Ask Larry: Questions and Answers

Displaying 121 - 130 of 10063 questions.

Why Didn't My Payment Date Change?

Hi, You guys have been extremely helpful to me in the past.
A while ago, I wrote to ask whether when I switched from receiving Survivor benefits on the 3rd of the month, to my own (bd 4.6.53) they would change my pay date. You indicated it would change to the 2nd wed of the month, as expected due to the 6th of the month birthday.
I was surprised to find that it is going to remain the 3rd of the month.

Hi. In my experience, when a person switched from collecting survivor benefits to collecting retirement benefits on their own account, their . . . Read More

Category: Payment Dates
Posted: Apr 5 2023 - 4:55pm

Will My U.S. Benefits Be Reduced By More Than The WEP Chart Amount If That's Less Than 50% Of My German Retirement Benefit?

I have worked in Germany and moved to the US with my Husband in 2008. I have since worked in the USA and meet the requirements for social security benefits in both countries (40 credits in the USA and more than 5 years of contributions in Germany).

However, I have less than 20 years of substantial earnings in the USA. Based on the WEP Chart and an ELY (2023) the maximum reduction is $557 monthly, assuming I retire at full retirement age. Will the US SS benefits be reduced by more than $557 if this is less than 50% of the German retirement benefits?

Also, will the . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Apr 5 2023 - 2:05pm

Does Social Security Withhold Taxes From Lump Sum Back Payments?

When you receive a DRC lump sum, do they withhold tax like in my monthly benefit?

I received my lump sum, but no detail, just an amount. Thanks!

Hi. Social Security only withholds taxes from benefits when asked to do so by the beneficiary. As far as I know, taxes are only withheld from regular monthly benefits, so I doubt if Social Security would have withheld taxes from your lump sum. However, you should be receiving a notice in the mail explaining the payment you received, and that notice should tell you whether or not taxes were withheld.

. . . Read More
Category: Taxation Of Benefits
Posted: Apr 5 2023 - 12:22pm

How Do I Know What My Last Day At Work Would Be?

Hello,
My full retirement is 66 and 8 months. I plan to retire at 65. I will turn 65 on Saturday October 21st. How do I know what my last day at work would be? That Friday or the next Monday?
Thanks Randall

Hi Randall. If you want to be paid starting for October 2023, then you'll either need to earn no more than $21,240 in the calendar year of 2023, OR you'll need to earn no more than $1,770 in any month from October through December (https://www.ssa.gov/benefits/ . . . Read More

Category: Earnings Test
Posted: Apr 5 2023 - 9:38am

How Can I Determine If An Error Was Made When It Was Determined That My Daughter Doesn't Meet The Support Requirement To Qualify For Benefits From Her Step-Father's Social Security?

Hi Larry:
My disabled adult daughter now 27 has been receiving SSI since birth. My husband (Her step-dad) and I applied for DAC benefits on his record in 2/2022. My daughter was initially approved for DAC benefits with an entitlement from the date of the application February 2022 and she received SSI/SSDI and I received a parents benefit for child in care.

PROBLEM: The benefit was suspended beginning with the August payment after I filed a reconsideration request form which I was advised to do so by the Clerk sitting at the SSA window when I came in to inquire . . . Read More

Category: Child Benefits
Posted: Apr 4 2023 - 11:41am

How Much Of My Estranged Husband's Social Security Can I Get If I Apply?

Hi, I am still married to my estranged husband for the past 16 years. I am now 62 years old. He is 73 years old. I don't know if he is retired, but after my knee replacement, I wish to retire. How much of his social security payment can I get if I apply for retirement. Also, what can I do for medical insurance?

Hi. Assuming that your husband is collecting Social Security retirement benefits, if you apply for benefits at your full retirement age (FRA) you could likely qualify for the higher of a) your own primary insurance amount (PIA), or b) 50% of your . . . Read More

Category: Spousal Benefits
Posted: Apr 4 2023 - 11:24am

What Happens To A Disabled Adult Child's Benefits If They Have SGA Earnings For A Single Year?

What happens to the DAC benefit if there is 1 year of income in excess of SGA limit? Does the DAC benefit go away forever or just for the year of income over SGA limit? We are looking to pay a disabled employee a retirement bonus when she turns 65 but don't want to jepordize the DAC benefit she receives on her father's earnings record.

Also wondering about making a gift to an ABLE acount for this employee. Are employer contributions to ABLE account counted as earnings toward the SGA limit? Thank you!

Hi. A disabled adult child (DAC) can become re- . . . Read More

Category: Disabled Adult Child Benefits
Posted: Apr 3 2023 - 5:31pm

Will Social Security Pay Me For Past Months When I Was Unable To Apply Due To Surgery?

Good Morning
I reached 70 on July 1, 2022 and was unable to file for SS retirement benefits due to medical surgery. How do you think I should now apply for retirement benefits? and would they pay me for the missing months of benefits?
another question: is it better to file for benefits from my foreign location or should I fly to the U.S. and file there?
Thank you for your help.

Hi. No. Social Security retirement benefits can't be paid retroactively for more than 6 months prior to your month of filing, regardless of your reason for not . . . Read More

Category: Filing For Benefits
Posted: Apr 2 2023 - 3:30pm

If I Retire A Week Before My 65th Birthday Will It Affect The Amount I Receive?

I've already applied for social security. I will turn 65 in about a week. If I go ahead and retire now a week before my 65th birthday will it affect the amount I receive?

Hi. Social Security retirement benefits are based on an average of a person's highest 35 years of Social Security covered wage-indexed earnings. Stopping work now wouldn't affect your benefit rate at all unless your 2023 earnings will be higher than one of your previous highest 35 years of wage-indexed earnings. And, even it is, one week's earnings give or take is unlikely to make more . . . Read More

Category: Benefit Amount
Posted: Apr 1 2023 - 6:29pm

Am I Required To Apply For U.S. Social Security?

Hi Larry,

I'm a US citizen and worked at a minimum wage job in the US for about 5 or 6 years until 1984, when I moved to Belgium. My SS contributions stopped when I moved to Belgium.

I made my career here, paid into Belgian SS and the pension plans of my employers until my retirement in 2022. I'm now receiving the benefit of those pensions.

Since I only worked in the US for 5 or 6 years, I don't have enough quarters to get any SS and was NOT planning to request it.

I just got off a webinar about WEP/GPO and am wondering if, somehow, could that affect . . . Read More

Category: Foreign Pensions
Posted: Apr 1 2023 - 1:55pm
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