Social Security

Ask social security questions and get answers ASAP

Ask an Expert,
Get an Answer ASAP!

I just turned 66 On October 3rd. I have been self employed…

Customer Question
I just turned 66...
I just turned 66 On October 3rd. I have been self employed for the past 22 years as a music teacher of young children, and hope to continue working. The questions is I have no pension or retirement fund, and wondering if I should collect benefits now or wait till I am 70. We are planning on moving from New York to VErmont, , and I will be out of work until I can set up business again. My husband is a therapist, so he will begin a new practice there, but because we have no savings (due to a number of circumstances that I wont go into) I am not sure if financially I should take the money now or wait. I was told I would receive about $1800 now, and about $2300 when I am 70 yrs old My husband is 62 and will not be collecting for another 4 years..
Submitted: 3 years ago.Category: Social Security
Show More
Show Less
Ask Your Own Social Security Question
Answered in 15 minutes by:
12/1/2014
Social Security Expert: retirementlawyer, Tax Attorney replied 3 years ago
retirementlawyer
retirementlawyer, Tax Attorney
Category: Social Security
Satisfied Customers: 17,267
Experience: 13 years experience in social security
Verified
retirementlawyer :

Hello and welcome. My name is***** am a Licensed practicing attorney and my goal is to provide you with excellent service today.

retirementlawyer :

you have a few options at this point,

retirementlawyer :

since you are at full retirement age, you can take benefits now, and your spouse could take a spousal benefit, however, he would have an early reduction penalty at age 62, so this may not be best

retirementlawyer :

Another option is the claim and suspend, where you can file and suspend your benefits, and have him take a spousal benefit now,

retirementlawyer :

and you switch to your own benefits at age 70

retirementlawyer :

he would also be able to switch to his benefits later as well

retirementlawyer :

If you need money at this point,

retirementlawyer :

it may be worth it to take benefits at age 66, and have your spouse delay taking spousal benefits or any benefits until you need a larger amount,

retirementlawyer :

so you would take it now, and at age 64 o 65, he could take spousal benefits if you need the extra income,

retirementlawyer :

If your spouse will wait and collect at age 66, and you need money now, taking it now, will be fine,

retirementlawyer :

as the delayed credits benefits would come in four years,

retirementlawyer :

by that time, your spouse would also receive his benefits so you would have a good amount of benefits.

retirementlawyer :

If you do not need the income now, and can afford to wait, taking it at 70 is best, ***** ***** is not worth the wait, if you cannot pay bills or live comfortably now.

Ask Your Own Social Security Question
Social Security Expert: retirementlawyer, Tax Attorney replied 3 years ago
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

What happens now?

If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
Ask Your Own Social Security Question
Customer reply replied 3 years ago

I dont understand the clam and suspend benefit. What do you mean by this.

Social Security Expert: retirementlawyer, Tax Attorney replied 3 years ago
Under current law a spouse cannot claim a spousal benefit unless the main beneficiary claims benefits first. However, once full retirement age (FRA) is reached (age 66 for those born between 1943 and 1954), a beneficiary can file for benefits, but then immediately suspend receipt of those benefits until some future date. By doing this, his or her spouse can claim a spousal benefit and the main beneficiary can let his or her own retirement benefit grow at 8 percent per year. In addition, if both spouses have reached FRA, it is possible for the spouse's own benefit to grow due to delayed requirement credits.
This is an example that is similar to you:
Joe has just reached his FRA of 66. His wife, Mary, will turn 62 in a couple of months. Joe's benefit at FRA is $2000 a month. Mary's benefit at her FRA is $400 a month, reflecting a limited work history. Mary wants to retire and start Social Security at age 62 while Joe wants to work until age 70. If Mary claims just her own retirement benefits, she gets $300 a month (= $400×0.75) because of the early retirement penalty. However, Joe can file for his own retirement benefits and then suspend receipt of them until age 70, earning delayed retirement credits until that time. Using this strategy, Mary can now claim spousal benefits at age 62 and receive $720 a month. She'll get her own benefit of $300 plus a 70 percent of the spousal benefit available to her, which is $420 (= 0.7×($1000−$400)). And Joe can grow his monthly benefits to at least $2640 a month as a result of his delayed retirement credits.
Ask Your Own Social Security Question
Social Security Expert: retirementlawyer, Tax Attorney replied 3 years ago
I am a NY Attorney with over 15 years experience, if you have any further questions please do not hesitate to ask.
If satisfied with our service please provide us with positive feedback, thank you
Ask Your Own Social Security Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a social security expertLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask retirementlawyer Your Own Question
retirementlawyer
retirementlawyer
retirementlawyer, Tax Attorney
Category: Social Security
Satisfied Customers: 17,267
17,267 Satisfied Customers
Experience: 13 years experience in social security

retirementlawyer is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

dylatess

dylatess

ATTORNEY

3,467 satisfied customers

37 plus years of SSD practice

Megan C

Megan C

Certified Public Accountant (CPA)

4,582 satisfied customers

Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level

LawTalk

LawTalk

Attorney

3,071 satisfied customers

I have 30 years of legal and litigation experience, including representing clients before the U.S. Social Security Administration.

R. Klein, EA

R. Klein, EA

Accountant

334 satisfied customers

Tax & Social Security Benefits specialist

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

233 satisfied customers

Licensed in multiple jurisdictions, experienced business attorney.

AttorneyTom

AttorneyTom

Attorney

16 satisfied customers

Attorney

Stephanie O Joy, Esq

Stephanie O Joy, Esq

Soc. Sec. Attorney

3,283 satisfied customers

22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.

< Previous | Next >

Related Social Security Questions
Second opinion] I live in Ma.. I was married for 16 yrs.. I
Second opinion] I live in Ma.. I was married for 16 yrs.. I am on SSDI- I remarried briefly - but remained living at my mothers etc am I still entitled to anything… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I am business professional with a salary of about $140,000
I am business professional with a salary of about $140,000 annual. I have paid the maximum into SS for the past several years. I will be 64 on December 1 (BD 12.01.1952). My husband will be 70 on 7/1/… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
848 satisfied customers
My wife is 64 and I am 63 so we are not yet on so social
My wife is 64 and I am 63 so we are not yet on so social security. We do not need the money so we could wait till 70. We are both in good health and with G-d's help we will live into our 80's. At 66 I… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I was married yrs and my ex turns 62 in Feb. I took SS at 62
I was married for 20 yrs and my ex turns 62 in Feb. I took SS at 62 and am now 66. She earned most of the money so I'm supposed to get half of her SS. Is that on top of what I get now-$500 mo. and sho… read more
Stephanie O Joy, Esq
Stephanie O Joy, Esq
Soc. Sec. Attorney
Doctoral Degree
3,283 satisfied customers
Wanted to find out about Social Security Filing date changes
Hi, wanted to find out about Social Security Filing date changes I'm 62 going on 63 in 2016 my husband is claiming his SSA does the Social Security Filing date the Congress is changing affect me for e… read more
Stephanie O Joy, Esq
Stephanie O Joy, Esq
Soc. Sec. Attorney
Doctoral Degree
3,283 satisfied customers
What's the best option? I'm in my second marriage and about
What's the best option for me? I'm in my second marriage and about to exit that situation. We've only been married 5.5 years. My first marriage was 17 years, and after being divorced for years, he die… read more
Stephanie O Joy, Esq
Stephanie O Joy, Esq
Soc. Sec. Attorney
Doctoral Degree
3,283 satisfied customers
Husband is Age 66 and Spouse is Age 62.... Husband will File
Husband is Age 66 and Spouse is Age 62.... Husband will File and restrict, so he can defer taking his social security until age 70. Can the Spouse take her Social Security at Age 62 (now).... Then sto… read more
LawTalk
LawTalk
Attorney
Juris Doctor
3,071 satisfied customers
I am going to collect social security at 62 yr old in October
I am going to collect social security at 62 yr old in October and i just looked at my earnings from SS and it has nothing for 1985 and 1986 and my employer is out of business and dead.What do i do?… read more
retirementlawyer
retirementlawyer
Tax Attorney
Doctoral Degree
17,267 satisfied customers
I started collecting ss at age 66. My ex husband will turn
I started collecting ss at age 66. My ex husband will turn 62 this year in October. Can I suspend my benefits this year at age 68 and collect my ex husbands for two years and let my benefit grow - the… read more
Stephanie O Joy, Esq
Stephanie O Joy, Esq
Soc. Sec. Attorney
Doctoral Degree
3,283 satisfied customers
My husband is 70 now and collected social security since he
My husband is 70 now and collected social security since he was 62. I will start my benefit this year since I just turned 62. Can my husband collect spousal benefits based on my social security amount… read more
retirementlawyer
retirementlawyer
Tax Attorney
Doctoral Degree
17,267 satisfied customers
Three years ago My husband passed away at age 59. I'm receiving
Three years ago My husband passed away at age 59. I'm receiving survivorship benefits. I'll turn 62 in 02/2015, can I apply to receive my husband's regular social security benefits instead of my own? … read more
retirementlawyer
retirementlawyer
Tax Attorney
Doctoral Degree
17,267 satisfied customers
I've been divorced over 14 yrs I was married for 24 years.
I've been divorced over 14 yrs I was married for 24 years. I was born in 1949 and reach retirement next June. I plan to work till I'm 70. My ex husband is 68 and collects about $3,500 a month sis. Min… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I am 62, my husband 66 year old husband passed December. Can
I am 62, my husband 66 year old husband passed December. Can I continue to work and collect his social security now?… read more
R. Klein, EA
R. Klein, EA
Accountant
Master's Degree
334 satisfied customers
I will be 62 yrs. old on July 20, 2013. Currently I am receiving
I will be 62 yrs. old on July 20, 2013. Currently I am receiving a widows survivor benefit because of my husband's death. When I turn 62 can I continue to receive the widow's survivor benefit and wait… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
4,582 satisfied customers
I turned 62 yrs old in August of this year. My 1st SS check
I turned 62 yrs old in August of this year. My 1st SS check was in October. I work part time now but may have a chance at a full time position. Would that be a good move on my part to work full time, … read more
Stephanie O Joy, Esq
Stephanie O Joy, Esq
Soc. Sec. Attorney
Doctoral Degree
3,283 satisfied customers
Im 63 wife 61, SS for me $1800 at 66 wife $ 2500 at 66.......both
I'm 63 wife 61, SS for me $1800 at 66 wife $ 2500 at 66.......both good health...both will live to 88...I will work till 70 ....she till 66(income to live on from part time income,dividends,annuities … read more
Stephanie O Joy, Esq
Stephanie O Joy, Esq
Soc. Sec. Attorney
Doctoral Degree
3,283 satisfied customers
My husband and I are both 63 years old. I would like to start
My husband and I are both 63 years old. I would like to start collecting my social security benefits at age 66 ($1200/month) based on my earnings and have my husband collect half of my benefit of $600… read more
Stephanie O Joy, Esq
Stephanie O Joy, Esq
Soc. Sec. Attorney
Doctoral Degree
3,283 satisfied customers
Husband and wife both born in 1948. Retirement age is 66.
Husband and wife both born in 1948. Retirement age is 66. If husband defers at 66 and waits till 70 to take ss his benefit goes up by 8% a year. If wife takes ss at age 66 she gets benefit based upon … read more
Stephanie O Joy, Esq
Stephanie O Joy, Esq
Soc. Sec. Attorney
Doctoral Degree
3,283 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x