Ask Larry: Questions and Answers | Maximize My Social Security

Displaying 5291 - 5300 of 10063 questions.

What Would You Do If You Were In Our Shoes?

Hi Larry,
My wife and I are still working and planning to retire soon. She is 66 and I will soon turn 69. My goal was to wait until 70 so as to be entitled to the maximum allowable benefit and have my wife, at the same time file for a restricted spousal benefit. The intent is for her to take the spousal benefit until she turns 70. The unknown is whether social securitiy will have the funds to pay us for our patience (if everyone gets haircutted when the trust funds is empty, so be it). However, the more troubling unknown what sort of fix might Congress impose. Our . . . Read More

Category: Filing Strategies
Posted: Jan 17 2019 - 3:44pm

Should I Receive A Notice If My Benefits Are Due To Be Reinstated?

I had my benefits suspended about three years ago. I just turned 70 last week. I understand my benefits should start next month automatically. However, I have not received any notification or see any information in my account "online" about payment next month or the amount of benefits..
Am I not to receive any notification or it should not be showing "online" in my account?
Can you please provide tell me if this is normal? What should I expect?
Thanks.!

Hi,

I'm not sure what if any notice you can expect to receive from Social . . . Read More

Category: Suspending Retirement Benefits
Posted: Jan 17 2019 - 3:33pm

Should My Wife File For Her Benefits At Age 62?

Due to health conditions I began drawing SS Benefits at age 62, I'll be 64 this July. My wife will be 62 in June of this year and works part-time. We have a small business that we have operated at a modest profit for 10 years, sales are growing and we plan to continue to expand. I draw $1581 per month my wife would qualify for $650 a month SS on her work record at 62. We aren't sure if she should start drawing benefits early, she wants to continue working part-time and we'll also operate the business. We used most of our savings when I couldn't work so getting cashed up is . . . Read More

Category: Filing Strategies
Posted: Jan 17 2019 - 11:01am

Is Social Security Taxed Differently If You're A Green Card Holder Living Outside Of The U.S.?

Is SS taxed differently if you are a green card holder and living outside of the U.S.?
How is SS affected if the green card expires?
Are the answers different if the person has no work record and receives SS from a U.S citizen spouse's record?
What happens if the spouse dies and the person is not a citizen and lives outside of the U.S.?

Hi,

My expertise is limited to Social Security benefits, and taxation of Social Security benefits is an Internal Revenue Service (IRS) provision. So, I'm unable to fully answer your questions. . . . Read More

Category: Miscellaneous
Posted: Jan 17 2019 - 10:40am

How Do I Find The Best Way To Receive SS And Teacher's Retirement?

How do I find the best way to receive SS and my unprotected teacher retirement? I am about to turn 66 and I work full time paying SS at my current job.
I plan to file a restricted application to receive the 50% of my ex-husband's SS, and file for my own SS at age 70. The question I have is about my small teacher retirement from when I taught for 12 years and that was about 20 years ago - I can start taking the monthly amount but it was untaxed so I don't want my SS to have the GPO. But I'm not sure what to do to minimize WEP when I do start my teacher retirement at 70. I . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Jan 17 2019 - 9:48am

Am I Locked Into Retiring At Age 70 Because Of What I Wrote In The Remarks Section Of My Application For Spouse's Benefits?

Dear Larry,

I will turn 68 near the end of March this year. My wife turns 69 in February (next month). She (b. 1950) filed for benefits at FRA in Feb 2016. She currently receives $428/mo. I (b. 1951) filed for spousal benefits at FRA in March 2017.

At my FRA in Mar 2017, I delayed retirement benefits and wrote in the remarks section: "I wish to restrict the scope of this application to spousal benefits only. I am not filing for my retirement benefit. I want my retirement benefits to start on my 70th birthday."

I receive $214/mo for the spousal benefit. I . . . Read More

Category: Filing Options
Posted: Jan 17 2019 - 9:36am

Can I Get Social Security Survivor Benefits If I'm Receiving Railroad Retirement?

My ex husband passed away in 2017 at age 67. He was collecting social security benefits. we were married almost 14 years. I have never remarried. I currently receive railroad retirement benefits. I understand that I may be entitled to receive some of his SS benefits as well. is this true ? if so, who do I contact ? SS or RRB? would my RRB benefits be reduced ?

Hi,

Possibly. Social Security survivor benefits can be paid to qualifying ex-spouses if they are at least age 60 and meet the other requirements ( . . . Read More

Category: Railroad Retirement & Social Security
Posted: Jan 17 2019 - 9:25am

Does The Fact That I Took My Benefits Early Affect My Total Benefit Rate?

I was under the impression that my social security benefit would be automatically adjusted to be half my husband's. Would the fact that l took mine a year early affect that, or did l misunderstand?

Hi,

Yes, if you start drawing your own Social Security retirement benefits before full retirement age (FRA) you're stuck with the resulting rate reduction even if you later become entitled to an additional spousal benefit.

For example, say Jane starts drawing her retirement benefits at age 64. Jane's full retirement age rate, or primary insurance . . . Read More

Category: Spousal Benefits
Posted: Jan 17 2019 - 8:28am

How Do We Apply And Receive Benefits From WEP and/or GPO?

How to apply and receive benefits from WEP and/or GPO? We both retired from eleven years of working for Louisiana state departments in 1996. We are both 90 years old. Thank you, Nicholas

Hi Nicholas,

I'm not really sure what you're asking, and I'm unable to give you any advice without a lot more information. WEP (Windfall Elimination Provision) and GPO (Government Pension Offset) are not types of benefits, however, if that's what you're thinking. Instead, they are provisions in the Social Security regulations that can result in lower Social Security . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Jan 17 2019 - 7:18am

If I File For Benefits Do I Have 12 Months To Change My Mind?

Dear Larry,

I turned 66 in October and my husband turned 68 in October. His Social Security benefits are almost twice what mine are. Neither of us have filed for Social Security benefits yet, but due to a change in our financial circumstances, it might be necessary. In fact, I have an appointment with SS on this coming Friday to begin the process. However, before doing so, I want to ask you a few questions first.

1. If I file for my benefits to begin, do I have 12 months to change my mind, as they tell me, as long as I can return all the money I have received? . . . Read More

Category: Filing Options
Posted: Jan 16 2019 - 12:36pm

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