By Tom Margenau
Frequent readers of this column know that many answers begin with the phrase, "I've answered this question before, but ..." I have to use that qualifier because I often get the same questions over and over again. And that's understandable.
Social Security is a very complex program, and I can't expect my readers to remember all the nuances of a confusing set of laws and regulations until they have a personal encounter with Social Security. Frequent readers also know that my answers sometimes tend to get quite lengthy. That, too, is because of the complexities of the law. I find myself trying to cover all the "ifs, ands or buts" of each situation so my readers have a complete understanding of the issue.
Today, I've decided to print a collection of the most frequently asked questions I get. But I'm going to restrain myself and give quick and simple answers to each question.
QUESTION: Should I take my Social Security at 62 or wait until age 65?
ANSWER: You'll get more money, albeit in smaller monthly increments, in the short run if you take benefits at 62. But if you think you're going to live beyond age 77 or so, wait until age 65.
QUESTION: Do I need a birth certificate to file for my Social Security? Isn't my passport good enough?
ANSWER: Social Security Administration rules say they must see the oldest document that proves your age. For most people, that's a birth certificate. Further, the rules say they must have a certified copy (a copy with the "raised seal" on it).
QUESTION: Will my wife get half of my Social Security?
ANSWER: She'll get half if she waits until she's age 65 to collect benefits. If she takes benefits before then, they're reduced. It works out to about one-third if she takes them at 62. But she gets these benefits only if they exceed her own Social Security benefit.
QUESTION: Does my wife get all of my Social Security when I die?
ANSWER: Social Security generally pays her own benefit first. Then that rate is supplemented with any extra widow's benefits she might be due. She gets supplemented up to 100 percent of yours if she's age 65 or older when you die. If she's under 65 when that happens, she gets a smaller rate, down to about 70 percent at age 60.
QUESTION: Why don't I get to keep my husband's last Social Security check after he dies?
ANSWER: Social Security checks are always issued in the month after the month for which they are due (e.g., the check for July is delivered in August). And the law says a person must be alive every minute of the month to be due a check for that month. So if your husband dies at 11:59 p.m. on July 31, the check that comes in August must be returned.
QUESTION: Do I really need Medicare when I turn 65? I've already got good insurance.
ANSWER: Unless you're still working at 65, or your spouse is working and you're covered by his or her insurance, you need Medicare at 65. You'll learn that insurance companies drop you like a rock when you hit that golden age. They want the government (i.e., Medicare) to pay the bulk of your health insurance costs. They will offer you a plan to supplement Medicare coverage -- and you should take it.
Tom Margenau is not a regular columnist for ThirdAge. This article has been republished from the Copely News Service.
Source: Copley News Service. Powered by Yellowbrix.
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