<p>I’m hoping some accountant reads this and can answer clarify this. I recently heard about a family. They claim that when the dad is 62 years old, he will be able to retire and they will receive $759 PER child for his kiddos who will be 12 (triplets that will be 12) and 13 at the time of his retirement. He claims this is legit. His wife doesn’t work. He will stay retired for a year, and then he claims that he can go BACK to work and this cash flow will continue. He says he has researched this and it is money to which is is entitled. This family says they will not need to save for college (simple arithmetic tells me they are confused on THAT front) because of this windfall they will start to collect 7 years from now.</p>
<p>Does ANYONE know of any government program that would pay this? These are not SSI eligible kiddos. And so far as I know…the father doesn’t plan to die (so they could get survivor benefits until age 18). </p>
<p>They “claim” this is one of the reasons they waited so long to have these children.</p>
<p>I’ve never heard of such a “subsidy”. Would love to know if this is true…</p>
<p>When my husband retired, both S and I received benefits from SS. Mine stopped when S turned 16 but his continued until he graduated from high school. I don’t think that the payments would continue if the husband went over the earnings threshold; when my husband had a delayed payment for unused sick days, our checks were reduced until we were able to show that it was not earnings.</p>
<p>My friend’s husband first retired as a police office and then went to work for the post office. He stopped working all together at around age 65. My friend, his wife is a stay-at-home mom (she is about 6-7 years younger than her husband). Their late in life youngest child was in middle school when the husband stopped working (or completely retired). Their child received a monthly social security check of just over $300 until he turned 18. The couple’s current income is his pensions and social security. This also made a significant impact on the son’s college financial award package - between merit aid and federal financial aid, their out of pocket expense for a great LAC is less than $6K a year.</p>
<p>And to be honest, they do work hard to stretch their money. They are not living large.</p>
<p>Thank you for your reply. Even IF they get $759 per kiddo for five years…They will only have $182,000 or so in the bank. That would be $45K total PER child which will hardly pay for a college education 11 or 12 years from now.</p>
<p>All these pension programs are why the government is struggling. </p>
<p>Most of our government’s HUGE debt is from medicare payments and social security. Police officers, postal workers, public school teachers, firemen, you name it: they’ll retire with a nice piece of change (particularly those who worked as both a police officer + a teacher, or police officer + postal worker) while all of us small business people pay for their retirement.</p>
<p>The basic premise is true: If you are retired and drawing SS, your kids get a benefit too.</p>
<p>However (from that page):</p>
<p>
If the $759 is one-half of his benefit, then his kids’ benefits in total will be capped at 50-80% of his benefit (he gets 100% of his benefit), or $759-1214, which is a far cry from the $3000 he thinks he is going to get.</p>
<p>Assuming I am interpreting this correctly of course. I am not an expert.</p>
<p>notrich…I think the parent benefit is far more than $1200. This person’s salary is, and has been, very high. I would think he will be drawing a very high SS benefit per month. </p>
<p>But my big question is…IF the father returns to work earning a lot, and HIS benefit is reduced…is the benefit then reduced for the rest of the family. THEY are saying NO…that the benefit will continue even IF the father returns to work in a year.</p>
<p>Interesting post.
A million years ago (ca 1974) I think I received some kind of monthly SS check for about 3 years till I graduated from college. My father was fully retired at age 65, my mother was 9 years younger and continued to work FT in an office clerical job (not high salary).</p>
<p>I understood nothing except that I was legally entitled to them through my father’s retirement status and they did help me pay for college and certainly not fancy clothes or cars or such. AND there was no plotting on my folks part to obtain benefits for me via fraud…I was simply a late in life kid. The benefits stopped for me the month I graduated college. I understand that the law was subsequently modified so benefits end at age 18.</p>
<p>So…if the father’s benefit is in the $2500 range,then his family easily could net well over $3000 in benefits (150-180% of the father’s benefit).</p>
<p>But again I ask…what IF the father returns to work and earns a substantial income. Would the benefit for his dependents also get reduced (I know his does, but what about the kidlets and wife)?</p>
<p>If you retire at 62, your benefit is reduced by around 25% from what you get at the full retirement age, so the father’s maximum benefit will be around $1760. From the OP, it sounds like he is expecting his benefit plus $759 for 4 kids, for a total of $4796/month.</p>
<p>The wording is a little ambiguous:</p>
<p>
Does this mean the maximum of the wife+kids benefit is 80% of the husband? Or 180%?</p>
<p>This page has some good info on how earnings affect your benefit:</p>
<p>If you are full retirement age (66 and older), earnings don’t affect your benefits. Prior to that, you can earn up to 14,160; after that, you lose $1 in benefits for every $2 you earn. There’s a bunch of strange rules for the year you retire. Then there is this:</p>
<p>limabeans - I totally agree with your post. I also know lots of people who are taking advantage of the unemployment benefits being extended by starting businesses, but making someone else in their family CEO so that person still receives his/her unemployment benefits. The ones who lose - the honest people who work hard and support these “thieves”!</p>
<p>We have a neighbor who is getting ss for his son.</p>
<p>When the dad turned full retirement age (66-ish), he did a “file and suspend” so the son (age 14) could start collecting ss. The dad plans to continue working at least until age 70, so his own benefits will be higher when he retires. The mom is too young to collect spousal benefits, but the boy is getting around 1k/month. They’re putting it away for college, as the dad will be retired by then.</p>
<p>Makes me even less willing to countenance tax increases [if that’s possible]. What idiots voted for this? Years ago you had to die for your kids to receive “benefits” from social security.</p>
<p>My husband was laid off and after not being able to find a job he started drawing retirement at 62. We did get extra money for the 2 kids. We were very surprised when the SS people told us about it. It was capped at a % of his reduced SS pension. It stopped when they graduated HS.</p>
<p>I don’t *think *your friend would be able to stop drawing his own pension and continue drawing for the kids though.</p>
<p>Gosh, Lima, if it bothers you so much why don’t you go be a police officer or a fire fighter for 20+ years? Or a teacher for 30? Or you could just take the easy route and do what we did; Mr PMK spent 22 years in the Marine Corps including two deployments in Iraq and we moved eight times.</p>
<p>If you think we feel one bit guilty about small business owners or any other tax payers (like ourselves) having their tax dollars go towards Mr PMKs retirement, you are sadly mistaken. I cannot help but notice that it’s people who’ve not been regularly shot at doing their job who tend to whine about the retirement benefits of those who where.</p>
<p>I’m not a small business owner, but if I knew then what I know now, I would have taken a different route. Im an RN with 35 years fulltime working in a not-for-profit environment and I cannot retire til Im 62, while my colleagues who have put less time into the system can retire after vesting 5 years in and be the age of 55. You don’t have to get shot at to feel the inequity of some of the retirement benefits, public, city, state and gov employees get, while the rest of us plug away and do our share to contribute to those who are not working for whatever reason. I see capable, well abled people collecting disability benefits, early retirement while I am working my but off. Im not saying everyone does this, but there is a huge inequity in the way our gov disburses money.</p>