Ask Larry: Questions and Answers | Maximize My Social Security

Displaying 1551 - 1560 of 10063 questions.

Which PIA Will Be Used When My Wife Files For Spousal Benefits?

Hi Larry. I started drawing my Social Security benefits at FRA (66) 4 years ago. My wife is contemplating to start her spousal benefits in 2022.
When Social Security calculates my PIA, in order to determine my wife's spousal benefits, would they adjust my FRA benefit as it was in 2017 by adding 4 years worth of COLA adjustments?
Or will the calculation be based on my original FRA benefit as it was in 2017?
Appreciate your explanation,
Sincerely,
IZ

Hi IZ. Your wife's unreduced spousal rate will be calculated based on 50% of . . . Read More

Category: Spousal Benefits
Posted: Dec 22 2021 - 4:22pm

Can You Provide Any Guidance On Our Scenario?

Hi,
I subscribed to Maximize for several years as I planned our social security strategy. This year we reached the final stage of our strategy based on your recommendations and something doesn’t seem quite right.

My spouse, the lower wage earner, started her benefit when she was 62 1/2 as recommended by your software. I qualified for the restricted application and claimed a portion of her benefit after I reached FRA earlier this year. When she reached FRA at 66 and 2 months, I decided to start my benefit at age 69 based on my earnings record. We then switched my . . . Read More

Category: Benefit Amount
Posted: Dec 22 2021 - 11:55am

Is There A Way To See My Social Security Benefit Amounts Dating Back To When I Started Getting Benefits?

is there a way to see my Social Security benefit amounts going back to when I first started receiving them?? SS website only shows me this past year.

Hi. Not that I'm aware of. Social Security would have that information on their computers, but I don't know of any other source for that data.

Best, Jerry

Category: Miscellaneous
Posted: Dec 21 2021 - 4:33pm

At What Age Can I Work While On Social Security?

At what age can I work while on Social Security. I am receiving my benefits. I am 65 will be 66 in February.

Hi. If you reach age 66 in February 2022, then your full retirement age (FRA) is June 2022. Therefore, starting June 1 2022, you could earn any amount of money and still be paid all of your Social Security benefits.

You may, though, be able to collect benefits sooner than your FRA depending on how much you earn. For example, if your FRA is June 2022 you could earn up to $51,960 from January 1 2022 through May 31 2022 and still be able to . . . Read More

Category: Earnings Test
Posted: Dec 21 2021 - 11:24am

Can You Explain Whether Or Not I Should Have Taken Disability?

Sir, I retired at 62 and now I am 70. When I retired, I was found to be disable by the SSA and a letter from the SSA was sent indicating this. I went to my appointment and the agent informed me, it was not necessary to take this benefit and stay at the regular rate. Now I find that maybe I should have take the disable benefit. Can you explain if I should have taken the disable benefit and if it would be worth any more financially to me today.

Hi. Social Security disability (SSDI) benefits are calculated based on 100% of a person's primary insurance amount ( . . . Read More

Category: Disability Benefits
Posted: Dec 21 2021 - 11:02am

Should I Start Drawing My Benefits Before Age 70 If I'd Already Be Eligible For The Maximum Amount?

I am waiting until I am 70, in 2 years, to claim my Social Security benefit to maximized it. My SSA statement says that my benefit at 70 would be $4025. I read that the maximum benefit for 2022 is $3895. Assuming that my projected benefit at 70 exceeds that maximum Social Security benefit, should I take my benefit before 70, (at around the point where I figure my benefit would equal the maximum amount)? It seems like waiting beyond that would not result in a higher payout.

Hi. There is no such thing as a 'maximum' Social Security benefit amount. Social . . . Read More

Category: Retirement Benefits
Posted: Dec 21 2021 - 10:42am

Should I Have Applied For Spousal Benefits?

I’m still full time employed. My husband is retired .should I have applied for spousal benefits.? What are the benefits of spousal benefits.

Hi. I can't answer that without more information. First of all you don't mention your age, so I don't even know if you're old enough to qualify for spousal benefits. Also, if you were born after January 1 1954, you couldn't apply for spousal benefits without being required to file for your own benefits at the same time. And, in that case you wouldn't qualify for spousal benefits unless your primary insurance amount . . . Read More

Category: Spousal Benefits
Posted: Dec 20 2021 - 4:11pm

Can I Get Retroactive Widow's Benefits If My Spouse Died Six Years Ago?

I was just informed by ssi that I can get widows benefits,
He passed 6 yrs ago, can I get retro active pay

Hi. First off, the earliest that you can possibly qualify for widow's benefits is at age 60, unless you're disabled in which case you could potentially qualify as early as age 50. You'd also need to meet the other requirements, as outlined in the following section of Social Security's handbook: https://www.ssa.gov/OP_Home/handbook/handbook.04/handbook-0401.html. . . . Read More

Category: Widow's Benefits
Posted: Dec 20 2021 - 2:40pm

What Happens If I Accept A Raise In January?

I turn 66 in January 2022, starting collecting SS payments at 62. I am still employeed and have maintained the amount / not exceeded income limit from 62 until now. I am able to get an increase in pay from my employeer in January but my FRA is 66+4, which is April. What happens if I accept the raise in January? I plan to continue to maintain the income limit set by SSA with this raise, but need the money to afford necessities and living cost.

Hi. A substantially higher Social Security earnings test exempt amount applies in the year that you reach full . . . Read More

Category: Earnings Test
Posted: Dec 19 2021 - 6:41pm

Will My Son's And His Mother's SSI Checks Be Cut If I Move In With Them?

I own a home outright, I’m on SSDI and collect a small pension..My son and his mom live in the house for cheap rent monthly. They both recieve SSI….I now want my house back but don’t want them in the street, can I rent them rooms in the house basicly for what there paying now but will it cut there checks or my check if I move in?? We were never married…I get between both checks SSDI and Pension 25933 monthly…Thry each get around 820 each monthly..They will pay there own rent share, buy and cook there own food and pay there own expenses…

Hi. I have a basic . . . Read More

Category: Supplemental Security Income
Posted: Dec 19 2021 - 10:18am

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