Ask Larry: Questions and Answers

Displaying 5511 - 5520 of 10063 questions.

What Strategies Would You Advise For Me?

I will be retiring May 2019 after working 31 years for the State if Oklahoma and will be 56 years old. If I choose not to work after retirement, how will this affect my social security?

Can you advise me on some strategies (including going to another job) that I may want to consider?

Hi,

Your Social Security retirement benefit rate will be based on your highest 35 years of wage-indexed earnings (https://www.ssa.gov/pubs/EN-05-10070.pdf). If you only end up having earnings in 31 years, 4 . . . Read More

Category: Retirement Benefits
Posted: Oct 24 2018 - 3:01pm

Is There An Online Equivalent To Form SSA-2-BK?

I will be 66 years old in January, 2019. I would like to file for Spousal Social Security benefits, collecting one half of my husband's benefit and waiting until I am 70 years old to collect on my own earnings record. I plan to file online, and following your recommendation to specify in the "remarks" section to "exclude retirement benefits on my own record from the scope of this application." My question is: Is there an equivalent form to SSA-2-BK when filing online? I only see the one application form. Please advise.

Thank you,
Doris

Hi Doris . . . Read More

Category: Filing For Benefits
Posted: Oct 24 2018 - 2:45pm

Will My PERA Retirement Reduce My Spousal Benefits To Nothing?

I am currently 66 and started collecting my deceased ex-spouses social security benefit at full retirement age (December 2017). He has been deceased for 9 years and we were married 30 years. It is $1,656.00 per month. I also worked for over 20 years and paid into social security, but mine was only going to be $786.00 per month. I have worked for a school district for almost 25 years and have not paid into social security but into PERA. My question is: Will my PERA retirement reduce the spousal benefits to nothing? Is there anything else that factors into this? Will Social . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Oct 23 2018 - 4:53pm

Does This Information Change Your Answer?

Thank you Larry for answering my question. I'm not sure why I would fall under the WEP if I paid into the national health system to qualify for a pension in the UK and Canada Pension Plan). I've paid what I needed to in order to get a pension and also social security in the USA. I'm sorry if my question was misleading, I saw an answer on your website mentioning something about working for the government, and may have given the impression I didn't pay the required amounts from my wages. In all cases, I have always had drawn from my wages the required amounts.

Does this . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Oct 23 2018 - 4:30pm

Does Your Software Allow The User To Consider The Impact On IRA Withdrawals?

I'm thinking of purchasing your software. Does the software allow the user to consider the impact on IRA withdrawal? More specifically, taking social security benefits (possibly earlier than FRA) allows one to withdraw LESS from their tax deferred IRA account. This (the IRA) being a primary source of income in retirement could allow more money to stay in the market. Does your software allow you to run scenarios with IRA withdrawals in mind? A retiree certainly wants to maximize their social security benefit but also minimize the impact of their IRA. A maximized social security . . . Read More

Category: Maximize My Social Security Software
Posted: Oct 23 2018 - 4:17pm

What's The Maximum Amount I Can Receive In Wages When I Turn 62?

What is the maximum amount I can receiving in wages when I turn sixty two?

Hi,

I assume you want to know how much you could earn and not lose any Social Security retirement benefits if you start drawing at age 62. If so, in 2018 the annual amount is $17,040, but that amount will rise to $17,640 in 2019. There's also an alternate monthly earnings test that can allow people to draw benefits for some months even if their annual earnings exceed Social Security's limits (https://www.ssa.gov/planners . . . Read More

Category: Earnings Test
Posted: Oct 23 2018 - 9:47am

If You Start Drawing Social Security At 62 Or 64 Can You Stop And Pick It Back Up At 66 Or 67?

if you start social security at 62 and at 64 you decide that you want to work can you stop it and pick it back up at 66 or 67

Hi,

If you start drawing reduced benefits prior to your full retirement age (FRA), you can't voluntarily suspend your benefits until you reach FRA. Your benefits could be involuntarily suspended, though, if you return to work prior to FRA and earn more than the Social Security earnings test exempt amount (https://www.ssa.gov/planners/retire/whileworking.html . . . Read More

Category: Earnings Test
Posted: Oct 23 2018 - 7:48am

What Options Are Available For Us?

My husband, age 63, is collecting SSDI, $2032 per month. i am about to turn 60, still working . My estimated SS benefits are 1540 at FRA, and $2059 at age 70, although I do plan an working fewer hours after age 64, possibly cutting my income by 40%. What options are available for us? I have just purchased your book, but the information is overwhelming. Thank you for your help!

Hi,

Since you were born after January 1 1954, you will be deemed to be applying for your own retirement benefits if you apply for spousal benefits, so there's no way that you . . . Read More

Category: Filing Strategies
Posted: Oct 23 2018 - 7:29am

What Can I Do About The Reduction In My Benefit Rate?

Hi Larry,
When I first applied for Social Security I completed the application online but had to go into the local office because I mentioned my UK pension. I had only just qualified for the UK pension with a total of 10 years working in the UK and Canada. The remainder of my work life was in the USA. The local office told me they had to reduce my social security payments because of my UK pension. I never felt comfortable about that - after all, I'd paid into the system whether here or in the UK or Canada. I have never worked for a government agency, so I don't understand . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Oct 23 2018 - 7:14am

Will I Receive My Four Delayed Retirement Credits If I File For My Benefits Effective With January 2019?

Hi Larry. I am currently collecting divorced spousal social security since September 2018. My FRA was 8-1952.

My question is: If I decide to start my own social security with January 2019 as the start date, will I receive my social security amount from 8-2018 or will the 4 delayed credits be included in the January 2019 payment.

It would be good to have the 4 delayed credits included in the Jan.2019 payment instead of waiting for a recalculate of the 4 delayed credits at some time in the future. Thank you for your help and advise.

Hi,

. . . Read More

Category: Delayed Retirement Credits
Posted: Oct 22 2018 - 11:53am
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