Ask Larry: Questions and Answers | Maximize My Social Security

Displaying 10011 - 10020 of 10063 questions.

Is There A Better Plan?

My husband died in 2015, he was 61 when he died and a was 59.I work and make $24,500 a year thru Disability Services of the Southwest being my disabled adult sons aid. He's 27 and has autism. I applied for mu hisbands social security in March of 2015. My son was receiving disability payments of $834. per month. The disability benefits were taken away and now he gets $900. a month of husbands SS death benefits. I get $900. a month from June thru December only and receive nothing January thru June, they say because I make to much money. We are struggling to pay bills and eat. . . . Read More

Category: Widow(er) Benefits
Posted: Jun 21 2016 - 11:45am

What Is The Best Strategy?

I've always assumed that my wife and I should wait until we're both 70 to take our social security maximums. Recently, however, I read that for married couples, a good strategy for balancing the benefit of earlier payouts with the benefit of later but higher payouts is for one spouse to collect earlier and the other to collect at the maximum. Any thoughts on this strategy?

Hi,

The answer to your question depends on many factors, such as your birth dates, past earnings, current earnings, and life expectancies. There are numerous possible strategies to . . . Read More

Category: Filing Strategies
Posted: Jun 21 2016 - 11:45am

How Do I Choose Between Benefits?

Mr. Kotlikoff, I was married for more than 10 years, my ex-spouse passed away last year at age 64. I will be 63 this year. I have visited the social security office a few times to ask questions. I was given a printout last December showing the deceased ex-spouse benefit I would receive (shows how much it would go up each month until I turn 66). I would get from his benefit, more than double what I would receive on my own work record. I am thinking of retiring later this summer, 2016. The printout shows I would receive about $280 more per month if I waited to retire until I am . . . Read More

Category: Filing For Benefits
Posted: Jun 20 2016 - 8:45pm

What If I Don't Hear Back From SSA?

When we applied April 9, 2016 for June benefits, our confirmation said we would receive a letter within 30 day with either a decision or requesting more information. It also said we could check on-line. It has been 51 days with no letter and no decision posted to our on-line accounts. What should we do?

Hi,

I'm sorry, but I'm not very familiar with the online filing process. If you still haven't received an award letter or follow up from Social Security (SSA), you should probably call to check on the status of your claim(s). The toll free number is . . . Read More

Category: Filing For Benefits
Posted: Jun 20 2016 - 8:15pm

What Happens If I Keep Working?

Hi larry,

Thanks for doing this column.

I took my Social Security during the recession at 62. I really have been working ever since. I understand that whatever I got at that time is it. Seems a little odd to me that when I finally stop working which may not be till my 80's, (excellent health) there will be no benefit increase beyond the standard.
Also isn't there a time when they stop deducting federal taxes for medicare?

Thanks a bunch,
Arlene

Hi Arlene,

Your benefit amount is based on your best 35 years of . . . Read More

Category: Recomputations
Posted: Jun 20 2016 - 7:45pm

Can I Avoid the GPO By Suspending My Retirement Benefit?

I turned 66 March of 2016. I was receiving SSD and it was automatically turned into my social security retirement benefit at that time. I am going through post maintenance review. And my benefits of $1,992 per month is being calculated as income and is causing me to have to pay $1,700 a month because I have additional income from my state pension which is 4300 a month in the 1700 was being taken out of it. Can I suspend my social security benefits to age 70. And would I than be eligible for a maintenance modification to reduce the amount of Maintenance that I will have to pay . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Jun 17 2016 - 6:15pm

Should I Collect Early to Get Child Benefits For My Kids?

My first wife is 63, I am 64. We Were married 20 plus years. She is fighting cancer and took SS Disability at age 62 and discontinued working. She earns $2000.00 per month on her SS disability. SS had estimated her benefit to have been $3000.00 when she turned age 70. I was married a second time and divorced after 10 years. I have 2 children by my second marriage 10 years old and 12 years old who live with me full time. I still work and figure I will to about age 75 when they are out of college. SS estimates my benefits at $1750.00 when I turn age 70. I am confused with the . . . Read More

Category: Child Benefits
Posted: Jun 17 2016 - 6:00pm

Should One Spousal Take a Retirement Benefit Early to Help the Other Get a Full Spousal Benefit?

My wife was born 11/1952, I was born 3/1957. My wife became a homemaker and full time grandma about 6-7 years ago after a full career. I wish to work until age 70 to maximize my (our) benefits. My wife also would like to maximize her benefit. I have 2 questions: 1.) Should I file for spousal benefits at age 66 1/2 and defer my own benefit until age 70? 2). Will my wife be able to receive a spousal benefit from my earnings if I file and suspend my own benefit until age 70? My benefits will be substantially larger than my spouse. Thanks, Jim

Dear Jim,

. . . Read More

Category: Spousal Benefits
Posted: Jun 17 2016 - 6:00pm

I'm 68. Should I Suspend My Retirement Benefit?

I'm 68 and took my ss at age 62. is there anything in your program than can help me to get more money? best, Ralph

Hi Ralph,

If you just turned 68, you can suspend your retirement benefit immediately and restart it again at 70 at a 16 percent permanently higher value. But if you turned 68 some months ago, the benefit to suspending will be smaller. Our program will calculated exactly what you gain from suspending on an annual as well as lifetime basis.

If you do suspend, make sure that you go back to Social Security a few months before you . . . Read More

Category: Suspending Retirement Benefits
Posted: Jun 17 2016 - 5:30pm

When Should a Disabled Worker Collect Widow Benefits?

Dear Larry,
Dear Larry,
When should an age 55 disabled worker take her widow benefit. Her husband died this month. thanks, Kody

Hi Kody,

She should take her reduced excess widow benefit immediately. The excess widow benefit is the difference between her widow benefit and her retirement benefit. This excess will then be reduced by 29.5 percent. But since your client's husband died after she started collecting her disability benefit, the reduction applied to her excess widow benefit will be eliminated when she reaches full retirement . . . Read More

Category: Disabled Widow(er) Benefits
Posted: Jun 17 2016 - 5:30pm

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