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...
Money Talk: Don’t Help Teen Buy Luxury Car
Question: My son is almost 16 and has his heart set on a used luxury convertible. We have found a few that are priced at about $23,000 with about 50,000 miles. We are debating whether this is the right choice for him. The type he wants is not overpowered (it has a six-cylinder engine), has many safety features and gets decent gas mileage. He has worked hard since he was 8 in our business and has saved about half the money needed. (He...
File-and-Suspend Strategy Eliminated
Washington — Married couples have no shortage of options for deciding when to collect Social Security benefits. But the budget deal President Obama signed into law Monday gets rid of one of the key strategies that has increased lifetime Social Security benefits by up to $60,000 for some high-earning couples. The strategy is known as file-and-suspend, in which one spouse could file to receive Social Security retirement benefits and...
Reverse Mortgage Due When Borrowers Die
As more seniors turn to reverse mortgages, their adult children might be puzzled or concerned about what will happen to that debt when their parents die. Nearly all reverse mortgages are home equity conversion mortgages, or HECMs, which are insured by the Federal Housing Administration. HECMs are subject to some rules that might not apply to non-HECMs. The first thing adult children should know about HECMs is that these reverse...
Social Security Q&A: Does Marriage Affect SSI Benefits?
Question: I am receiving Social Security and Supplemental Security Income benefits. I just got married, and I am wondering if my benefits, and my new spouse’s benefits, will stay the same. Answer: If you marry, your spouse’s income and resources may change your SSI benefit. It is your responsibility to report your status change to Social Security as soon as possible. If you and your spouse both get SSI, your benefit amount will change...
