Ask Larry: Questions and Answers | Maximize My Social Security

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What's The Best Strategy For Us?

I turn 66 on 12 Aug 2016. My wife turned 64 on 7 March 2016. We have no other "complications". I still work full time , she is helping with grandchilden at home. No disabilities etc.

Please, what would be our optimal filing strategy. ? I've read many ,many columns about the 29 April deadline- especially by the advice of Avram Sacks mentioned in a past column-- and we remain confused.

Hi,

You reach full retirement age after deadline, so you did not have the option of filing and suspending prior to April 29, 2016. That takes away the option of . . . Read More

Category: Filing Strategies
Posted: Jun 22 2016 - 3:00pm

Can I Get Any More From Social Security?

I am 81 years of a age and have been collecting Social Security from the age go 65. I maxed out my payments to Social Security for most of my working career. Is there a possibility that I can increase my payments now?

Hi,

It's not likely. The benefit amount payable on your own account is based on your best 35 years of inflation adjusted earnings. In theory, you could work and earn enough to replace one or more of your previous best earnings years, which would result in at least some increase in benefits. Probably not a large increase, however. . . . Read More

Category: Filing Strategies
Posted: Jun 22 2016 - 1:15pm

Any Strategies For Singles?

Hi, I am a single man, born in 1955 and do not have children. I live with a sibling 3 years younger who is also single without children. Are there any special social security rules or strategies that we can employ to maximize our future benefits? We are not on SSDI, we both work. Thank you.

Hi,

Assuming you mean single and never married, probably not much that you don't already know. Your full retirement age for Social Security benefits is 66 & 2 months. You can start reduced benefits as early as age 62, which would result in a reduction of . . . Read More

Category: Filing Strategies
Posted: Jun 22 2016 - 12:45pm

Are We Doing The Best We Can?

I began withdrawing SS at age 62. My wife is retired and receives a state teacher's retirement pension. SS was never withheld from her teacher's compensation. The SS administration says she does not qualify for benefits because she never met the 40 quarters of contributions required, and her pension benefits are too high to allow her to qualify for a spousal benefit. So - are we doing the best we can?

Hi,

Probably so. Due to the government pension offset provision, Social Security would withhold from her spousal benefits an amount up to 2/3rds of the . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Jun 22 2016 - 11:30am

What Happens At Full Retirement Age?

Hello there. I am currently on disability but will turn 66 this October. Can I wait until I am 70 to file for social security to get the maximum benefit or I do I automatically go on social security when I turn 66. Thank you.

Hi,

Your disability benefits will automatically convert to retirement benefits when you reach age 66. However, you can suspend your benefits at that point and then resume them at age 70, at which time they will be 32% higher.

Best, Jerry

Category: Disability Benefits
Posted: Jun 22 2016 - 11:15am

How Do I Choose Between Benefits?

I'm 57 employed full time. I am divorced and a widow. Can I collect widows pension at 60 and switch to ex spouse or my own social security at 62? 65?? - than take the largest social security at 70?

Hi,

You can file for reduced widow's benefits at 60, but there is an earnings test that may keep you from actually drawing benefits. Social Security withholds $1 of benefits for each $2 that you earn above an established limit, which is set at $15,720 in 2016.

Since you were born after 1953, you can't file for divorced spousal benefits at any age . . . Read More

Category: Filing Strategies
Posted: Jun 22 2016 - 11:00am

When Can My Wife Apply For Spousal Benefits?

I am 67 and was drawing SS until I suspended payments until age 70 before April 29 of this year. My wife turns 65 on 6/2/16. Under the new rules can she begin drawing a spousal benefit until my age of 70? If so, will this affect the amount of my benefit beginning at my age 70?

Hi,

Your wife can file for and receive spousal benefits on your suspended account since you suspended prior to April 29th. However, she needs to wait until she turns age 66 in order to file for spousal benefits only without also being deemed to file on her own record. That . . . Read More

Category: New Law
Posted: Jun 21 2016 - 10:45pm

When Should I Start Drawing Benefits?

I'll be 66 in November and am considering starting to take SS then, anticipating that I'll stop working this summer. I have ~$800K in various retirement and investment accounts, but enough savings to get me through the end of the year before I start drawing on those. Your advice re SS? Thanks.

Hi,

If you wait until age 70 to apply, your benefit amount will be 32% higher than at age 66. Assuming you expect an average or longer lifespan, unless you can get a better rate of return on your other investments, it may be best to draw on those rather than . . . Read More

Category: Filing Strategies
Posted: Jun 21 2016 - 10:30pm

Will I Receive Spousal Benefits?

Due to health reasons I need to cut back my hours at work. I am 63, I am considering taking early Social Security benefit. Is it also possible to add my husbands spousal benefit to my early retirement benefit?
Thank you,

Hi,

Your husband must be entitled to benefits in order for you to eligible on his account. If he is currently receiving benefits and you file now, you will be deemed to be applying for reduced benefits on both your own record, and on his account. If he is not currently receiving benefits and you apply, you will not be deemed . . . Read More

Category: Deeming
Posted: Jun 21 2016 - 3:15pm

How Will Government Pension Offset Apply In My Case?

Dear Larry,
I have searched for an answer to my question about government pension offsets, but can only find the reverse of my situation. I am 55; my husband is 62. He had to retire early for medical reasons from a position covered by the teachers' retirement system and now receives his pension. I have worked in the private sector, so will receive ss when I retire. I know that because of the GPO he would not receive social security spousal benefits because my social security payment at retirement would be less than his pension. After his death I am to receive the same . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Jun 21 2016 - 1:15pm

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