Ask Larry: Questions and Answers

Displaying 5581 - 5590 of 10063 questions.

Will I Be Able To Max Out With A Good Amount Of Money?

I was arrested on April 2003 for 15 years, Released on April 23, 2018. I have applied at social security on July 2018. I am 74 years old, will I be able to max out with a good amount of money? As of right now I am having a problem getting my social security.

Hi,

If you have at least 40 quarters of Social Security coverage (https://www.ssa.gov/oact/COLA/QC.html) then you should qualify for Social Security retirement benefits. I would have no way of knowing how much you could receive, though, without . . . Read More

Category: Retirement Benefits
Posted: Oct 1 2018 - 5:07pm

Should I Be Taking My Husband's Benefits Now?

I have been collecting SS disability since 2012 (at age 56) at $1293 a month. My husband was still working at the time. He got cancer at 64 in 2015, filed for SS in April of 2016, when he stopped working. When his condition became terminal, he filed for SS disability, received two payments and passed away in December of 2015. My benefits were more than his.

I have just turned 62, and am still on disability. I am wondering if there is anything I can do to maximize my benefits? Should I be taking his benefits now? Will they grow if I wait until my full retirement age of 66 . . . Read More

Category: Widow's Benefits
Posted: Oct 1 2018 - 4:22pm

Should I File For My Own Benefits Now And Then Switch To My Husband's Record At FRA?

Hi, Larry.
My dear husband passed away about a year and a half ago at the age of 61. He was still working and had not filed for Social Security. I just turned 65 and am still working. My SS at FRA or even at 70 will in all likelihood never be as much as my husband's.
My understanding is that I can receive his full SS at my FRA which will be next August. It is also my understanding that because he has passed away, his account will never grow with passing years (as mine might if I delay taking it until age 70) so there is no point in delaying beyond my 66th birthday. . . . Read More

Category: Filing Strategies
Posted: Oct 1 2018 - 10:40am

Can I Collect My Own Benefits Now And Later Switch To Spousal Benefits If It's Higher?

I read your book and enjoyed it. One basic question: I understand that if I claim spousal benefits, because of deeming (I'm not grandfathered), I'm also deemed to be filing for my own benefits. How does it work if I file for my own benefits before my spouse is even entitled to file for her benefits (say she is 61). Or, alternatively, if she is entitled (say she is 62) but hasn't yet because she's waiting until 70. Can I collect my own benefits now, and later switch to spousal benefits if it's higher? In other words, I understand deeming when I claim spousal benefits, but what . . . Read More

Category: Filing Options
Posted: Oct 1 2018 - 6:12am

Can I Get Both Social Security And My Husband's Spousal RR Pension?

I have been told I could not get both SS and my husband;s spouse RR pension. Now I hear that has been reversed and I can now have both? Can you help with this?

Hi,

If you file for both Social Security (SS) benefits and for Railroad Retirement (RR) benefits, what you would receive is a) the higher of your SS benefit or your tier 1 RR benefit rate, plus b) any tier 2 RR benefits for which you qualify. Thus, there's no way that you could get both benefits in full at the same time.

Our maximization software can help you determine your best . . . Read More

Category: Railroad Retirement & Social Security
Posted: Sep 30 2018 - 2:20pm

Can I Collect My Deceased Husband's Social Security Plus My Own Pension?

My husband passed away nine years ago. I am 53 and would like to retire within the next 3-4 years but I will only receive about half my current income after I retire. Can I apply to collect my deceased husbands social security benefits plus my own pension when I do retire

Hi,

I'm sorry for your loss.

Assuming that you're referring to receiving Social Security benefits on both your own record and your husband's record, the answer is no you couldn't receive both benefits at the same time. If you file for both your own Social Security . . . Read More

Category: Filing Options
Posted: Sep 30 2018 - 2:06pm

Does Social Security Use The $17040 Exempt Amount AND Hours Worked If You're Self Employed?

Earnings Test: Are they using earning exempt amount of $17,040, AND hours worked if you are a self employed 1099, even if you made under the earnings limit of $17,040 so far in 2018 ? Like you mentioned I believe Earning limit only test if below $17,040. Why is there so much mis information out there ? They never mention where they found this self employment rule. I think this is the rule which applies if you are over $17,040 , not under.

Below is what an article I found on the web states:
If you are self-employed and you claim early retirement benefits from Social . . . Read More

Category: Earnings Test
Posted: Sep 29 2018 - 5:56am

Will I Be Able To Get Back On Disability If I Find Out That I Can't Work?

I am 55 and I have been receiving Social Security Disability since 2013. I recently had carpal tunnel surgery and weight loss surgery and I'm at a point where I would like to try to go back to work but my disability benefits are only $485 a month after medicare payment. I'm assuming I will lose that amount which if I go back to work isn't a big deal but will I be able to get my disability when I am older or if I find out that I can't work still.

Hi,

The full answer to your question is somewhat involved. If this would be the first work you've done . . . Read More

Category: Disability Benefits
Posted: Sep 29 2018 - 5:25am

Can I Go Back To Social Security And Claim Benefits Off Of My Ex-Husband's Record?

I retired at 62 because of anxiety, etc. My ex-husband (married 19 yrs) turned 62 two months ago. Can I go back and collect off his SS? He is still working.

Thanks

Hi,

You couldn't go back and collect divorced spousal benefits instead of your own retirement benefits, but you could potentially file for additional benefits on your ex's record. However, if your ex is still working and isn't yet drawing his benefits you'd need to have been divorced for at least 2 years in order to potentially be able to draw divorced spousal benefits. And, your . . . Read More

Category: Divorced Spousal Benefits
Posted: Sep 28 2018 - 6:24pm

Does Social Security Use The Gross Amount Of My Earnings Or The Amount That Gets Deposited?

I will be over the max i can earn in 2018 ( prior to 66th birthday in march 2019). are they going to take it all out at once? if so that means i won't get any social security payment for two months. And do they use the "Gross" or the amount i actually get deposited?

Hi,

The countable amount of earnings for purposes of Social Security's earnings test would be any combination of gross wages and net self-employment earnings (https://www.ssa.gov/planners/retire/whileworking.html). If you . . . Read More

Category: Earnings Test
Posted: Sep 28 2018 - 10:41am
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