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Social Security and Billy Joel

Social Security and Billy Joel

Most baby boomers know who the Piano Man is, Mr. Billy Joel. What you may not know is that he and his 33-year old bride had a baby girl in 2015 and the Piano Man's baby was born with a special spoon in her mouth, a Social Security spoon, that is.

Since Billy Joel was age 66 (in 2015), which was his Social Security full retirement age and therefore eligible for benefits, his child, Della Rose, is too. Little Miss Della Rose may receive up to one-half of Billy's primary insurance amount.

Since it's a fair assumption that Papa Joel's PIA is at the maximum, estimated at $2,685 per month (in 2015), baby Della Rose is eligible for approximately $1,342 per month until her age 18. This amount is subject to the Social Security COLA increases as well.

If you know a family member or associate that has minor children with a parent or step-parent that is entitled to Social Security benefits, it is worth checking with the SSA (1-800-772-1213) to see if the minor child could receive benefits.

A partner in a local law firm who attended a continuing legal education workshop passed this info to her sister. It just so happens that the sister and her husband have twin 3-year old girls. The husband was over age 66 at the time and hadn't filed for Social Security, but was considering doing so. As soon as his wife read the blog, she and her lawyer sister called to see if the girls could receive Social Security benefits based on his work record.

The husband filed for Social Security immediately. About five weeks later they received a lump sum of approximately $14,000, since he had elected to receive benefits back to the date he turned age 66, his Social Security full retirement age.

They will also receive $2,000 per month in benefits, plus any future cost of living increases, for the girls until their age 18 (or 19 if still in secondary school full time).

Do you know the rules for collecting social security?  They're very complex, but as you can see its worth understanding them, thanks in part to the Piano man.  Stay tuned for our upcoming Social Security Seminar.

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Thomas Bucklin, Registered Principal offering securities through Cambridge Investment Research, Inc. A Broker/Dealer. Member FINRA/SIPC. Investment Advisor Representative offering advisory services through Capital Investment Advisors, Inc., a Registered Investment Advisor, Cambridge, Capital Investment Advisors, and Fortress Financial are separate and unrelated companies.

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual's personal circumstances.

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