Ask Larry: Questions and Answers | Maximize My Social Security

Displaying 4651 - 4660 of 10063 questions.

Is There Any Way To Go Back And Get Social Security Credits For Previous Years?

I gave everything to our tax man and he did our taxes. I’m 62 now and find out I only got credit for working for 4 of the 10 yrs I worked. Is there a way to go back and get credit, for ss, for some of the last 3 yrs. I’m will ing to pay if nessesary.

Hi,

If you worked for wages and received a W-2 form, your earnings should be posted to your Social Security earnings record regardless of what was shown on your tax return. If you received any W-2 forms that aren't posted to your record and you have sufficient proof of those earnings, you could get . . . Read More

Category: Earnings Subject To Social Security Taxes
Posted: Aug 29 2019 - 4:49pm

Can I File A Restricted Application For Spousal Benefits If I Suspend My Own Benefits?

Hello,
I am 67, my husband is 64. I was born BEFORE Jan 2, 1954. I collect social security benefits, my husband does not. I have suspended my social security benefits once but have since restarted. I have just learned about Restricted Application Social Security, my question - can I suspend my benefits again and participate in Restricted Application benefits?

Hi,

No, you can't file a restricted application for spousal benefits only if you've already applied for your own Social Security retirement benefits, even if you voluntarily suspend your . . . Read More

Category: Spousal Benefits
Posted: Aug 29 2019 - 11:15am

Do You Have Any Advice For Me?

I retired in July 2014 and receive a Federal pension (Dept of State, Foreign Service). I am under a program called the Foreign Service Retirement and Disability System Offset. (FSRDS Offset). Under that system, when I reached 62, my Pension was to be reduced by the amount I was authorized to get from SSA. So contacted SSA to apply for the benefits available to me at age 62 to avoid a reduction in my monthly income. When the State Department did not reduce my pension as expected, I found they had mistakenly put me under the wrong retirement system in 2003 and had not made the . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Aug 29 2019 - 10:45am

How Reliable Are The SS Estimated Benefits?

Hi Larry,
I started taking my SS benefits the month I turned 68, March 2019 (my birthday is 3/1/51). My husband plans to file a restricted application for spousal benefits in September 2019 (his birthday is 9/11/53), with the intent of waiting till he's 70 to file for his own SS retirement benefit.
We've been looking online and have read your book, but still have some questions.

*In general, how reliable are the SS estimated benefit amounts? Does what a person ends up getting from SS often differ from what the SS estimate was? My husband wants to make sure . . . Read More

Category: Miscellaneous
Posted: Aug 29 2019 - 10:24am

Will My Husband's 2019 Income Affect His Ability To Start Drawing Effective With December 2019?

My husband will reach full retirement age in july 2020, He would like to start receiving benefits in january 2020 ( december 2019 ) So if his benefits actually start in december2019 how would his 2019 income effect that? What month should he apply for his benefits ? He will be working until march 2020 , so will his working income for 2020 be ok approximately 12,000 from january thru march 2020? Thank You for your help.

Hi,

In order for your husband to be paid his entire reduced benefit payment for December 2019, either a) his earnings for the calendar . . . Read More

Category: Earnings Test
Posted: Aug 29 2019 - 9:43am

Is It Better To Bonus Additional Money To Me Instead Of My Wife?

My wife and I are late 50s with a Dependent Adult Child. Historically, I have had much higher earnings maxing out in most years. My wife has been in and out of the workforce with lower paying jobs. With a DAC, it seems like our priority should always be maxing out on my SS earnings since our DAC may get 30+ years of those higher benefits (at 75%) after we're gone. While we are all 3 alive, we are likely to be hit with the max family benefit cap if both my wife and DAC are trying to collect. My wife and I now have our own business so we have the ability to pay one of us more . . . Read More

Category: Earnings Subject To Social Security Taxes
Posted: Aug 29 2019 - 9:24am

Is It Worth It For Us To Claim Benefits Now?

Dear Larry: My wife and I were born before Jan. 1, 1954. I am 67, she is 68. Neither of us have claimed social security benefits yet. We currently live off my pension from my job. We both also still work a bit yet and earn a small income per year. She and I both have enough credits to qualify for SS. Currently I have an estimated SS benefit of around 2,000 per month and my wife around 300 per month. My question is: Is it worth it for us to claim a file and restrict benefit now or just wait until we decide to claims SS benefits (mine and spousal) on or before age 70?
. . . Read More

Category: Filing Strategies
Posted: Aug 28 2019 - 11:01am

What Will Happen If My Wife Dies Before Me?

Hey Larry,
I am 69 now. Because I have a small pension, I have been collecting Social Security since age 62. My wife, now 67, retired and started collecting the "restricted benefit" at age 66. Assuming all goes as planned, she will increase her monthly payment by almost $500 when she finally starts collecting from her own account at age 70.
As her Social Security will be much more than mine is now, we know she will be secure after I pass. But if she precedes me, what will happen? Would I get her Social Security amount, which is already much more than mine? Or is my . . . Read More

Category: Widow(er) Benefits
Posted: Aug 27 2019 - 3:08pm

Thank You.

No question, just a "thank you"!

Your advice from 2012, to "File and Suspend" was the best financial information that I have ever received!

When I turned 70-years-old in 2016, the difference in monthly check was about 25%. In addition, I have continued to work full time at my career-high salary, so I receive an increase in my monthly check amount each year.

I have an appropriate Income Tax amount withheld from each month's check and the remainder just goes into a savings account.

Again, thank you!

Hi,

You're welcome! . . . Read More

Category: File and Suspend
Posted: Aug 27 2019 - 3:06pm

Would It Be Smarter Financially To Not Work At All?

Hi Larry, my question is along the lines of an earlier one with a slight twist. I retired early (age 48) from a well-paying job (around 100K/year for the last five years of work), so didn't have 35 total years in the workforce. I'm now 52 and took a part-time, minimum wage job as a AVID Tutor not because I need the money, but because I want to give back for my education. Will this low-paying job reduce my Social Security Benefit when I take the retirement benefit (planned at age 67)? Would it be smarter financially to not work at all? Thanks!

Hi,

It . . . Read More

Category: Retirement Benefits
Posted: Aug 27 2019 - 2:56pm

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