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lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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Pearl. I notice Christopher . Esq spoke on site about file

Customer Question

Hi Pearl. I notice Christopher B. Esq spoke on site about file & suspend. I am 63 & my wife is 63. We both work in real estate sales management and currently don't have a large income. My brother in law lives with us and is a mentally challenged adult (age 60) who is a SS disability recipient and is cared for by my wife. It seems to qualify for file & suspend we would both have to file before 5-1-16. What is suspended the collection on my benefits with my wife getting a portion of what would come to me?
JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else important you think the Retirement Accountant should know?
Customer: Hi Pearl The chat took off faster than I wanted ...my name is ***** ***** wife Sharon.
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Retirement Accountant about your situation and then connect you two.
Submitted: 8 months ago.
Category: Social Security
Expert:  lev-tax replied 8 months ago.
Hi Steve and welcome to our site!First of all - if you are on limited budget - you both may start social security benefits NOW - but your earning will be limited.Another issue - either of you may file and suspend - and that would allow another spouse to receive spousal benefits.However - you would ONLY benefit from such strategy if spousal benefits are larger than your own.Questions?
Customer: replied 8 months ago.
Yes, ok, earning starts to affect income if filing jointly around what number? I don't think there is a big difference between our potential benefits - maybe $200-300 a month.
Expert:  lev-tax replied 8 months ago.
You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, the SSA will reduce your benefit. Starting with the month you reach full retirement age, the SSA will not reduce your benefits no matter how much you earn.The SSA uses the following earnings limits to reduce your benefits:If you are under full retirement age for the entire year, they deduct $1 from your benefit payments for every $2 you earn above the annual limit.For 2016 that limit is $15,720.That applies separately to you and to your spouse.
Customer: replied 8 months ago.
I see, well full age would be 70?
Expert:  lev-tax replied 8 months ago.
Your full retirement age is 66.After you reach 66 - there will not be any limit on earning.
Expert:  lev-tax replied 8 months ago.
Let me know your earning and expected social security benefits - and I will estimate your possible tax liability.