Social Security Q&A: Support From Friend Could Affect SSI Eligibility, Amount
Q: Next month I’ll turn 65 and, because of my financial situation, I thought I’d be eligible for Supplemental Security Income. But my neighbor told me I’d be turned down because I have a friend who said he might help support me. Is this true? A: If your friend helps support you, it could have an effect on whether you get SSI and on the amount you receive. Whether you can get SSI depends on your income and resources (the things you...
Facebook Working On Burying Those Lousy Memories
San Jose, Calif. — Don’t go breaking my heart, Facebook. It’s a sentiment shared by people like 48-year-old San Jose resident Beth Burkley, who gets caught off guard when she sees reminders of her ex pop up on social media. “I have a couple of ex boyfriends that I’m still friends with on Facebook. We keep in touch,” she said. “Then there are others who I hope if I ever run into them again, it’s (with) the front end of my car,” she...
Social Security Q&A: Explaining How Retirement Benefits Are Calculated
Question: How are my retirement benefits calculated? Answer: Your Social Security benefits are based on earnings averaged over your lifetime. Your actual earnings are first adjusted or “indexed” to account for changes in average wages since the year the earnings were received. Then Social Security calculates your average monthly indexed earnings during the 35 years in which you earned the most. Social Security applies a formula to...
Money Talk: Gift to Son Not a Charitable Donation
Question: Our son bought a house and lost his job two months after the purchase. We have helped him stay afloat. Thankfully he has a new job. We don’t expect to get the money back — he is still trying to get out from under — but we have given him close to $10,000. Can we claim this as a “gift” to him on our income taxes? Answer: The IRS doesn’t view money given to family members as a charitable donation. In other words, there’s no tax...
Social Security Q&A: Benefits to Kids After Retirement
Question: I have two minor children at home and I plan to retire soon. Will my children be eligible for monthly Social Security benefits after I retire? Answer: Monthly Social Security payments may be made to your children if: ■ They are unmarried and under age 18; ■ Age 18 or 19 and still in high school; or ■ Age 18 or older, became disabled before age 22, and continue to be disabled. Children who may qualify include a biological...
