Ask Larry: Questions and Answers | Maximize My Social Security

Displaying 10021 - 10030 of 10063 questions.

Can We Collect Spousal Benefits?

Dear Larry,
My husband, who is the larger earner, is turning 57 on December 6, 2016, I am turning 60, January 9, 2017. I plan on taking my SS benefits asap as I have been retired for 3 years & living on a pension with a COLA adjustment each year. My husband is looking to retire from the Carpenter's Union in the next few years (bad back) with a regular, not disability, pension & annuity. If I take my SS at age 62 can my husband collect spousal benefits until he turns 66 (full SS benefits) & then can I change my SS benefits to his spousal benefits (if higher . . . Read More

Category: Spousal Benefits
Posted: Jun 17 2016 - 5:30pm

What Earnings Count Under the Earnings Test?

If I sell an invention idea to a company, do I lose monthly SS benefits? Thank you, Nora.

Hi Nora,

Your question pertains to Social Security's Earnings Test, which ends once you reach full retirement age. Moreover, if you lose benefit X before full retirement age to the Earnings Test, benefit X will be bumped up at full retirement to credit you, on a full actuarial basis, for benefits lost due to the Earnings Test.

My sense is that the proceeds from the sale of an invention would count as self-employment income. Please read the first of the . . . Read More

Category: Earnings Test
Posted: Jun 17 2016 - 5:00pm

Should One Spouse Take Benefits Early and the Other Later?

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? thanks, James

Dear James,

This strategy may, indeed, be optimal. For example, if you are 62 and your wife is 66 and you are the higher earner and have a relatively short maximum . . . Read More

Category: Spousal Benefits
Posted: Jun 17 2016 - 7:00am

I'm Somewhat Dyslectic and Need Personal Help: Age 76 and Haven't Taken SS or Medicare

Larry, Read your article in John Mauldin's blog.. I am 76 and have not taken my SS or Medicare, my concern is should I pop off unexpectedly that my wife Janet is able to apply for and receive her benefits. Are you available on a consulting basis ? I am somewhat dyslectics and find extracting information form the written word a struggle, thus my request for direct contact. I look forward to your reply... Frank

Dear Frank,

Please enter an Ask Larry question, but include your phone number. It won't be made public and I will call you back. But here is . . . Read More

Category: Medicare
Posted: Jun 17 2016 - 7:00am

Can a Widow From a Gay Couple Married Abroad in 1992 Collect a Widows Benefit?

I have not seen this issue discussed, either at PBS.org or with the Social Security website - my spouse was receiving disability benefits (since 1992) before she died (at age 52), we were married for 10 years, and could not file as "Married" on our income taxes because it was not allowed at the time. Am I entitled to any widow's benefits when I reach the age of 60? Or since it was a non-recognized same-sex marriage (performed in Canada) am I just considered "single" in the eyes of the Social Security Administration (since I was considered "Single" in the eyes of the IRS and our . . . Read More

Category: Same Sex Couples
Posted: Jun 17 2016 - 6:30am

Can My Sister Collect a Widows Benefit If Her Husband Was On Disability?

I am a subscriber to Maximize My Social Security and have bought and read (and continue to reference) "Get What's Yours: The Secrets to Maxing Out Your Social Security" (original edition, not the new Revised edition that's on sale now) but I have encountered a situation that is not covered, as best as I can tell, in the book and I am looking for some guidance.

My sister is a widow who turned turned 60 in February, 2016. She works, enjoys her job, and makes (I'm guessing) around $40K per year. She was married to her deceased husband for 9+ years before he passed away in . . . Read More

Category: Widow(er) Benefits
Posted: Jun 17 2016 - 6:30am

What MMSS License Do I Need?

I would like to use the Maximize Social Security for analysis of my social security and my mother's social security so I'm trying to understand if I need to purchase : $40 Annual Household License or $250 Annual Financial Advisor License. Thank you, Aida

Hi Aida, Please just purchase two $40 licenses, one for you and one for your mom. My best, Larry

Category: Maximize My Social Security Software
Posted: Jun 17 2016 - 6:15am

Can I Collect More If I'm Over 70?

I was just trying to see if I could get any more on my SS check. Right now I am receiving about $1589.00 per month. I am 73 and will be 74 12/31/2016. Thanks, Bryan

Dear Bryan, You can't collect higher retirement benefits. But if you are married and your current spouse dies or if you were married for 10 plus years and your ex spouse dies, you can collect an excess widows benefit equalling the difference between your widower or divorced widower benefit and your own retirement benefit. Of course, if this difference is negative, the excess widower or the . . . Read More

Category: Retirement Benefits
Posted: Jun 17 2016 - 6:15am

How Can I Collect My Disabled Widows Benefit

I'm on disability and Supplemental Security Income (SSI) when i was awarded my disability i was told at age 50 I would be able to collect on my husbands social security since he is deceased and I'm disabled now since 2014 when i was awarded I have been denied twice now what can be done and also how can i maximize my disability and SSI payments? Sincerely, Robin Dease

Dear Robin,

You are certainly eligible to collect what's called an excess widows benefit starting at age 50. Your excess widows benefit is the difference between your widows benefit . . . Read More

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

Will My Wife Be Deemed If I'm Not Collecting?

My wife will be 62 soon (in July 2016). I am a year younger at 61. I have earned much more than my spouse over the years (est $2,270 from SS @ FRA), but she could receive some Social Security on her own work record (est $660 from SS @ FRA). However, she could obviously receive a much higher payment by taking the maximum spouse benefit from me when I retire (est $1,135 from SS). I plan to keep working and not receive Social Security until I am 70, in 9 years (est $3,010 from SS @ age 70). And, I understand my wife would not be able to receive a spousal benefit until I retire . . . Read More

Category: Deeming
Posted: Jun 12 2016 - 7:30am

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