Ask Larry: Questions and Answers

Displaying 2701 - 2710 of 10063 questions.

Will My Retirement Benefit Rate Be The Same As My SSD Rate, And Can I Suspend My Benefits Until Age 70?

I started on SSD after I turned 60. It will probably run until my full SS age, 66 years and 10 months. It then converts to plain SS.
TWO QUESTIONS- first SS will be same amount as SSD? Second - can I suspend my SS until 70 still and thus increase it?

Hi. The answer to both of you questions is yes. Your Social Security disability (SSDI) benefits will convert to regular Social Security retirement benefits at your full retirement age (FRA), and there will be no change in your benefit rate when that happens.

And, yes, you can voluntarily suspend . . . Read More

Category: Disability Benefits
Posted: Mar 21 2021 - 2:56pm

Would Transferring My Daughter's Benefits To Her Account Make The Funds Safe From Being Returned To Social Security?

I have also received a letter from social security wanting the funds returned. I have saved it in a account but it is attached to mine. We have just taken me off her account so she is the sole owner.. I can transfer these funds to her account. Would that make these funds safe from being returned?

Hi. My answer assumes that you've been acting as representative payee for your daughter and that she is now age 18. If Social Security has asked you to return conserved funds, you shouldn't transfer the funds to your daughter without Social Security's . . . Read More

Category: Representative Payee
Posted: Mar 21 2021 - 10:45am

If My Wife Files Early And Continues Working, How Is Her Benefit Calculated At FRA?

My wife’s birthday is 10/21/1955. She is a dental hygienist. She broke her back in January and had three surgeries in February. She previous to this earns approximately $70k a year. We considering starting her SSA benefits which would be approximately $2800 per month. I retired 3 yrs ago and started my SSA benefits when I turned 66 last year and receive $2,160 a month plus my pension plus work part time as a school bus driver. I understand about the earnings test and that for my wife (70,000-50,520 divided by 3 divided by 12) $540 approximately withheld each month. So if we . . . Read More

Category: Earnings Test
Posted: Mar 21 2021 - 9:49am

Should I Be Getting A Portion Of My Mother's SSDI?

I have been receiving SSI since 1995, since I was 21 months old. I'm 27 now and living on my own with my daughter. I recently looked at my benefit letter and saw on there where it says "you are entitled to monthly benefits as a dependent of the wage earner". I don't understand what that means exactly because I'm not a dependent of hers anymore I get $794.00/month for my SSI is that what I should be receiving in the state of Kansas or should I be getting more, or should I be getting a portion of my mother's SSDI? I'm am really confused now because of it saying "you are entitled . . . Read More

Category: Supplemental Security Income
Posted: Mar 20 2021 - 9:41am

Can My Wife Wait To Apply For Spousal Benefits?

I’m confused about spousal benefits. My wife began receiving SS in Feb 2021 at age 62 1/2. I will begin my benefits in April at age 65 1/2. My wife received a letter to apply for spousal benefits. If she takes it does this still allow her to get more of my benefits if I die before her? I just don’t understand the theory behind spousal benefits? Are we able to wait until she’s say 64 to apply for spousal benefits? If she apply snow and the difference is not enough to matter does that application stay active u til it does matter?

Hi. No, your wife couldn't . . . Read More

Category: Spousal Benefits
Posted: Mar 20 2021 - 8:26am

Does It Sound Like I Will Receive My Widow's Benefits?

Have a appt social security for widow benefits was married 1998 to 2008 marriage 1o 4 1998 divorce 1 8 2008 girl told me all I'll need for my appt is marriage certificate and touting number for my bank when they call next month have all needed info on all they asked for does it sound like I will receive my widow's benrfit

Hi. There isn't enough information in your question for me to be able to tell you whether or not you qualify for benefits. It does sound like you meet the 10 year duration of marriage requirement for surviving divorced spousal benefits, . . . Read More

Category: Survivor Benefits
Posted: Mar 19 2021 - 6:06pm

Is There Any Way I Can Now Collect From My Husband's Benefits?

I am 68, my husband of 45 years is 73. I started collecting SS at 63. I applied to collect from my husband's SS because his is a lot higher than mine. My esfimated benefit was $900. What I actually receive is $370. After the fact I was told I should have waited until I was 67 to collect from my husband's SS benefits. Is there a way I can now collect from my husband's benefits?

Hi. You could only qualify for spousal benefits if 50% of your husband's primary insurance amount (PIA) is higher than your own PIA. A person's PIA is equal to their Social Security . . . Read More

Category: Filing Options
Posted: Mar 19 2021 - 10:16am

Will My Friend's Spousal Benefit Rate Be Based On Her Age Or Her Husband's Age?

Asking for a friend who is turning 62 next month, her spouse is 87 and receiving SS benefits. She started working late in their marriage after looking after the family, so her personal benefit will be small if she chooses to start collecting it next month. However, her spousal benefit, if claimed next month, will exceed her personal benefit. Her work income now is fairly high ($100,000+), which will boost the last 10 years of her benefits calculation, if she waits to collect. His current health is tenuous.

Question 1a) Her spousal benefit, if not filed for next month, . . . Read More

Category: Spousal Benefits
Posted: Mar 19 2021 - 9:47am

Will My Widow's Benefits Be Cut If I Receive A Lump Sum State Pension Even If I Have 30 Years Of Social Security Covered Work?

If I received a lump sum state pension but I have worked 30 years under social security will my widow ‘s social security benefits be cut

Hi. If the lump sum state pension is based on your own earnings that were exempt from Social Security taxes, then the answer is almost certainly yes. That's true regardless of how many years of Social Security covered earnings you have. Social Security's Government Pension Offset (GPO) provision states that if a person receives a pension, or lump sum in lieu of a pension, based on their work for a U.S. governmental . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Mar 19 2021 - 8:28am

Can I Draw My Divorced Husband's Social Security?

I am divorced can I draw my husband's social security or do I have to wait until he is deceased

Hi. You can't draw your ex-husband's actual benefits, but you might be able to qualify for divorced spousal benefits on his record. Divorced spousal benefits can potentially be paid on the record of either a living or deceased ex-spouse, provided that you meet the requirements.

To potentially be eligible for divorced spousal benefits on the record of a living ex-spouse, you must be unmarried and at least age 62, your ex-spouse must also be at least age 62 . . . Read More

Category: Divorced Spousal Benefits
Posted: Mar 18 2021 - 5:27pm
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.