Ask Larry: Questions and Answers

Displaying 4681 - 4690 of 10063 questions.

Is It Correct That The 35 Best Years Of Earnings Are Calculated Starting From Age 22?

Hi Larry, I remember reading somewhere that the 35 best years of Social Security earnings are calculated starting from age 22. Is this right? I did the work sheet for my age and I actually had a couple years prior to age 22 that were in my top 35 once they were adjusted with the multiplier. It wasn't much but a few dollars and when I signed up for benefits at the Social Security office they didn't account for these years on their computer simulation compared to my work sheet. What would Larry do in this situation....can I contest it or is this even true? To make it more . . . Read More

Category: Miscellaneous
Posted: Aug 22 2019 - 10:03am

Is There A Maximum Amount You Can Receive From Social Security?

I am 66 and currently have a retirement of around $43,500 with SSA at age 70 if I continue with the same income. I plan on working until 70. Is there a maximum amount you can Receive from SSA? It seems to max out at $45,000 per year. Or if I increase my salary will I be able to receive more than $45,000 per year?

Hi,

Not really. There is a maximum possible benefit rate that you could qualify for, but that maximum is only temporary and is different for each year of birth. To explain, a person's base benefit rate is their primary insurance amount (PIA . . . Read More

Category: Retirement Benefits
Posted: Aug 22 2019 - 9:28am

Can DAC Benefits Be Reduced If The DAC's Parent Files At Age 62 And Continues Working?

I understand that DAC benefit amounts are based on Parent PIA at full retirement age. What if parent (mom) begins drawing retirement benefits at 62 but still works and her payment is offset by the income, does adult child's DAC get reduced? Thank you for your work in this area helping families.

Hi,

Yes, if a person is below full retirement age (FRA) and works and earns more than the Social Security earnings test exempt amount (https://www.ssa.gov/planners/retire/whileworking.html), . . . Read More

Category: Disabled Adult Child Benefits
Posted: Aug 22 2019 - 9:20am

Do The Payments That My Wife Previously Received As A Survivor Affect Her Claiming Her Own Benefits Or Spousal Benefits?

Larry, My spouse received spousal survivor benefits (with child) nearly 30 years ago from a former husband's passing. Do those payments in any way affect her claiming either her own SS or spousal SS on my now that she is arriving at full retirement age? Thanks.

Hi,

No, but if you and your wife married after she reached age 60 she could potentially claim benefit on her deceased husband's record. You and your wife may want to strongly consider using our software (https://maximizemysocialsecurity. . . . Read More

Category: Filing Options
Posted: Aug 21 2019 - 4:15pm

Do I Qualify For Spousal Benefits?

Hi Larry, i am 62 and i am receiving SS now. My husband is 59 and he is receiving SSDI do i qualify for spousal disability benefits on his account

Hi,

Possibly, but you could only qualify for spousal benefits if 50% of your husband's full Social Security disability (SSDI) benefit rate, which is equal to his primary insurance amount (PIA), is higher than your PIA. Your PIA is equal to the amount that your Social Security retirement benefit would be if you had waited until your full retirement age (FRA) to start drawing.

For example, say Sally . . . Read More

Category: Spousal Benefits
Posted: Aug 21 2019 - 4:06pm

When Can I File And What Does A Filing Date Refer To?

My question concerns specific details surrounding filing dates for spousal only benefits. My birth date is 11/22/53. My wifes date is 12/22/53. Since we were both born before 1954, I would like to claim spousal only benefits when we both reach FRA later this year, and have her claim her full benefit at age 66 in December. My understanding is that I must wait for her to file first, since I turn 66 exactly one month before her. My specific question is, at what date can I file, and when they refer to a filing date, is that the effective date that I request, or the date of my . . . Read More

Category: Filing For Benefits
Posted: Aug 21 2019 - 3:48pm

Is There A Special Form For Filing For Waiver Of An Overpayment?

I filed for retirement benefits in 2017 at 62. I stopped them four months later and paid back all monies. This July 2019 I saw $4,720 was placed in my checking account from the Social Security. A few weeks on Aug. 3rd another payment of $620 was directly deposited. I looked on Mysocial security online page and I saw a benefit letter showing how much I would make if I retired at different dates, etc. Also, that I was being paid $620 a month. I called the Social Security office and asked what was going on and they said, I was receiving benefits on my ex-husbands account (married . . . Read More

Category: Miscellaneous
Posted: Aug 21 2019 - 3:16pm

Will WEP Reduce Our Benefits When I Reach Age 70 Or When I Started To Collect The Non-Covered Pension?

Hi Larry, prior to April 30, 2016, I filed and suspended my benefits until age 70 while my wife filed restricted application for spousal benefit. My wife collects spousal benefits, and recently I started to collect non-covered pension benefits. Will WEP reduction reduce our benefits when I reach age 70 or it will apply on the month when I started to collect non-covered pension?

Hi,

Any reduction in your benefit rate caused by the Windfall Elimination Provision (WEP) would take effect with the first month of your entitlement to the non-covered pension . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Aug 21 2019 - 9:52am

Can I Apply For Spousal Benefits At Age 67?

My husband became disabled at 48 and had been on SSDI. I became disabled at 55 and collected STRS, then at 59 got my own SSDI of only $335. At 67 can I apply for spousal SS benefits? I reduced my benefits with STRS to give him some income if I died, which it seemed likely at the time.

Hi,

I don't have enough details about your status to know if you'd actually be able to draw any spousal benefits. It sounds like you'd meet the eligibility requirements for spousal benefits if you're age 62 or older, but only if 50% of your husband's primary insurance . . . Read More

Category: Spousal Benefits
Posted: Aug 20 2019 - 3:19pm

Can My Husband Get His Social Security Even If I'm Still Working?

If I am 53 and my husband is 62 and he wants to retire, can he get social security even if I am still working?, is he affected because I am still working? How does that work with our age difference? I don't plan to retire until I am 65 or so but he wants to retire now at 62. Or can he receive his benefits at a reduced amount and I still continue to work until I am 65 and not 67?

Hi,

Yes, he could. Your earnings would have no effect on your husband's ability to draw his own Social Security benefits. The difference between your ages and your planned . . . Read More

Category: Filing Options
Posted: Aug 19 2019 - 5:42pm
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