Right this moment’s Social Safety column addresses questions on whether or not Social Safety spousal advantages can solely be paid for a restricted time, eligibility for survivor’s advantages and the way Social Safety taxed wages are reported to Social Safety. Larry Kotlikoff is a Professor of Economics at Boston College and the founder and president of Financial Safety Planning, Inc.

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Is There A Restrict To How Lengthy I Can Obtain My Social Safety Spousal Profit?

Hello Larry, I am ready until I flip 70 later this 12 months to take my Social Safety retirement profit and am now receiving my spousal profit whereas I wait. My husband will flip 70 subsequent month. Is there a particular variety of years or months I can take my spousal profit? Can I nonetheless get it as soon as my husband turns 70? Thanks, Leslie

Hello Leslie, There is no such thing as a statutory restrict on the size of time that an individual can acquire any kind of Social Safety profit. Advantages can proceed for all times so long as you proceed to satisfy the eligibility necessities. However for those who’re drawing spousal advantages and for those who turn out to be entitled to the next retirement profit by yourself account, your spousal profit can be terminated the primary month of your entitlement to your larger retirement advantages by yourself report. You may’t be paid each your retirement profit and a full spousal profit for a similar month(s), no matter if you apply for advantages.

It appears like chances are you’ll wish to think about using my firm’s software program — Maximize My Social Safety or MaxiFi Planner — to make sure your family receives the very best lifetime advantages. Social Safety calculators offered by different corporations or non-profits might present correct strategies in the event that they had been constructed with excessive care. Our software program also can verify your appropriate profit quantity, making certain you are not being paid too little or an excessive amount of, which might result in potential clawbacks as a consequence of Social Safety’s overpayment to you. Greatest, Larry

How Can I Discover Out What I am Entitled To From My Deceased Husband’s Account?

Hello Larry, I’m 67 and am not working. My husband died in 1993 and his revenue was considerably greater than mine. Ought to I contemplate the file and droop technique? I’ve not filed for my retirement profit but. He didn’t acquire as a result of he died simply shy of fifty. How can I discover out about my potential widow’s advantages that I’d be entitled to?

Additionally I obtain a non-taxable Washington State Labor and Industries month-to-month cost since his demise was unintentional. It was below their workman’s comp advantages. Does that rely as revenue for Social Safety? I’ve no different revenue, however the month-to-month profit is substantial. Thanks, Angie

Hello Angie, It appears like it’s best to name Social Safety instantly to make an appointment to use for advantages. Social Safety ought to be capable of inform you how a lot you will be paid as a widow, and since you have already reached your full retirement age (FRA) there can be no purpose to delay claiming widow’s advantages. Survivor advantages do not get any larger for those who wait previous FRA to assert them.

You may declare widow’s advantages now and let your retirement profit price develop till 70. Then at age 70, in case your retirement profit price can be larger than your widow’s price, you possibly can swap to drawing your retirement advantages by submitting a brand new utility. You undoubtedly do not wish to file and droop your retirement advantages now, as a result of that might stop you from having the ability to acquire widow’s advantages whereas your retirement advantages are suspended.

The survivor profit you obtain from the Washington State Labor & Industries division will not have any hostile impact in your potential to gather both your Social Safety retirement advantages or widow’s advantages. Greatest, Larry

Who Is Accountable For Reporting My 2021 Earnings To Social Safety?

Hello Larry, I’m nonetheless working full time and have not filed for Social Safety but. Are you able to inform me who’s chargeable for reporting my earnings to Social Safety? Thanks, Peter

Hello Peter, When you work for wages, then your employer is chargeable for reporting your Social Safety lined earnings to Social Safety. Nonetheless, for those who’re self-employed or an impartial contractor, then you might be chargeable for reporting your earnings on Schedule SE of your tax return. The IRS then forwards that info to the Social Safety Administration. Greatest, Larry