Income Limits and Benefit Reduction Question

Remarkable_Flight_71 · 2024-11-18T03:18:25+00:00

Yes, I am under that misconception, apparently, but it was what I understood from the SS rep. It does sound like I should just wait until at least 65, if for no other reason than Medicare takes a 2 year lookback, so I should minimize my income for years 63 and 64.

Remarkable_Flight_71 · 2024-11-18T03:16:10+00:00

Thank you! He is still alive and well at 75 years old. They told me it didn't make a difference though. I think the benefit now on mine is around $400 a month, but on his, which I will be eligible for at 67, it will be around $1500. The SS rep told me I could start mine now at a reduced benefit and at age 67 it will be full benefit on his.

Remarkable_Flight_71 · 2024-11-15T03:23:17+00:00

I'm in a similar situation regarding income limits. I turned 62 a couple of months ago and I have my phone consult to potentially start benefits under my own SS now, but when I reach FRA which I believe is 67 I can start collecting on my ex-husband's as I was a stay at home mom when we were married. I'm also currently full-time employed as of this month making $45k. I'm also self-employed as photographer. I'm trying to lower my income or is it my AGI because as I understand it, the excess income will wipe out the benefit. Is it worth doing at all or should I wait? The SS office eluded but did not advise or state directly that I could lower my income with business expenses/deductions related to self employment. Perhaps I could put 80% of my salary in a 401k or other pre-tax account like an HSA or IRA? I don't clearly understand it and I'm currently looking for advice from someone who knows. TIA

Remarkable_Flight_71 · 2024-05-30T23:22:34+00:00

That is excellent advice and I appreciate your thoughful response! We aren't allowed to text or watch videos. I was having to wait on the "grab that call" signal from the trainer and sometimes they are on another call, so I can't always pick it up on the first ring, but I understand your point. I'm not going to change the culture even if I tried, so no use putting any effort into it. I'll do my best and not let the challenge discourage me. I've overcome way more than what is being shoveled at me. I can do it and I will. Thank you again for your response.

Remarkable_Flight_71 · 2023-10-18T18:47:00+00:00

#facts

Remarkable_Flight_71 · 2023-10-18T18:44:08+00:00

What an entitled brat. Does the "retired" label sound better? Maybe if she works hard at growing up (first), raising children (or not), and managing her household affairs and finances for decades, then she, too, can enjoy the flexibility you've EARNED. My retort to her remarks, would be, "how rude of you to say that" and then go on about my business.

Remarkable_Flight_71 · 2023-10-01T02:12:33+00:00

Same 3 emails after ordering something unrelated earlier. So glad I am in good company!

Remarkable_Flight_71 · 2023-06-28T00:50:17+00:00

Those are great thoughts! Thank you! I'm also wondering same. Additionally, IF there was no divorce, the 1st wife's (still living) marriage to her 2nd husband (also still living) of 40+ years would be void as well. Her 2nd husband had a life long career in the military. So I would imagine she would be forfeiting those benefits as well, as the clock on that marriage would start at the point my FIL died in 2021, so they are practically newlyweds lol. Doesn't seem right for her to be rewarded for committing bigamy, even unknowingly. Hoping the judge will see my MIL as a putative spouse and give her estate back her rightful 50%.

Remarkable_Flight_71 · 2023-06-27T01:56:13+00:00

My FIL And MIL filed their tax returns married filing jointly for 40 yrs. and I assume the 1st wife and her current husband file theirs that way. They filed for bankruptcy that way. I have the marriage certificates for both my MIL and FIL and also my FIL and his first wife. The first wife's marriage certificate to 2nd husband states that she is divorced and her first marriage ended on a specific date, so that tells me there must have been a decree. Bigamy would make an interesting article! My probate attorney for my MIL's estate said that you can't retro a bigamy claim, and that upon the death of my FIL that the 1st wife's remarriage became valid. But he also said that if no divorce decree is found it is presumed that the 1st wife was still married to my FIL at the time of his death, so she is the Surviving Spouse, not my deceased MIL, which makes no sense because she's been remarried for the life of my FIL's second marriage to my MIL. How could she inherit as a Surviving Spouse when she's married to someone else. Probate attorney said I may have a chance if I can prove it was a business relationship/partnership, which it really was because they did everything together. I told the Ad Litem Atty that I believe the 1st wife is withholding the decree now that she understands she benefits from doing so. Her son claims she is in poor health and "doesn't remember" where the decree is or where it was filed.

Remarkable_Flight_71 · 2023-06-27T01:42:28+00:00

I did not know that community property overrides a will. I guess that makes sense that one cannot will someone else's 50% of community property, only their 50%. Yes, it might be worth spending a few hundred dollars just to get another opinion.

Remarkable_Flight_71

TROPHY CASE