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.
How are you today? I'm sorry to hear about the loss of your late husband.
If you remarried after the age of 60, then you are eligible to draw a survivor benefit off your late spouse's record.
This is allowed. You only had to be married for at least 9 months to earn this benefit.
Thank you for your response. Do I wait until I receive my ss benefits before applying for this survivor benefit? I am still employed. Would the amount I draw as a survivor benefit be taxable as long as I'm working?
You can only receive your benefits, or the survivor benefits but not both
You can draw them now, but the amount would be reduced if you make over $15,120 per year
And a portion of it may be taxable as well if you are workinig
will a social security employee be able to tell me what is the higher amount when I go for an interview at the time I am ready to apply for benefits? I do not need the funds now and was actually thinking of waiting until I was 66 to draw my ss and live off my 401 K until that time.
Yes, they should be able to tell you what is higher
You can draw the survivor benefit now, and then switch to your own benefit at 66 if you wanted to start receiving something now
wow - I had no idea I could do that. But suppose I stop working next June and say I earned 45,000 in those 6 months. would the survivor benefit still be reduced because I was over the $15,120 per year? I suppose it would but it would still be an income for the balance of the year, correct?
Yes, your benefit would be reduced $1 for every $2 you are above $15,120
But, in the first year of your retirement there is a special rule
You get your full benefit each month you earn under $1,200 and do not work substantially
oh that's great as after June we will be moving and I will not be earning anything from June to December. In this case I can see there would definitely be a benefit in apply for survivor benefits until I turn 66 in December of 2015. One more question: If I do apply for these survivor benefits it will not reduce MY social security in any way will it?
No, it will not. Your benefit continues to remain the same and accrue retirement credits
Survivor's benefits are the only benefits that you can draw, that won't impact your own benefits when you eventually do retire
This is very valuable news to me as I wasn't even going to apply for any benefits until age 66. After I retire in June and if I do decide to take some supplemental monthly income from my 401K, that would not count toward $1,200 a month or would it?
No, your 401(k) funds do not count. Only earned income such as wages from a job counts
Thank you very much Megan C. This has been very enlightening and makes me feel more confident that I will have sufficient income to live on before 66. Thanks again!
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