• Square-facebook
  • X-twitter
  • Instagram

Opinion

Social Security Disability vs. Spouse Benefits vs. Survivor Benefits (and COLA)

Dear Rusty: I retired from working in June but will not sign up for Social Security until age 70 and, to do that, I plan to draw from my IRA for the next three years. My wife is receiving Social Security disability benefits and will reach her full retirement age in March of next year. I know that my wife simply reaching her full retirement age will not mean an increase to her benefit – except for COLA. What I’m wondering is, can my wife get spousal benefits of any sort based on my Social Security benefits - either before I draw or after I am drawing apart from her benefits at my death. Her Social Security disability amount is only a fraction of my maximum benefit. Signed: Baffled Husband Dear Baffled: Looks like you’re confused about your wife’s Social Security disability benefits, retirement benefits, spousal benefits, and survivor benefits. Here’s what you need to know.

‘Waisting’ away...

A woman described her middle- aged hubby thusly: “He’s 44 inches around the waist, size seven and a half around the head, 95 around the golf course and a nuisance around the house.” Clever, of course, this play on phrases, but under the thin veneer of humor is a rock-hard truth about waistlines. Many men, as well as women, face ongoing warfare in the battle of bulges, and they’re losing.

When should I retire and claim my Social Security benefits?

Dear Rusty: I am 64 years old and having difficulty working due to my arthritis, but I can continue part time as a podiatrist. I do not know the best way to determine when to retire. What is the formula or a way to determine which is a better choice? Signed: Undecided Dear Undecided: There is a difference between deciding when to retire from working and deciding when to claim your Social Security benefits. For the former, you should consult with a certified financial advisor, but I’ll provide you with how Social Security fits into your personal circumstances. In deciding when to claim Social Security, you should look at your financial needs, your life expectancy, your work status, and your marital status. There is no one formula right for everyone because everyone’s circumstances are different, but here are some things to help decide what is right for you:

My birthday is on the first of the month, when should I claim Social Security?

Dear Rusty: I will be 62 on November first and I have chosen to take my benefits early. I know that my benefit will be less than it would be if I waited and that does not concern me, but I don’t want to be without income for a long period of time. I know that if my birthday is on the first or second of the month, then I can draw that month. Does that mean that when I turn 62 on November 1st that I can receive my first check on the second Wednesday of November? And should I select November as the month I’d like my benefits to start? I also read that I would be paid the month following the month I select, hence my confusion. Signed: Confused Senior Dear Confused: There are a few different Social Security rules which come into play in your specific circumstance which are likely creating your confusion.