Ask Larry: Questions and Answers | Maximize My Social Security

Displaying 2681 - 2690 of 10063 questions.

Is My Girlfriend Eligible For Survivor Benefits On Her Deceased Husband's Record?

Hi, Larry. I have a rather odd SS survivor benefits question for you. I am asking this on behalf of my girlfriend Sofi [she] who lives in Baja Mexico. She is 52 years old.

She was married legally to a USA citizen and veteran for well over 20+ years. He [Joe] was getting SS retirement benefits and veterans benefits for 20 + years during their marriage. They stayed together until he turned about 84, when he went into a nursing home in San Diego Ca. I observed them over this time, and I can say that their marriage was valid and a true relationship. No sham marriage here. . . . Read More

Category: Survivor Benefits
Posted: Mar 25 2021 - 1:23pm

How Do I Change My Birthday Date With An Amended Birth Certificate?

How do I change my birthday date with my amended birth certificate? How long does this take to do this in the system?

Hi. I assume that you're referring to correcting your birthdate in Social Security's records. What you'll likely need to do is apply for a corrected Social Security card. The whole process will likely take at least a few weeks. You can find more specific information on what you'll need to do on the following Social Security website: . . . Read More

Category: Miscellaneous
Posted: Mar 25 2021 - 1:09pm

Would It Be Smart To Increase The Amount Of Wages Paid To My Wife?

Larry, thanks for taking my question.
I own a search firm where my wife works with me out of the home...I've had this company for 27 years now.
Many years I maxed out SS. I was born 8-7-58 and my wife Cindy born 1-14-60. My strategy for years had been to pay myself and pay Cindy very little thinking if I could really crank up my SS earnings...she would get half of that if we both waiting until full retirement age. Now I'm wondering (since I have so many SS credits) if our business should start paying her most of the earnings each year in salary...will that make a . . . Read More

Category: Filing Strategies
Posted: Mar 25 2021 - 11:35am

If I Start Drawing At Age 66 & 2 Months Is That The Full Maximum Benefit?

If I start drawing Social Security at age 66 and 2 months, is this the full max benefits?

Hi. If you were born in 1955, thus making your full retirement age (FRA) 66 & 2 months, then you would be paid a monthly rate equal to 100% of your primary insurance amount (PIA). That isn't the maximum amount that you could draw, however.

First off, your PIA is based on an average of your highest 35 years of Social Security covered wage-indexed earnings. So, if you continue working and if you earn more in a year than you did in one of your previous . . . Read More

Category: Retirement Benefits
Posted: Mar 24 2021 - 10:22am

Is Social Security Giving My Sister The Correct Information?

Please Read and help me if you can.

My sister receives SSDI as a result of a single vehicle accident. (weather played a part). The accident had nothing to do with her receiving SSDI. It was medical malpractice lawsuit. She resides in PA. My sister is waiting for Social Security to let her know what she can do with her settlement check. Because they told her that she can't do anything with it she has to wait until her survivor benefits start. She was told her SSD will be $370.00 a month and her Survivor Benefits a month will be $913.00 a month. My question is SS giving . . . Read More

Category: Miscellaneous
Posted: Mar 24 2021 - 10:13am

If Someone On SSI Sells A Car Could It Hurt Their SSI Benefits?

If son receives car from dad registered,But son can't drive no lic and don't want car,The car sells money goes to dad.Son on SSI will it hurt benefits?

Hi. A person can only be eligible for Supplemental Security Income (SSI) benefits if their countable assets total no more than $2000. A home and one vehicle are excludable from being counted as assets, but if you sell a vehicle or a home then the proceeds can put you over the asset limit for SSI. I confused about why the dad in your question would receive the proceeds from the sale of his son's car, but if . . . Read More

Category: Supplemental Security Income
Posted: Mar 24 2021 - 10:03am

How Do We Get The Maximum Amount If We Decide To Retire This Year?

My husband turned 62 in October 2020. I turned 62 end of February, 2021. We are thinking about retiring he has 28 years in and I have 22 . How do we get the maximum amount if we decide to file for social security within this year?? We both are state employees and do have a pension as well.

Hi. You and your husband can only be paid the benefit rates that you're eligible for based on your earnings histories. Neither of you could apply for spousal benefits without being required to file for your own benefits at the same time. The only way that either of you . . . Read More

Category: Filing Strategies
Posted: Mar 24 2021 - 9:39am

How Much Does The Average American Contribute In Social Security Taxes Over Their Working Life?

Larry, How much does the average American contribute to social security (taxes) throughout their working life? I saw an old article from CNN in 2013 that referenced $808,000. Is this correct?

Hi. An employee earning the average national wage amount would have paid $76,853.05 in Social Security taxes over the 40 year period from 1980 through 2019. So, even if you double that to include the employer's share of payroll taxes, the actual amount of Social Security taxes paid by the average American is a small fraction of the amount you mention.

Best, . . . Read More

Category: Miscellaneous
Posted: Mar 24 2021 - 8:25am

How Can My Wife And I Estimate What Our SS Benefits Might Be?

My wife and I are Canadians working in the US as permanent residents (Green cards). I started working in Aug 2013, my wife in May 2014. I will be 66 in Nov, she will be 59 in June. We want to continue working here until we both have 40 points with SS, then retire to Canada (mid-2023). How can we estimate what our SS benefits might be? If we only contribute for 11 and 10 years respectively, how long can we receive SS benefits? Thank you.

Hi. The benefit calculator included in our software (https:// . . . Read More

Category: Calculating Retirement Benefits
Posted: Mar 24 2021 - 8:09am

Could My Husband's Benefits Be Taken Away If He Has To Go To A Nursing Home Or Assisted Living?

Would Social Security benefits be taken away from a husband that has to go to a nursing home or assisted living? Something I just recently heard, and was concerned, to say the least. Thank you for any info.

Hi. No. Social Security benefits are earned benefits based on a person's past work and earnings. A person's living arrangements has no effect on their Social Security benefit rate or their ability to collect benefits. However, if your husband is mentally incapable of managing his benefits, then Social Security would likely need to appoint a . . . Read More

Category: Miscellaneous
Posted: Mar 23 2021 - 12:09pm

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