As mentioned…it depends on the job. But some government employees don’t pay into the SS system. They are subject to the offset and windfall provisions of SS. (WEP and GPO). This means they don’t collect SS or collect a reduced amount of SS, AND can not collect on a spouses SS earnings even when that spouse dies.
I believe I’ve commented on this before and linked info, but here is more. There is currently a bill in the house to repeal the WEP and GPO. I’m not posting this for discussion or debate. Just information.
I’m sorry, like I said, former veterans get free lifetime national park passes. They do not need to be retired or worry about annual passes. This is current, accurate information. Many social security eligibile individuals, as well as younger veterans, could be former military and take advantage of this free lifetime perk.
Back on topic…. my first SS check (age 62) is due for auto deposit next week. I will be relieved to actually see confirmation that it worked. My husband will start his next year (age 70).
HELP!!!
Last Feb, I got laid off, and I decided to work part time here and there. I am only 60. DH was planning to work until 67. he turns 66 at the end of this month, and lost his job today. WE cannot live on no/barely income going forward. He can go on Medicare and I can find insurance through Kelly (I do subbing). But what do we do about SS? I know at 67 there is a bump, but I dont foresee him getting another job at the age of 66 in Fintech. I can try to go back to work myself as a presales engineer, but the job market is tough out there. I can use savings for a short period of time.
So if he starts collecting SS this year, because he had a great income up until now, it would likely be taxed. But if he started January 1st, what happens if he works some part time jobs ?
Also what happens if I go back to work?
Further info is that the amount that we both get is “about equal” with me getting a bit more when I hit age.
The Cobra rates I’ve heard about vary… depends on subsidy rate and treatment of spouse (sometimes costlier). But it is worth checking into, once you get over the shock.
I know it can be hard. Years ago my husband was part of a division sell-off which resulted in layoff a week after sale complete. We were definitely in shock. Most friends just gave a space to breathe. But some dear friends did ring the doorbell with a bottle of scotch, just sat with us - more than 20 years later I remember that kindness.
I’m so sorry. He should be eligible for unemployment form the state. While this is peanuts compared to his paycheck, it is still $$ he is entitled to! Unless he was terminated for cause, he should be eligible to collect unemployment. In our state, it is close to $1000 a week for former high earners and lasts 6 months. There are some requirements like having to engage in active job search, but that is easy to met. In my case, it was 3 job applications a week. Easy peasy to do. That will delay collecting SS for half a year.
Those are the real friends. It is amazing how some people instantly become very distant from someone who loses their job. Like unemployment is a contagious disease of sorts. Don’t return calls or emails… just ghost the person completely. These same people were the first to jump with congratulations on LinkedIn when the person finally found a job… shameful behavior.
Will your husband’s medical insurance continue through the end of October? If so, you may want to enroll in COBRA for two months, and then switch to an ACA plan for January 1.
The decision will depend on your current plan design, and if you have met deductible and out-of-pocket limits for the year. You would be allowed to enroll in an ACA plan due to loss of employment, but you would have to meet the ACA plan deductible and coinsurance during the last two months of this year, and then the deductible and OOP would reset on January 1. If you enroll in COBRA, this year’s deductible and out-of-pocket history Will apply through December 31.
You would have to run the numbers to figure out which approach is more attractive. There are premium subsidies offered through the end of 2025, which are due to lapse at the end of 2025, so your 2026 costs will most likely be higher than your 2025 costs.
Or you could live on the edge and take advantage of the premium remittance grace period, but I would not be comfortable in that situation.
Editing to say that I just saw your comment that you live in Florida, so you might want to verify everything I’ve written. I know that Florida is not a Medicaid expansion state, but I assume that the ACA operates in Florida as it does in most of the rest of the country, but am not 100% certain.
I just turned 64 and I’ve gone back and forth on whether to take mine. My benefit is less than half of my husband. He is 2 years younger and will continue to work for a number of years. I’m thinking at 65 might be worth it to cover the Medicare premium. @sdl0625 im sorry for your husband’s job loss. It’s disappointing that they aren’t paying any severance and unemployment is so low in Florida. From that link of @BunsenBurner
Washington and Oregon are the states to get unemployment. Years ago one of my kids worked in Florida. She quickly discovered that employees didn’t have any of the rights she had in her previous jobs in Ca.
I collect SS and so does my husband. It’s taxed no matter when you take it.
Re: how a part time job affects SS…after you reach full retirement age (check that age for your husband) you don’t have a SS reduction regardless of how much you earn working.
Starting with the month you reach full retirement age, there is no limit on how much you can earn and still receive your benefits.
I’m sorry for your suddenly being placed in this position.
