Ask Larry: Questions and Answers

Displaying 5591 - 5600 of 10063 questions.

Why Does Social Security Keep Reducing My Check Even Though I'm Age 90?

Hello-
I am 90 years old and Social Security keeps reducing my check >[ over the last 9 years ]
on the grounds that " I make to much income "

{ I am not working,naturally at my age } , however I do own stock,,,,
Is this legal ?
I don't understand how they can cut my check
when that is money I worked for my whole life.

Any advice will be greatly appreciated
Thank you
Joe

Hi Joe,

Your actual Social Security benefit rate would not be reduced regardless of how much income you have, but the net . . . Read More

Category: Miscellaneous
Posted: Sep 28 2018 - 10:21am

Will My Wife Qualify For My Social Security Benefits If I Die Before Age 62?

Both my wife and I are 59. I have had cancer 2 times but am now clear of it. However was wondering, if I die before age 62 will my wife qualify for my earned social security benefits. We have no children under age 16. Thanks

Hi,

Yes, if you die and you earned at least 40 quarters of Social Security coverage (QC), your wife could potentially qualify for widow's benefits on your record. And, if you died before age 62 the minimum number of QCs required would even be slightly less than 40.

Your wife would need to be at least age 60 in order to . . . Read More

Category: Survivor Benefits
Posted: Sep 27 2018 - 1:39pm

Am I Entitled To My Age 70 Social Security Rate That's Higher Than My Tier 1 Railroad Retirement Rate?

Larry - I worked for the Railroad , NJ Transit for 7.5 years. I retired from there in April of 2017 at age 68.5. Currently I am collecting tier 1 benefits at $3,076 and my tier 2 benefits are at $299 per month. I also worked paying into Social Security for 43 years. I am turning 70 in October 2018, My Social Security benefits at age 70 are at $3,285 per month. I applied to Social Security to receive the $3,285 to replace my Tier 1 benefits, the difference being $209 a month (Tier 1 $3076 minus $3285 SS = $209). I was of the understanding that even though I am collecting Tier1 . . . Read More

Category: Railroad Retirement & Social Security
Posted: Sep 27 2018 - 12:02pm

Will My Benefit Rate Be Decreased If I Stop Working At Age 62.5?

I have been working since I was 18 and plan to stop working at age 62.5. If I stop working and delay receipt of my social security benefit until my full retirement age 66+4 months, will the benefit be decreased as a result of not working until 66+4?

Hi,

No, your benefit amount won't decrease if you have no earnings from age 62 to 66. Your Social Security retirement benefit rate is based on your highest 35 years of wage-indexed earnings (https://www.ssa.gov/pubs/EN-05-10070.pdf), so if you don't . . . Read More

Category: Retirement Benefits
Posted: Sep 27 2018 - 9:54am

How Should I Respond To SSA's Earnings Estimate Form?

Subject: Earning Test : First year Retired at 62 for a 1099 contractor for limo/van car service driver
Earning Test quagmire and how to respond to the SSA form "Earnings Estimate Form SSA-L9781-SM"

IN 2018 I turned 62 in July 29 2018... I am retired as of AUG 1 2018.
I had to work during Aug Sep to make ends not meet. But I still made less than the 17040 for NET EARNINGS.

I am afraid they will force me into the monthly 1420 45 hours for AUG SEP then withhold benefits which means I wont see a check until the end of FEB, FEB 27, 2019 to be exact ( . . . Read More

Category: Earnings Test
Posted: Sep 26 2018 - 9:08am

Do I Have To File Taxes?

HI Larry, my question...i am 68 years old, i am a widower, getting survivorship social security benefits of $ 550 x month,, i also drive for UBER,, independent contractor.DO i have to file taxes when my 2017 adjusted gross income was $ 8100 .?,,i am not collecting my own retirement benefits yet..
Appreciate your help.
Guillermo

Hi Guillermo,

I'm sorry, but Social Security is my only area of expertise so I'm not able to answer tax questions. What I can tell you is that if your total income for the year was less than $25,000 inclusive of . . . Read More

Category: Taxation Of Benefits
Posted: Sep 26 2018 - 7:16am

Was It Correct For Social Security To Deduct My Husband's UK Social Security From His US Social Security?

My husband died in 2011. He was born in the UK. He worked there from age 15 to age 29 when he emigrated t the USA. He worked in the USA where he became an American citizen from age 29 to age 65. When he received his social security pension they deducted his small social security pension from the UK. Which he did pay taxes in the U.S. on. Recently I was told this should not have happened. Your opinion

Hi,

I'm sorry for your loss. Your husband's UK pension should not have been deducted from his US Social Security benefits, but I doubt if that's . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Sep 25 2018 - 3:42pm

If I Collect Social Security How Much Can I Earn Without Being Heavily Taxed?

I’m 60 now. I already collect a pension which amounts to $2,800 a month. If I collect SS at 62 1/2 or 66 years old, how much can I earn without being heavily taxed? I have a small business which earns about $5000 a year now.

Hi,

I'm sorry but my only area of expertise is Social Security, so I'm unable to answer tax questions. Part of your Social Security benefits could be taxable as income depending on how much other income you have. For more information on the taxation of Social Security benefits, refer to the following Social Security website: . . . Read More

Category: Taxation Of Benefits
Posted: Sep 25 2018 - 11:39am

Is It Possible I Would Qualify For SSI?

I took a learning disability test at age 55. At that point, I was told I must have had an early brain injury (which would explain a lot)(I was trying to finish my senior year at university). Is it possible I would qualify for SSI? And would that 'mess up' my Social Security at age 70?

Hi,

Yes, depending on your age, earnings history, income and resources, it's possible that you might qualify for Social Security disability benefits (SSDI) and/or Supplemental Security Income (SSI). However, your condition would have to be considered disabling by Social . . . Read More

Category: Disability Benefits
Posted: Sep 25 2018 - 11:21am

Will Social Security Increase My Husband's Benefits After They Receive Our 2018 Tax Return?

Hi Larry,
My husband will be 70 in April 2019 but he already applied for his ss benefits starting January 2019. He just talk to ss and they gave him an amount which is only $1 less than your program when I put there his last year of earning 2017. This amount does not include his earnings for 2018 but when I put in your program that his last year of earnings will be 2018 I have of course little bit higher amount. Will ss increase his benefits after they receive our 2018 income tax return? Thank you very much for your program, it is worth every penny and it really gave us . . . Read More

Category: Retirement Benefits
Posted: Sep 25 2018 - 11:08am
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