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In the “standard” scenario, we could weigh this trade-off – James gets $1,500/month now, versus waiting as much as 8 years for a $2,640 / $1,500 = 76% cumulative benefit increase.Yet if James has 10-year-old twins and a much-younger wife, and the family will be eligible for several auxiliary benefits for the next 8 years, including a spousal benefit and two dependent child’s benefits. She writes primarily about parenting, personal finance, health, beauty and fashion. James’ To be eligible for dependent child benefits, the worker-now-retiree must actually apply for his/her own benefits as well (similar to the rules for activating spousal benefits, including the young-spouse-as-parent rule). In the “normal” context of deciding when to start Social Security benefits, there is a straightforward trade-off – the individual chooses not to receive benefits now, and in exchange receives higher benefits in the future. Disabled_sign_ground_001 image by treenabeena from If Social Security has been aiding your dependent child for years, you may be worried about when those benefits end.
If there are multiple children who qualify for benefits and threaten to push the amount your family receives over this limit, each family member’s benefit will be reduced proportionately. ... my child turned 18, was receiving benefits from ex husband's disability, They are asking for money back if any of it was saved. Post was not sent - check your email addresses! If the parent becomes disabled, retires or dies, the disabled child may receive dependent “child’s” benefits at any age without needing to meet any other requirements.A dependent child will stop receiving benefits if she gets married, regardless of her age. What changes when my child turns 18? As a result, the decision to delay means James gives up not only his $1,500/month early benefit but also $1,478/month of auxiliary benefits for the next 8 years (notably, available auxiliary benefits under the family maximum benefit are In fact, at the chart above shows, delaying the maximum family benefit digs such a hole and forfeits so much opportunity for portfolio growth (either by failing to invest the family benefits payments that weren’t received, or by being forced to liquidate other investment assets that will no longer be able to grow because there were no family benefits payments to cover spending needs), that the decision to delay As the chart above shows, the potential of giving up significant family benefits can turn what may otherwise be an appealing decision to delay Social Security benefits as a hedge against longevity instead an adverse scenario where there is Of course, the example above illustrates the absolute extreme – multiple family members that drive the foregone benefits all the way up to the maximum family benefit, who would have received benefits for exactly the full 8 year waiting period, resulting in the maximum possible “loss” by waiting. Because certain changes in age, living situation, or financial standing can compromise your child’s benefits, it is important that you are thoroughly prepared for the changes that will occur when your child turns 18. Copyright 2020 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. However, if the situation is that the age 62 retiree “merely” has one 16-year-old child whose benefits will be lost for just 2 years (from age 62 to 64) while waiting to age 70, the impact is diminished but can still be material and push the breakeven period out several years and require significant expectations of longevity to be worthwhile, as shown below.While the impact of “just” losing 2 years of benefits for a 16-year-old child can be significant, the impact of losing even partial family benefits ramps up further as children are even younger. And the availability of dependent’s benefits can significant diminish the benefit of delaying Social Security; while delaying does increase the individual’s In light of this situation, planning for Social Security benefits with “young” children in the home (those under age 18) needs to be done more carefully.
Rest assured that disabled children will go on receiving benefits after they turn 18, and even some nondisabled children over 18 may still receive benefits. Low holds a Bachelor of Arts in writing. It is not added to the parents check. The end point – it takes upwards of 15 years just to break even, but However, the situation shifts when there are dependent benefits (or a young-spouse-as-parent) benefit involved. Sorry, your blog cannot share posts by email. James is eligible for a $2,000/month Social Security benefit at full retirement age. However, if she is still in grade 12 or lower, she may continue receiving benefits until she graduates or until she turns 19 -- whichever happens first.The only way a child can receive benefits over age 19 is if he is disabled.
In the “standard” scenario, we could weigh this trade-off – James gets $1,500/month now, versus waiting as much as 8 years for a $2,640 / $1,500 = 76% cumulative benefit increase.Yet if James has 10-year-old twins and a much-younger wife, and the family will be eligible for several auxiliary benefits for the next 8 years, including a spousal benefit and two dependent child’s benefits. She writes primarily about parenting, personal finance, health, beauty and fashion. James’ To be eligible for dependent child benefits, the worker-now-retiree must actually apply for his/her own benefits as well (similar to the rules for activating spousal benefits, including the young-spouse-as-parent rule). In the “normal” context of deciding when to start Social Security benefits, there is a straightforward trade-off – the individual chooses not to receive benefits now, and in exchange receives higher benefits in the future. Disabled_sign_ground_001 image by treenabeena from If Social Security has been aiding your dependent child for years, you may be worried about when those benefits end.
If there are multiple children who qualify for benefits and threaten to push the amount your family receives over this limit, each family member’s benefit will be reduced proportionately. ... my child turned 18, was receiving benefits from ex husband's disability, They are asking for money back if any of it was saved. Post was not sent - check your email addresses! If the parent becomes disabled, retires or dies, the disabled child may receive dependent “child’s” benefits at any age without needing to meet any other requirements.A dependent child will stop receiving benefits if she gets married, regardless of her age. What changes when my child turns 18? As a result, the decision to delay means James gives up not only his $1,500/month early benefit but also $1,478/month of auxiliary benefits for the next 8 years (notably, available auxiliary benefits under the family maximum benefit are In fact, at the chart above shows, delaying the maximum family benefit digs such a hole and forfeits so much opportunity for portfolio growth (either by failing to invest the family benefits payments that weren’t received, or by being forced to liquidate other investment assets that will no longer be able to grow because there were no family benefits payments to cover spending needs), that the decision to delay As the chart above shows, the potential of giving up significant family benefits can turn what may otherwise be an appealing decision to delay Social Security benefits as a hedge against longevity instead an adverse scenario where there is Of course, the example above illustrates the absolute extreme – multiple family members that drive the foregone benefits all the way up to the maximum family benefit, who would have received benefits for exactly the full 8 year waiting period, resulting in the maximum possible “loss” by waiting. Because certain changes in age, living situation, or financial standing can compromise your child’s benefits, it is important that you are thoroughly prepared for the changes that will occur when your child turns 18. Copyright 2020 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. However, if the situation is that the age 62 retiree “merely” has one 16-year-old child whose benefits will be lost for just 2 years (from age 62 to 64) while waiting to age 70, the impact is diminished but can still be material and push the breakeven period out several years and require significant expectations of longevity to be worthwhile, as shown below.While the impact of “just” losing 2 years of benefits for a 16-year-old child can be significant, the impact of losing even partial family benefits ramps up further as children are even younger. And the availability of dependent’s benefits can significant diminish the benefit of delaying Social Security; while delaying does increase the individual’s In light of this situation, planning for Social Security benefits with “young” children in the home (those under age 18) needs to be done more carefully.
Rest assured that disabled children will go on receiving benefits after they turn 18, and even some nondisabled children over 18 may still receive benefits. Low holds a Bachelor of Arts in writing. It is not added to the parents check. The end point – it takes upwards of 15 years just to break even, but However, the situation shifts when there are dependent benefits (or a young-spouse-as-parent) benefit involved. Sorry, your blog cannot share posts by email. James is eligible for a $2,000/month Social Security benefit at full retirement age. However, if she is still in grade 12 or lower, she may continue receiving benefits until she graduates or until she turns 19 -- whichever happens first.The only way a child can receive benefits over age 19 is if he is disabled.