Get smart with your money
Dear Liz: I turn 70 in July. Will I need to wait to start my Social Security benefits until 2022 to receive my full benefit, or can I start them in August 2021?
Answer: There’s no need to wait to claim your benefits once they max out at age 70. If you did apply late, you could get a maximum of six months of retroactive benefits but no more.
Dear Liz: I was 21 and my husband was 69 when we got married. He…
Dear Liz: My full retirement age for Social Security benefits is 66. To receive that…
Dear Liz: My husband and I are in our late 40s. We're in a good…
Dear Liz: I don't know where to turn. My husband is 76. He has a…
Copyright © 2024 · Balance Child Theme on Genesis Framework · WordPress · Log in
Tell the 70 year old that the SSA will backdate automatically the claim 6 months and therefore cheat them out of 6 months’ growth (which is the reason to wait til 70!!) unless they make it clear not to.
My wife and I both turned 70 on December 2020. Does that mean we have to take our RMDs for Years 2021 & 2022? I know we can delay taking the first by April 15, 2022. Someone says, if I take our first before April 15, 2022, I need to take our second before December 31, 2022? Is that correct? Also if I take our first in April 2022, does that goes into TAX YEAR 2021 reporting?
Hi, Silvester. The age for required minimum distributions in now 72. You’ll still be able to delay until April 15 of the following year, but that means you’ll have two distributions in one year, so definitely check with a tax pro.