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ShawnA
ShawnA, SS Expert, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS , Decades of experience helping clients..
Category: Social Security
Satisfied Customers: 2884
Experience:  SS Expert, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience helping clients..
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I applied to social security benefits when I

Customer Question

I applied to social security for retirement benefits when I turned 66 , 6 years ago. at the time the ss agent told me that 200 dollars a month would be deducted from my check due to my police pension. this didn,t seem fair to me due to the fact that I worked for 7 years before becoming a police officer and paid into ss.and since I retired from the PD I have paid into ss for 28 years.now I see on the internet that in some cases benefits can be increased but it must be done before the last day of this month. I have not contacted the ssa to ask about this because it seems that the ssa does not want to give increases to retired police officers or anyone else for that matter who is already collecting....please give me some good news for a change , with your answer. thank you ...jc/lvnv
Submitted: 1 year ago.
Category: Social Security
Expert:  Christopher B, Esq. replied 1 year ago.
My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship. Unfortunately I will not be giving you good news regarding this change, because at your age (72), the closing loopholes have no effect on you at all. There has been a lot of misinformation out there regarding HR 1314. The changes made in the bipartisan act are being hyped in the media but it is only a small loophole that is being closed. It is not a magical lump sum that has to be elected or banned benefits that you will lose. There is no application and it only deals with "file and suspend" spousal benefits and the "restricted benefit". Let me explain, a spouse can only take the spousal benefit if the other spouse has elected to take their benefit. Currently the law is changing and a "suspend and file" cannot be elected starting on May 1, 2016. In this circumstance at full retirement age (66) one could file and suspend their benefits and continue earning credits until age 70 and their spouse could elect to take the spousal benefit. The spousal benefit can be as much as half of the worker's "primary insurance amount," depending on the spouse's age at retirement. If the spouse begins receiving benefits before "normal (or full) retirement age," the spouse will receive a reduced benefit. However, if a spouse is caring for a qualifying child, the spousal benefit is not reduced. Also the "restricted benefit" is being eliminated. If you turned age 62 be the end of December 31, 2015, you would be grandfathered in and at full retirement age you will still be able to restrict your benefit. This means that if you or your spouse would like to elect to take only the spousal benefit as opposed to your normal retirement benefit, you can restrict your election to ONLY the spousal benefit. This would allow you to collect the 50% spousal benefit while still gaining credits to your normal retirement benefit from ages 66-70 (the credit increases your benefit approximately 8% per year). After the law changes, at full retirement age, you would have to take the higher of the spousal benefit and your retirement benefit. You can no longer choose just the spousal and let your normal retirement benefit grow while still take the spousal benefit. Please let me know if you have any further questions and please positively rate my answer if satisfied. There should be smiley faces or numbers from 1-5 to choose from. This extra step will cost you nothing extra and will ensure that I will be compensated for my time by the site.
Customer: replied 1 year ago.
I UNDERSTAND THAT ALL OF THESE SS RULES ARE COMPLICATED, BUT, BEING SINGLE AND REMAINING SO....I AM ONLY INTERESTED IN KNOWING ABOUT AN INCREASE IN BENEFITS,HAVING WAITED TILL 66 TO COLLECT IT STILL SEEMS TO ME THAT,ALSO PAYING INTO SS DURING THE TIME I WAS A P.O. THAT I SHOULD BE RECIEVING MORE THAN I AM. ARE YOU TELLING ME I HAVE NO CHANCE OF ANY KIND OF INCREASE ?
Expert:  Christopher B, Esq. replied 1 year ago.
The changes ONLY relate to the file and suspend and the restricted benefit. Congress has closed these loopholes. You are past the age to take advantage of these loopholes and also need a spouse as well. The spousal benefit is being changed and that is it. Like I said in my first answer, there has been a lot of misinformation put out there and this is not an increase that can simply be elected. Congress is simply closing loopholes and some can try to take advantage of them before they close. They do not relate to your specific situation.
Expert:  Christopher B, Esq. replied 1 year ago.
Just checking back in, do you have nay further questions?
Expert:  ShawnA replied 1 year ago.
I can explain in great detail the answer you are seeking. I normally allow unlimited time