Question and background: Does every average person have to pay Social Security taxes and file an income tax return? I know someone who is in their seventies and has not paid Social Security tax since retired or filed a tax return. They have no other income. Is it mandatory that they file, and would they have to do that now?
Question and background: Will my Social Security benefits decrease or stay the same after May 1, 2016? I am a 73 year old male. I started receiving my SS benefits at the proper age of 66 years. My wife passed away on November 2, 2014. Is it possible to get extra SS benefits before the new law is enforced?
Question and background: Can I draw my deceased spouse's Social Security benefit at age 62? My husband passed away in 2012. He was 60. He was on Social Security disability. I will be turning 62 in August 2016 and am considering taking early retirement. Is it true that I can begin drawing his benefit at that time and draw my benefit at my normal retirement? We were married for 30 years.
Question: Are there any good alternatives to cushion the blow of lost Social Security for married couples? Larry's answer: Yeah, Congress snuck up on us with that...and then set a land speed record passing the legislation.
Well, it was good while it lasted. But the House and Senate have set a landspeed record in passing the Bipartisan Budget Act of 2015, and tucked neatly in Section 831 are provisions which kill certain “creative” strategies for claiming Social Security. The legislation is just waiting for President Obama’s signature.