Ask Larry: Questions and Answers

Displaying 4731 - 4740 of 10063 questions.

Are There Still Changes We Could Make To Our SS At Our Age?

My husband and I are beyond the age of 70 and taking our own SS benefits. At our age, are there still changes that could be made if better options are found?

Hi,

Probably not. Social Security claims are limited to no more than 6 months of retroactivity, so if you did at one time have better options it would likely be too late to change course.

About the only way that either you or your husband could be eligible for additional benefits is if one of you would qualify for spousal benefits and hasn't yet claimed those benefits. You could only . . . Read More

Category: Filing Options
Posted: Aug 5 2019 - 9:38am

Would I Be Able To Draw Higher Benefits On My Deceased Ex-Husband's Record?

I was married to my ex-husband for 28 years before divorcing. I remarried and so did he. He passed away about 8 years later and received SSD and a Veterans disability at the time of his death. Would I be able to draw his higher amount of SS since we both remarried? How can I find out how much that amount would be? I am 63 now and having a lot of health problems and would love to go ahead and retire and enjoy what time I have left.

Hi,

You could potentially be eligible for surviving divorced spousal benefits if either a) you aren't currently married, . . . Read More

Category: Divorced Widow(er) Benefits
Posted: Aug 5 2019 - 9:22am

Can I Get An Increase In My Social Security Disability If My LTD Is Stopped?

If my Long Term Disability is stopped because I turned 65 and I am also receiving Social Security Disability,( which my LTD paid for so I could get), can I check with Social Security Disability for an increase. My LTD was half my income and now I can't pay my bills. Yes, I should have prepared but life happened and originally this was an injury at work. I had no choice but to sign this contract.

Hi,

The amount of your Social Security disability (SSDI) benefit is determined based on an average of a variable number of your highest years of earnings. . . . Read More

Category: Disability Benefits
Posted: Aug 4 2019 - 3:57pm

How Does Your Software Account For Life Expectancy?

I listened to you on Josh Jalinski ...

You make the case to wait 'til 70 ... how do health issues and life expectancy factor into your counsel to 'be patient'?

Of course no one knows when they will die, but based on life expectancy tables, family history, and current health conditions, I expect to die 10 years earlier than average, likely in my early to mid-70's. Longevity isn't in my genes.

As a 63 year old woman, I believe that if I take SS now, I'll have 8 additional years of income. If I wait til 70, I will get a higher check, but for a much shorter . . . Read More

Category: Maximize My Social Security Software
Posted: Aug 4 2019 - 3:40pm

What Is The Best Strategy In Our Situation?

My wife is exactly 3 years younger then me and I intend to start my social security at 66 1/2 when I will receive $3000/mo. I plan to start my wife at 62 where she will receive $750/mo based on her earnings and when I start taking benefits I believe she would receive about $1200/mo based on 1/2 my spousal earning less about 15% for her taking it well before her full retirement age. From what I read that is supposed to be the best strategy. However our situation is complicated because our son who has a disability and is currently on SSI would need to share the 150% (or 180%) . . . Read More

Category: Filing Strategies
Posted: Aug 3 2019 - 4:51pm

Shouldn't I Be Eligible For My Husband's Full Age 70 Rate?

Hello,
I recently applied for my husband's social security. He died in Jan, 2017. At that time I spoke with a SS rep locally in Lowell, who told me I had to wait until I was 66 to collect his full benefit. She even sent me a chart. This also included delayed benefits. My husband retired at 70 to get full benefits.

When I spoke to another rep to begin receiving benefits - am 66 in Sept - he told me the delayed money is only for the worker, does not get passed on to spouse. I would get what my husband would have made at 65, not the deferred. Made no difference that I . . . Read More

Category: Widow's Benefits
Posted: Aug 3 2019 - 8:38am

Did Social Security Make An Error In Calculating My Wife's Rate, Or Am I Misinformed?

I started receiving SS when I turned 70. My current monthly benefit, without deductions, is $3425.50. My wife and I decided she would file at age 62 rather that waiting until her FRA which is 66 years 6 months. Had she waited until her FRA to file, her benefit would have been $1226 ,based on her work record.

When she filed last month the SSA office calculated her benefit as $894.10 on her work record and $48.50 as a wife. For a total of $942. Which she will start receiving in October.

I thought a spousal benefit would be 32.5% of my benefit, $1113.

Did the . . . Read More

Category: Spousal Benefits
Posted: Aug 2 2019 - 6:44pm

Will This Work Out?

Hello,
I'm 68 1/2 and called SS today to start my benefits on 11/19. My wife turns 66 in Nov and applied online for spousal only effective 11/19. Will this work out? When they review my wife's online app, will it coordinate with them knowing I am starting benefits in Nov? Thanks very much

Hi,

If you've previously filed for and suspended your benefits, then it should work out okay. However, if you just filed for your benefits today then I'm not sure if Social Security will coordinate things correctly. A person can't file for spousal benefits . . . Read More

Category: Filing For Benefits
Posted: Aug 2 2019 - 7:51am

How Will My Full And Maximum Benefit Rates Be Affected If I Don't Go Back To Work?

Hello Larry.
1. I will be 64 in October (DOB 10/8/1955) 2. My Full R age is 66y, 2m.
3. I stopped working in October 2018. (I'm ok as I draw from a family real estate LLC that pays me & income taxes)
4. My SSA statement says 2841 Full or 3766 maximum benefit.
If I do not take another payroll based job, how will my Full and Max benefits be affected?
Thank you so much.
sk

Hi SK,

I would need a full list of your lifetime yearly earnings to give you an exact answer. Your Social Security retirement benefit rate is . . . Read More

Category: Retirement Benefits
Posted: Aug 2 2019 - 7:32am

Would Benefits Withheld Due To The Earnings Test Go Back Into My Account?

I am a one-year retiree, age 63. I'm considering returning to full-time employment and I was wondering about suspending social security benefirs. I ju st read your answer about that to another query, but I was wondering what it means that $1.00 out of every $2.00 over the additional income threshold will be withheld from my benefits. What does that mean? Does the money go back into (or remain in) my benefits account, or somewhere else?

Hi,

Any amount of benefits withheld due to the earnings test are simply forfeited. Social Security recipients don't . . . Read More

Category: Earnings Test
Posted: Aug 2 2019 - 7:08am
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