Later Life Planning Expert Provides Answers To Critical Social Security Questions
Question: My husband is 71 and went on social security at 62. I work for a school district under the School Employees Retirement System (SERS). They changed all their rules a couple of years ago and now I have to work until I’m 67. A couple of friends of mine who also work under SERS started collecting social security based on their husband’s social security. They said they can keep collecting as long as they keep working and don’t collect their own pension. Is this true and what percent can I collect?
Answer: If I am understanding your question correctly, you are asking whether you can collect spousal benefits based on your husband’s work record. If so, the answer is yes. The spousal benefit can not be any greater than 50 percent of the worker spouse’s (husband in this case) benefit. However, since he began taking benefits before his full retirement age, his benefits were reduced, which also means that your spousal benefit is reduced (likely to be in the 32.5 percent-25 percent range of his benefit amount). Also, you must be at least age 62 to begin claiming these spousal benefits.
To view our recent webinar, “Social Security v. Medicare: Addressing Your Most Asked Questions,” featuring Darlene Finzer, with Rea & Associates, and Terry O’Shea, with Senior Benefit Advantage, click the button below.
Question: If I take surviving divorced spouse social security benefits at 65, can I switch to my benefits at 66 1/2, which is full retirement age? Also, can anyone meet with senior benefit advantage? What do they charge?
Answer: Yes, if you meet the criteria for claiming surviving divorced spouse benefits and your benefits are higher, you can switch to those benefits later as you have indicated. To answer your second question, anyone can meet with Senior Benefit Advantage. If you are interested in a personal NO COST consultation, please give them a call at 740.502.2784 or 234.334.6806.
Question: Can I use my Health Savings Account (HSA) for Medicare payments?
Answer: HSA Funds may be used to pay for Medicare Parts B & D and Medicare Advantage Plans, but not premiums for Medicare supplement policies.
View the slides from our recent webinar below. Click the button above to view the full webinar with commentary from Darlene Finzer and Terry O’Shea.
Question: Can my wife draw SS and not be on any Medicare? My wife and I are on an HSA through work. I am not retired, but she is retired. We are 66.
Answer: Individuals can begin claiming SS Benefits as early as age 62. Individuals are not eligible for Medicare until age 65. So, yes, someone can be claiming SS Benefits and not be on Medicare.
Darlene Finzer is a principal and director of Later Life Planning services at Rea & Associates. To ask your own questions about Social Security, Medicare, and Later Life Planning strategy, reach out to her directly at 330.308.6867 or darlene.finzer@cubetr.net. Visit Darlene’s bio to learn more about her.