any tips on filing for Social Security benefits ( US)?

[willyumiii]

I am just a little more than 6 months away from turning 62 and I want to file to start collecting my Social Security benefits.

I have been told you can file 6 months before you qualify. true?

I live in Thailand and have not been in the US in over 3 years.

I have a Thai wife who lived in the U.S. with me for over 6 years.

We have a 6 year old daughter, born in California, now living in Thailand.

How do I go about filing?

What office do I contact?

Can I file online?

What documentation will I need?

Any assistance or advice will be appreciated.

Advice about waiting to file at a later age does not apply.

My daughter is a dependent and I want to start asap so benefits collected due to her dependent status can be saved for her future education.

Thanks in advance for any serious advice or information.

To all the TV comics...this is no joking matter to me.

[Thanyaburi Mac]

Start with a few Qs to Mr Google, here's one pretty good response:

http://bangkok.usembassy.gov/service/federal-benefits-and-taxes.html

Mac

[Mrjlh]

Simple, all your answers are here. You can even file "online" once you sign up and log in.

http://www.ssa.gov/

[sdanielmcev]

Not trying to scare you, but they have tightened the rules for residency. The monies given out are supposed to be spent on the US, not another country.

[CharlieH]

MOVED to more appropriate forum

MOVED

[BKKSnowBird]

Not trying to scare you, but they have tightened the rules for residency. The monies given out are supposed to be spent on the US, not another country.

He can collect in Thailand. It is one benefit us Americans get for being taxed on our worldwide income.

[dddave]

You can do it online but it can be a frustrating task. Do check out the US Embassy website. While you can not apply there, they do have some pertinent information.

The good news is that Social Security Admin. does, in my experience, have a very good telephone hotline...once you get through an hour of menu's.

I also found a lot of really helpful info on the AARP website.

[TerryLH]

From Thailand you use the Manila SS Office to apply. If it's like in the past, you'll be dealing with the same person all the time, which was nice.

You can do so online. They are very efficient. That's personal experience. They answered any questions I had quickly.

Once you've sent them what they need they'll call you for any info they might still need.

You can apply early so that the payments start when you are eligible. If you wait until you are 62, there will be a delay in getting started, but they'll back pay you from when you first applied.

Your wife, if she lived with you for 5 years in the US (after you were married) will receive a payment. As will your child.

Once you apply they'll explain all of that to you.

I think you'll be pleasantly surprised at how easy they make it for you.

Good luck.

[mesquite]

Not trying to scare you, but they have tightened the rules for residency. The monies given out are supposed to be spent on the US, not another country.

Which rules? Do you have any specifics? Where does it say the monies given out are supposed to be spent in the US, not another country. Reference?

Edited November 17, 2014 by mesquite

[BKKSnowBird]

Not trying to scare you, but they have tightened the rules for residency. The monies given out are supposed to be spent on the US, not another country.

Which rules? Do you have any specifics? Where does it say the monies given out are supposed to be spent in the US, not another country. Reference?

I think he must be confusing the US for Australia.

[pianoman]

I second TerryHL's post... I orginally obatined my forms from the US Embasy Bangkok, but they put me in touch with the Manllia office which were wonderful to deal with... Quick, easy and no problems... That was 4 years ago, but recently helped a 74 year old friend who was returning to for his 3rd time to Thailand, and again Manilia office was excellent to deal with...

The only Thai Bank that you can have your SSI direct deposited to is the Bangkok Bank NY branch, which you can then transfer to Thailand... But I was warned that once you transfer it Thailand you have to go into the Bank to provide them with copies of your Passport and Visa and sign for those funds prior to withdrawing them with your ATM Card... Just seemed like too much hassle, so just continued to us my old US Bank account then do either ATM or Wire Transfers when I want to withdraw / move the funds to Thailand...

Pianoman

[Langsuan Man]

The frustration that the OP has had with the US Social Security site may be due to the fact that you must use it during US hours

Also:

If you want to apply for retirement or spouse's benefits, you must be at least 61 years and 9 months old and want your benefits to start no more than four months in the future.

But I still would urge him to use the Manila office since he should consider applying for both himself and his wife (since she was in the US, hopefully for the full 5 years required for her spousal benefits). And if he still has a US bank account, designate that one for SS Direct Deposit since going to your local Bangkok Bank branch to prove that you are still alive can be a real hassle

[beachproperty]

A big thanks to the OP......for reminding me to sign up for SS benefits. I also am scheduled to receive benefits in February 2015.

Sooo....Just went to the SSA site and electronicly signed up for my benefits ....no problem ...Did that today...a few minutes ago. (FYI I live in Thailand and signed up from here)

One thing I did notice that you may not have is ....1) a US mailing address and 2) a US bank account (although it appeared that they can deposit directly to qualified foreign accounts).

Wasn't that difficult....although site said it accepted my application says will know in 5 days whether all is OK. Fingers crossed.

Good Luck

[pmarlin]

Not trying to scare you, but they have tightened the rules for residency. The monies given out are supposed to be spent on the US, not another country.

Just not true

[sfokevin]

Not trying to scare you, but they have tightened the rules for residency. The monies given out are supposed to be spent on the US, not another country.

Just not true

Completely not true... And I would recommend that the OP get a bank account at Bangkok a Bank as the SSA will direct deposit your monthly payment to you in Thailand thru that bank.

[CaptHaddock]

The OP should consider delaying his SS benefits for some years. Every year he delays his future benefits go up by around 7% per year forever ever. If his Thai wife indeed lived with him in the US legally for at least 5 years she will be eligible for a spousal benefit of half of his benefit when she is 62 or over and she will be entitled to inherit his entire benefit when he dies. If, as it seems, she is younger than he that means that the SSA could be paying her the stepped up benefits (plus cost of living adjustments) decades from now.

As an example, let's consider a SS recipient whose Full Retirement Age is 66 at which time his monthly benefit will be $1600. If he were to start taking his benefits at age 62, his monthly benefit would be $1200 forever. And that's the survivor's benefit (at age 66) that his wife would receive when he dies. (In all cases benefits are increased annually by the cost of living adjustment factor. So, we can ignore that in comparing benefits.) If he delays taking his benefits until he is 70 years old his monthly benefit for life becomes $2,112. And his wife would expect to inherit that benefit when he dies.

Of course, this analysis assumes that the OP can afford to meet his cost of living between ages 62 and 70 without the SS benefit. That appears to be true because he is planning on saving the benefits for his daughter's education. That being so delaying SS benefits is sure investment with an excellent return. The younger his wife is the longer she is likely to survive him and the more important the stepped up benefit will be. If he has a school-aged daughter then his wife is probably much younger than he.

Let's consider the difference in the dollar amount of the estimated lifelong benefits. The OP is 62. Let's assume he lives until age 85. Assume also that his wife is 40 and that she will live until age 85 also. Here are the lifelong SS benefits (again not including COLAs):

if he takes benefits at age 62 and wife takes at 66: his benefit: $331,200 + her benefit: $273,600 for a total of $604,800

if he takes benefits at age 66 and wife takes at 66: his benefit: $384,000 + her benefit: $364,800 for a total of $748,800

if he takes befits at age 70 and wife takes at age 66: his benefit: $430,848 + her benefit: $481,536 for a total of $912,384

Given that his stated motivation is to fund his daughter's education which implies that he doesn't need the benefits to live on, then if the daughter is now 10 years old or younger then if he waits until age 70 then he could dedicate his entire monthly SS benefit of $2,112 to the daughter just at the point where she is starting college. If his goal is a private education for the daughter prior to college, then the SS benefit would not arrive in time.

Most people take benefits at age 62. Many cannot afford to wait. But for those who can afford to delay the benefit is substantial and all the more so with a younger wife.

[CaptHaddock]

Not trying to scare you, but they have tightened the rules for residency. The monies given out are supposed to be spent on the US, not another country.

Just not true

Completely not true... And I would recommend that the OP get a bank account at Bangkok a Bank as the SSA will direct deposit your monthly payment to you in Thailand thru that bank.

But direct deposit of SS benefits to Bangkok Bank, while possible, is a bad idea. To get your money out of the bank you have to go in person. You cannot transfer it online. You cannot pay local bills online with the money in that account. So, if you are sick or travelling, it becomes a headache. Much better to take deposit into a US bank from which you can then do low cost transfers to a normal Bangkok Bank account from which you can pay bills online or make ATM withdrawals.

[mackayae]

Do it now. Get the package from the Embassy. Once completed and verified by the Embassy, send the package to SSA Manila.

[beachproperty]

The OP should consider delaying his SS benefits for some years. Every year he delays his future benefits go up by around 7% per year forever ever. If his Thai wife indeed lived with him in the US legally for at least 5 years she will be eligible for a spousal benefit of half of his benefit when she is 62 or over and she will be entitled to inherit his entire benefit when he dies. If, as it seems, she is younger than he that means that the SSA could be paying her the stepped up benefits (plus cost of living adjustments) decades from now.

As an example, let's consider a SS recipient whose Full Retirement Age is 66 at which time his monthly benefit will be $1600. If he were to start taking his benefits at age 62, his monthly benefit would be $1200 forever. And that's the survivor's benefit (at age 66) that his wife would receive when he dies. (In all cases benefits are increased annually by the cost of living adjustment factor. So, we can ignore that in comparing benefits.) If he delays taking his benefits until he is 70 years old his monthly benefit for life becomes $2,112. And his wife would expect to inherit that benefit when he dies.

Of course, this analysis assumes that the OP can afford to meet his cost of living between ages 62 and 70 without the SS benefit. That appears to be true because he is planning on saving the benefits for his daughter's education. That being so delaying SS benefits is sure investment with an excellent return. The younger his wife is the longer she is likely to survive him and the more important the stepped up benefit will be. If he has a school-aged daughter then his wife is probably much younger than he.

Let's consider the difference in the dollar amount of the estimated lifelong benefits. The OP is 62. Let's assume he lives until age 85. Assume also that his wife is 40 and that she will live until age 85 also. Here are the lifelong SS benefits (again not including COLAs):

if he takes benefits at age 62 and wife takes at 66: his benefit: $331,200 + her benefit: $273,600 for a total of $604,800

if he takes benefits at age 66 and wife takes at 66: his benefit: $384,000 + her benefit: $364,800 for a total of $748,800

if he takes befits at age 70 and wife takes at age 66: his benefit: $430,848 + her benefit: $481,536 for a total of $912,384

Given that his stated motivation is to fund his daughter's education which implies that he doesn't need the benefits to live on, then if the daughter is now 10 years old or younger then if he waits until age 70 then he could dedicate his entire monthly SS benefit of $2,112 to the daughter just at the point where she is starting college. If his goal is a private education for the daughter prior to college, then the SS benefit would not arrive in time.

Most people take benefits at age 62. Many cannot afford to wait. But for those who can afford to delay the benefit is substantial and all the more so with a younger wife.

Although OP specificly said advice about filing later did not apply, the above post was made, as such I am responding to it

Personally I didn't follow the above post for the following reasons:

1) I may die before age 70.....ie no benefits collected

2) Social Security may go bankrupt......it is a possiblity, as the baby boomers enter retirement ....funds paid into SSA vs being paid out is way out of whack!

3) Money I collect now, although not needed, can be invested and compounded so the total benefit as shown above is incorrect, as it does not provide for reinvestment of funds collected ONLY shows monies paid out.

4) Benefits paid out down the line may be changed (and the change will be downward), Gov did it once already and if things go bad will obviously do it again,

Obviously the way I went is not for all....but its the best for me! Just another way to look at it!

Edited November 18, 2014 by beachproperty

[CaptHaddock]

The OP should consider delaying his SS benefits for some years. Every year he delays his future benefits go up by around 7% per year forever ever. If his Thai wife indeed lived with him in the US legally for at least 5 years she will be eligible for a spousal benefit of half of his benefit when she is 62 or over and she will be entitled to inherit his entire benefit when he dies. If, as it seems, she is younger than he that means that the SSA could be paying her the stepped up benefits (plus cost of living adjustments) decades from now.

As an example, let's consider a SS recipient whose Full Retirement Age is 66 at which time his monthly benefit will be $1600. If he were to start taking his benefits at age 62, his monthly benefit would be $1200 forever. And that's the survivor's benefit (at age 66) that his wife would receive when he dies. (In all cases benefits are increased annually by the cost of living adjustment factor. So, we can ignore that in comparing benefits.) If he delays taking his benefits until he is 70 years old his monthly benefit for life becomes $2,112. And his wife would expect to inherit that benefit when he dies.

Of course, this analysis assumes that the OP can afford to meet his cost of living between ages 62 and 70 without the SS benefit. That appears to be true because he is planning on saving the benefits for his daughter's education. That being so delaying SS benefits is sure investment with an excellent return. The younger his wife is the longer she is likely to survive him and the more important the stepped up benefit will be. If he has a school-aged daughter then his wife is probably much younger than he.

Let's consider the difference in the dollar amount of the estimated lifelong benefits. The OP is 62. Let's assume he lives until age 85. Assume also that his wife is 40 and that she will live until age 85 also. Here are the lifelong SS benefits (again not including COLAs):

if he takes benefits at age 62 and wife takes at 66: his benefit: $331,200 + her benefit: $273,600 for a total of $604,800

if he takes benefits at age 66 and wife takes at 66: his benefit: $384,000 + her benefit: $364,800 for a total of $748,800

if he takes befits at age 70 and wife takes at age 66: his benefit: $430,848 + her benefit: $481,536 for a total of $912,384

Given that his stated motivation is to fund his daughter's education which implies that he doesn't need the benefits to live on, then if the daughter is now 10 years old or younger then if he waits until age 70 then he could dedicate his entire monthly SS benefit of $2,112 to the daughter just at the point where she is starting college. If his goal is a private education for the daughter prior to college, then the SS benefit would not arrive in time.

Most people take benefits at age 62. Many cannot afford to wait. But for those who can afford to delay the benefit is substantial and all the more so with a younger wife.

Personally I didn't follow the above post for the following reasons:

1) I may die before age 70.....ie no benefits collected

2) Social Security may go bankrupt......it is a possiblity, as the baby boomers enter retirement ....funds paid into SSA vs being paid out is way out of whack!

3) Money I collect now, although not needed, can be invested and compounded so the total benefit as shown above is incorrect, as it does not provide for reinvestment of funds collected ONLY shows monies paid out.

4) Benefits paid out down the line may be changed (and the change will be downward), Gov did it once already and if things go bad will obviously do it again,

Obviously the way I went is not for all....but its the best for me! Just another way to look at it!

These are the most common objections to delaying SS benefits, but the objections are mistaken in every case.

1. In the case of the OP, his younger wife would collect a stepped-up benefit even if he died before collecting. Of did you want to assume that husband and wife perish in the same car crash? On the other hand his chances of living until 92 are probably about the same as his chance of dying before age 70. How will he fund his living at age 92? SS (or a private annuity/pension) are the only financial instruments that cover you as long as you live.

2. SS has no risk of going bankrupt despite claims by some right-wingers. We boomers enter retirement with a $2.6 trillion SS trust fund set up in the 80's specifically to fund our retirement. That trust fund holds the safest financial instruments in the world: US Treasury Bonds. The Trust Fund is still growing at this point, but eventually it will be drained to pay us boomers, as was the intention when it was set up.

3. Every year after age 62 that the OP waits, his monthly SS benefit for life goes up by approx. 7%. Without any investment risk. And he can't outlive it. Are you sure that you are going to do better as an investor? Good luck with that.

4. Benefits can certainly be changed. They have historically been increased, not decreased. That payments have increased generally throughout the history of the SSA is evident because the standard of living of retirees has improved (along with everyone else) since 1935. SS is vastly popular with the electorate including Republicans making it risky for right-wing politicians to attempt to dismantle it as Bush tried unsuccessfully in his second term.

If the OP has a younger Thai wife who is eligible to collect on the basis of his participation, as it appears from his post, then the best way he can take care of his wife for her whole lifetime is to delay benefits as long as he can afford to.

[BKKSnowBird]

I would take it now especially since his daughter is 6. She will get an additional amount equal to half his. She will get that until 18. It would increase to 75 % if he dies. Also, i would not want my wife or daughter to navigate the SSA system if I was gone. They may not fully understand what they are entitled to.

[nutosf]

Contact Manila SS office. They will sign you up via phone. I did this 5 years ago. Google search for email address.

[CaptHaddock]

I would take it now especially since his daughter is 6. She will get an additional amount equal to half his. She will get that until 18. It would increase to 75 % if he dies. Also, i would not want my wife or daughter to navigate the SSA system if I was gone. They may not fully understand what they are entitled to.

Very bad information. The daughter is not entitled to any SS benefit while the father is alive. If he were to die before she is 18 then she would be entitled to a survivor's benefit of up to 75% of his benefit. But she would be entitled to that benefit whether or not the OP was actually receiving SS benefits when he died. So, that's not a reason for him to file now.

Your comment about the difficulty that the heirs might have in dealing with the SSA is lame-brained to the point of idiocy. The wife will certainly be entitled to a substantial benefit in the future regardless of what the OP does. Should she forego that benefit because you happen to feel intimidated by govt forms? Sources of help in dealing with the SSA are available from US law firms and perhaps relatives of the OP. Why would he not arrange such assistance now?

Sheesh.

[BKKSnowBird]

I would take it now especially since his daughter is 6. She will get an additional amount equal to half his. She will get that until 18. It would increase to 75 % if he dies. Also, i would not want my wife or daughter to navigate the SSA system if I was gone. They may not fully understand what they are entitled to.

Very bad information. The daughter is not entitled to any SS benefit while the father is alive. If he were to die before she is 18 then she would be entitled to a survivor's benefit of up to 75% of his benefit. But she would be entitled to that benefit whether or not the OP was actually receiving SS benefits when he died. So, that's not a reason for him to file now.

Your comment about the difficulty that the heirs might have in dealing with the SSA is lame-brained to the point of idiocy. The wife will certainly be entitled to a substantial benefit in the future regardless of what the OP does. Should she forego that benefit because you happen to feel intimidated by govt forms? Sources of help in dealing with the SSA are available from US law firms and perhaps relatives of the OP. Why would he not arrange such assistance now?

Sheesh.

You are wrong. His daughter will get 50% now. 75% if he dies before she is 18. She would go from dependent to survivor. Same for SSDI.

Maybe you are correct about navigating the SSA since his wife lived in the US and can handle it. That I dont know.

Besides the OP said he is not wanting to delay. What if the OP kicks it in 10 years? The daughter would now be 16 and can only collect the higher amount until 18. No brainer to me. Take it now and invest.

Edited November 18, 2014 by BKKSnowBird

[sdanielmcev]

Not trying to scare you, but they have tightened the rules for residency. The monies given out are supposed to be spent on the US, not another country.

Just not true

What isn't true?

[beachproperty]

The OP should consider delaying his SS benefits for some years. Every year he delays his future benefits go up by around 7% per year forever ever. If his Thai wife indeed lived with him in the US legally for at least 5 years she will be eligible for a spousal benefit of half of his benefit when she is 62 or over and she will be entitled to inherit his entire benefit when he dies. If, as it seems, she is younger than he that means that the SSA could be paying her the stepped up benefits (plus cost of living adjustments) decades from now.

As an example, let's consider a SS recipient whose Full Retirement Age is 66 at which time his monthly benefit will be $1600. If he were to start taking his benefits at age 62, his monthly benefit would be $1200 forever. And that's the survivor's benefit (at age 66) that his wife would receive when he dies. (In all cases benefits are increased annually by the cost of living adjustment factor. So, we can ignore that in comparing benefits.) If he delays taking his benefits until he is 70 years old his monthly benefit for life becomes $2,112. And his wife would expect to inherit that benefit when he dies.

Of course, this analysis assumes that the OP can afford to meet his cost of living between ages 62 and 70 without the SS benefit. That appears to be true because he is planning on saving the benefits for his daughter's education. That being so delaying SS benefits is sure investment with an excellent return. The younger his wife is the longer she is likely to survive him and the more important the stepped up benefit will be. If he has a school-aged daughter then his wife is probably much younger than he.

Let's consider the difference in the dollar amount of the estimated lifelong benefits. The OP is 62. Let's assume he lives until age 85. Assume also that his wife is 40 and that she will live until age 85 also. Here are the lifelong SS benefits (again not including COLAs):

if he takes benefits at age 62 and wife takes at 66: his benefit: $331,200 + her benefit: $273,600 for a total of $604,800

if he takes benefits at age 66 and wife takes at 66: his benefit: $384,000 + her benefit: $364,800 for a total of $748,800

if he takes befits at age 70 and wife takes at age 66: his benefit: $430,848 + her benefit: $481,536 for a total of $912,384

Given that his stated motivation is to fund his daughter's education which implies that he doesn't need the benefits to live on, then if the daughter is now 10 years old or younger then if he waits until age 70 then he could dedicate his entire monthly SS benefit of $2,112 to the daughter just at the point where she is starting college. If his goal is a private education for the daughter prior to college, then the SS benefit would not arrive in time.

Most people take benefits at age 62. Many cannot afford to wait. But for those who can afford to delay the benefit is substantial and all the more so with a younger wife.

Personally I didn't follow the above post for the following reasons:

1) I may die before age 70.....ie no benefits collected

2) Social Security may go bankrupt......it is a possiblity, as the baby boomers enter retirement ....funds paid into SSA vs being paid out is way out of whack!

3) Money I collect now, although not needed, can be invested and compounded so the total benefit as shown above is incorrect, as it does not provide for reinvestment of funds collected ONLY shows monies paid out.

4) Benefits paid out down the line may be changed (and the change will be downward), Gov did it once already and if things go bad will obviously do it again,

Obviously the way I went is not for all....but its the best for me! Just another way to look at it!

These are the most common objections to delaying SS benefits, but the objections are mistaken in every case.

1. In the case of the OP, his younger wife would collect a stepped-up benefit even if he died before collecting. Of did you want to assume that husband and wife perish in the same car crash? On the other hand his chances of living until 92 are probably about the same as his chance of dying before age 70. How will he fund his living at age 92? SS (or a private annuity/pension) are the only financial instruments that cover you as long as you live.

2. SS has no risk of going bankrupt despite claims by some right-wingers. We boomers enter retirement with a $2.6 trillion SS trust fund set up in the 80's specifically to fund our retirement. That trust fund holds the safest financial instruments in the world: US Treasury Bonds. The Trust Fund is still growing at this point, but eventually it will be drained to pay us boomers, as was the intention when it was set up.

3. Every year after age 62 that the OP waits, his monthly SS benefit for life goes up by approx. 7%. Without any investment risk. And he can't outlive it. Are you sure that you are going to do better as an investor? Good luck with that.

4. Benefits can certainly be changed. They have historically been increased, not decreased. That payments have increased generally throughout the history of the SSA is evident because the standard of living of retirees has improved (along with everyone else) since 1935. SS is vastly popular with the electorate including Republicans making it risky for right-wing politicians to attempt to dismantle it as Bush tried unsuccessfully in his second term.

If the OP has a younger Thai wife who is eligible to collect on the basis of his participation, as it appears from his post, then the best way he can take care of his wife for her whole lifetime is to delay benefits as long as he can afford to.

So you're a Captain of a ship? or in the forces? either way I can see your know-it-all attitude and expert knowledge applies to EVERYTHING! Good luck with that Pal.

Your position is based on so many assumptions (and we all know what happens when you assume) that the validity of your suppositions is SUSPECT at best.

To the OP, go with your instinct and take your benefits now. and Good luck!

[CaptHaddock]

I would take it now especially since his daughter is 6. She will get an additional amount equal to half his. She will get that until 18. It would increase to 75 % if he dies. Also, i would not want my wife or daughter to navigate the SSA system if I was gone. They may not fully understand what they are entitled to.

Very bad information. The daughter is not entitled to any SS benefit while the father is alive. If he were to die before she is 18 then she would be entitled to a survivor's benefit of up to 75% of his benefit. But she would be entitled to that benefit whether or not the OP was actually receiving SS benefits when he died. So, that's not a reason for him to file now.

Your comment about the difficulty that the heirs might have in dealing with the SSA is lame-brained to the point of idiocy. The wife will certainly be entitled to a substantial benefit in the future regardless of what the OP does. Should she forego that benefit because you happen to feel intimidated by govt forms? Sources of help in dealing with the SSA are available from US law firms and perhaps relatives of the OP. Why would he not arrange such assistance now?

Sheesh.

You are wrong. His daughter will get 50% now. 75% if he dies before she is 18. She would go from dependent to survivor. Same for SSDI.

Maybe you are correct about navigating the SSA since his wife lived in the US and can handle it. That I dont know.

Besides the OP said he is not wanting to delay.

I stand corrected. There is an SS dependent benefit. However, the eligibility of the child does not depend on whether the OP is actually receiving benefits when he died or not. It doesn't matter. Here is a quote from SSA Publication No. 05-10085

To get benefits, a child must have:

• A parent(s) who is disabled or retired and

entitled to Social Security benefits; or

• A parent who died after having worked long

enough in a job where he or she paid Social

Security taxes.

I am not familiar with the dependent benefit. So, I don't know if the child has to have met a residency requirement in the US similar to the non-citizen spouse.

I realize the OP did not ask for advice about waiting. It's up to him, of course. I thought that he and others should know how much money he is leaving on the table by taking early.

[NeverSure]

-snip-

"2. SS has no risk of going bankrupt despite claims by some right-wingers. We boomers enter retirement with a $2.6 trillion SS trust fund set up in the 80's specifically to fund our retirement. That trust fund holds the safest financial instruments in the world: US Treasury Bonds. The Trust Fund is still growing at this point, but eventually it will be drained to pay us boomers, as was the intention when it was set up. "

Let's accurately rephrase that.

During the Reagan presidency, it was decided that since the SS Trust Fund had a big surplus, it would be put into the general fund and spent. And so it has been.

All that is in that fund to pay us retirees are IOU's called "special bonds." These are not treasuries and they don't have the same backing as treasuries.

There was a time when the SS Trust Fund had actual money in it sufficient to cover payments to recipients. Today there isn't a dime in it.

The trust fund does NOT hold US Treasury Bonds, Left Winger.

Forbes

[NeverSure]

The OP should consider delaying his SS benefits for some years. Every year he delays his future benefits go up by around 7% per year forever ever. If his Thai wife indeed lived with him in the US legally for at least 5 years she will be eligible for a spousal benefit of half of his benefit when she is 62 or over and she will be entitled to inherit his entire benefit when he dies. If, as it seems, she is younger than he that means that the SSA could be paying her the stepped up benefits (plus cost of living adjustments) decades from now.

As an example, let's consider a SS recipient whose Full Retirement Age is 66 at which time his monthly benefit will be $1600. If he were to start taking his benefits at age 62, his monthly benefit would be $1200 forever. And that's the survivor's benefit (at age 66) that his wife would receive when he dies. (In all cases benefits are increased annually by the cost of living adjustment factor. So, we can ignore that in comparing benefits.) If he delays taking his benefits until he is 70 years old his monthly benefit for life becomes $2,112. And his wife would expect to inherit that benefit when he dies.

Of course, this analysis assumes that the OP can afford to meet his cost of living between ages 62 and 70 without the SS benefit. That appears to be true because he is planning on saving the benefits for his daughter's education. That being so delaying SS benefits is sure investment with an excellent return. The younger his wife is the longer she is likely to survive him and the more important the stepped up benefit will be. If he has a school-aged daughter then his wife is probably much younger than he.

Let's consider the difference in the dollar amount of the estimated lifelong benefits. The OP is 62. Let's assume he lives until age 85. Assume also that his wife is 40 and that she will live until age 85 also. Here are the lifelong SS benefits (again not including COLAs):

if he takes benefits at age 62 and wife takes at 66: his benefit: $331,200 + her benefit: $273,600 for a total of $604,800

if he takes benefits at age 66 and wife takes at 66: his benefit: $384,000 + her benefit: $364,800 for a total of $748,800

if he takes befits at age 70 and wife takes at age 66: his benefit: $430,848 + her benefit: $481,536 for a total of $912,384

Given that his stated motivation is to fund his daughter's education which implies that he doesn't need the benefits to live on, then if the daughter is now 10 years old or younger then if he waits until age 70 then he could dedicate his entire monthly SS benefit of $2,112 to the daughter just at the point where she is starting college. If his goal is a private education for the daughter prior to college, then the SS benefit would not arrive in time.

Most people take benefits at age 62. Many cannot afford to wait. But for those who can afford to delay the benefit is substantial and all the more so with a younger wife.

You don't have a clue what you are talking about.

Double check to see what a wife can collect. SS Administration.

• If you start receiving spouse's benefits at age 62, your monthly benefit amount is reduced to about 32.5 percent of the amount your spouse would receive if his or her benefits started at full retirement age. (The reduction is about 67.5 percent.) The reduction for starting benefits as a spouse at age

  • 63 is about 65 percent;
  • 64 is about 62.5 percent;
  • 65 is about 58.3 percent;
  • 66 is about 54.2 percent; and
  • 67 is 50 percent (the maximum benefit amount).

[CaptHaddock]

-snip-

"2. SS has no risk of going bankrupt despite claims by some right-wingers. We boomers enter retirement with a $2.6 trillion SS trust fund set up in the 80's specifically to fund our retirement. That trust fund holds the safest financial instruments in the world: US Treasury Bonds. The Trust Fund is still growing at this point, but eventually it will be drained to pay us boomers, as was the intention when it was set up. "

Let's accurately rephrase that.

During the Reagan presidency, it was decided that since the SS Trust Fund had a big surplus, it would be put into the general fund and spent. And so it has been.

All that is in that fund to pay us retirees are IOU's called "special bonds." These are not treasuries and they don't have the same backing as treasuries.

There was a time when the SS Trust Fund had actual money in it sufficient to cover payments to recipients. Today there isn't a dime in it.

The trust fund does NOT hold US Treasury Bonds, Left Winger.

Forbes

There are many fundamental misconceptions here.

When Reagan appointed the Greenspan Commission in 1983 there was no Trust Fund and there was no surplus of any kind. Indeed, the SSA was probably only weeks away from being unable to pay benefits in full. Among the reforms recommended by the Commission and subsequently implemented was an increase in the payroll tax beyond the level needed to pay current benefits, to establish and fund the SS Trust Fund which was created just for the purpose of building up reserves in anticipation of the increase in benefits payments that the retirement of the baby boomers would entail. We boomers are the pig-in-the-python demographically and the Commission (and others) recognized that provision would have to be made in advance. And so the Trust Fund was created to accumulate assets in advance for the boomer retirements at which point the Trust Fund would be exhausted and the system would revert to the pay-as-you-go status it had between 1935 and 1983.

Contrary to your claim, the funds accumulated in the Trust Fund have never been, and are still not being used, to pay out SS benefits. The special US Treasury obligations held in the Trust Fund pay interest which interest has added to the Trust Fund annually. Recently, the SSA has had to start using some of the interest received from the Trust Fund to make beneficiary payments since, after all, the boomers have started to collect as foreseen. Eventually, all of the interest will be used in this way and the Treasury obligations themselves, as they become due, will also be used to pay beneficiaries, according to the original purpose of the Trust Fund.

The Treasury obligations that the SS Trust Fund holds are not the same marketable securities as ordinary US Treasury Bonds and Bills. Nevertheless, they represent obligations of the US Govt which is the Trustee of the Trust Fund, not its owner.

It will apparently be news to you to learn that Ordinary US Treasury Bonds, the special US Treasury obligations held in the SS Trust Fund, corporate bonds, commerical paper, bank certificates of deposit, and nearly all other debt instruments are every one of them "IOUs", that is, promises to pay. The special US Treasury obligations held in the Trust Fund are, indeed, backed by the full faith and credit of the US Treasury, despite your belief to the contrary. The world bond market treats the full faith and credit of the US Treasury as the highest guarantee in the world. The use of the pejorative term "IOU" does not impugn the creditworthiness of the US govt in the least.

It's hardly a secret that the right wingers have been attacking SS and Medicare for decades. Bush would have converted SS to private stock market accounts just in time for the 2008 crash, if the American people had let him, but they didn't. If you choose to feel offended by including yourself in that number, that's up to you.