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Thank you, Pearl. My wife has a meeting with the Soc

Thank you, ***** *****...

Thank you, ***** ***** wife has a meeting with the Soc Security office today. She retired from her professor job at the end of August. She has not filed for Social security yet, and she turns 67 on December 5. Since she will be 67 when she receives her first Soc Security check, will it be 8% larger than it would be if she had taken it already? And will her benefit be increased by the recent 2% overall increase in Soc Security benefits?

Accountant's Assistant: 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?

I am still working, and she remains on my medical care policy. She has registered with Soc Security for Medicare Part A, but she doesn't need Part B or D. Not sure if this matters, but sicne you asked...

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Answered in 9 minutes by:
11/17/2017
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,894
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

Hi. My name's Lane.

hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice on three continents since 1986.

...

You're correct on both counts.Because her full retirement age (FRA) is 66, she will get one of the delayed retirement credits (DRC), the 8% increase in her benefit that would occur every year she waits to start benefits until age 70.

...

And yes, the Cost of Living Adjustment applies to everyone who started benefits effective 2017 or earlier.

...

Are your familiar with the WEP (Windfall Elimination Provision) which applies to those receiving a government or other pension that did not pay into Social Security?

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Customer reply replied 9 months ago
Thanks, ***** ***** I am not familiar with WEP. I am not sure it would apply to my wife's situation. Can you explain?

The WEP was signed into law in 1982, to help "shore up" the struggling Social Security trust fund. If your wife will be receiving a STATE pension it's possible that there could be a reduction in her benefit. Do you know if, at her job, she paid into Social Security?

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Customer reply replied 9 months ago
she paid into Social Security. She taught at a private university so is not receiving a pension from the public sector. Also, if she doesn't receive her first Soc security check until January 2018, will her check be increased by the 2% COLA?

Great, just didn't want you to be surprised, as so many are, Yes, if she tells them that she wants to start benefit on Dec 5, then she will get the 2% COLA. Social Security pays benefits one month in arrears, so her SECOND check will be where you see that "bump."

Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,894
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified
Lane and 87 other Social Security Specialists are ready to help you
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Customer reply replied 9 months ago
Thanks, ***** ***** appreciate the guidance. --Stephen

You're very welcome. Thanks for the rating

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Lane
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,894
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986

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