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1. Now that it is tax time, you can have federal income tax withheld from your monthly Social Security benefits at 7%,10%,12% or 22%.
2. For Social Security, to receive spousal benefits, below is the number of years you need to be married:
   Current Spouse: One year
   Ex-Spouse: 10 years and currently single
   Surviving Spouse: 9 months, unless an accidental death
3. Social Security’s ‘Child-in-Care Benefit’
   This benefit is paid to a spouse who is not yet aged 62, not yet eligible for benefits, and married at least 1 year. Their spouse must be receiving their Social Security benefit. The benefit is equal to 50% of the receiving spouse’s Primary Insurance Amount. You can only receive one Child-in-Care benefit regardless of the number of children. This benefit ceases when the child turns 16. You cannot apply online.
4. Depending on when “you” start “your” Social Security benefit, that will affect other members of your family. When you are receiving your benefit, your spouse may now be eligible to file for a spousal benefit. A child may be eligible for a child’s benefit. Both benefits are called an auxiliary benefit. If you have a young child, you might want to consider taking “your” benefit sooner than later. Maybe you were thinking of taking your benefit at 70. But let’s say you have just turned 62, are not subject to the annual earnings limitation, and have a child aged 6. If you turn on your benefit at 62, your child will receive a children’s benefit equal to 50% of your full retirement age benefit for the next 12 years or 13 years assuming he or she graduates high school. This increase in cash flow earlier may outweigh turning on your benefit at age 70.
5. Children can receive Social Security benefits to age 18, or up to age 19 if they are still in high school, and a parent is collecting their retirement benefit. If your child reaches age 18 and is still in high school, you need to notify Social Security using SSA Form 1372-BK, otherwise benefits automatically stop when your child turns 18.
6. If you change your mind after starting your Social Security benefits, you have up to 12 months to rescind your application. You will have to pay back all benefits received, and if there are any auxiliary benefits being paid such as spousal or children’s benefits, they will also need to be repaid. You can only do this one time.
7. Social Security has significantly reduced their workforce. People answering phones are most likely not trained or have the background or knowledge to answer questions. Unfortunately, you must know what benefits are available to you before you file for benefits. If you were given incorrect information in the past by a Social Security representative and could have filed for benefits earlier, and did not based on the earlier information, file an appeal. Social Security does have an audit trail. There are forms you will need to file. A Social Security representative should help you fill out those forms. In most cases, they are in your corner but be prepared to wait.
8. If you file for Social Security benefits prior to your full retirement age and receive income after you retire, which is attributed to months prior to retirement, like vacation pay, Social Security may say you are overpaid. This income is called a “special wage payment” and not subject to the annual earnings limitation because it was for work performed prior to retirement, therefore you are not subject to the annual earnings limitation and need to contact Social Security.
9. Here is a list of 12 available Social Security benefits – your own retirement benefit, spousal, ex-spousal, independently entitled divorced spouse, deceased spouse, children’s, child in care, disabled adult child, parents, disability (SSDI), supplemental security income (SSI), and Medicare.
10. All Medicare Advantage Plans are only good for one year. Don’t assume the plan you have this year will be the same for the following year.
11. The 2024 Social Security trust fund financial statements (latest one available) show that $1.2 trillion dollars come in as revenue every year, and $1.3 trillion dollars go out in benefits. The gap is funded by the $2.5 trillion dollar trust fund. Think of the trust fund as a savings account. Approximately 10% of current benefit payments are paid by the $2.5 million trust fund. The trust fund is projected to be depleted in 2032. If there are no changes to the current funding, benefits will be reduced by 23% across the board.
12. There are many ideas to protect the solvency of Social Security benefits. Congress needs to act before the trust fund runs out in 2032. One of the options you have probably heard about lately is to raise the full retirement age to 70. Although this is one of many options, eliminating the withholding cap of $184,500 on the Social Security wage base will cure roughly 75% of the funding problem. This puts Social Security benefits on the same level as Medicare as there is no withholding cap on Medicare wages paid.
13. If you are receiving Social Security disability benefits (SSDI), when you reach your full retirement age, you are automatically switched to Social Security retirement benefits. At this point, the annual earnings limitation does not apply, and continuing disability reviews (CDR’s) stop.
14. If you are receiving Social Security disability benefits (SSDI), at age 60 you are eligible for survivor benefits. At age 62 you are eligible for spousal or ex-spousal benefits. At age 65, you can apply for a Medicare supplement plan, N or G. At your full retirement age, disability benefits stop, and you are automatically switched by the Social Security Administration to Social Security retirement benefits.
15. As of March 7^th, 2026, Social Security will be moving from a local servicing perspective to a national servicing perspective. It’s called national workload management. Your case may be managed by anyone in the country. It will now be harder to visit your local office.
16. A widow can start collecting survivor benefits at 60 or 50 if disabled. No need to wait until 62. You can also choose which benefit you want to take. Your own retirement benefit or the survivor benefit. The annual earnings limit applies until your full retirement age.
17. For Social Security, there is a Family Maximum that can be paid out on one person’s record. This family maximum ranges from 150% to 175% of the receiving persons Primary Insurance Amount. These benefits are called auxiliary benefits. So, if a person’s Primary Insurance Amount is $3,000, the maximum the Social Security will pay out in total benefits is somewhere between $4,500 and $5,250. This is applicable to spousal benefits and children’s benefits. It does not affect an ex-spouse. Children’s benefits are paid first. The child‑in‑care spousal benefit is paid after the children’s benefits because children’s benefits have priority over the parent’s child‑in‑care benefit.
18. What happens if I take Social Security benefits at 62 and invest those benefits as opposed to waiting until 67 to start my benefits? Assuming a 6% return on the benefits invested, it's about a breakeven, not to mention the market risk you are taking on. As always, every situation is different, but it takes a fairly large and consistent return in the market to come out way ahead.
19. For Social Security, if you retire before your full retirement age, you are subject to the annual earnings limitation of $24,480 until you reach your full retirement age. In the year of retirement, before your full retirement age, Social Security does not care how much you have made up to your retirement date. Social Security only cares how much you make in the months you are receiving Social Security benefits. In the year of retirement before reaching your full retirement age, you can use the monthly limitation of $2,040 a month. As long as you stay under that amount each month until the end of the year, you can receive Social Security benefits no matter how much you made up to retirement. In the following year, you will now be subject to the annual earnings limitation.
20. Social Security does not monitor your bank accounts if you are receiving regular retirement benefits, spousal, ex-spousal, survivor, and/or children’s benefits. If you are receiving Supplemental Security Income (SSI), since that is a welfare-based program administered by the Social Security Administration and funded by general tax revenues, you agreed that your bank accounts will be monitored. If you are receiving a welfare-based benefit from the government, they will look at your bank accounts to make sure you still qualify for those benefits. Social Security retirement benefits are not considered welfare based.

Social Security decisions can impact every family differently. What’s your perspective? Join the conversation in the comments below.

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