Ask Larry: Questions and Answers | Maximize My Social Security

Displaying 4471 - 4480 of 10063 questions.

What Effect Will My Work Have On My Wife's Options?

Hi Larry. I currently collect my social security as I have reached FRA and I still work full time. My wife is semi retired and is 63. By the time she reaches her FRA and by me collecting now, what affect will this have on her at that time if any. I still plan on working for a least another year.

Hi,

If your wife files for benefits at her full retirement age (FRA) she'll receive the higher of a) her own primary insurance amount (PIA) of b) 50% of your PIA. A person's PIA is equal to their Social Security retirement benefit rate if they file at FRA. . . . Read More

Category: Spousal Benefits
Posted: Oct 10 2019 - 6:27am

Can I Pay In To Get Credit For Past Years In Which I Was Self-Employed?

I am self employed. I have not paid into the social security system in many years. I think since 1997. There were about two years in between that I paid but no more. My question is can I pay in to bring them up to current where they should be??

Hi,

The only past years for which you could now report self-employment earnings and have them credited to your Social Security record are 2016, 2017, and 2018. Years prior to that are barred from correction by the Statute of Limitations unless an exception is involved ( . . . Read More

Category: Self-Employment Earnings
Posted: Oct 10 2019 - 6:14am

Do You Consult With People Individually?

I consider myself to be financially illiterate, and I just read your book. I took notes and tried very hard to understand it, but there's so much I missed. I'm 60 years old, and I can use someone to put together a flowchart for me of my options over the next 10 years. I'm approaching either a lifelong separation or separation and eventual divorce, so I'll have to consider all my options. Do you consult with people individually, or do you know of someone who does? Thanks.

June

Hi June,

Yes, we offer an expert review software option that includes . . . Read More

Category: Maximize My Social Security Software
Posted: Oct 9 2019 - 8:18pm

Can I Suspend My Benefits When I Reach Full Retirement Age?

I am 62 and have been drawing Social Security Disability for more than 7 years. When I reach full retirement age can I suspend my Social Security until Age 70 to increase my check amount.

Hi,

Yes, you can, and if you do so you'll increase your subsequent benefit rate by 2/3rds of 1% for each month that you suspend your benefits between full retirement age and age 70. Just to be clear, though, you couldn't receive Social Security disability benefits or any other type of Social Security benefits while your benefits are suspended, so you won't receive . . . Read More

Category: Delayed Retirement Credits
Posted: Oct 9 2019 - 8:10pm

Should Additional Earnings Be Posted To My Social Security Earnings History?

On my summary of earnings, 6 years (1892-1989) that I was teaching full-time in Humble Texas, are recorded as $0. Someone at social security said in in Texas you could opt out, or collect the social security earnings, when you left the job. Is this possible and if so, I am certain I did NOT authorize this, but am quite certain my ex husband would have taken the money out in a heartbeat. We regrettably were still married then. Is there anything I can do to have those earnings reinstated as they will fall within my highest 35 years of earnings. Thanks!--LL

Hi . . . Read More

Category: Earnings Subject To Social Security Taxes
Posted: Oct 9 2019 - 7:54pm

Can My Wife Choose To File Based On Either Her Own Work History Or On My Record?

If my Japanese wife draws both us and Japanese social security . She has worked in the united states for 20 years and is one year older than me. Her us social security is about $120 more on her own work record than if i claimed her on my social security as a spouse. Can she choose her work history which is higher or can she choose a lower about as on my work history as a spouse? All this to avoid WEP tax . We have not filed for US social security yet . Please advise

Thank you
Joe

Hi Joe,

First of all, WEP (Windfall Elimination Provision . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Oct 9 2019 - 1:02pm

Should I File For A Restricted Benefit When My Wife Retires?

I would like some insight as to the best strategy for my wife and I for social security. I'm currently 68. my wife will be 66 on jan. 3 2020. I have not filed for social security yet. should I file a restricted benefit when she retires and how do I do it? thankyou ray

Hi Ray,

It sounds like you could file a restricted application for just spousal benefits only when your wife files for her benefits, but whether or not that's the best overall strategy for the two of you depends on a number of different factors. You and your wife should strongly . . . Read More

Category: Filing Options
Posted: Oct 9 2019 - 12:52pm

Is My Understanding Correct?

Hi Larry, I turn 67 on 27 December this year. If I file for Social Security in January 2020, my understanding is that I will get 8% additional due to DRC's. 1st question: Is my understanding correct? By filing in January, will I also get an additional 0.67% the following January due to earning a month's worth of DRC by filing in January of 2020? Similarly, if I waited until February of 2020 to file, meaning my first check comes in March, would I have earned an additional 2 months of DRC's that would be applied the following January automatically to my social security benefit? . . . Read More

Category: Delayed Retirement Credits
Posted: Oct 9 2019 - 12:34pm

How Long Do We Have To Wait To Apply For Spousal Benefits?

My husband turned 66 last July and I (his wife) turned 66 last June. We want to take advantage of the restricted application. Once one of us applies for their full retirement benefits, how long do we have to wait until the other spouse applies for their spousal benefit? Do we have to wait until one of us is actually receiving their full retirement benefits? Or can we apply for full and spousal benefits at the same time online?
Thank you.

Hi,

You and your husband could potentially file your applications on the same day, either online or by phone . . . Read More

Category: Filing For Benefits
Posted: Oct 9 2019 - 12:21pm

Will My Wife's Spousal Rate Be 50% Of My Full Retirement Age Rate Or My Age 70 Rate?

Hi Larry. My wife and I were both born in 1953 (ages 66). If my wife applies for her full SS retirement benefits off her record now, and then switches and applies for higher spousal benefits (50% off my record when I file for delayed retirement benefits at age 70, will her spousal benefit then be 50% of my retirement as calculated at my full retirement age of 66 (I'm not retiring then) or will her benefit be 50% of my delayed retirement benefit as calculated at age 70 when I retire? At present after she files for her retirement benefit off her record can I now file a restricted . . . Read More

Category: Filing Strategies
Posted: Oct 9 2019 - 12:02pm

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