Sentences with phrase «social security benefits if»

Social Security benefits if a parent dies or becomes disabled before the child reaches majority;

Lastly, under some circumstances detailed in this article, some couples may increase their social security benefits if they decide on a divorce.

Establishing paternity provides the child with a relationship with a father, entitles the child to be covered under the father's insurance and also entitles the child to inheritance rights and social security benefits if the father becomes disabled or passes away before the child is 18.

Here are some strategies to consider to help make the most of your Social Security benefits if you're widowed, divorced, or have never married.

If the state where the couple lived doesn't recognize same - sex marriages, a surviving partner may still qualify as a widow or widower for Social Security benefits if the intestacy laws of that state allow the surviving partner of a non-marital legal relationship (such as a civil union or domestic partnership) to inherit as a spouse.

«Student loan debt never goes away, and the government can choose to withhold your Social Security benefits if you have outstanding student loans.»

To make matters worse, people sometimes lose their Social Security benefits if they are not paying federal debts on time.

«The first question many clients ask me, is «What is going to happen to my social security benefits if we divorce?»»

The federal government taxes Social Security benefits if your income exceeds a certain level.

The federal government taxes a portion of Social Security benefits if taxpayer income exceeds an allotted amount.

A child may receive Social Security benefits if a parent is retired or disabled and receives Social Security benefits, or if a parent dies and that parent has paid enough in Social Security taxes to qualify for benefits.

However, it only makes sense to wait until you're 70 to start receiving Social Security benefits if you expect to live until you're at least 80.

«The first question many clients ask me, is «What is going to happen to my social security benefits if we divorce?»»

Dan Dzombak: It could also be a huge mistake to wait until turning 70 to claim Social Security benefits if you plan to claim spousal benefits.

The dollar amount used in calculating your monthly Social Security benefit if you attained age 62 or became disabled (or died) before 1978.

Even if you already have 35 years of earnings, you can still increase your Social Security benefit if you earn more than your lowest - recorded years.

Not exact matches

If you do claim Social Security benefits early, chances are you will take money from another source to make up for that lost income, Myers said.

Taking Social Security retirement benefits at 62 only makes sense in a limited number of circumstances, such as if you are single and terminally ill.

If you're approaching retirement, you're probably already itching to claim your Social Security benefits.

«If you compound the benefits of working plus delaying Social Security, you will get the most,» he added.

Because Social Security benefits are based on your past 35 years of earning, it is important to return to work if possible to offset past low - income years.

If you will not have enough money in either a traditional IRA or a Roth IRA to support you upon retirement and you're perhaps looking to Social Security to give you that boost, it's possible that you may have to pay taxes on some of your benefits.

«If you're spending down your savings drastically to try increasing your Social Security benefits, you're shooting yourself in the foot.»

More from Fixed Income Strategies: If you're lucky, this retirement expense will be just $ 280K How to decide if you should delay claiming Social Security Hidden tax benefits for retirees and their caregiveIf you're lucky, this retirement expense will be just $ 280K How to decide if you should delay claiming Social Security Hidden tax benefits for retirees and their caregiveif you should delay claiming Social Security Hidden tax benefits for retirees and their caregivers

«If you're spending down your savings drastically to try increasing your Social Security benefits, you're shooting yourself in the foot,» said Lauren Klein, a CFP and partner with Woodhill Financial.

If any of your qualified family members apply for benefits with you, we will ask you for their Social Security numbers and their birth certificates.

If your ex-spouse will also receive a pension based on work not covered by Social Security, such as government work, their Social Security benefit on your record may be affected.

The only scenario I can think of is if you are unemployed, have run out of unemployment benefits, have enough savings to live on for five years, and expect to be unemployed after five years but are still too young for a pension or Social Security.

If you do have to pay taxes on your Social Security benefits, you can make quarterly estimated tax payments to the IRS or choose to have federal taxes withheld from your benefits.

Even if you have never worked under Social Security, you may be able to get spouse's retirement benefits if you are at least 62 years of age and your spouse is receiving retirement or disability benefits.

For example, my full retirement age is 67 and if I claim at age 62, the earliest age at which I can file for Social Security benefits, my benefit will be equivalent to 70 % of my full retirement age benefit.

If you are a surviving spouse, Social Security automatically defaults to the higher amount — your own or your survivor benefit.

If you are a surviving spouse, Social Security automatically defaults to the higher amount — in this case, her survivor benefit.

If you are a widow or a widower, you are eligible to collect your former spouse's Social Security payments as a survivor benefit.

But if one of the most popular federal programs does survive in its current form — and that is a big if — the average millennial married couple could actually receive nearly double the average Social Security benefits that current retirees collect, according to a...

If you claim Social Security benefits before your FRA, you will get a reduced benefit.

If you choose to start collecting your Social Security retirement benefit before or after you reach full retirement age, your PIA, which we discussed in the previous section, will be permanently adjusted to compensate according to these rules:

Not staying married at least 10 years: If you are now divorced after having been married for at least 10 years, you will be eligible for your spouse's Social Security benefit.

You can call or meet with the Social Security Administration and they will let you know if and how to apply for the higher benefit amount.

Ann would earn more than $ 174,000 in extra payments if she lived to age 89, boosting her lifetime benefits by about 44 %.2 These rules are complex, however, and you should consider speaking with a Social Security representative.

If your debt is sent to the Treasury Department, you should be aware that they can collect using intrusive recovery methods, which include garnishing your wages, Social Security benefits or other retirement benefits, offsetting your bank accounts, and withholding any federal income tax refunds.

How come your Social Security benefits go back to the government if you die without a surviving spouse?

If you are healthy and able to work, put in a few more years on the job to increase your earnings and delay taking Social Security benefits.

Getting good advice regarding Social Security benefits can help — if pre-retirees can find a financial consultant adept at interpreting the multitude of regulations.

If a beneficiary earns more than the earnings test threshold for their age, their Social Security benefits can be reduced or even eliminated.

If your budget for early retirement includes working part - time and getting Social Security benefits, you could take an unexpected financial hit.

If you plan on taking Social Security benefits before you reach your full retirement age — which is currently as old as 67 if you were born in 1960 or later — your benefits might be reduced even if you only work part - timIf you plan on taking Social Security benefits before you reach your full retirement age — which is currently as old as 67 if you were born in 1960 or later — your benefits might be reduced even if you only work part - timif you were born in 1960 or later — your benefits might be reduced even if you only work part - timif you only work part - time.

For single filers, if that number is greater than $ 25,000, your Social Security retirement benefits may be taxable.

You can begin collecting Social Security at 62, but if you start taking your benefits before reaching your full retirement age — 65 to 67, depending on when you were born — your benefits will be reduced.

You will get 75 % of the monthly benefit if you elected Social Security at age 62 given you will be getting benefits for an additional 48 months before turning 66.