Many Americans pay taxes on their Social Security benefits. You May Have To Pay Taxes on Social Security Benefits “If a person makes this determination within 12 months of filing their initial application, they can stop receiving benefits and move forward as if they never claimed them,” Khan said.īut you would have to pay back any benefits you received during that time. Or maybe you didn’t realize how much more money you could receive by waiting a couple more years. “There are a host of reasons why someone may regret the decision to begin taking Social Security,” said Jordan Kahn, a CFA and chief investment officer for HCR Wealth Advisors.įor example, you could decide to take on a part-time job and no longer need the extra income.
If you decided to claim your benefits and then realized you should have waited, the Social Security Administration allows you to withdraw your application for a one-time do-over. You Can Undo a Social Security Benefits Claim Decision
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“You won’t receive it while you are below full retirement age but, as soon as you hit that age, Social Security will recalculate and give you credit for those dollars,” Kell explained. The cap is $19,5, and you would lose $1 in benefits for every $2 in earnings above the max.īut you don’t really lose the benefit. If you claim your benefits before reaching full retirement age, are still working and make more than the yearly earnings limit, you may have some of your Social Security benefits withheld. “It’s the one that will stay around longest and be there to help the widow(er).” Some of Your Benefits May Be Withheld
“That is why couples should focus on increasing the higher benefit,” said Jeremy Keil, a retirement-focused financial planner with Keil Financial Partners and host of the Retirement Revealed blog and podcast. It doesn’t matter who dies first - the surviving spouse will begin receiving the larger of the two benefits. If both spouses in a marriage are receiving Social Security benefits, the smaller benefit goes away when one person dies. You Get To Keep the Bigger Benefit If Your Spouse Dies You can also claim 100% of the survivors benefit if your ex-partner has died, Baldwin noted. To qualify, your marriage must have lasted more than 10 years, you must be at least 62 and you can’t be remarried. You Can Claim Your Ex’s BenefitsĮven if you’re no longer married, Baldwin said you may be able to claim spousal benefits. “Your needs come first,” said Stephan Baldwin, founder of Assisted Living Center.įor example, he said, if your spouse died, filing for survivor benefits instead of waiting for full benefits may make more sense. Holding off until age 70 means you’ll get 132% of your full benefit.īut waiting as long as possible to claim your benefits isn’t always the best move. Waiting until your full retirement age means you’re entitled to your full benefit. You can claim it as early as age 62, for a reduced benefit. The longer you wait to take Social Security, the more money you’ll receive. I'm more than happy to discuss how I can help you.Learn More Your Personal Situation Matters More Than Your Age Learn how you can make meaningful strides towards an enjoyable retirement with the 5-step retirement income plan weve developed to help you make the best choices with your money. Retirement should create enjoyment, not anxiety.
Why? Because I believe that the more you know about your money, the better decisions you will make with your money.Īs a financial advisor at Keil Financial Partners and the host of the Retirement Revealed podcast, I work to simplify complex financial decisions so you can make smarter retirement, investment, and tax planning decisions. I love helping people learn more about their money.
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