Social Security Benefits Amount
Whether you are now receiving or will be receiving Social Security because of a disability, retirement or survivor rights, many questions arise as to what an individual’s Social Security Benefits amount might be. Uncertainties of how the benefits are calculated or how reductions are implemented often lead to questions like the ones answered below.
If one spouse dies while getting Social Security will the surviving spouse get the larger amount of their benefits?
The surviving spouse will get the benefit that is larger. There is an exception, however. If the remaining spouse is under full retirement age then the benefit will be reduced by ½ % for each month that they are younger than full retirement age.
How to obtain access to a trust left to a child from a deceased parent’s Social Security benefit?
As the beneficiary, you have certain rights. One being you have the right to know what the terms of the trust are. Some terms can include: money must be used for college or you can’t have access to it until a certain age, etc. First, ask whoever is currently in control of it to see the trust. If they refuse, then you can take them to court and force them to produce it. Also, if you know what bank the trust is being held, you can go to the bank and ask them for possession of the account, if the terms of the trust are indeed being met.
Can an 18-year–old, still in high school, receiving Social Security Benefits from a deceased parent, have control of the benefits and spend as they wish?
Typically, benefits stop when the child turns 18-years-old; however, in most cases, the exceptions are if the child is still a student or disabled. Regardless, the choice on how they spend their Social Security Benefit check is up to them legally.
Does a person pay taxes on their Social Security Benefits amount?
If an individual does not have any other income except social security then that individual is not required to file a tax return. If an individual does have other income besides social security like pensions, annuities, etc. then they may have to file a return.
Can a FERS (Federal Employee’s Retirement System) employee with the USPS take a reduced social security benefit at age 62?
You would be able to apply for reduced benefits at the age of 62. Federal services where Social Security taxes are withheld, your FERS program, will not reduce your Social Security benefits amount. However, if you retire with FERS supplement and choose to go back into the workforce while retired, then your FERS supplement will be subject to the same Social Security earnings rule. If you were to receive your supplement and then earn more than $14,160 a year, you would have to pay back $1 for every $2 dollars you earn surpassing the limit.
Having the right information about Social Security programs can alleviate some concerns when faced with questions. Get the answers fast and affordably by asking an Expert.