Search found 29 matches

by MrTimewise
Thu Jul 02, 2020 6:43 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Survivor Benefits - pass before Full Retirement Age
Replies: 17
Views: 1703

Re: Social Security Survivor Benefits - pass before Full Retirement Age

This is a good thread.

Just wanted to say so as it might apply to many readers.
by MrTimewise
Fri Dec 06, 2019 5:41 pm
Forum: Personal Finance (Not Investing)
Topic: SS benefit ROI for working an extra year
Replies: 5
Views: 849

Re: SS benefit ROI for working an extra year

If the maximum SS taxable 2019 earnings of $132,900 were to completely replace an earlier $0.00 earnings year, the entire $132,900 will be averaged into your AIME (average indexed monthly earnings). The average over 420 months (35 years x 12 months/year) is $316.43 per month. (This also assumes that...
by MrTimewise
Sat Nov 30, 2019 6:52 pm
Forum: Personal Finance (Not Investing)
Topic: SocialSecurity.tools updated to include spousal benefits
Replies: 65
Views: 8484

Re: SocialSecurity.tools updated to include spousal benefits

Don't forget that the bend points to be used for your computation are those which are appropriate for your year of eligibility; that is, the year in which you attain age 62 (or become disabled before age 62, or die before attaining age 62).
by MrTimewise
Fri Mar 29, 2019 2:55 pm
Forum: Personal Finance (Not Investing)
Topic: Changing Social Security Direct Deposit
Replies: 3
Views: 489

Re: Changing Social Security Direct Deposit

When I wanted to take advantage of a bank account bonus such as you describe, I called the SSA on the telephone and they took care of the change in less than two weeks
by MrTimewise
Tue Mar 26, 2019 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Withdrawal Request/SSA-1099 Question
Replies: 10
Views: 1021

Re: Social Security Withdrawal Request/SSA-1099 Question

To the OP... My spouse and I had a nearly identical problem several years ago after my spouse began receiving benefits, but then withdrew her application 9 months later. By that time she had received 8 months of benefits. In our case, as it happened, the letter we received a month after the request ...
by MrTimewise
Fri Dec 21, 2018 1:15 am
Forum: Personal Finance (Not Investing)
Topic: Open social secuity
Replies: 41
Views: 3218

Re: Open social secuity

Thank you, Mike!
by MrTimewise
Tue Dec 04, 2018 6:16 pm
Forum: Personal Finance (Not Investing)
Topic: My Social Security Online question
Replies: 15
Views: 1890

Re: My Social Security Online question

I just now attempted the sign-in process to read the message I was told was on the SSA site. I signed in without any problem. The email response with the multi-digit security code was received only moments after I clicked the web site's request button. Entering that security code and subsequently cl...
by MrTimewise
Tue Sep 18, 2018 5:05 pm
Forum: Personal Finance (Not Investing)
Topic: Delaying Social Security Until 70
Replies: 115
Views: 10863

Re: Delaying Social Security Until 70

Our plan is this. We both turn 66 next year. The wife in January and myself in March. The wife will take her Social Security as of March 1, meaning she will get a little extra on her PIA. I will file restricted spousal beginning in March and claim 1/2 of her PIA. This will reduce the break even poi...
by MrTimewise
Tue Sep 18, 2018 2:49 pm
Forum: Personal Finance (Not Investing)
Topic: Business card impact on credit score (sole proprietor)
Replies: 5
Views: 723

Re: Business card impact on credit score (sole proprietor)

I have a Costco business credit card (Citicard) as a sole proprietor for a home business (second job). We use it for all purchases at Costco, but nowhere else. That credit card does not show up on my credit report on Credit Karma (Equifax and Transunion)
by MrTimewise
Mon Aug 27, 2018 5:41 pm
Forum: Personal Finance (Not Investing)
Topic: Question for Social Security experts
Replies: 13
Views: 1857

Re: Question for Social Security experts

...Will the spousal benefit be increased to 1/2 my benefit whatever that is , when I start my payments in future?... To directly answer this specific question ... No. Your wife's spousal benefits will be 1/2 your PIA, not 1/2 your total retirementt benefits which would include added DRCs if you cla...
by MrTimewise
Mon Aug 27, 2018 5:18 pm
Forum: Personal Finance (Not Investing)
Topic: Question for Social Security experts
Replies: 13
Views: 1857

Re: Question for Social Security experts

...And you'd receive half of her PIA even if your spouse had filed for her own benefits before having herself achieved FRA. ... Correct. It is also worth clarifying that spousal benefits are tied to only the PIA of the worker. Any delayed retirement credits (DRCs) increase a workers retirement bene...
by MrTimewise
Wed Jun 27, 2018 3:07 pm
Forum: Personal Finance (Not Investing)
Topic: Do you cancel old credit cards?
Replies: 55
Views: 6775

Re: Do you cancel old credit cards?

Amazing how well I can imitate a gravelly voiced cantankerous old guy on the phone. :twisted:
I had to do that as well. And other things which were made easier because I had the same name with a "III" appended.
by MrTimewise
Mon Jun 25, 2018 5:12 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Spousal Benefit Question
Replies: 7
Views: 1379

Re: Social Security Spousal Benefit Question

STEP 1: $100. Jordan filed at 70 and Jordan's benefit was $100 + $24 in DRCs. But we don't include the DRCs, the amount to enter here is $100. STEP 2: $500. The spouse (Charlie's) PIA is $1000. So the (unreduced) spouse's benefit is $500. STEP 3: $400. The "spouses excess is $500 - $100 = $400...
by MrTimewise
Tue Jun 12, 2018 4:02 pm
Forum: Personal Finance (Not Investing)
Topic: "Open Social Security" calculator: feature requests, bug reports, etc
Replies: 436
Views: 52025

Re: "Open Social Security" calculator: feature requests, bug reports, etc

Mike, Just out of curiosity, did you factor into the total benefit computations the initial benefit year's lower monthly payments that can result when claiming between FRA and 70 years. That is, when claiming after FRA but before 70 years, the SSA's uses only the accumulated DRCs as of January of th...
by MrTimewise
Thu Aug 24, 2017 12:15 am
Forum: Personal Finance (Not Investing)
Topic: Widow's Social Security Benefit
Replies: 8
Views: 1588

Re: Widow's Social Security Benefit

...her own record benefit (reduced from her PIA because she claimed prior to her FRA) + a spousal benefit equal to the difference between 50% of your PIA and 100% of her own PIA... Admittedly this wanders from the OP's original question, but just to clarify: The total amount received by someone who...
by MrTimewise
Sun Feb 05, 2017 3:38 am
Forum: Personal Finance (Not Investing)
Topic: Social Security: Wife's benefit is 50% of husband's FRA?
Replies: 14
Views: 2588

Re: Social Security: Wife's benefit is 50% of husband's FRA?

Jusr ro clarify... A spouse can receive [up to] 50% of a worker's (husband/wife) PIA. There is no decrease to spousal benefits if the worker starts receiving benefits proir to the worker's FRA, nor is there an increase in spousal benefits if a worker delays receiving. That is, spousal benefit do not...
by MrTimewise
Fri Nov 06, 2015 2:11 am
Forum: Personal Finance (Not Investing)
Topic: Social Security Question - Spousal Benefits
Replies: 6
Views: 1108

Re: Social Security Question - Spousal Benefits

If you are going to be 62 before January 1, 2016... ...and you wait until you reach FRA... ...and your mate has already filed for their own retirement benefits (whether or not he/she filed before/at/after their own FRA), you can file for spousal benefits only, allowing yur own retirement benefits (R...
by MrTimewise
Mon Oct 19, 2015 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Free Lunch?
Replies: 69
Views: 9625

Re: Social Security Free Lunch?

One Ping is correct. The only extra bit information which might help fill in the blanks is this: If the wife had waited until she reached FRA (rather than filing at the age of 64), her "excess spousal benefit" would not be reduced (i.e., it would remain 1/2 the husband's PIA minus her PIA)...
by MrTimewise
Tue Aug 04, 2015 3:09 pm
Forum: Personal Finance (Not Investing)
Topic: Spousal Benefits - so confusing
Replies: 17
Views: 2761

Re: Spousal Benefits - so confusing

...I guess I will need to call them after January 1 since I think it only gets the 8% as a single payment and not monthly.. Your Delayed Retirement Credits are accumulated monthly...2/3 of 1% per month. Yes, this equals 8% per year, but it is a month by month accumulation of credits. The January &q...
by MrTimewise
Mon Aug 03, 2015 11:54 pm
Forum: Personal Finance (Not Investing)
Topic: Spousal Benefits - so confusing
Replies: 17
Views: 2761

Re: Spousal Benefits - so confusing

... I applied for spousal at age 66 (FRA) and received 50% of his PIA. ... I was surprised that I was no longer allowed to inspect the current value of my unclaimed benefit at SSA website. I mostly want to know if there is any way I can determine if my deferment of my own benefit was handled correc...
by MrTimewise
Mon Aug 03, 2015 1:44 pm
Forum: Personal Finance (Not Investing)
Topic: Spousal Benefits - so confusing
Replies: 17
Views: 2761

Re: Spousal Benefits - so confusing

When you reach your FRA (66) you can, in fact, receive 1/2 your husband's PIA because he has already filed. Your spousal benefit amount will not be reduced since you are intending to file at your FRA. Make certain you tell the SSA that you want to file a restricted application for spousal benefits o...
by MrTimewise
Sun Jul 19, 2015 2:14 pm
Forum: Personal Finance (Not Investing)
Topic: Why did you take SS at FRA instead of delaying until 70?
Replies: 69
Views: 11269

Re: Why did you take SS at FRA instead of delaying until 70?

Kind of disappointing that so few of the posters actually read the question, and answered why they chose to take SS at FRA versus 70 :oops: Good point, but I found so many of the responses interesting anyway. Filed at 68 and 7 months instead of waiting till 70. Reasons: 1) Used prior years for all ...
by MrTimewise
Sun Jun 28, 2015 11:20 pm
Forum: Personal Finance (Not Investing)
Topic: Can a worker's increased PIA due to high earning years after FRA change Spousal Benefits?
Replies: 11
Views: 2192

Re: Can a worker's increased PIA due to high earning years after FRA change Spousal Benefits?

Shouldn't the lower earner consider filing for spousal only at FRA and delay their own retirement benefits out toward 70? A valid question, but in my spouse's case her PIA is low so that even after after 48 months of DRCs (a 32% increase) her resulting benefit will not increase to above half my PIA...
by MrTimewise
Fri Jun 26, 2015 1:09 pm
Forum: Personal Finance (Not Investing)
Topic: Can a worker's increased PIA due to high earning years after FRA change Spousal Benefits?
Replies: 11
Views: 2192

Re: Can a worker's increased PIA due to high earning years after FRA change Spousal Benefits?

When a worker's PIA increases, it increases the benefits of anybody else entitled on that worker's earnings record. Thanks. I just was not quite sure if spousal benefits would ever change once they had started (without consideration of COLAs). That is, if a primary worker's "PIA at FRA" i...
by MrTimewise
Fri Jun 26, 2015 12:26 am
Forum: Personal Finance (Not Investing)
Topic: Can a worker's increased PIA due to high earning years after FRA change Spousal Benefits?
Replies: 11
Views: 2192

Can a worker's increased PIA due to high earning years after FRA change Spousal Benefits?

I think I'm stating this correctly... Assume both spouses are at FRA and that neither had begun entitlement prior to FRA. Now, both spouses decide to "file". The higher earner (I'm calling this worker the "primary worker") will file and suspend while continuing to work at high ea...
by MrTimewise
Mon Nov 10, 2014 4:44 pm
Forum: Personal Finance (Not Investing)
Topic: "Easy" social security question...
Replies: 50
Views: 6111

Re: "Easy" social security question...

ObliviousInvestor wrote:...

4) You're the lower-PIA spouse in a married couple, you're younger than the higher-PIA spouse, and you are claiming early so that the higher-PIA spouse can get spousal benefits on your work record while he/she delays his/her own retirement benefit to 70.
BINGO...That's me!
by MrTimewise
Mon Nov 10, 2014 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: SS: confused re "file and restrict"
Replies: 8
Views: 1242

Re: SS: confused re "file and restrict"

And, "Thank you," from me, too. I find it amazing that all this excellent guidance is being provided as a gift to all of us by such enlightened posters as sscritic, ResearchMed, and jjustice (and so many others.)
by MrTimewise
Mon Nov 10, 2014 11:42 am
Forum: Personal Consumer Issues
Topic: anyone successfully file restricted app for spousal online?
Replies: 12
Views: 1978

Re: anyone successfully file restricted app for spousal onli

I just wanted to write to everyone in this thread that I've been searching for the exact answers provided here. After weeks (no, make that months) of searching and telephone calls, this thread has concluded my search. Thank you all for the great information!