Ask Larry: Questions and Answers | Maximize My Social Security

Displaying 601 - 610 of 10063 questions.

When Can My Wife Collect Spousal Benefits, And How Is Her Benefit Rate Calculated?

My wife is considering collecting SSA at 62 in 2023, $780 reduced benefit. I intend on collecting in 2023 as well with my FRA in September 2023, $3087. When can she collect her spousal benefit and how is her benefit calculated?
Thank you

Hi. Your wife can potentially qualify for spousal benefits as early as the LATER of a) the first month that she's age 62 for an entire month, or b) your first month of entitlement to Social Security retirement or disability benefits. In other words, your wife must be at least age 62 for an entire month and you must . . . Read More

Category: Spousal Benefits
Posted: Oct 18 2022 - 2:40pm

Why Did My Payment Arrive Two Days Early This Month?

My SS payment was early this month. Usually receive on the the 3rd Wednesday of the month, however received it on a Monday prior to the scheduled Wednesday…wondering why?

Hi. There is no reason that I know of. If I had to guess, I'd say the most likely explanation is that your bank simply posted the credit to your account early.

Best, Jerry

Category: Payment Dates
Posted: Oct 18 2022 - 2:32pm

How Much Of A Percentage Increase Are We Receiving After The Cut To Medicare Premiums?

This is a two question post.
1) How much more are we receiving percentage wise in our SSA retirement checks after the cut to Medicare Premiums that have already occurred.?
2) This 2nd question is more of a statement our sharing something that recently occurred with me related to my Medicare health insurance. Several months ago I went in for outpatient Cataract surgery and associated eye surgery to address my Glaucoma due to severe Diabetes. During the surgery a mistake was made with the anesthesiology and I had a serious adverse reaction which became very physical . . . Read More

Category: Benefit Amount
Posted: Oct 18 2022 - 12:45pm

Am I Entitled To My Deceased Husband's Back Pay?

My husband was awarded 3 yrs of backpay disability benefits. He died a week after being awarded his benefits. Am I his wife of 36 years entitled to the disability back payments he was awarded?

Hi. I'm sorry for your loss. If you were either living with your husband at the time of his death, or if you were eligible for Social Security benefits from your husband's record in the month of his death, then yes you would almost certainly be eligible for any underpayment of benefits to which your husband was entitled. Otherwise, an entitled child or parent could . . . Read More

Category: Social Security Underpayments
Posted: Oct 18 2022 - 12:31pm

Is It Correct That I Need To Wait Until My Full Retirement Age To Get My Husband's Full Amount?

Hi Larry, I read Money Magic -it’s fantastic.
I know you have said before that you can’t rely on the staff at the social security office. I became a widow at age 53. My husband was 52. I will be turning 64 next month. It is my understanding I have two options:

1. Claim on my husbands account first -then I could switch to claim on my account at 70

2. Claim my social security early -and switch to my late husbands social security at my full retirement age 66 and & months. . Social security told me I’d get the full amount if I took it at 65.

It’s my . . . Read More

Category: Filing Strategies
Posted: Oct 18 2022 - 12:20pm

When Should I Be Contacting Social Security To Apply For My Benefits?

Hi Larry
I will turn 70 in Nov of 2023. I am currently receiving spousal benefits from my wifes SS. My question is when should I contact the SS administration to receive the full benefits in November? Should I be contacting them the middle of October 2023 or before?

Thanks

Hi. You're allowed to file an application up to 4 months before the month you want to claim benefits, so you could apply as early as July 2023 to claim your own benefits effective November 2023. If you aren't able to apply online, I would suggest contacting Social Security . . . Read More

Category: Filing For Benefits
Posted: Oct 18 2022 - 12:11pm

How Do I Know If I Have SSI OR SSDI?

How do I know if I have SSI or SSDI and If I invest some of my SSI payments in stocks; will I have to pay it back to the Social Security Administration?

Hi. Supplemental Security Income (SSI) is a needs based benefit that's administered by Social Security. However, the SSI program is funded by general tax revenues, not Social Security taxes. In order to qualify for SSI benefits, a person must be either blind, disabled, or at least age 65, and they must have little or no other income or assets.

On the other hand, Social Security disability (SSDI) . . . Read More

Category: Disability Benefits
Posted: Oct 17 2022 - 5:14pm

Will I Receive The COLA If I Turn 62 On January 12th 2023?

Hi Larry I will be 62 on January 12th 2023 am I eligible to receive the cola benefit for social security

Hi. No, assuming that you're referring to Social Security retirement benefits. Only people born prior to January 2 1961 will have the January 2023 Social Security cost of living (COLA) increase added to their Social Security retirement benefit rate, and they'll receive the credit regardless of when they start drawing benefits.

All Social Security cost of living (COLA) increases that occur after a person turns age 62 are added to their Social . . . Read More

Category: Cost Of Living Increases
Posted: Oct 17 2022 - 3:44pm

Is The COLA Applied Against The Family Maximum Amount?

Is the COLA applied against the Family Maximum amount as a whole or used in the equation (e,g, PIA amounts with bend points) to arrive at the family maximum amount for a given year? Results vary under these 2 presumptions.

Hi. Yes, Social Security cost of living (COLA) increases apply to the family maximum benefit (FMB) amount. Social Security retirement benefit rates and FMBs are only credited with COLA increases that occur after a person turns age 62. Before then, primary insurance amounts (PIA) and FMBs are adjusted based on increases in the national . . . Read More

Category: Family Benefit Maximum
Posted: Oct 17 2022 - 12:56pm

Sould My Contributions Increase My Monthly Benefit Amount?

I am working as an independent contractor paying SSI for the last 5 years. I waited until I was. fully eligible. Should my contributions increase my monthly SSI check, since My contractor contribution hasn’t mov d my check forward at all ? Why am I paying SSI if it doesn’t help my SSI bottom line

Hi. Social Security retirement benefits are based on an average of a person's highest 35 years of Social Security covered wage-indexed earnings, so any additional years of earnings you have will only increase your benefit rate if they're higher than one or more of . . . Read More

Category: Calculating Retirement Benefits
Posted: Oct 17 2022 - 12:49pm

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