Seeking advice on claiming social benefits from his late wife, he reached out to a financial advisor for guidance.
A 62-year-old man is seeking advice about how to claim his wife’s survivor benefits while still working full-time.
According to an article published by Freestone County Times, after contemplating his options, he decided that seeking advice was the best course of action to make an informed decision about his financial future. The writer, a 62-year-old widower who is still working full time, is seeking advice on Social Security benefits.
After his spouse’s passing, seeking advice about survivor benefits, he was informed that he couldn’t collect any due to his wife’s payments being “gone for good.”
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The advisor clarifies that the reason for this denial is likely the “earnings test,” which limits benefit collection while working.
Based on an article published by The Coastland Times, the 2023 earnings limit is $21,240; exceeding it results in a reduction of benefits. However, seeking advice from the advisor, a strategy is offered: if the widower hasn’t claimed his own Social Security retirement benefit, he can consider waiting until full retirement age (FRA) or beyond to maximize benefits.
He can collect a survivor benefit from his late wife once he works less or reaches age 67 while allowing his personal retirement benefit to grow. Seeking advice, the advisor notes that the Social Security Administration’s representatives have varying skill levels and clarifies the benefits and options available through the AMAC Foundation’s Social Security Advisory Service.
In essence, after seeking advice from Social Security, the widower still has the opportunity to claim benefits but should consider timing and claiming strategies carefully.
Amidst the complexities of Social Security, many individuals find themselves seeking advice to navigate the intricacies of their benefits. Upon seeking advice, the writer was faced with possible strategies to claim his late wife’s benefits.