The 50/30/20 budget was popularized by Sen. A claiming strategies site, such as Maximize My Social Security or Social Security Solutions, can help him choose the right course, or he could consult a fee-only financial planner.īusiness Here’s how to budget your money using the 50/30/20 rule If he’s earned a sizable benefit on his own work record, for example, it could make sense to start the survivor benefit and allow his own benefit to grow until it maxes out at age 70. At that point - or earlier, if he reduces his work hours and earnings sufficiently - he will have a choice between starting a survivor benefit and starting his own, with the option to switch later. The earnings test will go away once he turns 67. People who apply for Social Security benefits before their full retirement age are subject to the earnings test, which reduces their benefit by $1 for every $2 they earn over a certain limit, which in 2023 is $21,240. If your brother-in-law was born in 1960, his full retirement age is 67. Answer: Your brother-in-law wasn’t denied a survivor benefit, precisely.
0 Comments
Leave a Reply. |