Ask Larry: Questions and Answers

I am 67, retired, and planning to start SS retirement benefits (substantial) when I turn 70 in January 2025 (per your book and MaxiFi). My wife is 63 and will qualify for her own small SS retirement benefits plus spousal benefits. BUT: she was just diagnosed with ALS. I believe that she can apply now for SSDI benefits, which may be automatic, and that she can then get Medicare, which will help enormously. My question: if she does this (apply for SSDI now), will that goof up or reduce later SS benefits for her or for me? Maybe MaxiFi can answer this, but I haven’t figured that . . . Read More

Hi Larry,

I worked in the US and contributed/paid to SS for 28 years. Subsequently, I worked in London for about 7 years where I contributed to the equivalent of our 401K in the US and I directed where the funds were invested. In the UK, we termed this as pension. I do not get monthly payments from this pot but I intend to withdraw a lump sum every so often. So far, I have drawn a lump sum only once, last year. Would this "pension" be subject to the Windfall Elimination Provision and if so, how would it be assessed since I do receive periodic monthly payments, only . . . Read More

Hi - thank you for prior answers. I'm trying to understand if this is correct, husband and wife are both FRA 67, husbands FRA PIA 2600/m, wife 1000/m. If he waits to 70 with DRC add to $3224 form him, and $1240 for wife. However, for her 50% on His PIA FRA is 1300, will she receive what is hers 1240 or will she brought into 1300? 1240 hers 60 residual spousal. Thank you

Hi. In the scenario you present, the wife would get her own retirement benefit of $1240 plus an excess spousal benefit of $60 (i.e. $1300 total). Given that fact, it would not be wise for . . . Read More

Hi Larry; I will turn 62 in February. On Friday I received an updated statement from social security with an increased benefit amount of 8.89% for ages 62-70, however my “Family Maximum” benefit was unchanged. I ran the calculations for AIME, PIA and the Family Maximum using the 2023 bend points which resulted in a significant increase in the Family Maximum. Is this expected? Or an error by social security? Thanks for your help.

Hi. If your primary insurance amount (PIA) increased, then your family maximum benefit (FMB) amount would also increase. You may . . . Read More