Ask Larry: Questions and Answers

Displaying 5311 - 5320 of 10063 questions.

If I File For My Benefits At FRA Can My Wife Draw Half Of Mine And Wait Until Age 70 To File For Her Own Benefits?

Dear Mr. Kotlikoff,
I will be turning 66 in November of 2019. My FRA Benefit will be $2,300/month($27,600/year). My wife will reach her FRA in July 2020 with FRA benefit $2,600/month ($31,200/year).
1. If I file for my FRA Benefit this November, can she claim half of mine and wait till her 70 to get the max?
2. Does she have to wait till her FRA (July 2020) to claim this Spousal Benefit?
3. Does she have to apply for her FRA benefit and suspend it in order to claim the Spousal Benefit?

Thank you so much for your time.

Hi,

. . . Read More
Category: Filing Options
Posted: Jan 14 2019 - 6:50am

What Is The Formula For Computing My Wife's Spousal Benefit If She's Getting A Government Pension?

My wife and I are both retired, She was a Government employee and receives a pension. I am 72 and she is over the FRA. What is the formula for determining her Spousal benefit? Do I subtract two thirds of her pension from my Social Security and she gets the balance, or is the formula different?

Thanks, Rick

Hi Rick,

I'm assuming that your wife's government earnings were exempt from Social Security taxes and that she would therefore likely be subject to the Government Pension Offset (GPO). In that case, if your wife filed for spousal benefits on . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Jan 13 2019 - 9:24am

Would My Aunt Still Be Able To Switch From Receiving Her Benefits To Receiving Her Deceased Husband's Benefits?

My aunt retired after her husband did, and he was already receiving SS benefits. When she retired she applied for her benefits, which were much lower than her husband's. Even though it has been over twenty years, is she still able to switch from receiving her benefits, and begin to receive her deceased husband's benefits?

Hi,

Yes, if your aunt meets the requirements for widow's benefits (https://www.ssa.gov/OP_Home/handbook/handbook.04/handbook-0401.html) she could file . . . Read More

Category: Widow's Benefits
Posted: Jan 12 2019 - 3:04pm

Can You Please Explain Benefit Taxation And The Earnings Test In Layman's Terms?

I'm a retired public safety worker and am currently 59yo and single. I am always reading and trying to stay informed. Presently I receive two public safety pensions that are to my belief not subject to the WEP or GPO. I consistently receive a 3% annual cola from one and do receive sporadic cola's from the other. Because I am not going to be totally reliant on Social security I am interested in receiving my SS benefits at 62 and estimated that I will receive about 73k in pension pay at that time. Further reasons is because of the nature of public safety service am in good to . . . Read More

Category: Taxation Of Benefits
Posted: Jan 12 2019 - 7:02am

Can I Increase My Benefit Rate If I Continue Working Past Age 70?

Hello, Larry.
I am wondering if a worker's social security benefits increase beyond age 70. Do earnings after age 70 figure into the benefits calculations? I was a stay-at-home mom for a number of years during which time I had zero income of my own and am curious as to if it is too late to increase my SS benefit. I will turn 66 this year.

Hi,

Yes, earnings that occur after age 70 can be used to calculate your Social Security retirement benefit rate. Social Security retirement benefits are based on an average of a person's highest 35 years of . . . Read More

Category: Retirement Benefits
Posted: Jan 11 2019 - 10:44am

Does My Annual Earnings Stop Me From Receiving Widow's Benefits?

My yearly income from my job is $32,000.00 a year. Does this stop me from receiving widows benefits?? My husband was 69 years old when he passed away and was drawing his Social Security. I turn 60 this year. Thanks

Hi,

I'm sorry for your loss.

Your earnings are high enough to cause at least some of your widow's benefits to be withheld, but you might be able to draw benefits for part of the year depending on your benefit rate (https://www.ssa.gov/planners/retire/whileworking.html . . . Read More

Category: Widow's Benefits
Posted: Jan 11 2019 - 10:12am

Can A Woman Who Remarried But Is Now Divorced Collect Benefits On The Record Of A Prior Spouse?

If a women was married for 10 years and has since gotten divorced and remarried 2 more times and only the initial marriage lasted 10 years and she's currently divorced can she collect a spousal benefit (whether restricted or because it would be more than her own benefit) on her first husband where it was the only marriage that lasted 10 years?
Thank you

Hi,

Yes, assuming that she meets the other requirements for divorced spousal benefits (https://www.ssa.gov/OP_Home/ . . . Read More

Category: Divorced Spousal Benefits
Posted: Jan 11 2019 - 10:05am

Can You Help Me?

I have been awarded disability June 2018 I am going to be receiving 8 years of back pay my social security office has been working on my case for 7 months and has still not given me the total amount of my award I need toknowhow much this total award is going to be it's going to be a large amount and I need to know what to do with it because I live in housing and I don't want it to become an asset and affect my housing eligibility my social security office is terrible they've given me the runaround can you please help me?

Hi,

I'm sorry, but I don't . . . Read More

Category: Disability Benefits
Posted: Jan 11 2019 - 9:57am

Is My Sister's Husband Blowing Smoke Or Telling The Truth?

My sister, age 79, has always had her SS benefit check deposited to her husband's account. Now that she is separated from him, she would like to have her SS check sent directly to her. Her husband told her that he opted years ago to take a higher benefit amount and that their SS benefits ended Dec 2018, so there will not be any more SS benefits for them. Is he blowing smoke or could he really be telling her the truth? Thank you.
Sincerely,
Michelle

Hi Michelle,

Sounds like smoke to me. Social Security retirement and spousal benefits are . . . Read More

Category: Miscellaneous
Posted: Jan 10 2019 - 8:50am

Should This Husband Apply For Disability Or Retirement Benefits?

Husband has late stage cancer @ 68. Spouse is only 50. Should husband apply for disability or retirement from Social Security? Will spouse has medicare after husband pass away? Regardless of whether husband apply for retirement, spouse should have widows benefit, right?

Hi,

The husband couldn't file for Social Security disability benefits, since those benefit end at full retirement age (FRA). The husband could file for Social Security retirement benefits, but that wouldn't benefit his spouse assuming that they don't have children who could draw . . . Read More

Category: Survivor Benefits
Posted: Jan 10 2019 - 8:25am
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