Sentences with phrase «collecting social security payments»

The best way to use this option if you plan to sell your home shortly after you begin collecting Social Security payments.

«Starting three years from now, if you live or work in the United States, you'll need a federally approved ID card to travel on an airplane, open a bank account, collect Social Security payments, or take advantage of nearly any government service.

Not exact matches

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

If you're collecting disability payments when you reach your full retirement age, the Social Security Administration converts them into retirement benefits.

So if someone is collecting a spousal benefit based on your Social Security, he or she, too, will have payments halted.

This would be far less punitive than the current practices of garnishing wages, Social Security payments, or earned income tax credits to collect on student loans.

For example, you may be able to boost the size of your Social Security payments by claiming at a later age or increase the amount you and your spouse collect over your lifetimes by coordinating when you take benefits.

The nearly 42 million retired workers collecting a monthly check from Social Security receive an average payment of $ 1,368.67, or about $ 16,424 per year.

The IRS uses the Federal Payment Levy Program to collect tax debt from Social Security benefits recipients.

For example, in 2015 — 16 tax collected was used to fund health care, provide education, social security and welfare payments, the defence force and other Government - funded services.

Just remember: If you work and collect Social Security benefits when you are below full retirement age, your monthly benefit could be reduced if your earnings exceed certain thresholds (although if it is, Social Security effectively restores those withheld payments by increasing your benefit when you reach full retirement age.)

Similarly, postponing retirement even just a couple of years from, say, 65 to 67 can also have significantly enhance the probability of success, as it allows you to save more, earn a few extra years» worth of return on your retirement investments and collect a larger Social Security payment.

The U.S. Department of the Treasury, at the request of the U.S. Department of Education, can withhold money from your federal income tax refunds, Social Security payments, and other federal payments to collect your defaulted federal student loan.

The longer a worker waits to retire and begin collecting Social Security, the higher his monthly payments will be.

But rather than waiting for a larger monthly check in the future, I think I'd be much better off collecting Social Security as soon as I can and investing the payments.

If you're collecting disability payments from Social Security or an insurance policy, that would be a strong indication that the withdrawals are legitimate.

If you go ahead with your plan to take benefits early, your Social Security payment of $ 9,742 at age 66 would be $ 3,247 less than the $ 12,989 you would be entitled to had you waited until age 66 to collect.

If you start taking Social Security as soon as you're qualified, the higher number of payments you'll receive means you'll collect more money than someone who waits to file — until you reach a tipping point.

Because the DOE and federal government have so many resources for collecting debt (income tax returns, social security payments, wage garnishing), it is rare they ever accept a debt settlement.

To get the highest payments, wait until age 70 to start collecting Social Security.

If you're collecting disability payments when you reach your full retirement age, the Social Security Administration converts them into retirement benefits.

If you're collecting Social Security or pension payments, you'll need to provide documented proof of that income.

But, just for the sake of this example, let's say that the value of those Social Security payments is $ 500,000, a reasonable assumption for someone whose full retirement age for Social Security purposes is 66 and who begins collecting payments at that age.

Deciding to collect Social Security benefits early, or before your FRA [1], means that you are choosing to collect a smaller benefit payment each month.

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

I say «more» because you and your wife will already be eligible to collect Social Security, which is itself a type of annuity, indeed, one designed to automatically boost its payments each year to keep pace with inflation (although if the inflation benchmark used by Social Security doesn't rise, neither will payments, witness the fact that Social Security recipients won't receive a cost - of - living increase in 2016).

And until you receive your monthly cash payments from the Social Security Administration, we don't collect any fees.

Say you're 65 and want to defer collecting Social Security until you turn 70, which would increase your payments.