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 just had a baby girl and the Piano Man’s baby was born with a SS spoon in its mouth, a Social Security spoon that is. Since Billy Joel is age 66, which is his Social Security Full Retirement Age and is 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 (PIA). Since it’s a fair assumption that Papa Joel’s PIA is at the maximum, estimated at $2,685 / month, baby Della Rose is eligible for approximately $1,342 / month, until her age 18. This amount is subject to the SS COLA increases as well.
His young wife could also receive a benefit for having a child in care, but her benefit would be subject to the earnings test so if the family’s earned income was over $15,720, her benefit would be reduced. I think it’s safe to assume that just one “Piano Man” live performance, puts their earned income over this amount. There is a family maximum that could limit the amount Della Rose receives (& Mama Joel if she gets a benefits too), but since Papa Joel doesn’t have any other minors at this point to claim SS benefits, the family maximum more than likely wouldn’t come into play.
If you, a family member, or associate 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 is entitled to start receiving Social Security benefits. For more information on this, please see the SS publication at http://www.ssa.gov/pubs/EN-05-10085.pdf or feel free to call me with any questions you may have.
In the meantime, I think I’ll send Papa Joel a congratulations card and let him know about the Social Security benefits baby Della Rose can receive. Perhaps it’ll earn me a “Piano Man” serenade; you think?
Poted by Pat Burris