Are You Savvy About Social Security?

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Message 42 of 59
msleavitt,

This pamphlet from Social Security should answer all your questions.

Your rental income, if considered investment income, will not be considered in the equation but if it is considered earned in some manner, I.e., it is reported to Social Security on
Form W-2, 1099 or K-1, then it would be considered earnings rather than investment income.

Social Security Administration 2014 "HOW WORK AFFECTS YOUR BENEFITS"
http://www.ssa.gov/pubs/EN-05-10069.pdf


* * * * It's Always Something . . . Roseanne Roseannadanna
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Re: Are You Savvy About Social Security?

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Message 43 of 59

@AARPLynne wrote:

Is this statement True or False? "Your birth date affects when your monthly Social Security benefits are paid."

 

...the answer is True. If your birthday falls between the first and 10th of the month, you will be paid on the second Wednesday of the month. People with birthdays that fall between the 11th and 20th will get paid on the third Wednesday of the month, and those with birthdays between the 21st and 31st will get paid on the fourth Wednesday. This does not apply to Supplemental Security Income (SSI) benefit payments.

 

Find out how savvy you are about Social Security by taking our quiz. Let us know how you did!


AARPLynne,  I took the quiz and take exception to #6:

 

6.An annual cost-of-living adjustment (COLA) is guaranteed. 

Your Answer : True Correct Answer : False
COLA increases are based on inflation. If there is no inflation in a given year, benefits will remain the same in the following year.
 
The correct answer is "True" even when there's no inflation.  The COLA benefit was available, computed, and not denied.  It just was shown to be a zero increase over the previous year
 
If the question were stated as, "An annual Social Security benefit increase is guaranteed" then the  answer would be "false". 
 
Any reference to COLA infers a proportionate relationship with inflation...unless you know of a COLA not tied to inflation.
 
Please change my grade to 100% correct. Thank you.
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Re: Are You Savvy About Social Security?

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Message 44 of 59

I am unsure if the income limit on my early taking of SS includes my still working husbands income? Also, does my income from rental property count towards what I can make without penalty. Additionallly if they lower my early benifits due to income, do I get that money back at full retirement? Thanks for any insights as I need to figure out if I should withdraw asap as I am a month away from 63 and started taking SS at 62. I am financially sound.

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Re: Are You Savvy About Social Security?

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Message 45 of 59

Gail, thank you for the link. I filed last December, so I have to make up my mind before then. If only I had a crystal ball!!

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Re: Are You Savvy About Social Security?

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Message 46 of 59

As it should be,   rosie.     

 

Even though you are now a widow   -   when you first filed for benefits you filed under yourself.   That is the "claim number" soc. sec. used ,  and that is whose birthday it goes by.    

 

Widows who are filing for the first time and filing under their husband's account,   not their own,  will have a claim # that is not their own SS#,  but rather the husband's with the code "D"  following.   Then it goes by 2nd,  3rd,  4th Wed. according to his birthday. 

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Re: Are You Savvy About Social Security?

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Message 47 of 59

My husband collected his check on the 3rd of the month and mine came on the second Wednesday.  He passed two years ago. I receive the benefit of my check plus part of his to add up to what he collected. The check is deposited on the second Wednesday not on the third of the month. 

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Re: Are You Savvy About Social Security?

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Message 48 of 59
Yes
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Re: Are You Savvy About Social Security?

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Message 49 of 59

@northrancher wrote:
. . . . I actually filed for benefits a few months ago (was out of work), so I'm debating whether to return the money and wait until 66, because I'll be making way over the low allotment.

  Make SURE that you make that decision soon, remember you have to make it within 12 months and I am not sure exactly when that 12-month counting period begins.

 

SS Retirement Planner - If You Change Your Mind


* * * * It's Always Something . . . Roseanne Roseannadanna
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Re: Are You Savvy About Social Security?

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Message 50 of 59

Northrancher,   I guess you could say I started out as expert on survivor's benefits,  having been widowed at a young age.  Back then,  the earnings limit for beneficiaries was only like $8,700 a year  (LOL,  can you believe what a dollar was back then! ).  So I had to figure pretty closely for the next dozen years how to juggle part-time work so as not to lose any of my monthly check.  Then,  when the youngest turns 16,  of course,  the mother's check ceases,  so I went back to work full-time. 

 

To digress for just a moment,  one of the motivations for me to become an expert on soc. sec. matters was because of the scornful and nasty,  ill-informed  things my former sister-in-law was saying.  Isn't it amazing what  having nasty in-laws can do for you.   She had a  habit of going around among the relatives and saying that I should be "banking" the soc. sec. checks as representave payee instead of spending them.  She seemed to think that was the proper thing to do for someone who didn't need the child's benefits to support the family,  and it could grow to make a good  college fund,  or go toward a nice car as a graduation present.    Ha!   Little did she know.  Soc sec. requires an accounting from the representative payee when the beneficiary is no longer eligible to receive benefits.  And,  guess what,   if any of the money was "saved" or banked and is unspent,  you have to return the money to soc. security.   I often wonder if that misconception my former S.I.L. had still exists among some families.  ?  

 

Anyhooo,  back to what you asked,   at the end of the '90s I was done with soc sec. ,   giving  me a breather from their  hassles and un-ending  math challenges and puzzles  for awhile.   Until I had to decide about taking old age benefits.  (I never remarried).   I could draw on my late husband starting at age 60 and get around 72%.  Or draw on my own and get 75% (25% penalty for drawing at age 62 as you know).  

This seemed to be almost the same in terms of actual dollar amounts  -  except,  of course,  the 2 additional years of benefits I would get from age 60 to 62.   I never had 35 straight years of high earnings,  so I knew my PIA would not be very impressive.  (  Like lots of women who had to take time to raise children,   right?   Not that we were lazy ! 

Anyway,  while struggling with all the math and trying to figure if  I should wait until my full retirement age (66) and then see which one would give me the most------ 

 

As you so alertly pointed out,  life has  a way of getting in the way and changing things.  I became quite seriously ill at the beginning of 2009,  and by the end of the year it was clear I would no longer have the ability to earn an income through work,  plus unreimbursed medical bills were piling up at an alarming rate.   So,  reluctantly,  I made the decision to start drawing at 60.   

 

 

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