(If you're now single, divorced or widowed, the amounts vary.) Why does Orman want to make all of us regular stiffs feel bad? Eric — Evansville, Ill.: My sister Stephanie was married more than 10 years but divorced in mid-life. Can my husband collect on my SS now, or does he have to wait until I reach a certain age or wait until I retire to start collecting his SS benefits off my social security ? Creators.com requires Javascript for full functionality. The requirements for eligibility are the same as they are for disability benefits. Am I able to draw my Social Security and draw from my ex-husband’s Social Security? If you still have children at home under the age of 18, they are also eligible for a Social Security survivor benefit. Luckily, there still may be help available. Laurence Kotlikoff For the most recent “Ask Larry” columns, check out maximizemysocialsecurity.com/ask-larry. If you’re facing serious financial hardship due to a disability… If your excess widows benefit is very small, this suspension option may be in your interest. A: Yes, non-working spouses can collect Social Security. Learn more about Friends of the NewsHour. You appear to be what we economists call “borrowing constrained.” You don’t want to borrow to smooth your living standard, but you also want to wait to collect certain benefits to enjoy the very high return Social Security provides for maximizing or optimizing your lifetime benefits. If you earn enough in a given quarter, you can garner multiple coverage credits. Here’s what to expect, Watch H. happy2balone OP. Because the widows benefit won’t rise from waiting, you can only lose money if you don’t file now for your widows benefit. I won’t get into all the details because it’s terribly complicated. Box 2099, Cypress, CA 90630. Under Income, list the sources (paycheck, child support, alimony, savings, settlements, etc.) Larry Kotlikoff: You can collect a reduced spousal benefit ​now or a full spousal benefit at 66, but it will be reduced by two-thirds of your own non-covered pension. You do, it seems, now qualify for a spousal benefit. Most people think of Social Security as a retirement program, but disability benefits are also a huge part of Social Security. Your total check will be half of your husband’s full retirement benefit (not necessarily what he’s now collecting) for the rest of your life (but adjusted for inflation). All Rights Reserved. Dec 12 William — New York, N.Y.: My wife and I are the same age (64 this July and October). The Electoral College meets Monday to vote. I will get a small pension as a nurse. Dear Betty: You need a budget. Dec 11 If your parents die with few to no assets, their creditors eat the loss. If you’re getting married, along with the excitement of your impending nuptials, you may have some questions about changing the name on your Social Security card. A stay-at-home partner could earn Social Security credits, however, if the other partner employed him or her to take care of the home and children. Your Social Security retirement benefits are tied to your husband's. Italy’s staggering virus toll poses uncomfortable questions, Read This just means "pre-spending" your money on paper first, before you deposit your check. He gets a great pension. and the amounts. My insurance will be outrageous and out of the question (you would think hospitals would have good retiree ins). There is also a Social Security Disability plan for people who become disabled and unable to work but do not already have a job. Get a Disability lawyer who will be able to file the proper paperwork for … The SSA sets strict limits on the total income a family can have, which include monthly income, savings, investments, and other assets. First, we work with many disability insurance carriers. The Social Security Administration pays benefits to … You should check with Social Security concerning your SSDI benefit eligibility. She never mentions pensions combined with 401(k)s. Are we part of a dying breed that collects pensions? Larry Kotlikoff: With personal finance, it’s never, ever the case that one size fits all. You don’t necessarily lose your Social Security spousal benefits after a divorce. Once all their debts are paid from their assets, anything that remains is divided up amongst their heirs. You need a car, but not a gas-guzzler with big payments. If you're blind, the limit is $2,040. H. ... you won't be eligible for Social Security Disability Insurance benefits (SSDI). ​If she files for her own retirement benefit before full retirement age, she will be deemed to be filing for her divorced spousal benefit (if her ex is older than 62). Your widows benefit will be calculated based on a special RIB-LIM formula for widows of disabled workers. Sorry for this mostly bad news. I am 61 and still working. However, instead of 50% of the worker’s benefit amount, children will receive … Most likely her reduced retirement benefit exceeds her reduced spousal benefit, and she’ll just get her reduced retirement and never see a penny in terms of a divorced spousal benefit. Find a complete list of his columns here. I intend on waiting until age 70 to start collecting Social Security benefits. My husband is over 70, does not work, and does not have enough credits to collect SS. happy2balone. We will be 62 in October. Should I apply for Social Security for myself rather than receive benefits based on the fact that I am caring for my child? I am getting the run around. There is no gain to waiting to collect your spousal benefit. The Social Security Con: How Stay-at-home Moms (or Dads) Lose Their Social Security Disability 03/14/2016 02:54 pm ET Updated Mar 15, 2017 Imagine you're part of a couple (woman or man, doesn't matter) who had a career for 18 years. The lesson here is that suspending retirement benefits can hurt you or help you depending on your circumstances. ... your ex needs to be entitled to Social Security retirement or disability benefits for you to file. Jan Dils Attorneys at Law will give you a free consultation to see if you’re a good candidate for social … I have been married for almost 27 years to my husband who currently gets a government pension and reduced Social Security benefits of approximately $440 a month due to the “off-set” clause. The program shows what you want to spend each year to have a stable living standard, but it won’t put you in debt to achieve that end. Subscribe to ‘Here's the Deal,’ our politics newsletter. My wife could then start collecting her spousal benefits. Thank you. Alimony can significantly impact the monthly Social Security … So, no, I wouldn’t necessarily recommend your proposed course of action. Will the benefits be different? You receive $300 per month in Social Security benefits. For many individuals approaching retirement age, the question of whether or not they can collect retirement benefits from Social Security while also collecting Social Security disability benefits arises. Normally, Social Security benefits can not be paid to a non-working spouse until the working husband or wife begins receiving benefits, usually now at age 66 but as young as 62 if early retirement benefits (at a reduction of about 20 percent) are taken. D.D. Homemakers can qualify for Social Security spousal benefits based on her husband’s work history. To get help, type "budget worksheet" into an Internet search engine, and you'll find many free forms and Excel spreadsheets to develop a spending plan. Let us know your Social Security questions. What My Child is Collecting Social Security through a Parent? Social Security rules are complicated and change often. I intend on waiting until age 70 to start collecting Social Security benefits. The website provides women with a central location for accessing basic Social Security program information about Retirement, Survivors, Disability and Supplemental Security Income. I have only 25 credits since I stayed home to take care of my children. To be eligible for Social Security disability benefits, you'll need to make $1,220 or less per month in 2019. Dear Mary: If my parents die with a lot of debt, will I be responsible for paying it? I am now 66 and still working. People with a benefit period of 2 years may still receive claim checks once the SSDI approval process concludes. Larry Kotlikoff: You are eligible to collect the larger of either your current reduced retirement benefit or your widows benefit based on your husband’s work record. She worked for her husband’s business as well for a few years. William — New York, N.Y.: My wife and I are the same age (64 this July and October). The below is an explanation of when collecting retirement benefits prevents you from collecting disability benefits as well. Mary Elizabeth — Massachusetts: I am 66 and applied for Social security in June 2014. But looking at the annual amounts you’ll get from suspending will make clear if suspension makes sense. She barely qualifies for her own benefits since she was a homemaker raising five sons for over 30 years. There are three benefits involved here: your mother’s benefit (the survivor’s benefit you are now collecting based on having a disabled child in your care), your widows benefit, which exceeds your mother’s benefit, but will be reduced if you take it before full retirement age (66 in your case), and your own retirement benefit, which will be reduced if you take it now compared to its maximum value at age 70. This is because homemakers frequently lack a significant employment … The Best Disability Insurance For Stay-At-Home Moms And Homemakers. After raising her children, she went back to work as a nurse’s aid not making too much. If he opts to begin drawing early at 62, then your benefit will be reduced to 37.5 percent of his monthly check. Dear Mary: I'm a stay-at-home mom and haven't had a paycheck since I was a teenager. Your ex-wife may be eligible to collect Social Security benefits and alimony, depending on the length of the marriage and her age. I am an adult and I receive social security disability. Please check your inbox to confirm. Whether you call yourself a homemaker, a housewife, or a stay-at-home-mom, you are entitled to collect Social Security spousal benefits – even … I have not been employed for many years. At age 56, my husband had 38 years of service and accepted a buyout. Kotlikoff's columns and blogs have appeared in The New York Times, The Wall Street Journal, The Financial Times, the Boston Globe, Bloomberg, Forbes, Vox, The Economist, Yahoo.com, Huffington Post and other major publications. You are probably wondering who we like to work with. https://www.pbs.org/newshour/nation/stay-home-parents-collect-social-security, Italy’s staggering virus toll poses uncomfortable questions, The Electoral College meets Monday to vote. My husband always earned more. ... you can receive … Stay at home moms and dads can still get Social Security disability, but it’s typically hard. We have no consumer debt. If you have private coverage, it is more likely that you can collect short-term disability and Social Security Disability Income (SSDI) at the same time. Over 43 million people are currently receiving SSA Benefits in the United States. Will I be eligible for Social Security benefits? Climate change is flooding the remote north with light – and new species, By Fay Abuelgasim, Nariman El-Mofty, Cara Anna, Associated Press, By Lauran Neergaard, Jonathan Lemire and Catherine Lucey, Matthew Perrone, Associated Press. I was thinking of filing and suspending benefits when I turn 66 (my full retirement age). That carrier is Illinois Mutual. See our article on partial disability and part-time work. My company’s $40 program, Maximize My Social Security, can help you see which option, including Start-Stop-Start, will give you the highest lifetime benefits. We were married for 20 years. I was a stay-at-home mom most of our marriage of 27 years. In your opinion, are we on the right track? I recommend you use ESPlannerBASIC, which is a free financial planning tool provided by my software company. A disabled adult child can collect SSDI only if a parent, adoptive parent, or stepparent is receiving Social Security retirement or disability benefits (SSDI) – or had earned enough Social Security credits before dying to be entitled to one of these benefits. Then come their unsecured creditors, like credit card companies. Should I apply for Social Security based on my earnings? Dec 12 Stay-At-Home Parents Can Still Qualify For Social Security Benefits Just because you don't bring home a paycheck doesn't mean you're not working. Mary Hunt is the founder of www.DebtProofLiving.com, a personal finance member website and the author of "7 Money Rules for Life," released in 2012. Your wife will be able to collect Social Security as early as age 62 (although her benefits will be reduced for … In this case, suspending means moving from A) getting a check for the rest of your life equal to your widows benefit to B) getting a smaller check for four years, namely your excess widows benefit, and then getting a check equal to your widows benefit from age 70 on. Because of the “off-set” law that affects government employees, I never paid into Social Security. To qualify for monthly disability benefits from the Social Security Administration (SSA), you must meet medical and non-medical eligibility requirements. Carefully weigh the expenses you believe are essential. First time visitor. Some children receive Social Security through survivor’s benefits (parent has died) or disability auxiliary benefits (parent is disabled). This can also be described as collecting your own reduced retirement benefit plus your excess widows benefit, where the excess widows benefit is just the positive excess of your widows benefit over your own reduced retirement benefit. Mary invites questions at [email protected], or c/o Everyday Cheapskate, P.O. I still work full time as a nurse. How officials in Washington state are attempting to eradicate the ‘Murder Hornet’ before it spreads, Read However, there is one carrier that stands out to us. Survivor Benefits for a Spouse If your mother qualified for Social Security benefits and you are under age 16, the Social Security Administration will pay your father benefits from your mother’s record if he provides for your care. We receive 150 percent of his benefit. I wasn’t approved until 8/2019 for it and received a back payment from 2018 and 2019. Both partners would have to comply with other requirements. You can expect to receive 75 percent of your mother’s benefit amount if you qualify for benefits under the Social Security Act. We are determined to continue it until the queries stop or we run through the particular problems of all 78 million Baby Boomers, whichever comes first. ANSWER: Both the Social Security and Medicare programs provide for stay-at-home spouses. Dear Emily: If you are married, you will be eligible. I have not remarried. But after age 70 you’ll collect just your widows benefit. Your monthly check will be equal to 50 percent of his, if he waits until "full retirement age" to begin collecting benefits (65, 66 or 67 depending on the year he was born). Larry Kotlikoff: Your wife’s benefit at full retirement age ​will be her permanently reduced retirement benefit, plus her excess spousal benefit since she would have dropped into excess benefit status by filing for her full retirement benefit. Another way of saying this is that the minute someone files for a retirement benefit, they are tossed into excess benefit hell and can never receive a full spousal or widows benefit by itself — just the excess or close to the excess of their spousal or widows benefit over their retirement benefit, inclusive of any delayed retirement credits. Can stay at home mom collect disability #224065 12/28/11 09:57 PM: Joined: Dec 2011. Here’s what to expect, Shields and Brooks on Republicans’ latest election challenge, How officials in Washington state are attempting to eradicate the ‘Murder Hornet’ before it spreads, Climate change is flooding the remote north with light – and new species, Critics of Electoral College push for popular vote compact, Charley Pride, country music’s first Black star, dies at 86, Shadowy Ethiopian massacre could be ‘tip of the iceberg’, US says COVID-19 vaccine to start arriving in states Monday, Let us know your Social Security questions. This site is remarkably user-friendly. Suppose you live in a house owned by your sister who allows you to live there rent-free. And don’t apply for retroactive benefits for any months prior to full retirement age because you will have your spousal benefit permanently reduced. The details because it ’ s staggering virus toll poses uncomfortable questions, read Dec 11 Electoral. Your budget as your monthly financial road map you qualify for your own retirement benefit below! Starting now and your widows benefit Security based on his earnings SSA benefits in the United.... The other way around she has provided pretty much everything for me line is should... Lender in first position not work, and does not work, and does not enough... Handled the finances ; now I 'm on my earnings originally worked as a dependent or they not! Than going out to us benefits can hurt you or help you receive the highest benefit for which you ll! 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