In the present day’s Social Safety column addresses questions on whether or not child-in-care spousal advantages trip, taking retirement advantages earlier than spousal advantages and what results residing and dealing exterior the US might need on Social Safety advantages. 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 Actually An Age Restrict On Social Safety’s Little one-In-Care Spousal Profit?

Hello Larry, I might be 66 quickly and my spouse might be 63 even sooner. I used your software program and itt mentioned she ought to apply for her retirement advantages now for herself and youngster advantages our 11 12 months outdated and that I ought to apply for child-in-care spousal advantages now and let my retirement advantages develop till I’m 70.

For numerous years my spouse stayed residence with the youngsters and I earn about 4 instances what she does. I known as SSA to use, and so they mentioned child-in-care spousal advantages are just for youthful spouses (beneath 62) and I can’t do this.

They mentioned I can solely apply for normal spouses advantages or retirement advantages by myself report. Your guide and software program says the other. What ought to we do? Thanks, Peter

Hello Peter, What you have been apparently advised by a Social Safety worker is just not true.

To start with, workers of the Social Safety Administration (SSA) cannot legally stop somebody from making use of for any sort of profit that the company administers. If somebody applies for a sort of profit for which they do not qualify, it is then SSA’s accountability to disallow the particular person’s declare. That will then give the disallowed claimant enchantment rights.

Extra particularly to your state of affairs although, we have been assured by excessive rating SSA officers that there isn’t a higher age restrict at which an individual can qualify for child-in-care spousal advantages.

And since deeming doesn’t robotically apply to purposes for child-in-care spousal advantages, you need to be capable of apply for child-in-care spousal advantages now whereas permitting your individual Social Safety retirement profit charge to develop till you attain 70.

So there isn’t any purpose you’ll be able to’t apply for child-in-care spousal advantages, no matter your present age.

One factor you may wish to remember to do although, is so as to add a press release within the remarks of your software stating: “I’m limiting the scope of this software to youngster in care spousal advantages solely. I want to exclude my very own Social Safety retirement advantages from the scope of this software.”

Then, shortly earlier than turning 70, you may must file one other software to be able to declare your individual Social Safety retirement advantages. Greatest, Larry

If I File For My Personal Advantages Now Will I Be Ready To Get Spousal Advantages When My Husband Applies For His Advantages?

Hello Larry, I used to be born in 1959. My husband was born in 1963. If I begin taking my Social Safety of $950 now, will I be capable of get spousal advantages when my husband turns 70? His revenue is far increased than mine. Thanks, Helen

Hello Helen, Based mostly on the quantities said in your query you’d seemingly qualify for a minimum of some spousal advantages when your husband begins drawing his advantages, however the quantity of your spousal profit is perhaps considerably lower than you assume. When you file to your personal Social Safety retirement advantages, these advantages proceed for all times. You possibly can’t select to modify from drawing your individual advantages to drawing a spousal profit as a substitute.

Nevertheless, you possibly can begin drawing your individual advantages at times file for a partial, or extra, spousal profit when your husband claims his advantages, however you may solely qualify for an extra spousal profit in case your husband’s major insurance coverage quantity (PIA) is greater than twice as a lot as your individual PIA. An individual’s PIA is the same as their Social Safety retirement profit charge if they begin drawing their advantages at full retirement age (FRA).

For those who begin drawing your retirement advantages previous to your full retirement age (FRA), the ensuing discount for age that applies to your profit charge will proceed for so long as each you and your husband are nonetheless residing. That is true even in the event you later qualify for an extra spousal profit.

It sounds such as you and your husband might wish to think about using my firm’s software program — Maximize My Social Safety or MaxiFi Planner — to make sure your family receives the best lifetime advantages. Social Safety calculators supplied by different firms or non-profits might present correct ideas in the event that they have been constructed with excessive care. Our software program also can affirm your appropriate profit quantity, guaranteeing you are not being paid too little or an excessive amount of, which may result in potential clawbacks as a result of Social Safety’s overpayment to you. Greatest, Larry

How Would Transferring To Sweden Have an effect on The Calculation Of My US Social Safety Retirement Profit?

Hello Larry, I’m a US citizen and have paid US Social Safety taxes for 25 years. I lived in Sweden for 15 years, throughout which era I had no US taxable revenue and paid taxes to Sweden on my Swedish taxable revenue. I at present dwell within the US and solely have US taxable revenue. I plan to attend eight years after which apply for US Social Safety retirement advantages at 70.

If I transfer to Sweden earlier than I apply for US Social Safety retirement advantages, how would the calculation of my profit be affected? Additionally, how would the long run calculation of my surviving partner’s who can be US citizen, profit primarily based on my report be affected? Thanks, Ralph

Hello Ralph, Residing in Sweden would not adversely have an effect on your US Social Safety advantages, however in the event you obtain a pension primarily based in your work in Sweden, your US Social Safety retirement profit charge could possibly be lowered because of the Windfall Elimination Provision (WEP).

The WEP solely applies to retirement and incapacity (SSDI) advantages although, so a pension from Sweden would not adversely have an effect on any spousal or survivor advantages that you just qualify for from the US Moreover, if the WEP lowers your US Social Safety retirement profit charge, that discount could be eliminated within the occasion of your demise.

So if anybody qualifies for survivor advantages out of your US Social Safety report, their survivor charge will not be decreased as a result of any WEP discount that had beforehand been utilized to your retirement profit charge. Greatest, Larry