|The new my Social Security Retirement Calculator is designed to enhace the user’s benefit planning experience within the my Social Security portal.
Users must successfully register for a my Social Security account to access the calculator.
The calculator allows the user to receive individualized retirement estimates based on their personal earnings record by selecting a specific retirement age or a specific retirement date.
5 Things to Think About When Deciding to Apply for Retirement –
The Q&A for the month:
Question: I have a client who turned his retirement benefit on at his FRA in June. His wife is 8 years younger and I think he would be better off waiting until 70 to enhance her retirement benefit in the last years of her life.
I know he may return his payments and turn off his benefit. What happens to the portion of his benefit that was withheld for Medicare?
Answer: He can suspend his benefits to earn the delayed retirement credits. However, the benefits won’t be suspended until the month after the month he requests it. He can also withdraw his application, pay back all the money that we paid him, and then it’s like it never happened. He can then re-file later, up to age 70 to receive delayed retirement credits. He probably does NOT want to withdraw Medicare so he needs to be very careful in his withdraw request indicating he ONLY wants to withdraw benefits, NOT Medicare. If he’s not receiving a monthly benefit, Medicare will bill him quarterly for his premiums.
Everyone’s Invited: register online to attend one of Vonda’s Retirement Planning Workshop webinars.
Need a good retirement resource? Check out the recently uploaded Facebook Live video on YouTube!