Ask Larry: Questions and Answers | Maximize My Social Security

Displaying 10041 - 10050 of 10063 questions.

When Should We Take Social Security If We Have Pensions From State Jobs Not Covered by Social Security?

I'm 53. Wife 48. Both work for State agencies. I have 17 years in pension fund, wife has 1 year. I'll be 61 in 8 years, that also my 25th yr & can "officially" retire from job w/pension & healthcare benefits. When should I take my SS benefits? Thank you. John

Dear John, The Windfall Elimination and Pension Benefit Offset provisions, which lower the benefits available to those receiving pensions from non-covered jobs don't come into play until you start collecting your non-covered pension. So if you can wait until, say, 65 to take your state pensions . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Jun 4 2016 - 1:30am

Can I Collect a Spousal Benefit Off of My Wife's Work Record

I am 66. My wife is 65. I am the higher earner and have a higher benefit. Are there any SS limitations that would prevent me from claiming a spousal benefit if my wife files at 65 v. 66? Thanks, Art

Dear Art,

No, there are no limitations to your filing just for a spousal benefit starting at 66 because you were 62 on or before January 1, 2016. If you do this, you can wait until 70 to take your own retirement benefit at its highest possible value.

If you were 66 on or before April 29, 2016, you should have filed for your retirement benefit . . . Read More

Category: File and Suspend
Posted: Jun 4 2016 - 1:15am

Can My Wife File Early Without Impacting Her Spousal Benefit

I'm 64 and wife is 63 and we are both retired. We both are SS eligible from work histories. I'm the larger wage earner and at my FRA the spousal benefit will be her highest draw. Can she file for her benefits now (age 63) without impacting her spousal benefits when I reach FRA and file for my benefits? Yours, Pat

Hi Pat,

If your wife files for her retirement benefit early and you wait till 66 to file for your retirement benefit she will be able to wait till 66 to file for her excess spousal benefit. This excess spousal benefit is the difference . . . Read More

Category: Spousal Benefits
Posted: Jun 4 2016 - 12:45am

When Should I Take My Divorced Widow(er) Benefit

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: Divorced Widow(er) Benefits
Posted: Jun 3 2016 - 10:45am

When Should I Take My Widows Benefit If I'm Still Working?

I am 60 and I was divorced from my husband in 2000 after 15 years of marriage. Neither of us remarried and he died in 2010 at the age of 55. My income is about $50k a year and I'd like to maximize my benefits. I plan on working as long as possible. What do you suggest I do? Thanks for your time.

Dear Madam,

You are eligible for widows benefits starting right now, but they will a) be reduced and b) be subject to the Earnings Test. Still, if you don't earn enough to lose all your widows benefits, it might be best to file for them now if your own . . . Read More

Category: Widow(er) Benefits
Posted: Jun 3 2016 - 10:30am

Can My Singaporean Wife Collect On My Work Record?

I'm 65, born and raised in the US. My wife, age 41, is a Singapore citizen. She was granted US permanent residency just after our 1998 marriage. She has been a full time homemaker and mother to our two children, ever since, so she had no US income over the years. We have always filed our taxes jointly. Will she qualify for widow social security benefits from my account? I'm concerned about her status as a non US citizen?

Dear Sir,

Not only is your wife eligible for widows benefits if you die starting at 60 (50 if she is disabled), she can also . . . Read More

Category: Spouse is Not a U.S. Citizen
Posted: Jun 3 2016 - 10:15am

Will My Wife's Spousal Benefit Be Half of My Full Retirement Benefit?

I am 71 and my wife is 66. I have been collecting regular SSA at the reduced rate of course since 62. My wife still works and she does not collect. It appears that her spousal benefit is 50 percent of what my benefit would have been had I waited to collect at 66 as opposed to half of what I actually get. Is this correct? What is the logic?

Dear Sir,

Logic? The entire edifice of Social Security rules and rules within rules was devised by lawyers in Congress and actuaries in the Social Security Administration over many years who constructed a thing of . . . Read More

Category: Spousal Benefits
Posted: Jun 3 2016 - 9:45am

When Should I Take My Widows Benefit?

Dear Larry, A am a 64 year old woman who after a 24 year marriage has been divorced for 15 years. My former husband died a year ago at the age of 69. I have not worked enough outside the house to obtain Social Security based on my own record. As a widow of a divorced spouse can I apply now for benefits or can I earn more by waiting until I am 66 or even more by waiting until 70. I am planning on obtaining Medicare though his social security record when I become 65.

Strangely enough, the answer depends on when your deceased ex took his own retirement benefit . . . Read More

Category: Widow(er) Benefits
Posted: Jun 3 2016 - 2:15am

Can I Suspend My Retirement Benefit If I Return To Work?

I started receiving benefits at 65 back on 1/2/2015. I am going back to work. Can I suspend payments and start rebuilding and increasing my earned income and retire again at 70 with a bigger benefits payment? best, Tom

Tom, You can't suspend until you reach 66. But if you earns enough, you lose all your benefits to the earnings test and your benefits will be adjusted upward at full retirement age (based on the Adjustment of the Reduction Factor provision) such that it will be effectively the same as if you suspended at the time you went back to work. best . . . Read More

Category: Suspending Retirement Benefits
Posted: Jun 2 2016 - 11:30pm

Never Trust What Social Security Says -- Another Horrific Horror Story

I recently applied to start my Social Security on the month of my 70th birthday in September of this year. I was contacted yesterday by a SS agent and asked if I would like to receive my surviving spouse benefits until that time. I was taken aback, as I lost my husband about 15 years ago and when I inquired if I would be eligible for any spouse benefit, I was told no….just plain no….not that I would be eligible at a later time. The agent who contacted me yesterday said I would be eligible for 6 months retroactive benefits….do I have any recourse for further benefits due to the . . . Read More

Category: Horror Stories
Posted: Jun 1 2016 - 9:15am

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