[ad_1]
My husband passed away two years ago. This year, I turned 60 and was under the impression I would be eligible for his benefits. When I called Social Security, they told me that I made too much money and short of quitting my job or retiring , I was not eligible to receive his benefits.
How is it that after all those years of his paying into Social Security, I can’t claim his benefits?
-S.
Dear S.,
You’re allowed to collect your late husband’s benefits. But you’re running into problems because you’re trying to take Social Security early. These issues aren’t unique to survivor benefits. You’d face the same hurdles if you started taking early retirement benefits based on your own work record.
First, let me clarify a few things about survivor benefits for readers. If your spouse dies, you’ll often be eligible for survivor benefits, which are up to 100% of their benefit at full retirement age — provided that you wait until your full retirement age, which in your case is 67. Claiming earlier results in a reduced benefit. Unlike retirement benefits, which require you to wait until you’re at least 62, survivor benefits can begin as early as 60, or 50 if you’re disabled. (For a more detailed explanation, check out our survivor benefits FAQ).
Probably the best-known drawback of starting Social Security early is that you’re accepting lower monthly payments in exchange for more checks over your lifetime. But there’s a lesser-known pitfall: When you work while collecting Social Security earlySocial Security withholds part of your benefit when you earn above a certain amount.
If you have a decent salary, that withholding can wipe out the benefit altogether. In 2022, benefits decrease by $1 for every $2 earned over $19,560 for anyone who won’t reach full retirement age during the year. For those who will reach that milestone in 2022, Social Security will only withhold $1 for every $3 earned above…
[ad_2]
Source link
