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Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16559
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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I will retire with children under 18 and receive money for

This answer was rated:

I will retire with children under 18 and receive money for them but also for my wife who takes care of them according to SS. Does my wife have to be not working in order to receive the money for her?

MyVirtualCPA :

I realize you have a question about social security. My goal is to provide you with excellent service, and help you better understand your options.

MyVirtualCPA :

Hello.

MyVirtualCPA :

Your wife would be subject to the sames earnings limits as those who are in early retirement

Customer:

She is in her early 50's so she is not retirement age.

MyVirtualCPA :

Yes, I know -but the earnings limits are the same

MyVirtualCPA :

because she is under full retirement age

Customer:

Approximately what would those earning be?

MyVirtualCPA :

If she makes over $15,120 she is reduced $1 for every $2 above that amount

Customer:

Where would I find those regulations? What keyword would I use?

MyVirtualCPA :

earnings limit would be what I would use

Customer:

Thanks

MyVirtualCPA :

You're welcome. Is there anything else I can assist you with today?

Customer:

I went to SS twice and got two different answers. I can retire now at 66.5, and defer my retirement until up to 70 so I get a better rate. And I can also get the retroactive amount for my children and wife up to 6 months. Another SS agent said that I must retire now and start receiving benefits to get the retroactive amount for my children and wife. Which is correct?

MyVirtualCPA :

If you file and suspend, then you can get the benefits for your children and wife

Customer:

Retroactrive too?

MyVirtualCPA :

Yes, you should get retroactive benefits

Megan C and other Social Security Specialists are ready to help you
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