Everyone has questions about Social Security, and these are the most frequently asked.
I recently did a couple of media interviews. One was a podcast and the other was a radio show. The hosts of both media outlets asked me essentially the same thing: “What are the most common questions people ask about Social Security?” As long as it’s fresh in my mind, I thought I'd turn those questions (and the answers, of course) into a column.
Many of the questions I’ve been getting recently have to do with the political side of Social Security—all the stuff going on in Washington. But I’ve written more than a few columns about those issues recently. So today I’m sticking with the much simpler and less volatile program or practical side of Social Security.
Here are some of those common practical questions.
Q: When should I take my Social Security?
A: This is by far the most common question I am asked. And I usually start out my answer this way: “Tell me when you are going to die, and I will tell you when to start your Social Security benefits.”
Of course, because no one really knows the answer to that question, no one really knows the absolute best time to start their Social Security benefits. So, there is no magic or secret answer to that question. All you can do is gather all the facts, think through your personal situation, and just make the best choice you can.
I can tell you that most financial planners will suggest it is best to wait to file for Social Security until your full retirement age, when you would get your full retirement benefit.
But if you are trying to maximize the future survivor benefit that would be paid to your spouse after you die, then it might make sense to wait until age 70, when you (and your potential surviving spouse) would get about 130 percent of your full retirement rate.
On the other hand, if you have other sources of retirement income, or if you don’t expect to live a very long life, then taking your benefits (at a reduced rate) at age 62 might make the most sense.
Q: I’m 62. My husband is 67 and getting Social Security. Can I file for spousal benefits on his record now and save my own until I’m 70?
A: No, you can’t do that. You always must file for your own benefits first. Only after you do that can you look at your husband’s record to see if you can get any additional spousal benefits.
Q: I am 60 and not working. My husband recently died. Can I file for widow’s benefits now and save my own until I am 70?
A: Yes, you can do that. A widow does not have the same restrictions as a spouse with a living husband (as explained in the prior Q and A). You can file for widow’s benefits now and then switch to 100 percent of your own at full retirement age or wait until 70 and get about 130 percent. Or, depending on the amount of money involved, you might be able to file for retirement benefits at age 62 (the earliest you can do that), and then at full retirement age, switch to 100 percent widow’s benefits.
Q: If I die, what will my wife get?
A: The answer depends on several factors. But assuming you die well after your full retirement age, and assuming your wife is over her full retirement age when you die, then as a general rule, she will get what you were getting at the time of death. Quick example: You are 85 and getting $1,800 per month. Your wife is 82 and getting $1,200 per month. When you die, she will keep getting her $1,200, and then she will get an additional $600 in widow’s benefits.
Q: I’m already getting my Social Security, but I’m still working. Will my additional income and the taxes I’m paying increase my Social Security check?
A: It depends. Your original benefit was based on your average monthly wage using your highest 35 years of inflation-adjusted earnings. If the earnings you have now are higher than the lowest inflation-adjusted year used in your original computation, the SSA will drop out that lower year, add in the new higher year, and adjust your benefit accordingly. But don’t expect a windfall. Your benefit might go up by maybe $10 to $30 per month if you had a year of good earnings. The actual increase you might get depends entirely on what your past earnings were.
Q: When my father died, why did we have to return his last check?
A: Several rules come into play here. First, Social Security benefits have never been prorated. Second, benefits are always paid one month behind. And third, the law says you must live an entire month to be due a Social Security check for that month.
Here is a quick example. John dies on April 24. The Social Security check that comes in May (the payment for April) must be returned.
That’s the downside to the lack of proration. But there are two upsides. One: Let’s say John started his benefits when he was 66 and that he turned 66 on June 22. He would get a check for the whole month of June even though he was 66 for only eight days of the month. Two: If John left a widow, she would get widow’s benefits for the whole month of April even though she was a widow for only six days of the month.
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