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Your Social Security Questions Answered

Read answers to reader-submitted Social Security questions from Martha Shedden, RSSA’s CLO, and her team of experts. Submit your own question to Martha here.

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Where does Social Security get the money to pay benefits other than taxes?

Full question: From where does Social Security get the money to pay benefits (other than payroll taxes and income taxes on those very benefits)? I’ve heard 2 stories: one is there are OASI and DI Trust Funds that contain the $2 trillion balance in cash (and thus Soc Sec pulls its payroll/income tax shortfall from…

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How do I switch from spousal benefits to my own benefits at age 70?

Hello, We recommend that you contact your local SSA office which you can find here. Then set up an in-person meeting or phone appointment. Contact them several months prior to your 70th birthday. Best of luck, Martha

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Will WEP affect my US benefits before I collect my foreign pension?

Full question: I’m an expat about to apply for early benefits (62 years old). I will also start start collecting a foreign pension when I’m 65. Will WEP affect my US benefits until I start collecting the foreign pension (for 3 years until I’m 65)? Hi there, If you are not yet collecting the foreign…

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I am 69 and still working. Will I get the COLA increase from last year?

Full question: I’m past full retirement age and still working full time. I’m turning 69 next spring. Will I get the COLA increase from last year? Hi there, Yes! When you turned 62 you started having the COLA applied to your benefit, regardless of if you were collecting or not. So yes, you will continue…

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Can my daughter receive SSDI benefits based on both parents’ records?

Full question: I am divorced. I have a child on SSI who lives with me. Recently her mother applied for her Social Security retirement and we were notified we could apply for SSDI. I am eligible for SS Retirement, but have not yet applied. If I apply will my daughter receive SSDI benefits on both…

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Should I apply for my own benefits now and then switch to spousal benefits at FRA?

Full question: Hi Martha. I’m a 62 yr old woman married 25 years. Divorced little over 10 years ago. Ex husband is 80 retired at full retirement age with max benefits. Neither of us remarried. His earnings much higher than mine. When is it best for me to apply for SS benefits now or when…

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