17 min.
Ep.712: Little Known Social Security Facts That Can Help You Dads Daughters and Dollars
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- Investeren
Little Known Social Security Facts
1. Social Security pays benefits to children. Social Security pays benefits to unmarried children whose parents are deceased, disabled, or retired.
An unmarried child can get benefits if they are: • Younger than age 18. • Between ages 18 and 19 and a full-time student at an elementary or secondary school (grade 12 or below). • Age 18 or older with a disability that began before age 22.
2. Social Security can pay benefits to parents. Under certain circumstances, SS pays benefits to a surviving parent.. Example-Husband dies at age 44. His wife and 1 child can get Social Security benefits. But also the husband’s parent or parents can get Social Security benefits if the husband was helping to support them and they can prove it.
3. Widows’ and widowers’ payments can continue if remarriage occurs after age 60. Remarriage ends survivor’s benefits (in general) when it occurs before age 60, but benefits can continue for marriages after age 60.
4. Does Retirement Income Count as Income for Social Security? Retirement income does not count as income for Social Security and won’t affect your benefit amount. Social Security excludes Pension payments, Annuity payments, Interest or dividends from savings and investments. That means that you could collect Social Security benefits while also taking withdrawals from a 401(k) or individual retirement account (IRA) or receiving payments from an annuity.
5. Does Working in Retirement Reduce Social Security Benefits?. Under Social Security rules, you’re considered to be retired once you begin receiving benefits. 3 other scenarios- below full retirement age but still working, the year you reach your full retirement age and still working ,you're at full retirement age and still working.
Below full retirement age-Social Security can deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2023, the limit is $21,240. In the year you reach your full retirement age , the deduction changes to $1 for every $3 earned above a different annual limit. For 2023, the limit is $56,520. Your at full retirement age, your benefits are no longer reduced regardless of how much you earn. You get to keep every penny of social security and 100% of your salary.
6. If you receive retirement benefits before you reach age 65, you will be automatically enrolled in Medicare.
Medicare Part A (hospital insurance) helps pay for inpatient care in a hospital or skilled nursing facility following a hospital stay. In general Part A will have no premium because most people had no choice but Medicare taxes with every check from your employer. Medicare Part B pays for doctors.. When you’re already receiving retirement benefits, we automatically sign you up for Medicare Parts A and B when you turn 65. You can then decline Part B if you choose, since it requires a monthly premium.
Little Known Social Security Facts
1. Social Security pays benefits to children. Social Security pays benefits to unmarried children whose parents are deceased, disabled, or retired.
An unmarried child can get benefits if they are: • Younger than age 18. • Between ages 18 and 19 and a full-time student at an elementary or secondary school (grade 12 or below). • Age 18 or older with a disability that began before age 22.
2. Social Security can pay benefits to parents. Under certain circumstances, SS pays benefits to a surviving parent.. Example-Husband dies at age 44. His wife and 1 child can get Social Security benefits. But also the husband’s parent or parents can get Social Security benefits if the husband was helping to support them and they can prove it.
3. Widows’ and widowers’ payments can continue if remarriage occurs after age 60. Remarriage ends survivor’s benefits (in general) when it occurs before age 60, but benefits can continue for marriages after age 60.
4. Does Retirement Income Count as Income for Social Security? Retirement income does not count as income for Social Security and won’t affect your benefit amount. Social Security excludes Pension payments, Annuity payments, Interest or dividends from savings and investments. That means that you could collect Social Security benefits while also taking withdrawals from a 401(k) or individual retirement account (IRA) or receiving payments from an annuity.
5. Does Working in Retirement Reduce Social Security Benefits?. Under Social Security rules, you’re considered to be retired once you begin receiving benefits. 3 other scenarios- below full retirement age but still working, the year you reach your full retirement age and still working ,you're at full retirement age and still working.
Below full retirement age-Social Security can deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2023, the limit is $21,240. In the year you reach your full retirement age , the deduction changes to $1 for every $3 earned above a different annual limit. For 2023, the limit is $56,520. Your at full retirement age, your benefits are no longer reduced regardless of how much you earn. You get to keep every penny of social security and 100% of your salary.
6. If you receive retirement benefits before you reach age 65, you will be automatically enrolled in Medicare.
Medicare Part A (hospital insurance) helps pay for inpatient care in a hospital or skilled nursing facility following a hospital stay. In general Part A will have no premium because most people had no choice but Medicare taxes with every check from your employer. Medicare Part B pays for doctors.. When you’re already receiving retirement benefits, we automatically sign you up for Medicare Parts A and B when you turn 65. You can then decline Part B if you choose, since it requires a monthly premium.
17 min.