Sometimes people will write to me complaining that the government, specifically the Social Security Administration, has messed them up and cheated them out of benefits they might have been due. But many times, the fault (to trivialize a famous line…
But many times, the fault is not in our government, but in ourselves. Here are some examples of what I mean.
People are also reading… But I think if you are looking for blame, you should check the nearest mirror. If you had done your homework when you were turning 65, you would have learned that your Part B Medicare monthly premium would increase by 10% for each year you opted not to participate in that part of Medicare. And you would have learned that the penalties are permanent.
A: The government isn’t cheating you. I think you cheated yourself by not doing enough research. Had you done your homework , you would have learned that your wife’s spousal benefit is based on your full retirement age benefit, not on your augmented age 70 rate. So, your wife is getting 50%, but again, it’s 50% of your FRA benefit, not your age 70 benefit.
A: There is no scam. There are no rotten laws. There are no fast ones being pulled. And when you read my explanation, you’ll see there is no need for outrage. The best way to explain what’s going on is with an example. Carol isn’t due any spousal benefits on Bob’s record. Why? Because the law has always said that one Social Security benefit offsets another. So, Carol’s own monthly benefit of $3,000 is way more than the 50% spousal rate she’d be due on Bob’s account. Or to put that another way, when you are due two Social Security benefits, you don’t get them both. You only get the one that pays the higher rate.
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