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Recent Lump Sum questions

Thank you for hearing my case. I worked for low wages until

Thank you for hearing my case. I worked for low wages until age 65. I began drawing my Soc. Sec. then. However, my husband continued to work until age 71 or 72 (can't remember). Only recently via and article in the AARP Bulletin did I read that "If your personal benefit is smaller, it (your Soc. Sec.) will be topped up to the spousal level. I HAVE NEVER HEARD THAT! My questions are: How do I apply for this? Will I be able to collect back "topping" since he retire in 2005? If so, can this be in a lump sum - with/without interest? and finally - Why was I not informed of this benefit? I am feeling somewhat "cheated" all these years of scraping by financially. We are hoping to move to a retirement home soon and getting these "layered" benefits would be a god-send.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. We have our lovely Black Belt Customer Support team available to help you 24/7.Email***@******.***In the US or Canada 1-***-***-**** Available 6am to 9pm PSTIn the UK 0***-***-****In Australia 1800-679-634In New Zealand 0800-452-621From anywhere else 1-***-***-****Is there anything else the Retirement Accountant should be aware of?Customer: not that I can think of.

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keeperumiami

Sr Financial & Tax Consultant

Bachelor's Degree

10,456 satisfied customers
My husband was planning on working till age 70 to get the

My husband was planning on working till age 70 to get the extra % when he collected SS. Now his position is being deleted & his company wants to pay 1 year severance salary with all taxes taken out. Will this change his % of SS income when he collects?JA: The Retirement Accountant will know how to help. Is there anything else the Retirement Accountant should be aware of?Customer: It's a payment to cover from 3/31/17 - 3/31/18

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lev-tax

Retired

Bachelor's Degree Equivalent

24,870 satisfied customers
I am getting social security from my ex spouse as I don't

I am getting social security from my ex spouse as I don't have enough of my own.Just found out this morning that my employer who is now under TRS will be going with a company which takes out Social security instead.I am 64 will be 65 in August. Can I take out of my TRS in a lump sum or will I be penalized by social security.What age do I have to be when this no longer matters?JA: The Retirement Accountant will know how to help. Is there anything else the Retirement Accountant should be aware of?Customer: I want to continue working a few more years but maybe I need to retire now?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,118 satisfied customers
I took part of my retirement in a lump sum payment in 2016.

I took part of my retirement in a lump sum payment in 2016. The rest is paid to me on a monthly basis..Is the lump sum portion going to be considered income for 2016 thus penalizing my SS for earning too much in 2016?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,370 satisfied customers
I received two checks this month. The first is normal but

I received two checks this month. The first is normal but the second was for $255.00. I am afraid that should have gone to my medical? Please try to set me straight.JA: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.Customer: My husband passed away last Saturday. However, I don't think that should impact anything yet. I called Kaiser Permanente to see if my payment was up-to-date. All is well until March. Does that help?JA: Is there anything else the Retirement Accountant should be aware of?Customer: Just medical, including dental and eye services.

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LawTalk

Attorney at Law

Juris Doctor

36,432 satisfied customers
I received a letter from social security the other day. They

Hi Good evening, I received a letter from social security the other day. They need me to talk to them tomorrow about the representative payee account that was receiving the benefits for my 18 year old brother in 2016. They paid a lump sum around the end of 2016 because they withheld payments since 2012 since we didn't file an accounting form. I had work the past two days so I couldn't give them a call. I did some research online what it could be, and I'm having anxiety over the misuse I had done with some of the funds. Some sources say SSA would only have me pay restitution to my brother over the squandered amount, but sources from SSA sites seem to have a more dire penalty of a large fine and jail time. I'm worried if I might say something tomorrow I probably shouldn't.JA: Because employment law varies from place to place, can you tell me what state this is in?Customer: New YorkJA: Has anything been filed or reported?Customer: I'm not sure.JA: Anything else you want the lawyer to know before I connect you?Customer: Not anything at this time.

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Charles Markham

Principal

Masters Science Taxation

730 satisfied customers
I have VA benefits not compensation and receive less that

I have VA benefits not compensation and receive less that poverty line monthly. Can I withdraw in one lump sum any Social Security benefits coming to me without harming my monthly benefits from VA?

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LawTalk

Attorney at Law

Juris Doctor

36,432 satisfied customers
Trying to find my sis benefits. I am now receiving

Trying to find my sis benefits. I am now receiving survivorsJA: 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. Please tell me more, so we can help you best.Customer: I am receiving survivors s/s under my husband s/s no***-**-****. I received a letter from s/s to apply on my own s/s no###-##-#### Trying to find out which amount is higherJA: Is there anything else important you think the Retirement Accountant should know?Customer: No

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LawTalk

Attorney at Law

Juris Doctor

36,432 satisfied customers
I'm applying for retirement benefits. I turned 70 in July. I

I'm applying for retirement benefits. I turned 70 in July. I originally applied in April with the intent of starting the retirement benefit in July.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. Please tell me more, so we can help you best.Customer: I pressed return to get a new line. Oops. A Social Security agent called me to confirm the details, and she told me that my wife should start taking her benefits. She advised me to file-and-suspend as of April, so that my wife could start collecting on my record. This got confusing between my wife and me, but I thought we had it in the system. Months went by... Now Social Security is telling us that the file-and-suspend won't work, because it was initiated after the April 29 deadline when the law changed. We have a letter dated June 10 that says she can use April 18 as a filing date. Now we're bing told we can't do that. So I have two questions: 1) Is it true that the law dictates a cutoff of file-and-suspend as of April 29. Would that override the letter that we have? 2) My favorite option now is to change my filing to start benefits and payments as of April. That would let my wife do the same. I understand that changing the start date on my retirement by three months will reduce my payments by 2% forever. Is that correct? Is there something else here that we're missing. Talking to Social Security seems to be very confusing as we get conflicting information. Thank youJA: Is there anything else the retirement accountant should be aware of?Customer: Not that I can think of. Maybe when I see the answer.

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LawTalk

Attorney at Law

Juris Doctor

36,432 satisfied customers
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