Ask Larry: Questions and Answers | Maximize My Social Security

Displaying 5421 - 5430 of 10063 questions.

How Can I Determine The Cost Of Getting Remarried Before Age 60?

Hi Larry,

I’m a 56-year-old widower – had been married for 23 years -- and trying to determine the financial cost of getting re-married before I turn 60.

My plan was to begin collecting at age 60 my widower benefit. It would be about $2,000 a month before it’s reduced by 28.5 percent because I’m claiming early, yielding about $1,400. (Is this correct?) Then, at age 70, I would claim my own benefit, which will be higher – about $2,900 per month.

I’m self-employed and expect that some (most?) of the widower benefit would be lost to the earning’s test – my . . . Read More

Category: Filing Strategies
Posted: Nov 29 2018 - 11:34am

Does Your Calculator Include SSDI For Disabled Child Calculations?

Does the calculator include SSDI for disabled child calculations? Will they be based on the higher earning parent only or will the benefit change once both parents retire?

Hi,

Yes, our calculator can compute both Social Security disability benefits (SSDI) and disabled adult child's (DAC) benefits, as well as the combined benefit rate if a person qualifies for both types of benefits (i.e. dual entitlement). A person who is dually entitled can only draw the higher of the 2 benefit rates, though, not both.

A child can only qualify for DAC . . . Read More

Category: Maximize My Social Security Software
Posted: Nov 28 2018 - 3:33pm

Why Don't I Get More Of My Deceased Husband's Social Security?

Retired after 23 yrs, husband is deceased, retired Major Airforce, have DD214 forms, divorced after his retirement, he as in intellengence at Pentagon, I only get 83.00 mthly SS from him, we were married 23 years, why do I not qualify any more of his SS, I checkd with SS here with no answer?

Hi,

I'm sorry for your loss.

I don't have enough information about your case to give you a definite answer, but if you're receiving a government pension based on your work and earnings that were exempt from Social Security taxes then your widow's benefits . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Nov 28 2018 - 3:09pm

What Happens To My Benefits If I Remarry?

Hi I am 65 and collecting off my ex husbands record. Now if I remarry what happens to my benefits and can I switch to my new husbands record and when?

Hi,

If your ex is still living, your divorced spousal benefits would be terminated if you remarry unless your new spouse is also receiving Social Security dependent benefits (https://secure.ssa.gov/apps10/poms.nsf/lnx/0300202045). If your ex is deceased, though, you could continue to receive your surviving divorced spousal benefits . . . Read More

Category: Divorced Spousal Benefits
Posted: Nov 28 2018 - 2:54pm

Is It Possible To Create An LLC S Corporation If I'm Getting Early Social Security Benefits?

Am 64 and began receiving early retirement benefits at 63.Is it possible to create a legal business entity such as a LLC S corp that will not affect monthly benefits?? Thank you

Hi,

Forming an LLC Subchapter S corporation wouldn't affect your benefits in and of itself. However, your benefits could be subject to full or partial withholding prior to your full retirement age (FRA) depending on how much you earn (https://www.ssa.gov/planners/retire/whileworking.html). And, if you . . . Read More

Category: Miscellaneous
Posted: Nov 28 2018 - 2:46pm

Will My Daughter Always Get Benefits From My Record Regardless Of How Much She Earns?

I just began receiving SS retirement benefits. My daughter is on SSDI (she has been disabled since birth) and has been added to my record. She has a job and is currently in her Extended Period of Eligibility where her average earnings have a monthly limit.. My record awards her $1249/m, with $756 will coming from her own SSDI record and the remaining $493 coming from my retirement record. My question is, now that she is on my record, if she earns above her monthly limit and losses her SSDI eligibility will my record cover the money she lost when she lost her SSDI? In other . . . Read More

Category: Disability Benefits
Posted: Nov 28 2018 - 2:09pm

What Can I Do?

i took a early retirement because i needed the money to make ends meet my husband is disable and gets benfits so i get some from his not much and not much from mine then i have insurance through them which takes out 139.00 a m0nth then 30.00 a month for over payment its really getting hard for me to work but i dont know what to do.

Hi,

I wish I had an answer for you, but Social Security is my only area of expertise and it sounds as though you're already drawing all of the Social Security benefits for which you're eligible. I can't be certain of that . . . Read More

Category: Miscellaneous
Posted: Nov 27 2018 - 3:04pm

When Should I File And Suspend So That My Wife Can Apply For Spousal Benefits?

Hi Larry. Get What's Yours is an excellent resource. I am a Canadian, worked in the US, and eligible for US SS. You book is the first time I learned about spousal benefit and survivor benefit. And, I totally get that I max out my PIA via DRC to age 70yrs. But I have two questions. My situation: born in 59 (FRA 66y10m); wife is 8 months younger and has no USSS PIA; I was disabled in 2003 (a US W2 year) and generated insurable earnings/W2s in 3 years following accident. Two things remain unclear for me. 1) Do I apply and suspend at 66y2m, so my wife can apply for spousal benefits . . . Read More

Category: Filing Strategies
Posted: Nov 27 2018 - 10:33am

Is It Really Worth It To Delay My Application?

Urgent because I am so broke. My birthday is Dec. 30 and I'll be 63. I'm putting in for early benefits. Is it really worth it to delay my application for that 5%? Do they prorate the previous year so that I get at least some of the higher benefit--or am I treated the same as if I applied on my birthday at 62.

This really is urgent because I can't keep up with my rent and need cash ASAP.

Signed,

Just another American "Hero"

Hi,

The reduction percentage applied to your retirement benefit rate if you file between ages 62 & 63 is . . . Read More

Category: Filing For Early Retirement Benefits
Posted: Nov 26 2018 - 4:30pm

Can I Still Draw Widow's Benefits If I'm Working?

I just turned 60 and my husband passed away and he would of been 71 this year. Can I draw widow benefits from social security now. If so what happens when I am at full age to retire. I currently work and can I still draw widow benefits

Thank you

Hi,

I'm sorry for your loss.

It sounds like you'd potentially qualify for widow's benefits, but some or all of your benefits could be subject to withholding depending on how much you earn. Basically, you'd lose $1 of benefits for each $2 that you earn in excess of $17,040 this year, and $1 for . . . Read More

Category: Widow's Benefits
Posted: Nov 26 2018 - 4:14pm

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