Ask Larry
Financial Safety Planning, Inc.
Immediately’s Social Safety column addresses questions on how lengthy it’s important to withdraw an software for advantages, making use of on-line to change from survivor’s advantages to retirement advantages and the earliest totally different advantages can start. Larry Kotlikoff is a Professor of Economics at Boston College and the founder and president of Financial Safety Planning, Inc.
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Have Social Safety questions of your individual you’d like answered? Ask Larry about Social Safety right here.
Did I Want To File My Withdrawal Request Inside 12 Months Of Once I Turned 66?
Hello Larry, I began taking advantages Could 2018 at 68. In April 2019, I utilized utilized to withdraw my software. My withdraw was rejected as they stated it ought to be inside 12 months of entitlement. Is that this right? If not, how do I rectify this? Thanks, Howard
HI Howard, “Entitled” to advantages means that you’re eligible for and have utilized on your advantages. You’ll have been eligible for advantages as early as age 62, however your first month of entitlement (MOE) can be the primary month you claimed and had been accepted for advantages.
You could have as much as 12 months out of your MOE throughout which you’ll submit a written and signed request to withdraw your software for retirement advantages. So if utilized for advantages in 2018 and in case your MOE was April 2018, i.e. the profit fee due in Could 2018, then you might have submited a withdrawal request as late as April 30 2019.
Nonetheless, when you utilized for advantages in April 2016, then your MOE can be April 2016 even when you solely filed for and suspended your advantages and you were not really paid any advantages till 2018. In that case you would need to have filed your withdrawal request no later than April 2017.
I haven’t got all the information of your case, however when you submitted a correct withdrawal request to Social Safety inside 12 months of the primary month of entitlement to advantages, then your withdrawal request was well timed filed. There are a number of steps in Social Safety’s appeals course of, so when you imagine that the choice in your case was incorrect you might request to attraction additional. Greatest, Larry
Do You Assume My On-line Software Will Go By?
Hello Larry, I’m presently receiving survivor’s advantages and wish to begin my retirement profit Could 2022. I known as the Social Safety workplace in my space and was advised I may file on-line, despite the fact that I’m presently receiving a survivor’s profit.
I used to be skeptical, however went on-line and was stunned that the web site did certainly enable me to file my software. Do you assume it would undergo? Are you aware of anybody else in these circumstances who has accomplished this? Did their on-line software via? Thanks, Charles
Hello Charles, I am unable to say for positive, however when you utilized on-line and if it was accepted by Social Safety, then it ought to be processed to completion. There’s nothing on Social Safety’s web site that signifies individuals receiving solely spousal or survivor’s advantages cannot file for his or her retirement advantages on-line.
If you happen to’re not sure about whether or not or not your declare went via efficiently, then you must name Social Safety to test on the standing of your declare. Once you file to change from drawing survivor’s or spousal advantages to retirement advantages, usually your declare cannot be processed to completion till a couple of month earlier than the primary retirement profit fee is due.
That is as a result of Social Safety should first terminate the spousal or survivor’s profit earlier than authorizing fee of the retirement profit. So when you requested to change to retirement advantages in Could 2022, i.e. with the primary fee due in June 2022, then in regards to the earliest you might count on an precise award letter can be someday in Could 2022. Greatest, Larry
Can I File For A Widow’ Profit?
Hello Larry, My husband died on the age of 61. I’m 54 years previous. He labored full time and I work part-time. We’ve saving and retirement accounts however I do not wish to dip into them but if I may help it. Can I file for Social Safety widow’s profit? I haven’t got any disabilities. Our two daughters are over 21 and attend faculty. One works part-time and the opposite is a full-time scholar. Thanks, Rebecca
Hello Rebecca, I am sorry on your loss. I want I had higher information for you, however when you aren’t disabled and if you do not have a baby in your care who qualifies for little one advantages and who’s both below age 16 or disabled, then the earliest that you might qualify for widow’s advantages is at 60.
Sadly, it would not sound like your daughters may qualify for any survivor advantages both. Surviving little one advantages can solely be paid to kids who’re both below age 18, 18 to 19 and attending highschool, or older kids who turned disabled previous to 22.
There’s a one-time dying advantage of $255 that may be paid to surviving spouses, so if you have not already utilized for that profit you then’ll probably have to name Social Safety. I do know that is not a lot comfort, although.
So far as month-to-month profit choices go, usually the most suitable choice for somebody who’s doubtlessly eligible for each their very own advantages and for widow’s advantages is to begin out drawing the decrease profit first after which swap to the upper profit when it reaches it is highest potential fee.
So, primarily based in your description it feels like your greatest long-term technique may very well be to file for decreased retirement advantages by yourself account at 62 after which file for unreduced widow’s advantages at your full retirement age (FRA) of 67.
After all, every case is exclusive and in case your circumstances change between now and whenever you attain retirement age that might additionally change your optimum submitting technique. Chances are you’ll wish to think about using my firm’s software program — Maximize My Social Safety or MaxiFi Planner — to make sure your family receives the best lifetime advantages. Social Safety calculators supplied by different corporations or non-profits could present correct strategies in the event that they had been constructed with excessive care. Greatest, Larry
