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Turn on Social Security at 62 and Your Minor Children Can Collect The Dependent Benefit

Michael Ruger - Greenbush Financial Group 26 views

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Can I retire abroad and still get benefits for my daughter? I'll be 62 in 09-2025 so far it says yes, but I don't want to guess
Comment from : @edwardtstrenk1388

Thanks for the math I've heard it explained a few times but I believe I finally have the figures correct now SS representative claimed that they could not tell me the figure until I applied I think they don't want us to know 😂
Comment from : @MichaelPrudhomme-u7x

This seems too good to be true I am presently 61 I’m a physician I had no intention of retiring until 65 or 67 Honestly, I never really considered Social Security as much of a plan for me for retirement I have a retirement plan that I’ve been contributing to for 24 years When I turned 62 my daughter will be 11 My son will be 13 and my other son will be 14 My full retirement benefit at 67 is $3739/month My benefit per month at 62 is around $2500 if I understand this correctly, my kids would each receive half of the 3739 per month up to the family maximum which comes up to about 5200 for all three of them My wife thinks I’m crazy and says there’s no way this is true So this is true I’ve done the right calculations and what would become of the $2500 I began drawing Understand I’m gonna continue working and my income is substantial The maximum they could penalize the $2500 is 85 Is this correct?
Comment from : @Charles-rh7mh

Great information!brbrDoes the minor child have to be-brbr1 Born in US? br2 Live in USbrbrI have a just retired neighbor collecting at 63 He has a fiancé with 13 y/o child back in his home country of Laos (child was born there) brbrHe goes back 6/6 months of the year He does provide financial support for them
Comment from : @Unplugged704

Great video Very informative
Comment from : @xporkrind

So if you spend all of the money, does the refund requirement kick in Or does the refund only apply to money saved in an account in the adult's name ???? So can you avoid the refund requirement by just spending the money ???
Comment from : @xporkrind

You went above and beyond of what I expected Truley appreciate how you went into detail about social security benefits Thank you for taking the time and explaining all this much needed information
Comment from : @Alogus1207

Thank you so much for this information
Comment from : @abiwaommi1835

Thank you! This is exactly the information needed presented simply That is a gift!
Comment from : @aconsideredmoment

Can this payment count toward child support?
Comment from : @DWilliam1

Can minors still receive this benefit even if they do not live with the retired parent collecting social security benefits?
Comment from : @kerube26

What an excellent video
Comment from : @elizabethtreadway9189

If one parent is receiving a benefit and the minor children are receiving benefits, the spouse (if not receiving her own benefit) is entitled to a benefit However, this will likely be limited by the monthly cap for the account holder
Comment from : @johngermany2089

I have not heard of the government requiring an account be set up for the child or demanding unused money be returned I have received this benefit for years for my daughter and me (as the caregiver) all because I fell in love with and married an older man! This is a fabulous benefit that has helped me tremendously - I receive about $60,000 a year There is a family maximum and I guess mine is that amount So even if we had six children, I would still get $60,000 The family maximum depends on the retiree’s income bracket The child and the adult(s)’ money can be deposited together and used for daily expenses I was never told to set up an account for my daughter The only negative is that, now that my daughter is a teenager, I would like to earn some extra money but I cannot make more than about $20,000 or I would lose my portion of the benefits
Comment from : @kathyw7000

I am 62 years old and I began receiving benefits Feb 2024 I reside now in the Philippines I applied for benefits for my spouse and 2 stepchildren at the same time when i applied for my benefits I had to complete many forms and provide lots of documentation, as well as have my wife set up separate joint accounts for each child, and one of her own to receive benefits Because i processed my request through the US embassy in the Philippines, it takes several months to get an answer I should know by the end of the year whether all benefits have been approved If yes, benefits will be paid retroactively to February I will post back once i have an answer
Comment from : @satellite1961

My dad has a child in mexico Will she be able to get the payments?
Comment from : @vanessa_beatriz

Can I have child dependent ss benefits deposited to my own personal bank account for me to subsidize my childrens expenses and prevent ssa from asking it back when they turn 18?
Comment from : @ralphposadas1412

What if my daughter doesn't live with me?
Comment from : @surf6009

Excellent video thanks
Comment from : @thomastaylor637

thank you, well done
Comment from : @mattlv2002

This is why social security is going bust It was never intended for children, disability or myriad other people on the money train now Everything liberals touch turns poison
Comment from : @MyBelch

I am wondering why you did not know about minor children of a parent's benefits I knew about them and I do not claim to be an expert You need to speak to protective filing date for when the parent and the minor children applied for the parent and the minor children SSA routinely drops the ball on minor children protective filing date ask me how I know
Comment from : @dewholdingsllc1050

what if you buy assets like gold or silver, could they still ask for the money back?
Comment from : @alaskan6384

How does this relate to child support of a minor child? Do they get benefit and child support or does it replace the child support
Comment from : @davewilson4094

thank you so much for all the information!
Comment from : @nfnnln5494

How can I find out how to approach this unique situation? Thank you!
Comment from : @loomisfamily7382

What if you get a new job at 72 that makes much more money Both kids were receiving SS benefits, but they stopped about a year ago Would I get refunded the amount they did not receive?
Comment from : @loomisfamily7382

What if I intend to spend childrens benefits and not save them, do I still need to open a child account for each of my 3 children and I am a custodian only? I don't intend to save their benefits
Comment from : @ralphposadas1412

Great presentation! Thank you very much
Comment from : @cjb10131

How about my husband he has disability pension but he passed away 4 years ago Is it possible my son can get survivor pension? We're here in Philippines
Comment from : @CosmicGigachad849

Actually, i 'm living in Brazil , but I lived in London for 15 years and I I'm intitled for 15 worked years My question is: at the age of 62, hom much money, i Will receive if i get retirement now? And , also, how I can receive this money in Brazil?
Comment from : @eumafernandes2097

Hello sir what if my ex husband 62 years old who is already collected social have lost custody of 16 years old daughter to me (mother) the benefit is still on? My daughter still got the benefit?
Comment from : @patamanunredfern6561

I am 55 with a 4 year old I am looking at retiring when I am 64 and start drawing SS My daughter will be 13 I'll have her start drawing SS based on my FRA (so over the 6 years that's going to be a substantial amount) I understand that the monies she receives has to be put into an account "owned" by her (and I can be custodian) So that we don't get a letter when she's 18 or 19 that we owe any unspent money back to the IRS I asked my bank if I can open such an account and they basically said no I will always be listed as a owner along with my daughter br brHere is what they said: br br"Your daughter would need to have a parent or legal guardian on the account with her She can be listed as the Tax Reported Owner and you could be listed as second on the account, however, you would still be considered an owner of the account" br brSo, if my daughter would be considered the "tax reported owner" but I am still a co-owner, would that satisfy the IRS rules so that we don't have to pay any monies back (as long as I don't get the 1099-DIV) br brHope that makes sensebrbrI am NOT going to be opening a UTMA or UGMA account br brThanks br brMark br brPS has anyone every done this? Have their child draw SS before the age of 18 (or 19 if still in high school)? What kind of account were you able to get so that the IRS doesn't ask for any unspent monies to be returned
Comment from : @TheK9Shepherd

Why is it that I feel I am getting financial advice from Bobby Cannavale 🙂🙂
Comment from : @TheK9Shepherd

If you adopt your wifes child in the Philippines you cant collect anything unless you move back to the usa and adopt the child again and wait five years I know this it happened to me Sucks I have been the father six months old and now seven years old !!!!
Comment from : @texascowboy8612

I have a question can parent adult child get their social security even though they passed away 11 or 12 yrs ago
Comment from : @RashadSims-bh3zz

Does anyone know if this counts for my grandchildren who I've adopted?
Comment from : @cvzphotography

You went on about what kind of account to put the childs money into but it all comes in one payment to the retired person "If a child is a minor, their Social Security benefits will be issued in the name of the representative payee" It goes into the same bucket, as you said it is additional income meant to subsidize the expenses until the kid reaches age of majority
Comment from : @Gary-pogi

If i file for my SSA benefits as soon as eligible at 62 and I have kids under 18 eligible for up to 75 of my benefit as a family maximum - if I start working again, I know my benefits wife gets reduced $1 for every $2 I earn…but does this also reduce what they can get? Thx
Comment from : @rcarey3965

I have a question how long does the parents must be on THE JOB FOR THE CHILD TO COLLECTbrI DO KNOWbrIf the parents never worked the child gets nothing cause the parents never paid Into it
Comment from : @Joyfulpeace4all

Sweet! My daughter was born when I was 50, so I can start collecting a 30 reduced SS when I’m 62, she’ll be 12 and can collect for 6 years until she’s 18 We can invest the funds and use it to pay for her college or to buy a house I guess there are some benefits to being an old dad!
Comment from : @JohnSmith-dj5gf

Should I deposit my minor's social security benefits directly into an UTMA account? Code 416645 says conserved funds should be deposited into an account insured under federal or state law If I open an UTMA account at Vanguard and buy insured CDs, does that qualify?
Comment from : @trexora

Very good Michael, concise, specific and very infomative
Comment from : @michaelmeniktas5054

If I start collecting at 62, and work, how does my Earn Income (Penalty) impact my minor child's benefit? Caretaker's wife penalty? If they are reduced too, is that also given back at a later date?
Comment from : @steal2bits

Very informative video - thank you! I do have one question I am in my 50s, my ex-husband is 67 and turned on his SS We have two minor children and he pays me court ordered child support Will he be in charge of the children's benefits since they are coming from his SS or would I?
Comment from : @PuffyPanda-l3e

what happened if Social Security is paying my disabled ex and my son but Im the one is taking care of my son not him?
Comment from : @lovesong3750

We are legal guardians/grandparents raising grandchildren would they qualify for these benefits?
Comment from : @annietintx

Nice video! Concerning the Maximum Family Benefit, what factors impact the Max benefit (150 to 188)? Is there anything I can do to push that maximum benefit toward 188 I have two children that will be 17 and 14 years old when I turn 62 brAlso in the video it was not real clear when the child stops collecting You said age 18, but it is really age 18 or when they graduate from high school, whichever occurs LASTbrThanks!
Comment from : @justsmy5677

My daughter passed at age 27 , yet ss claims she didn't pay enough quarters for her son(4) and daughter (3) to recieve survivors benefits? This doesn't seem right!?
Comment from : @WTFgus

If I am divorced and my ex is raising my minor child and I turn on my social security at 62, does my child still get the money, even if he lives with his mother in Canada?
Comment from : @nonspecifically

No discussion if your spouse is taking care of the kids? They can get benefits too right? Great video
Comment from : @daveforgot127

What if your child is 3 or 4 years old can you use the money for raising them Doctors, food, medicine, school supplies ,cloths , shoes , glasses,
Comment from : @whynot2734

Sir can you answer me please my ex receive money for my underage son My marriage last 3 years Am i entitled for half of my son ss money???? Thanks
Comment from : @debas7282

So i just got off of interview with social security My wife past away at 42 years old I was told my kids get 1407 each a month and since i am out of work i can collect the same and I am only 50 So thats over 4k a month Does this sound right?
Comment from : @rockk973

Best information I have found to date on this topic Great video It doesn't answer all of my questions, but did address a couple of big ones
Comment from : @leewitte4700

One other possible benefit taking ss at 62, have a child under the age of 16, your spouse also gets caregiver ss payments for 50 of you FRA brOn the SSA website:br"Your spouse can also receive spouse's benefits at any age if they are caring for your child under age 16 or who became disabled before age 22, and is entitled to benefits brBenefits paid to your spouse will not decrease your retirement benefit In fact, the value of the benefits they may receive, added to your own, may help you decide if taking your benefits sooner may be more advantageous"
Comment from : @manna5610

I did that… a definite blessing
Comment from : @christopherhennessey8991

I have a question I don't know if you could help me out through YouTube My question is if I have somebody that's using my daughter's formation and she's living with her what she got in trouble using my daughter's information with all my permission going on social security
Comment from : @chulaloca7613

Do they pay these benefits if family moves overseas
Comment from : @coolmint2835

As I understand this, if you have a disabled child (as defined in the story), your child will also get Medicare two years after they claim So that can be another bonus…
Comment from : @richfix1183