Ask Larry: Questions and Answers | Maximize My Social Security

Displaying 581 - 590 of 10063 questions.

Will The Contributions From My Part Time Work Increase My Benefit Rate When My SSDI Turns Into Retirement?

Started receiving SSDI in my late 30s. I did a trial work period and then kept a part time, 12 hrs a wk, job while collecting benefits. Social Security taxes were deducted from pay for 5yrs. What happens to those contributions? Will they be included in my Social Security benefits when SSDI turns into retirement Soc Sec.? Will it increase the amount of my retirement Social Security?

Hi. It's possible, but unlikely. If you became disabled in your late 30s, your Social Security disability (SSDI) benefit rate is likely based on an average of your highest 12 to . . . Read More

Category: Calculating Retirement Benefits
Posted: Oct 23 2022 - 12:45pm

Does The Age At Which My Wife Claims Her Own Benefits Affect Her Spousal Benefit Amount?

I am 64 years old and my wife is 63 years old.

1. We both qualify for our own social security benefits. Due to wage discrepancy between us, my wife will qualify for spousal benefits. Does the age my wife claims her own social security benefit effect her spousal benefits amount?

2. If I wait until age 70 to claim my social security benefit, does that increase my wife's spousal benefit amount?

Thank you

Hi. There's not really a yes or no answer to your first question. Your wife can't claim her own benefits first and later switch to just . . . Read More

Category: Spousal Benefits
Posted: Oct 23 2022 - 12:24pm

Am I Eligible For Benefits From My Divorced Spouse?

Hello Larry, I was married for 23 years, divorced, received nothing from my husband and I continued to raise my children on my own till they moved from home. I continued to work till 58. Moved in with my daughter because she wanted me to live with her and husband in Japan.

Hi. I assume you want to know if you can receive benefits on your ex-spouse's record. To be eligible, your ex-spouse must either be deceased, at least age 62, or drawing Social Security disability or retirement benefits. You must also be at least age 62 and unmarried to potentially . . . Read More

Category: Divorced Spousal Benefits
Posted: Oct 22 2022 - 4:43pm

How Could My Foreign Benefits Affect My U.S. Social Security Benefits?

Hi Larry. How could affect my US SS retirement benefits, include spousal, incoming foreign SS Benefits, what under Totalization Agreement? Part of my earnings were transferred to get foreign benefits. My foreign benefits are related to my 29 years of work in my born country. I had been paying SS to this foreign system, of course, all of these years, then I moved to USA 2 decades ago, got a job and paid into SS for a 11 years. I applied for US SS retirement Benefits and a claimant specialist helped me to apply for a spousal benefits too, what she advised. She doesn’t know if any . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Oct 22 2022 - 12:39pm

If I Die Before Age 70 Can My Wife Wait Until I Would Have Reached 70 To Maximize Her Widow's Rate?

Larry,
I am pretty sure what the answer to my question will be but since I didn’t find it specifically addressed in Get What’s Yours, I figured it wouldn’t hurt to ask.

My wife is turning 70 next month and will start receiving her retirement benefit based on her earnings. I just turned 68 and plan on waiting until I am 70 to start receiving my retirement benefit. As the higher earner, my benefit already exceeds her benefit so if I should die first, she would switch to her survivor benefit based on my earnings. If for some reason I don’t make it to 70 can she defer . . . Read More

Category: Widow's Benefits
Posted: Oct 21 2022 - 4:21pm

Can I Pay My Medicare Premium With A One Month Payment?

Part b Medicare premium effective 10-1-22. I am not yet getting social security. The first bill I just received is for 4 Months, October through January 2023. They want the full payment by Oct 25th. I am unable to pay in advance. They offer enrollment in easy pay however the first payment is going to be 3 months. Which I also can't do. Can I make 1 month payment now? Will that cause me to then be considered late? Is there anything I can do to change this to monthly? Can Social security assistant me with this. I am desperate, don't want to do anything that will cause me to lose . . . Read More

Category: Medicare
Posted: Oct 21 2022 - 4:12pm

Why Didn't My Age 70 Estimate On The SSA Website Change To Reflect The Last COLA?

Hi
my age 70 will be in 2023, my question is In Dec 2021, I checked my SS Acct and it showed that if I waited to Age 70 I would receive $4048. per month. The COLA for 2022 was 5.9% which I assumed would be reflective in my new amount I would receive if I waited till age 70. When I checked in Oct 22 my SS Acct still shows I would receive the same $4048 if I wait to age 70. Why has that number not changed with COLA adjustment? Will that be the case in 2023 if I wait for age 70----If that is case I would be better off taking payment now and getting 8.7% increase in Jan 2023 . . . Read More

Category: Benefit Amount
Posted: Oct 21 2022 - 12:19pm

Will The COLA Be Affected By Me Applying Now Instead Of January 2023?

I turned 62 in September and am contemplating applying now. Will the COLA be affected by applying now, or should I wait until January 2023?

Hi. No. Since you turned age 62 prior to January 2 2023, your Social Security retirement benefit rate will be increased by the upcoming 8.7% cost of living (COLA) increase regardless of when you start drawing benefits.

Your best strategy for claiming benefits depends on a number of different individual factors. Before applying for benefits, you should strongly consider using our software ( . . . Read More

Category: Cost Of Living Increases
Posted: Oct 21 2022 - 8:14am

Is My Thinking Correct?

Larry, I just turned 70 (October, 2022) and will receive my first Social Security check in November based upon my earnings. My wife will turn 67 in December. She claimed Social Security when she was 62, and I made a restricted application on her benefits at my FRA of 65. I was planning to suspend her benefits in December for three years until she is 70 to increase her benefits by 8% a year for three years. However, with the 8.7% COLA for 2023 and probably a large COLA in 2024 if inflation remains high, suspending her benefits does not appear to be wise. While she will receive . . . Read More

Category: Cost Of Living Increases
Posted: Oct 21 2022 - 8:08am

When Should I Apply For My Benefits?

Hi Larry. When should I apply for SS? I’m waiting until Age70. I will be 70 years old on Aug8 2024 and am single. Also, you’ve recommended to write SSA to officially decline retroactive lump sum payments; what SS office do I write to, local or federal, or can I do so online? Thanks for a great column, so helpful.

Hi. You can apply for benefits up to 4 months in advance of the month you want to claim benefits, so if you want to start your benefits at age 70 you can apply as early as April 2024. You don't need to write to Social Security in advance to . . . Read More

Category: Filing For Benefits
Posted: Oct 20 2022 - 6:29pm

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