Browsing: Social Security

Q. My Social Security payment is affected by the windfall elimination provision due to my City of Los Angeles police pension. I am currently receiving SS payments. My wife becomes eligible for SS distributions in one year at age 62. She will also inherit my pension (at a reduced amount) when I die (hopefully not soon). The question is: will her SS amount be affected by WEP while I’m still alive and the beneficiary of the pension or after I’m dead and she is the beneficiary of the pension?

Q. What does Social Security consider substantial earnings? It says if you have more than 30 years of substantial earnings, the windfall elimination doesn’t apply. I have 32 years of taxed Social Security earnings and 37 years of taxed Medicare earnings, but I am not sure what substantial is.

Q. I am having difficulty finding the definition of substantial earnings. My Social Security statement shows “Your Taxed Social Security Earnings.” Is that the same as substantial earnings? If not, how do I find out what my substantial earnings are? I have the chart listing the substantial earnings for each year.

Q. I retired with FERS at age 60 with 31 years at the U.S. Postal Service under the Social Security supplement. Can I delay my Social Security when my supplement ends and earn the 8 percent each year until I pick the year I want it to start? Is there a special day to apply that ensures that 8 percent is included in the year I apply?

Q. I am about 10 years from retiring from the federal government and would like more information on Medicare and Social Security. I was thinking about not taking my Social Security until I am 67 years old. My friend said she is applying for hers as soon as she is eligible (62). How do I determine which age is best for me? Are there comparison charts that will show me approximately what my overall benefit would be if I applied for social security at 62 versus 67?

Q. I will be 59 in October and retired last June from the federal government. I am thinking of starting an S corporation. My income limit is $16,900 under Social Security. If I pay myself less than the income limit, will my retirement benefits stay the same? Also, when I file my annual income tax, the profit from the S corporation will be listed; does this amount affect retirement payments?

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