Very useful information that is well-narrated and explained! Does the term "widow" as used in the context of this video apply to couples who are in domestic partnerships, i.e.- living together without being married?
Hi Brad. I have a question. I will be turning 60 next August. I have been a widow since 2017 and my late husb and was collecting Social Security starting at age 62. Recently I visited my local Social Security office to ask questions about Social Security Surviving spouse benefits. I know the annual working income limit for 2024 is $22,320 and it is $1,860 monthly. I know that it is $1 taken out for every $2 over that limit. I told him I earned close to $50,000 this year of 2023. When I do the Math I will get a little bit each month. Not much though. I was told not to apply because my income is too high. He suggested that I start working part time and in the future I can apply for benefits with a lower income.. Nowhere on the SSA website did I read that there is an absolute maximum income limit before you should not bother to even apply for benefits. He wouldn't do any calculations to see if I am eligible for anything. Was I given the correct information? Thanks.
Hi there, here is my 2 cents. I am certain Brad will reply and provide a more useful and practical explanation. If you are eligible for SSA benefit of your own starting at age 62, compare this with your surviving spouse benefit and consider taking the smaller of the two while you are earning your current salary. Once you are no longer working or working part time, you can switch to collecting the larger of the two benefits, thereby paying less in taxes. If you don't qualify to receive SSA benefit of your own and you don't need the surviving spouse benefit now to cover your living expenses, I would wait until such time when you either stop working or are working part time.
I agree with the advice. Since your income is around $50k I think it doesn’t make sense to apply for your benefit now. What do you do for work? Do you like your current job? What was your original retirement plan and age? Also, are you taking your SS widows benefit?
@SeasideWealth My plan was to take SS widow benefits now and switch to my own Social security payments after I retire. I am now 59 and plan to retire at age 67 with my own SS benefits and other sources of private retirement benefits. I can apply for widow benefits later but I won't get much until I am 67. I may even wait until age 70 to collect my own SS
Thank you, Brad!
My pleasure!
Very useful information that is well-narrated and explained! Does the term "widow" as used in the context of this video apply to couples who are in domestic partnerships, i.e.- living together without being married?
It can. Yes.
Hi Brad. I have a question. I will be turning 60 next August. I have been a widow since 2017 and my late husb and was collecting Social Security starting at age 62. Recently I visited my local Social Security office to ask questions about Social Security Surviving spouse benefits. I know the annual working income limit for 2024 is $22,320 and it is $1,860 monthly. I know that it is $1 taken out for every $2 over that limit. I told him I earned close to $50,000 this year of 2023. When I do the Math I will get a little bit each month. Not much though. I was told not to apply because my income is too high. He suggested that I start working part time and in the future I can apply for benefits with a lower income.. Nowhere on the SSA website did I read that there is an absolute maximum income limit before you should not bother to even apply for benefits. He wouldn't do any calculations to see if I am eligible for anything. Was I given the correct information? Thanks.
Hi there, here is my 2 cents. I am certain Brad will reply and provide a more useful and practical explanation. If you are eligible for SSA benefit of your own starting at age 62, compare this with your surviving spouse benefit and consider taking the smaller of the two while you are earning your current salary. Once you are no longer working or working part time, you can switch to collecting the larger of the two benefits, thereby paying less in taxes. If you don't qualify to receive SSA benefit of your own and you don't need the surviving spouse benefit now to cover your living expenses, I would wait until such time when you either stop working or are working part time.
I agree with the advice. Since your income is around $50k I think it doesn’t make sense to apply for your benefit now. What do you do for work? Do you like your current job? What was your original retirement plan and age? Also, are you taking your SS widows benefit?
@SeasideWealth My plan was to take SS widow benefits now and switch to my own Social security payments after I retire. I am now 59 and plan to retire at age 67 with my own SS benefits and other sources of private retirement benefits. I can apply for widow benefits later but I won't get much until I am 67. I may even wait until age 70 to collect my own SS
What do you do for work?