A friend of mine has applied for retirement benefits, was
A friend of mine has applied for retirement benefits , was accepted and will receive his first check next month. He has now become aware that his two teen age children (13,& 14) may be eligible to receive benefits because of his age, their age and the fact that he cannot work. What should he do?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: Not that I can think of now.
I am a 71 year old married male. I retired at 62.5. I
I am a 71 year old married male. I retired at 62.5. I married late and have children under 18. Social Security sends me benefits in the amount of 1/2 of what I receive in SS benefits for each of our children.every month. We are fortunate in that we do not have to use this money towards their living expenses and have set-up custodial accounts for them and are saving this money for future college tuition use when the time comes.My question is, is this considered taxable income? Whose? Ours or our childrens? The checks are written out in their name with me as custodian. The checks are automatically deposited into their accounts every month and then I transfer the money into a brokerage account under their name.thanxs,Harry
Ms... I have been assigned as the caregiver for my 17 year
Good morning, Ms. Wilson.JA: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.Customer: My name is ***** *****. I have been assigned as the caregiver for my 17 year old grandson, Luke Henry, by his mother, who is my daughter, who lives in Houston, Texas. Luke had been living with his father, Michael Henry, who passed away last December 16, 2016. He still desires to live in Los Angeles, but due to the fact that he was living with a 23 year old brother and his step-mother, there was no guardian available to assist him in handling his life, i.e. school attendance and performance, medical needs, and all other aspects of his life, my daughter asked me to and I willingly did, because Luke has always been in my life, even living with me and his father for several years. I was informed by the clerk at Social Security Administration last week, that the surviving children of deceased parents can no longer receive benefits, in order to continue their education after either they graduate from high school or turn 18 years old. I am trying to get Luke ready for the world because he has not received any preparation by his parents and needs a lot of mentoring. Is this a true statement, and if so, when did that provision be taken away? Thank you.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 the Retirement Accountant should be aware of?Customer: I don't know if it matters, but I am early retired and currently live in a 1 bedroom apartment. My income is just right for me, but I took Luke on because I love him very much and he is a wonderful manerable young man, who just needs some loving care and encouragement. His dad died of a heart attack, due to morbid obesity, which Luke also suffers from. He is over 300 pounds and I refuse to just watch him continue in that direction. Therefore, I have already sought out a gym and I am also attempting to see what his interests are regarding recreation and/or some other hobby that he is interested in. He is now enrolled in a Continuation High School in my area, of which I have already gotten involved in volunteering and overseeing his needs. He already seems more happy. I have willingly changed my lifestyle as a single retired woman, but he is worth it. He has a long way to go in life, and if he doesn't learn some type of life-sustaining skills, he's going to be in for a rude awakening. He is cooperating with me in every way, but I have a lot of damage to undo. He does not want to live with his mother, even though he loves her and she loves him. She is just not a stable mothering type of woman. If he were able to continue receiving these funds, for at least through the first 2 years of college, it would help me with our housing and all of his needs. I am committed to seeing Luke through these next 2 years of his life at the least. I need all the financial and any other help I can get to help me with this task. Even food, can he get food stamps. Please advise. Thank you.