1 00:00:28,920 --> 00:00:33,990 Suze: March 23, 2025. Welcome everybody to the Women and Money podcast, 2 00:00:34,080 --> 00:00:38,970 Suze: as well as everybody smart enough to listen. Suze O here. 3 00:00:39,959 --> 00:00:42,068 Suze: And for those of you who are new and you're 4 00:00:42,069 --> 00:00:44,879 Suze: wondering what is this podcast all about? 5 00:00:45,560 --> 00:00:49,729 Suze: It's very simple. It's a podcast that tackles your fears 6 00:00:49,729 --> 00:00:54,319 Suze: and puts you in control of your financial future, just 7 00:00:54,319 --> 00:00:59,819 Suze: that simple. And on Sundays, which today happens to be, 8 00:01:00,110 --> 00:01:03,750 Suze: we have Suze School. So if I were you, I 9 00:01:03,750 --> 00:01:07,709 Suze: would definitely get out my pen and paper, or you 10 00:01:07,709 --> 00:01:09,069 Suze: can do a pencil if you want. 11 00:01:09,879 --> 00:01:13,949 Suze: Because you're going to have a quiz today, 35 questions 12 00:01:13,949 --> 00:01:15,750 Suze: on a topic I've picked for you. 13 00:01:16,620 --> 00:01:19,639 Suze: But before I do that, I do want to talk 14 00:01:19,639 --> 00:01:24,239 Suze: to you about one of your greatest questions lately, or 15 00:01:24,239 --> 00:01:29,080 Suze: should I say your greatest fear, which is Suze, are 16 00:01:29,080 --> 00:01:32,309 Suze: they going to cut Social Security? What's going to happen 17 00:01:32,309 --> 00:01:36,039 Suze: to Social Security? Suze, I can't afford it. They can't 18 00:01:36,040 --> 00:01:39,149 Suze: cut my Social Security. It's all the money that I have. 19 00:01:39,720 --> 00:01:41,910 Suze: Slow down and relax. 20 00:01:42,629 --> 00:01:44,779 Suze: Everything that's happening currently 21 00:01:45,760 --> 00:01:51,279 Suze: with Social Security is about them cutting people working for 22 00:01:51,279 --> 00:01:58,120 Suze: Social Security, cutting staff, closing offices. There has been no 23 00:01:58,120 --> 00:01:59,599 Suze: talk at all 24 00:02:00,260 --> 00:02:05,510 Suze: about cutting benefits. Now, does that mean in the future 25 00:02:05,760 --> 00:02:10,239 Suze: there won't be some talk about rearranging benefits just like 26 00:02:10,240 --> 00:02:13,559 Suze: they did, I think it was in 1983 when they 27 00:02:13,559 --> 00:02:18,960 Suze: raised the full retirement age from 65 to 67. Do 28 00:02:18,960 --> 00:02:23,320 Suze: you remember that? But all of you already receiving benefits, 29 00:02:23,440 --> 00:02:28,829 Suze: your benefits weren't cut. It was for future years, future people. 30 00:02:29,538 --> 00:02:33,860 Suze: So I would imagine that that is a probability. I 31 00:02:33,860 --> 00:02:36,258 Suze: have no doubt that they're going to raise the full 32 00:02:36,258 --> 00:02:40,380 Suze: retirement age, possibly to 70 from 67. 33 00:02:41,038 --> 00:02:44,910 Suze: And that you have until 73 with delayed benefits to 34 00:02:44,910 --> 00:02:46,429 Suze: collect Social Security. 35 00:02:47,089 --> 00:02:51,000 Suze: I'm sure that they'll probably raise and they should, the 36 00:02:51,000 --> 00:02:54,679 Suze: income that everybody pays because right now there's an income 37 00:02:54,679 --> 00:02:57,520 Suze: limit and after that limit you don't pay Social Security 38 00:02:57,520 --> 00:03:00,758 Suze: tax anymore. They should just make that unlimited, that you 39 00:03:00,758 --> 00:03:04,199 Suze: all pay Social Security tax no matter how much money 40 00:03:04,199 --> 00:03:08,359 Suze: you make and that way that would help fund the system. 41 00:03:08,889 --> 00:03:15,300 Suze: But stop worrying about it right now anyway, OK. However, 42 00:03:15,508 --> 00:03:20,508 Suze: a few suggestions, which is they are obviously going to 43 00:03:20,508 --> 00:03:24,070 Suze: make it more difficult for you to call into the 44 00:03:24,070 --> 00:03:27,789 Suze: Social Security office. You're going to have to either go 45 00:03:27,788 --> 00:03:32,500 Suze: online or go in in person. So if you're older 46 00:03:32,830 --> 00:03:35,669 Suze: and you need to contact them 47 00:03:35,970 --> 00:03:39,559 Suze: and you're not online savvy. Do you have a little 48 00:03:39,559 --> 00:03:44,160 Suze: niece or nephew or grandson or daughter or somebody who 49 00:03:44,160 --> 00:03:47,679 Suze: has a little portable computer that when you want to 50 00:03:47,679 --> 00:03:51,039 Suze: contact Social Security, maybe they can come over to your 51 00:03:51,039 --> 00:03:54,190 Suze: house and then you can just ask what you want 52 00:03:54,190 --> 00:03:56,639 Suze: or make a claim or whatever that may be. 53 00:03:57,100 --> 00:04:00,399 Suze: So I would be making plans for that right now 54 00:04:00,399 --> 00:04:04,750 Suze: if I were you, especially if you haven't claimed Social 55 00:04:04,750 --> 00:04:06,080 Suze: Security yet. 56 00:04:07,020 --> 00:04:11,339 Suze: Next, I would all ask for or get my Social 57 00:04:11,339 --> 00:04:16,679 Suze: Security statements. I would want to know exactly where I stand, 58 00:04:16,899 --> 00:04:20,178 Suze: what is projected. I would want to have a record 59 00:04:20,178 --> 00:04:24,100 Suze: of it, not just online. I want a printed record 60 00:04:24,100 --> 00:04:27,029 Suze: of it cause you just never know, not that I'm 61 00:04:27,029 --> 00:04:30,459 Suze: being paranoid, but you never know when records will disappear. 62 00:04:31,529 --> 00:04:34,428 Suze: And all of a sudden all that information is gone 63 00:04:34,428 --> 00:04:38,469 Suze: and then what happens? It's just that you need to 64 00:04:38,470 --> 00:04:43,709 Suze: protect yourself in those ways. The other way, everybody, you 65 00:04:43,709 --> 00:04:48,630 Suze: really need to protect yourself is to truly know and 66 00:04:48,630 --> 00:04:53,790 Suze: understand how Social Security works, because more important really, 67 00:04:54,369 --> 00:04:56,808 Suze: than what they're doing, cause they don't know what they're 68 00:04:56,809 --> 00:05:00,519 Suze: doing right now and everything, it's your own knowledge. I've 69 00:05:00,519 --> 00:05:04,529 Suze: told you this forever. It's your own knowledge and your 70 00:05:04,529 --> 00:05:05,970 Suze: own actions. 71 00:05:06,600 --> 00:05:10,808 Suze: That will keep you safe and secure as best you can. 72 00:05:11,529 --> 00:05:14,839 Suze: But the problem is most of you do not have 73 00:05:14,839 --> 00:05:19,640 Suze: an idea how Social Security works or the little intricacies 74 00:05:19,640 --> 00:05:24,558 Suze: of it. So I have 35 questions that I have 75 00:05:24,559 --> 00:05:29,799 Suze: prepared for you, all true or false, on Social Security. 76 00:05:30,119 --> 00:05:34,160 Suze: The first 15 are questions that kind of apply to 77 00:05:34,160 --> 00:05:35,678 Suze: everybody that you should just know. 78 00:05:36,529 --> 00:05:40,959 Suze: And the next 20 is really all about spousal and 79 00:05:40,959 --> 00:05:46,690 Suze: survivor benefits, cause that's where most of you get confused. 80 00:05:46,720 --> 00:05:48,980 Suze: And for those of you who are younger and listening 81 00:05:48,980 --> 00:05:52,989 Suze: to this right now, listen to me. Your parents may 82 00:05:52,988 --> 00:05:56,200 Suze: not know what they're doing. Your grandparents may not know 83 00:05:56,200 --> 00:05:59,359 Suze: what they're doing, so you need to know all this 84 00:05:59,359 --> 00:06:03,239 Suze: so you can help them just in case. All right, 85 00:06:03,630 --> 00:06:04,480 Suze: everybody ready? 86 00:06:05,980 --> 00:06:06,850 Suze: Number one: 87 00:06:07,640 --> 00:06:15,149 Suze: Your monthly Social Security benefit increases by 8% each year 88 00:06:15,480 --> 00:06:20,720 Suze: you delay claiming it beyond your full retirement age up 89 00:06:20,720 --> 00:06:25,078 Suze: to age 70. So currently, full retirement age for most 90 00:06:25,079 --> 00:06:27,640 Suze: people happen to be 67. 91 00:06:28,329 --> 00:06:33,010 Suze: So you get an 8% increase every year of that 92 00:06:33,010 --> 00:06:39,130 Suze: benefit up to the age of 70, true or false. 93 00:06:40,769 --> 00:06:44,079 Suze: So the answer to that is true, and you better 94 00:06:44,079 --> 00:06:47,450 Suze: keep track of how many you get right and wrong. Again, 95 00:06:47,809 --> 00:06:51,450 Suze: these are called delayed retirement credits. 96 00:06:53,010 --> 00:06:53,459 Suze: 2: 97 00:06:54,290 --> 00:07:00,369 Suze: Social Security benefits are never taxable regardless of your income. 98 00:07:02,359 --> 00:07:06,859 Suze: The answer to that is false. It is possible, everyone, 99 00:07:07,070 --> 00:07:11,709 Suze: that up to 85% of your benefits may be taxable 100 00:07:11,709 --> 00:07:15,579 Suze: depending on your income or combined income if you happen 101 00:07:15,579 --> 00:07:17,429 Suze: to be married. All right. 102 00:07:18,970 --> 00:07:25,730 Suze: Next, cost of living adjustments, COLA are guaranteed every year 103 00:07:25,730 --> 00:07:27,359 Suze: on your Social Security. 104 00:07:28,989 --> 00:07:33,179 Suze: True or false, are your Social Security benefits guaranteed to 105 00:07:33,179 --> 00:07:37,140 Suze: go up every year by the cost of living adjustments? 106 00:07:39,299 --> 00:07:44,609 Suze: Believe it or not, that is false. COLA is not guaranteed, 107 00:07:44,820 --> 00:07:49,730 Suze: and it depends on inflation. That's what it depends on, 108 00:07:49,899 --> 00:07:51,700 Suze: but it's not guaranteed. 109 00:07:52,489 --> 00:07:56,600 Suze: Your benefit amount is based on your highest 110 00:07:57,559 --> 00:08:03,369 Suze: 35 years of earned income adjusted for inflation. 111 00:08:04,929 --> 00:08:06,420 Suze: True or false. 112 00:08:08,040 --> 00:08:09,640 Suze: That is true. 113 00:08:10,440 --> 00:08:14,790 Suze: Only earnings on which you paid Social Security taxes are counted, 114 00:08:15,279 --> 00:08:20,239 Suze: but it's based on your highest 35 years of earned income. 115 00:08:21,510 --> 00:08:25,790 Suze: If you continue working after claiming Social Security and you 116 00:08:25,790 --> 00:08:30,630 Suze: are under full retirement age, remember, full retirement age is 117 00:08:30,630 --> 00:08:32,270 Suze: currently about 67. 118 00:08:32,929 --> 00:08:35,598 Suze: Your benefits might be reduced. 119 00:08:37,080 --> 00:08:38,380 Suze: True or false 120 00:08:39,200 --> 00:08:42,669 Suze: And the answer to that is true. Remember, everybody, there's 121 00:08:42,669 --> 00:08:47,150 Suze: an earnings test before your full retirement age that if 122 00:08:47,150 --> 00:08:50,909 Suze: you keep working can reduce your payments. They don't know 123 00:08:50,909 --> 00:08:56,228 Suze: what it is yet for 2025, but in 2024, if 124 00:08:56,229 --> 00:09:00,348 Suze: you made more than $22,320 a year 125 00:09:01,239 --> 00:09:06,829 Suze: and you were under your full retirement age 67, then 126 00:09:06,830 --> 00:09:12,150 Suze: they will withhold $1 for every $2 of earnings above 127 00:09:12,150 --> 00:09:12,839 Suze: that amount. 128 00:09:13,510 --> 00:09:15,939 Suze: And then they do this crazy thing if you're still 129 00:09:15,940 --> 00:09:21,098 Suze: working one month before your full retirement age, then you 130 00:09:21,099 --> 00:09:27,250 Suze: can make this was 2024 again $59,200 something like that, 131 00:09:27,580 --> 00:09:31,929 Suze: and they will withhold $1 for every $3 that you've earned. 132 00:09:32,340 --> 00:09:35,729 Suze: Once you turn full retirement age, you can make as 133 00:09:35,729 --> 00:09:39,890 Suze: much money as you want, and there are no deductions whatsoever. 134 00:09:40,219 --> 00:09:42,150 Suze: The next question has to be, 135 00:09:42,570 --> 00:09:46,280 Suze: do you get that money back and you do, but 136 00:09:46,280 --> 00:09:50,559 Suze: not in a lump sum. They prorate it over your 137 00:09:50,559 --> 00:09:54,880 Suze: lifetime Social Security benefits, and I don't think you get 138 00:09:54,880 --> 00:09:59,030 Suze: back quite as much as they withheld, just so you know. 139 00:09:59,400 --> 00:10:00,159 Suze: All right. 140 00:10:02,250 --> 00:10:06,890 Suze: Once you start receiving Social Security, your benefits are fixed 141 00:10:06,890 --> 00:10:09,319 Suze: for life and will never increase. 142 00:10:11,200 --> 00:10:12,260 Suze: True or false, 143 00:10:13,989 --> 00:10:17,250 Suze: That's false. Remember they can increase through COLA, 144 00:10:18,099 --> 00:10:20,390 Suze: or it's possible you might be able to switch to 145 00:10:20,390 --> 00:10:24,780 Suze: a higher benefit like a survivor benefit. Just know that. 146 00:10:25,630 --> 00:10:29,659 Suze: If you never worked or paid Social Security taxes. 147 00:10:30,349 --> 00:10:36,270 Suze: You are completely ineligible for any benefits, true or false. 148 00:10:38,109 --> 00:10:42,309 Suze: That's false, cause you might just qualify for a spouse's 149 00:10:42,309 --> 00:10:46,150 Suze: or ex-spouse's record. It doesn't matter if you didn't make 150 00:10:46,150 --> 00:10:50,109 Suze: any money at all. If you were married at least 151 00:10:50,109 --> 00:10:53,390 Suze: 10 years, then you can remember that, all right. 152 00:10:54,080 --> 00:10:58,030 Suze: The earliest age that you can begin collecting retirement benefits 153 00:10:58,030 --> 00:10:59,468 Suze: is 62. 154 00:11:00,440 --> 00:11:04,429 Suze: True or false, and that's true, but you got to 155 00:11:04,429 --> 00:11:08,909 Suze: remember the benefits are going to be permanently reduced if 156 00:11:08,909 --> 00:11:12,030 Suze: you take them before your full retirement age. I would 157 00:11:12,030 --> 00:11:15,070 Suze: not do that if I were you, all right. 158 00:11:16,900 --> 00:11:21,299 Suze: Now if you were born in 1960 or later, your 159 00:11:21,299 --> 00:11:23,890 Suze: full retirement age is 67. 160 00:11:25,119 --> 00:11:26,030 Suze: That is true. 161 00:11:27,020 --> 00:11:31,020 Suze: So, again, I mentioned that over the years, the full 162 00:11:31,020 --> 00:11:36,020 Suze: retirement age went from 65 to 67, and now everybody 163 00:11:36,020 --> 00:11:41,380 Suze: born after 1960, full retirement age is currently 67. 164 00:11:42,320 --> 00:11:46,549 Suze: You can suspend your Social Security benefits. 165 00:11:47,280 --> 00:11:51,390 Suze: After full retirement age to allow them to grow. 166 00:11:53,739 --> 00:11:56,539 Suze: Remember, full retirement age is 67. 167 00:11:57,919 --> 00:11:59,890 Suze: The answer to that is true. 168 00:12:00,609 --> 00:12:04,419 Suze: You can suspend your benefits all the way until you 169 00:12:04,419 --> 00:12:10,880 Suze: are age 70. That is those delayed retirement credits, and 170 00:12:10,880 --> 00:12:16,479 Suze: you will make 8% from 67 to 70 on those benefits. 171 00:12:17,530 --> 00:12:23,609 Suze: Social Security benefits are protected from garnishment under all circumstances. 172 00:12:24,719 --> 00:12:28,140 Suze: So can student loans come after you? Can federal debts 173 00:12:28,140 --> 00:12:31,530 Suze: or taxes? Can they be garnished everybody? 174 00:12:33,270 --> 00:12:34,650 Suze: Or are they protected? 175 00:12:37,690 --> 00:12:44,489 Suze: False. They can be garnished for things like federal debts, taxes, 176 00:12:44,690 --> 00:12:48,569 Suze: student loans, all those kinds of things. So don't think 177 00:12:48,570 --> 00:12:51,209 Suze: you're going to get out of it. Once you reach 178 00:12:51,210 --> 00:12:57,489 Suze: age 70, your Social Security benefits will automatically increase each 179 00:12:57,489 --> 00:12:59,570 Suze: year you delay filing. 180 00:13:00,880 --> 00:13:04,270 Suze: So here you are 70 and you decide not to file, 181 00:13:04,799 --> 00:13:11,109 Suze: but the delayed retirement credits will go on till you're 71, 72, 73. 182 00:13:11,320 --> 00:13:12,189 Suze: Is that true? 183 00:13:13,289 --> 00:13:18,340 Suze: That is false. Delayed credits stop accruing at age 70. 184 00:13:18,590 --> 00:13:22,469 Suze: No reason to wait longer, so it absolutely drives me 185 00:13:22,469 --> 00:13:25,900 Suze: crazy for those of you who write in and you say, 186 00:13:26,190 --> 00:13:29,750 Suze: I'm 74. I haven't started collecting my Social Security benefits. 187 00:13:29,789 --> 00:13:33,319 Suze: I'm just letting them increase. I'm like, Are you crazy? 188 00:13:33,590 --> 00:13:38,229 Suze: They don't increase after the age of 70, so it's 189 00:13:38,229 --> 00:13:41,510 Suze: just something that you should know about. All right. 190 00:13:41,880 --> 00:13:46,539 Suze: You can only collect Social Security if you are a 191 00:13:46,539 --> 00:13:47,669 Suze: US citizen. 192 00:13:48,989 --> 00:13:49,949 Suze: True or false 193 00:13:50,859 --> 00:13:56,059 Suze: False, everybody, certain non-citizens with legal status and work history 194 00:13:56,059 --> 00:13:58,739 Suze: may absolutely qualify. 195 00:14:00,140 --> 00:14:02,309 Suze: Once you... now this one's important, 196 00:14:03,010 --> 00:14:08,039 Suze: all right? Once you claim benefits, you have up to 197 00:14:08,039 --> 00:14:13,039 Suze: 12 months to withdraw your application and reapply later. 198 00:14:13,929 --> 00:14:18,049 Suze: If you repay what you received, so you started claiming 199 00:14:18,049 --> 00:14:19,369 Suze: benefits at 62. 200 00:14:20,119 --> 00:14:23,669 Suze: You've only claimed them for let's say 11 months. You 201 00:14:23,669 --> 00:14:25,909 Suze: call in to the Women and Money podcast and you 202 00:14:25,909 --> 00:14:28,669 Suze: tell me that you did that, and I scream at 203 00:14:28,669 --> 00:14:31,580 Suze: you and I say, Are you crazy? 204 00:14:32,609 --> 00:14:34,349 Suze: And you go, well, what should I do? What can 205 00:14:34,349 --> 00:14:37,989 Suze: I do now? You have up till 12 months after 206 00:14:37,989 --> 00:14:38,820 Suze: you started 207 00:14:39,440 --> 00:14:44,299 Suze: to withdraw your application, pay back every cent that they 208 00:14:44,299 --> 00:14:45,219 Suze: gave you. 209 00:14:46,239 --> 00:14:48,940 Suze: And then you just start all over as if you 210 00:14:48,940 --> 00:14:52,179 Suze: had never claimed. So if you made a mistake and 211 00:14:52,179 --> 00:14:55,210 Suze: you claimed before full retirement age. 212 00:14:55,960 --> 00:14:58,940 Suze: And you haven't passed the 12 month mark yet, you 213 00:14:58,940 --> 00:15:01,460 Suze: might want to think about it. Just remember this is 214 00:15:01,460 --> 00:15:05,489 Suze: only a one time option that you can undo the claim. 215 00:15:05,900 --> 00:15:08,630 Suze: And the last one in this category is. 216 00:15:09,260 --> 00:15:14,809 Suze: You can receive Social Security benefits even while living abroad. 217 00:15:15,559 --> 00:15:17,250 Suze: So many of you ask me this. 218 00:15:18,140 --> 00:15:20,469 Suze: And you think, OK, I'm moving abroad. Are they gonna 219 00:15:20,469 --> 00:15:22,140 Suze: give me my money when I'm over there? 220 00:15:23,460 --> 00:15:27,929 Suze: And the answer to that is true. US citizens and 221 00:15:27,929 --> 00:15:34,919 Suze: eligible non-citizens can receive benefits in many, many countries. So 222 00:15:34,919 --> 00:15:37,890 Suze: that's kind of the basics that you need to know 223 00:15:37,890 --> 00:15:43,330 Suze: about Social Security, where most of you have total confusion, however, 224 00:15:44,080 --> 00:15:49,260 Suze: is with the spousal and survivor benefits. So are you ready? 225 00:15:50,559 --> 00:15:53,919 Suze: If your own Social Security benefit 226 00:15:54,830 --> 00:15:58,400 Suze: is higher than 50% of your spouses, 227 00:15:59,119 --> 00:16:03,750 Suze: you can still collect a spousal benefit in addition to 228 00:16:03,750 --> 00:16:05,390 Suze: your own benefit. 229 00:16:06,909 --> 00:16:12,000 Suze: So if the Social Security benefit is higher, yours than 50% 230 00:16:12,000 --> 00:16:16,409 Suze: of your spouse's, you can still collect a spousal benefit 231 00:16:16,659 --> 00:16:19,809 Suze: in addition to your own true or false. 232 00:16:21,049 --> 00:16:22,690 Suze: That's false, everybody. 233 00:16:23,409 --> 00:16:27,280 Suze: You can only receive the higher of your own or 234 00:16:27,280 --> 00:16:32,510 Suze: the spousal benefit, not both. Do not make that mistake 235 00:16:32,719 --> 00:16:36,919 Suze: in planning for income. A lot of you make that mistake. 236 00:16:37,750 --> 00:16:44,530 Suze: A spouse cannot claim spousal benefits unless the other spouse 237 00:16:44,530 --> 00:16:49,090 Suze: has already filed for their own Social Security benefit. 238 00:16:50,710 --> 00:16:55,580 Suze: All right, so your spouse has claimed. Can you claim 239 00:16:55,580 --> 00:16:56,859 Suze: a spousal benefit? 240 00:16:58,429 --> 00:17:04,589 Suze: That's true. Spousal benefits are not available until the primary 241 00:17:04,589 --> 00:17:06,468 Suze: worker has claimed. 242 00:17:07,530 --> 00:17:11,660 Suze: So you just need to remember that just because you 243 00:17:11,660 --> 00:17:16,569 Suze: turn a certain age you cannot claim on your spousal's record. 244 00:17:17,530 --> 00:17:21,739 Suze: If he or she hasn't already claimed all right. 245 00:17:22,920 --> 00:17:29,069 Suze: A widow or widower can begin receiving survivor benefits as 246 00:17:29,069 --> 00:17:32,979 Suze: early as age 50 if they are disabled. 247 00:17:34,569 --> 00:17:38,948 Suze: And the answer to that is true. Otherwise, survivor benefits 248 00:17:38,949 --> 00:17:41,280 Suze: everybody begin at the age of 60. 249 00:17:42,560 --> 00:17:49,030 Suze: Next, remarrying before age 60 makes a widow or widower 250 00:17:49,239 --> 00:17:56,040 Suze: ineligible for survivor benefits based on a deceased spouse's record, 251 00:17:56,719 --> 00:17:58,390 Suze: true or false. 252 00:17:59,829 --> 00:18:04,889 Suze: That is true. So be very, very careful if you 253 00:18:04,890 --> 00:18:11,130 Suze: want your deceased spouse's Social Security. Do not get remarried 254 00:18:11,130 --> 00:18:16,199 Suze: before the age of 60. However, unless that later marriage ends. 255 00:18:17,010 --> 00:18:20,129 Suze: Cause if it does, then you can collect. All right. 256 00:18:21,010 --> 00:18:26,760 Suze: If a deceased spouse delayed claiming Social Security past full 257 00:18:26,760 --> 00:18:30,909 Suze: retirement age, so they went past the age of 67, 258 00:18:31,280 --> 00:18:32,599 Suze: maybe it's 70. 259 00:18:33,520 --> 00:18:39,790 Suze: The survivor can receive the full delayed benefit amount. 260 00:18:41,500 --> 00:18:46,219 Suze: Notice I said the survivor, right, these are survivor benefits, 261 00:18:46,380 --> 00:18:48,300 Suze: not spousal benefits. 262 00:18:49,910 --> 00:18:50,900 Suze: That's true. 263 00:18:51,579 --> 00:18:58,449 Suze: Survivors get the benefit the deceased was entitled to, including 264 00:18:58,449 --> 00:19:00,569 Suze: delayed benefits. 265 00:19:01,660 --> 00:19:05,639 Suze: Please know that that is not true for spousal benefits. 266 00:19:05,650 --> 00:19:09,479 Suze: It's only true for survivor benefits. 267 00:19:10,739 --> 00:19:16,800 Suze: A divorced person can receive survivor benefits from an ex-spouse 268 00:19:17,010 --> 00:19:20,449 Suze: if they were married for at least 10 years. 269 00:19:22,030 --> 00:19:23,129 Suze: And that is true. 270 00:19:24,109 --> 00:19:30,339 Suze: 10 years is the minimum required for divorced survivor benefits. 271 00:19:30,750 --> 00:19:33,180 Suze: So if you're with somebody and you've been with them 272 00:19:33,180 --> 00:19:37,170 Suze: 9 or 9 and a half years and you want to file for divorce, 273 00:19:37,229 --> 00:19:41,310 Suze: can you just wait another 6 months? Just, just wait, OK? 274 00:19:41,589 --> 00:19:46,540 Suze: A person cannot receive both their own Social Security benefit 275 00:19:46,910 --> 00:19:51,020 Suze: and a survivor benefit at the same time. 276 00:19:53,369 --> 00:19:58,229 Suze: That is true. Remember you can only get one Social 277 00:19:58,229 --> 00:20:01,770 Suze: Security check, and you will get the higher of the 278 00:20:01,770 --> 00:20:05,689 Suze: two benefits. That's what you will get. So if your 279 00:20:05,689 --> 00:20:10,170 Suze: benefit is higher than the survivor benefit, you will have 280 00:20:10,170 --> 00:20:14,448 Suze: to take your benefit. If the survivor benefit is higher 281 00:20:14,449 --> 00:20:19,050 Suze: than yours, you will get the higher the survivor benefit. 282 00:20:19,680 --> 00:20:20,290 Suze: Know that. 283 00:20:21,239 --> 00:20:27,260 Suze: If somebody is receiving spousal benefits and their spouse dies. 284 00:20:28,229 --> 00:20:34,839 Suze: They automatically begin receiving survivor benefits, true or false. 285 00:20:35,920 --> 00:20:41,699 Suze: That's false. You have to apply for survivor benefits separately. 286 00:20:41,910 --> 00:20:46,550 Suze: Do not think that it will automatically happen cause it won't. 287 00:20:47,939 --> 00:20:54,129 Suze: A surviving spouse can collect survivor benefits and delay their 288 00:20:54,130 --> 00:20:58,969 Suze: own retirement benefits to grow until age 70. 289 00:21:00,319 --> 00:21:01,750 Suze: Think about this one now. 290 00:21:02,469 --> 00:21:07,569 Suze: A surviving spouse can collect survivor benefits. The spouse died, 291 00:21:07,819 --> 00:21:11,780 Suze: and now he or she is collecting survivor benefits, but 292 00:21:11,780 --> 00:21:16,020 Suze: they can delay their own retirement benefits to grow until 293 00:21:16,020 --> 00:21:17,180 Suze: age 70. 294 00:21:17,869 --> 00:21:22,139 Suze: True or false, that is true, and it's a very 295 00:21:22,140 --> 00:21:26,619 Suze: strategic way, everybody, to maximize lifetime benefits. 296 00:21:27,300 --> 00:21:31,329 Suze: A widow or widower who was married to more than 297 00:21:31,329 --> 00:21:31,849 Suze: one 298 00:21:32,640 --> 00:21:38,119 Suze: deceased spouse can collect benefits from multiple spouses. 299 00:21:40,239 --> 00:21:45,949 Suze: That's false. They can choose only one. Typically, the highest 300 00:21:45,949 --> 00:21:50,560 Suze: survivor benefit is the one that they choose, OK. 301 00:21:51,459 --> 00:21:54,369 Suze: If your survivor benefit is higher, 302 00:21:55,180 --> 00:21:57,599 Suze: than your own retirement benefit. 303 00:21:58,339 --> 00:22:03,569 Suze: You can switch to it even after claiming your own benefit. 304 00:22:04,880 --> 00:22:07,119 Suze: So this was a reverse of one that was just 305 00:22:07,119 --> 00:22:08,069 Suze: done earlier. 306 00:22:09,969 --> 00:22:14,310 Suze: What do you think if your survivor benefit is higher 307 00:22:14,310 --> 00:22:16,280 Suze: than your own retirement benefit? 308 00:22:17,229 --> 00:22:21,739 Suze: You can switch to it even after claiming your own benefit. 309 00:22:22,869 --> 00:22:26,760 Suze: So you're claiming your own Social Security, and your spouse 310 00:22:26,760 --> 00:22:30,449 Suze: dies and the survivor benefit is higher than yours. Can 311 00:22:30,449 --> 00:22:35,010 Suze: you switch to it? You absolutely can. That's true. You 312 00:22:35,010 --> 00:22:38,650 Suze: can switch to whichever one is higher. Do not forget that. 313 00:22:39,599 --> 00:22:47,459 Suze: Next, delaying Social Security benefits past full retirement age increases 314 00:22:47,459 --> 00:22:52,180 Suze: both your retirement benefit and your spousal benefit. 315 00:22:54,819 --> 00:22:59,569 Suze: That's false. You have to remember that only your own 316 00:22:59,569 --> 00:23:05,800 Suze: retirement benefit increases. Spousal benefits do not. So if you 317 00:23:05,800 --> 00:23:09,800 Suze: are married and your spouse is waiting till the age 318 00:23:09,800 --> 00:23:13,599 Suze: of 70 to collect his or her Social Security. 319 00:23:14,260 --> 00:23:17,650 Suze: And you are going to claim a spousal benefit. You 320 00:23:17,650 --> 00:23:21,889 Suze: do not get 50% of what your spouse would get 321 00:23:21,890 --> 00:23:26,290 Suze: at the age of 70. You only get 50% of 322 00:23:26,290 --> 00:23:29,839 Suze: what they would have gotten at their full retirement age, 323 00:23:30,130 --> 00:23:33,010 Suze: probably 67, OK. 324 00:23:33,670 --> 00:23:35,579 Suze: You need to know that. 325 00:23:36,719 --> 00:23:40,510 Suze: You must be married for at least 10 years to 326 00:23:40,510 --> 00:23:47,270 Suze: an ex-spouse to qualify for either spousal or survivor benefits, 327 00:23:47,630 --> 00:23:48,979 Suze: true or false. 328 00:23:49,959 --> 00:23:50,698 Suze: That's true. 329 00:23:51,660 --> 00:23:57,089 Suze: 10 years, 10 years, everybody remember 10 years. 330 00:23:58,069 --> 00:24:03,689 Suze: A widow or widower must wait 5 years after their 331 00:24:03,689 --> 00:24:04,819 Suze: spouse's death, 332 00:24:05,699 --> 00:24:09,579 Suze: before applying for survivor benefits. 333 00:24:11,089 --> 00:24:12,479 Suze: True or false. 334 00:24:13,619 --> 00:24:17,810 Suze: That's false. They can apply as early as age 60 335 00:24:17,810 --> 00:24:20,359 Suze: or 50 if disabled. 336 00:24:22,380 --> 00:24:25,300 Suze: Now that was a repeat of an earlier one cause 337 00:24:25,300 --> 00:24:29,339 Suze: some of you get so, so confused with spousal benefits 338 00:24:29,339 --> 00:24:32,579 Suze: or survivor benefits or any of that you just get 339 00:24:32,579 --> 00:24:35,010 Suze: so confused, but now you hopefully know. 340 00:24:35,920 --> 00:24:38,979 Suze: A person claiming spousal benefits, 341 00:24:39,770 --> 00:24:43,968 Suze: cannot later switch to survivor benefits. 342 00:24:45,530 --> 00:24:49,729 Suze: That's false, and many of these are repeats because I 343 00:24:49,729 --> 00:24:52,650 Suze: really want you to get them. I want you to 344 00:24:52,650 --> 00:24:54,609 Suze: look back and see if you missed it when I 345 00:24:54,609 --> 00:24:58,319 Suze: asked it earlier. Did you get it right this time, 346 00:24:58,530 --> 00:25:04,099 Suze: because this is the number one question that I am asked, OK. 347 00:25:05,349 --> 00:25:07,719 Suze: And I'm just going to ask two more, so I 348 00:25:07,719 --> 00:25:13,199 Suze: don't know how many that makes, but survivor benefits include 349 00:25:13,199 --> 00:25:18,520 Suze: delayed retirement credits earned by the deceased. So, 350 00:25:19,319 --> 00:25:20,909 Suze: your spouse, 351 00:25:22,160 --> 00:25:24,089 Suze: claimed at 70, 352 00:25:25,050 --> 00:25:32,520 Suze: And therefore he got delayed credits, delayed retirement credits. When 353 00:25:32,520 --> 00:25:38,349 Suze: he or she dies, do you get the full amount 354 00:25:38,349 --> 00:25:41,280 Suze: that your deceased spouse was receiving? 355 00:25:42,310 --> 00:25:43,699 Suze: True or false. 356 00:25:44,819 --> 00:25:50,579 Suze: You do remember survivor benefits are very, very different. 357 00:25:51,660 --> 00:25:55,540 Suze: Then spousal benefits, they are not the same, and they 358 00:25:55,540 --> 00:25:59,379 Suze: do not follow the same rules. So they have different 359 00:25:59,380 --> 00:26:04,619 Suze: eligibility rules and payment structures. So just know a survivor, 360 00:26:04,739 --> 00:26:06,140 Suze: your spouse has died. 361 00:26:07,099 --> 00:26:11,099 Suze: Spousal benefits, your spouse is still alive and you are 362 00:26:11,099 --> 00:26:15,489 Suze: claiming a benefit based on your spouse's social security. 363 00:26:16,630 --> 00:26:23,400 Suze: So last question then, spousal benefits include delayed retirement credit. 364 00:26:24,180 --> 00:26:25,389 Suze: By the spouse 365 00:26:26,359 --> 00:26:30,020 Suze: So here you are, you are married and your spouse 366 00:26:30,020 --> 00:26:34,569 Suze: claimed Social Security at the age of 70, so he 367 00:26:34,569 --> 00:26:37,540 Suze: or she has delayed retirement credits. 368 00:26:39,229 --> 00:26:42,979 Suze: Do you get 50% of that amount at the age 369 00:26:42,979 --> 00:26:45,219 Suze: of 70 if you are the spouse? 370 00:26:46,280 --> 00:26:49,589 Suze: And the answer to that is false. You do not. 371 00:26:50,550 --> 00:26:55,119 Suze: So you have to see there the difference between spousal 372 00:26:55,119 --> 00:26:58,479 Suze: benefits and survivor benefits. 373 00:26:59,609 --> 00:27:00,319 Suze: All right. 374 00:27:01,500 --> 00:27:03,040 Suze: Did you like that little test? 375 00:27:03,900 --> 00:27:06,050 Suze: You know, you might have to listen to it over 376 00:27:06,050 --> 00:27:07,170 Suze: and over again. 377 00:27:07,839 --> 00:27:10,900 Suze: I hope I didn't go too fast for you, but 378 00:27:11,189 --> 00:27:15,109 Suze: in these questions are all the questions that you ask me. 379 00:27:15,640 --> 00:27:18,540 Suze: You ask me, my spouse died, Suze, if I collect 380 00:27:18,540 --> 00:27:21,750 Suze: my own benefit, and then will I get my survivor 381 00:27:21,750 --> 00:27:26,219 Suze: benefit like so many times you're asking me the same questions. 382 00:27:26,550 --> 00:27:29,510 Suze: So now these are the things that you need to 383 00:27:29,510 --> 00:27:34,310 Suze: know about Social Security. There's a million other things you 384 00:27:34,310 --> 00:27:38,140 Suze: need to know about children's benefits and all of that, 385 00:27:38,430 --> 00:27:40,469 Suze: but I thought that was probably enough for you to 386 00:27:40,469 --> 00:27:42,429 Suze: take for this Suze School. 387 00:27:42,900 --> 00:27:47,520 Suze: And it was also enough for my voice for now anyway, 388 00:27:48,060 --> 00:27:51,000 Suze: I hope you enjoyed that. I hope you learned from it. 389 00:27:51,209 --> 00:27:55,479 Suze: It's just something you need to know cause every penny 390 00:27:55,479 --> 00:27:56,729 Suze: you have earned. 391 00:27:57,619 --> 00:28:01,060 Suze: In Social Security and you've earned it. You paid for it. 392 00:28:01,329 --> 00:28:04,869 Suze: You have to know what you have coming to you. 393 00:28:04,880 --> 00:28:07,209 Suze: You have to know how it works, and you have 394 00:28:07,209 --> 00:28:10,050 Suze: to not be worried about what the government's going to do. 395 00:28:10,170 --> 00:28:12,208 Suze: You have to be worried about what you are going 396 00:28:12,209 --> 00:28:16,089 Suze: to do and what you know. All right, until Thursday, 397 00:28:16,619 --> 00:28:19,650 Suze: when Ms. Travis will join us again, there's only one 398 00:28:19,650 --> 00:28:21,410 Suze: thing that I want you to remember when it comes 399 00:28:21,410 --> 00:28:24,599 Suze: to your money. You should go to my YouTube channel, 400 00:28:24,890 --> 00:28:32,560 Suze: youtube.com/SuzeOrman and play there. Try the Can I Afford It segments. 401 00:28:32,569 --> 00:28:35,609 Suze: They're gamified now. Look at other things that we have 402 00:28:35,609 --> 00:28:39,770 Suze: coming up. We're posting new every single week, so go on, 403 00:28:39,890 --> 00:28:41,969 Suze: go there and see what you can find. 404 00:28:42,329 --> 00:28:47,839 Suze: But remember people first, then money, then things. Now you 405 00:28:47,839 --> 00:28:49,479 Suze: stay safe. Bye bye.