How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Stephanie O Joy, Esq Your Own Question
Stephanie O Joy, Esq
Stephanie O Joy, Esq, Soc. Sec. Attorney
Category: Social Security
Satisfied Customers: 13483
Experience:  19+ years legal exp. - 10+ years owning/operating her own SSD Law practice.
10805288
Type Your Social Security Question Here...
Stephanie O Joy, Esq is online now
A new question is answered every 9 seconds

I am 63 years old and have 2 dependent children, age 11 and

Customer Question

I am 63 years old and have 2 dependent children, age 11 and 14. I have deferred taking my benefits, but am told I might apply and that my minor children would then draw benefits until they are 18 or graduate high school. Is this true, and if so, what would there benefit be and how would their taking it affect my distributions at age 70. I was over the top on contributions to SS for the last 15 years I worked.
Submitted: 1 year ago.
Category: Social Security
Expert:  Stephanie O Joy, Esq replied 1 year ago.
Hi, my name is***** and I am here to assist you. I am a social security attorney in my private practice – that is ALL I do. Please let me know that my post here is coming through for you by typing a quick reply.
Customer: replied 1 year ago.
yes, I received it. I should have added that I am married and my wife is 53
Expert:  Stephanie O Joy, Esq replied 1 year ago.
Thank you. With regard to your post: :I am 63 years old and have 2 dependent children, age 11 and 14. I have deferred taking my benefits, but am told I might apply and that my minor children would then draw benefits until they are 18 or graduate high school. Is this true, ----- Yes.and if so, what would there benefit be ------ They can each get UP TO 50% of your primary insurance amount, but subject to a family cap which will be somewhere between 50% and 80% on top of your own amount. So often if there are 2 kids, they may take less than 50% each."and how would their taking it affect my distributions at age 70. -------- Their taking does not effect your age 70 amount. However, you fiing NOW, so they can collect all these years, will prevent YOU from deferring your benefit til 70 - so yours will be substantially smaller, for life. While deferring to 70 can get you 132% of your primary insurance amount, taking at 63, will cause your benefit to be about 80% of your PIA. I was over the top on contributions to SS for the last 15 years I worked. ------- You will want to do the math as to what will be collected by your household for the next 7 years, by taking now, vs. not taking now but taking bigger amount later. Now, if you continue to work, it is likely that you all can't collect anything, due to the earnings limit placed on those who seek to collect retirement before they are actually of full retirement age. Once you hit your FRA, there will be no earnings limit. So if you are still working, you may end up waiting til you are 66 to file, at which point your dependent's can file and there is no earnings limit on you.
Expert:  Stephanie O Joy, Esq replied 1 year ago.
I hope this helps! My goal is to provide you with excellent and accurate service – if you feel you have gottenanything less, please reply back, I amhappy to address follow-up questions. Kindly rate me "excellent"when you are done. I look forward to assisting you in the future, should you have legal questions. Be sure to start future posts with "To ***** Esq., ONLY" if you want me to specifically answer it. Sincerely, ***** ***** Joy, Esq.Your online SS legal resource!
Customer: replied 1 year ago.
Thanks but what about taking as now for me and the 2 kids, then stopping at 66, and reinstating st 70? I read something this morning that my benefit at 70 would be reinstated over the 4 years I would have stopped taking a benefit? FYI I no longer work but have an adequate income stream from the sal of my business to my age 70
Expert:  Stephanie O Joy, Esq replied 1 year ago.
Yes, you can certainly suspend at 66 - When you stop at 66, your dependants' benefits will ALSO suspend along with yours. That is courtesy of the new law President Obama signed in a few months ago. But you can certainly suspend all at 66 so yours grows to age 70.
Expert:  Stephanie O Joy, Esq replied 1 year ago.
Urgent! There is just one more step needed, so thank you for finishing up! Hello again. It is month end -Please, if you haven't yet had the opportunity to do either of the items below, I ask that you do so now, because it is the only way I can receive credit for time spent with you. Please:1) Follow up if clarification is needed on our above interaction/Q&A, OR2) Rate me highly if we are finished for the time being. If there's more I can do, please use the reply tab and let me know how I can be of further assistance. It's my goal to provide you with excellent service- to make sure I answered the question you asked about. Please rate me highly and provide me with feedback. And thanks for understanding how we receive credit from the Site for contributing our time here! Sincerely,Stephanie O. Joy, Esq. – Your Online Legal Professional