I won’t go into 401k alternatives or other issues, but since it appears that SS may be her largest retirement income source, I will address some SS claiming issues, even it’s a long way off to full retirement age (probably age 67) or age 70, potentially the largest SS benefit if claiming under her own work record.
You don’t say if your parents are divorced or if your father has passed away, but there may be some SS claiming options, especially if your father was the higher paid worker of the family, for your mom’s SS claiming strategy.
There are all kinds of different rules for “spousal” SS benefits or “survivor” SS benefits, so I would suggest you educate yourself on the differences & run your mother’s numbers through opensocialsecurity.com to see the best SS claiming alternative for your mom.
There are SS “clawbacks” if collecting SS while still working before full retirement age if making over $22,320/year in earned income; so it’s probably not the best idea to claim SS benefits (your own, spousal or survivor) while still working if under full retirement age.
bill
You don’t say if your parents are divorced or if your father has passed away, but there may be some SS claiming options, especially if your father was the higher paid worker of the family, for your mom’s SS claiming strategy.
There are all kinds of different rules for “spousal” SS benefits or “survivor” SS benefits, so I would suggest you educate yourself on the differences & run your mother’s numbers through opensocialsecurity.com to see the best SS claiming alternative for your mom.
There are SS “clawbacks” if collecting SS while still working before full retirement age if making over $22,320/year in earned income; so it’s probably not the best idea to claim SS benefits (your own, spousal or survivor) while still working if under full retirement age.
bill
Statistics: Posted by billfromct — Sun Jun 23, 2024 5:34 am — Replies 1 — Views 126