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Devin Carroll

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Posts posted by Devin Carroll

  1. Posted

    Dorie...the 'last 60 month rule' will allow you to qualify for BOTH a survivors benefit and your teacher's pension. It's very important to do this correctly! The last 60 months must be spent at an employer who contributes to both social security and the LA teacher's pension. Additionally, you cannot mix employment! If you work even one day at an employer who is does not pay into social security you will undo all of your effort. Check this article out for more information. https://socialsecurityintelligence.com/the-government-pension-offset/. Also, check out the SSA piece on the last 60 month rule. https://secure.ssa.gov/poms.nsf/lnx/0202608107  

  2. Posted

    I don't think you have to file for Medicare in order for her to file. Check out the following language from medicare.com 

    "If you’re married and haven’t worked in a paying job:

    • If your spouse is at least 62 years old, and has worked at least 10 years paying Medicare taxes, you can enroll in Medicare when you turn 65, including premium-free Part A.
    • If your spouse is younger than 62 when you turn 65, you won’t qualify for premium-free Part A until your spouse turns 62 (if your spouse has worked and paid Medicare taxes for at least 10 years)." 

    Find the full version at https://medicare.com/original-medicare/im-getting-married-need-medicare/  

  4. Posted

    On 1/16/2019 at 2:58 PM, Patnjoe said:

    I am interested to get "Social Security Survivor Benefits: The Complete Guide."  Where can I get this? How do I find out what my survivor benefit amount would be for my spouse, who died at age 54.  I am now 64, still working full-time, and plan to retire at age 66.  May I receive his SS benefit and keep mine (which will most likely be higher) until age 70?   Thanks for your input.

    Yes you can. Unfortunately, the SSA often will misadvise individuals about this. Check out these videos I made recently on Social Security survivor benefits. https://www.youtube.com/playlist?list=PLKl2hxYLLF9E_edTXVWZJOM-O0sTM_bQW  

  5. Posted

    Yes...you can delay filing for survivor benefits if your spouse dies before your FRA. If you file for your own, you do not have to automatically switch to survivor benefits. Important to note, the SSA has a system for searching for the highest payments and you could be automatically switched. If your spouse dies, carefully watch your benefit amount for increases and get it stopped as quickly as possible if you see an increase. 

  6. Posted

    This is certainly a multi-part question that requires a much more thorough analysis before a good question can be found. Here are a couple of places I would start. First, find out what benefit you could get as a 'child-in-care' benefit. This is typically 50% of the higher earning spouse's benefit. In this case, the family benefit maximum would limit the amount that was paid to a lower number. Second, if you truly believe the life expectancy of your spouse is shortened, filing early for your  own benefit could make sense. If your spouse dies, you'd be eligible for a slightly higher benefit from his record. Keep in mind that the earnings limit will apply if you file early. 

    Here are a few resources: 

     

      

  8. Posted

    Hi Tom...your wife's benefit can be up to 50% of your full retirement age benefit, but since she filed early, the portion of benefit from her own work history was reduced. Here's a video that explains a scenario in which an individual became entitled to their own and spousal benefits at separate times. 

      

  14. Posted

    Just now, Devin Carroll said:

    Yes...but don't hold your breath. The WEP "repeal" that has been talked about isn't really much of a repeal. Instead, most proposed legislation simply replaces the WEP formula with a new formula called the public service fairness formula. 

    Here's an article that I wrote where I propose that the last repeal measure would do more harm than good. https://socialsecurityintelligence.com/the-social-security-benefit-reduction-act-of-2015/  

  16. Posted

    Hi Broomer...it sounds like you have it mostly correct. One thing to note is that until you file for your benefits, she will not be eligible for her spousal benefit. This means that if she doesn't become eligible for that benefit until her FRA, the spousal top off amount will not be reduced. Check out this video for more details on how this calculation works. 

     

  18. Posted

    On 11/10/2018 at 11:06 AM, Kevin said:

    Hello Devin,

    Thanks for all of your informative SS videos on YouTube. I was very intrigued by one of your videos entitled "The BEST Age to File for Social Security" and I would like to gather a bit more information before making a final decision. As background for my situation, I have a disabled son at home, age 27. He has already qualified for SSI and SSDI and has been receiving benefits for some time now.

    Here's how I understood the facts and concepts as described in the section of your video "When you Should File Early", reason number 2 (You have a minor or disabled children).

    • Filing at age 62 will reduce my benefit to approximately 70% of my full retirement age benefit and would also limit my earning potential since there are limits on total income (~$17k). Is "total" income counted as my personal income alone or the collective income of all wage earners in my household? I think I know the answer to this one but just wanted to confirm that this limit is a limit for my personal income alone.

    The earnings test is on an individual basis. One note on this...If you have a spouse or child receiving benefits on your work record, and you exceed the limit, they will be subject to the income limit as well. 

    • If I take early benefits at 70% will I receive 100% at full retirement age or will I always be limited to 70%?

    If you file early, you'll be limited to that amount into the future.

    • I understood that I would need to file first so my spouse (and son) could benefit from my work record.

    Yes, that's one of the triggers for these "Auxiliary Benefits" to be paid. If you stop your benefit for any reason, there's will stop as well. 

    • My 27 yr old son is already receiving SS and SSDI benefits. As he is disabled, would he be entitled to additional child benefits under my early retirement benefits?

    Possibly. Once you file for benefit the benefits paid to auxiliaries will increase if your benefit amount is high enough. 

    • My spouse works part-time but also takes care of my son at home. I am currently working full time from home so I also take care of him as well, between us we share the duties 24/7/365. If my wife is working part-time would she still be eligible for spousal benefits?

    As long as she doesn't exceed the income limit, there shouldn't be a problem. 

    • What is the rule, test or guideline for "caring for your child"? My 27 year disabled old son functions around the age of a 12 year old, however he is NOT confined to a wheelchair or dependent on any life supporting devices. Would the fact that he is already qualified and receiving SSDI plus the fact that he is living at home fulfill the test to claim that we are "caring" for our child?

    This is beyond my area of expertise. Consult with a family law attorney. 

    • If my disabled son were to move out into a "group" home or other living situation outside of our home, I would need to report that change of living situation event to SS. My question is, would my son living outside the home disqualify us from receiving the spousal (and child) benefit(s)? If yes, could I opt to stop benefits and would the earning limits be removed? Or would my family benefits be reduced to my personal benefit with the earning limit still applied?

    Same response as above.

    • On my Social Security statement I see where there is a monthly family benefit limit. The benefits to me and my spouse could be up to 180% of my full retirement age benefit, how is the total benefit amount calculated? I see on my statement where there is a "child benefit", a "spouse benefit who is caring for our child" and my "personal benefit". Assuming I add all three of those together I am exceeding the total family benefits monthly limit noted on my statement. In that case I assume I would only be eligible for the amount of the monthly family benefit limit?

    Check out this video on how to calculated the family benefit maximum. 

    • Assuming I would benefit by early retirement given the scenario above, there is no way I could ever catch up (benefit wise) by delaying to my full retirement age. By not retiring early I would be leaving money on the table.

    Planning your filing strategy is even more important when you have eligible children at home. You need to get someone to help you who understands these numbers and will work for an hourly basis. 

    Thank you in advance for taking the time to comment on my situation, your input is greatly valued!

     

  20. Posted

    They can and will. 

    Whenever a minor child receives a benefit, the Social Security Administration pays the benefit to a representative payee. This individual is often a parent and is responsible for managing the benefits on behalf of the child. One of the responsibilities of the representative payee is to make an annual accounting of how the Social Security benefits have been used through a Representative Payee Report on Form SSA-6230. This form requires you to report the amount of the child’s benefit that was spent and the amount that was saved.

    If you have saved part or all of the benefit amount you’ll also be required to list the institution where it was saved along with the account numbers. IF you haven’t spent all the money, the SSA will require you to send it back to them when your child turns 18. This is because your child is considered an adult in their eyes and they will begin to deal directly with them.

    This surprises many who were trying to do the prudent thing and save the checks for the child’s car, college tuition or some other important expense. You can see the Social Security Administration’s page titled “Transfer of Conserved Funds“on this topic for more information.

  21. Posted

    Since this question was a little outside of my area, I reached out to John Ross, an Elder Law attorney and co-host of the Big Picture Retirement podcast. Here's what he said. "There may be ways but it will depend largely on what type of benefits you are receiving and what state you are currently located in.  My recommendation would be to go to www.naela.org and find an elder law attorney near you.  If there are options, they will know."  

  22. Posted

    Your husband's SSDI benefit is the same as his full retirement age benefit. If he dies, this is the benefit for which you'll be entitled. If you file for this benefit prior to your full retirement age, it will be reduced. Check out this video I made that discusses the Social Security survivors benefit and how it works.  

     

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