Hi, folks, I am new to Turbotax. I never thought I would have to think about the importance of social security benefits. I always considered it to be "gravy" until I had very serious financial setbacks. Now, I am having to think carefully about social security benefits including spousal benefits for my wife who is 13 years younger and my two school age kids, one of whom is severely autistic. I am not even sure this it the right forum for the question. Here are some questions I have:
- My wife has been a homemaker and does not qualify for her own benefits. I understand that she would qualify for about 50% of my benefits once a pull the trigger. Is this about right?
- According to my SSA statement, "if you're eligible for retirement benefits, your minor children or adult children disabled before age 22 also may receive benefits". Does this mean my 8-year old son with Autism starts receiving benefits once I start collecting benefits? Is there a formula for how much my disabled son would receive.
- According to my wife's SSA statement, she has only 11 credits at this time. To get retirement benefits, she needs 40 credits of work. I understand that my wife can earn a maximum of four credits for each year by making $5,640 per year (one earned credit for each $1,410 of wages or self-employment income). Is it worth it to get her a job for about 7 more years so that she may qualify for benefits? Alternatively, is it possible for my company to pay her a W-2 or 1099 for about the next seven years (right now she works for "free"
Many thanks!