Ask Larry: Questions and Answers | Maximize My Social Security

Displaying 631 - 640 of 10063 questions.

Should I Wait Until 2023 To Apply For Benefits In Order To Get Credit For My 2022 Earnings?

Larry, I am retirement age. I was laid off my job 9/22/22. I received a Severance package. I would like to apply for social security benefits. However, I was thinking I should wait until may February of 2023 to do so. My question is, will benefit me to wait until my salary for 2022 is reported to social security since I'm assuming the severance pay will bump up my salary for 2022 therefore make perhaps my social security benefit a little higher.

Hi. Your Social Security retirement benefit rate will be credited with your 2022 earnings regardless of when you . . . Read More

Category: Filing Strategies
Posted: Oct 7 2022 - 7:35am

Now That I Have Some Money In The Bank Will I Lose My Disability?

I am on Disability, I sold my house to move closer to my family in another state after the passing of my husband.
My question is now that I have some money in the bank will I loose my Disability

Hi. The answer depends in part on what type of disability benefits you receive. If you receive Social Security disability (SSDI) benefits based on your past earnings, then selling a home won't affect your benefits no matter how much money you have in the bank.

However, if you receive Supplemental Security Income (SSI) then your SSI payments could be . . . Read More

Category: Disability Benefits
Posted: Oct 6 2022 - 8:18am

Can I File Using My Ex-Wife's Earnings From The Years She Made More Than Me?

I’m one year past full retirement age, divorced from a marriage that was longer than ten years. I want to file next year for benefits. Although I was the higher earner during the marriage, I made less money than my spouse BEFORE we were married. Since SSA uses 35 years of earnings to calculate the payment amount, can I file using her earnings for the years when she made more than me?

Hi. You can't collect a benefit rate that's based on some combination of your and your ex-wife's earnings if that's what you're asking. Social Security retirement benefits are . . . Read More

Category: Filing Options
Posted: Oct 6 2022 - 7:26am

Will My Wife Automatically Switch To Spouse's Benefits When I File For My Benefits?

We have not filed yet. Plan on filing online. My wife reaches FRA in December and I reach 70 in January. We want her to file in December, then switch to 50% of mine in January once I file. Few related questions: (1) Will the switch happen automatically once I file in January. (2) Does she have to manually update her filing in January once I file (if yes, can this be done online). (3) Can she let them know when she files in December that she wants to switch to 50% of mine when I file. Thanks. I am a subscriber to your service.

Hi. No, your wife will need to . . . Read More

Category: Filing For Benefits
Posted: Oct 5 2022 - 6:11pm

When Does Social Security Start Counting The Extra Income You Can Make From Working?

If I start receiving ss at 62 in March , when does ss start counting the $19, 960 extra income from working , in January or March ?

Hi. First off, to clarify, the annual earnings test exempt amount for people who are under full retirement age (FRA) in 2022 is $19,560. Social Security hasn't yet stated what the exempt amount will be in 2023.

In response to your question, your earnings starting January 1st would count toward the annual earnings test limit for Social Security retirement benefits. The annual earnings test counts a person's earnings . . . Read More

Category: Earnings Test
Posted: Oct 4 2022 - 7:28pm

What Date Is Used To Determine Whether Or Not I'm Eligible To Withdraw My Application For SSDI Benefits?

Hi Larry,

I am on SSDI and wish to file a SSA-521 Request for Withdrawal of Application to stop benefits (and go back to work). I understand I will have to repay all benefits received to date to get this approved. I am very confused as to which date Social Security uses for starting the 12 month clock for approving an SSA-521. My original application for SSDI was received by Social Security in August 2021. My first benefit payment was issued in Nov. 2021. I am not sure of my date of entitlement, as it is confusing to determine what Social Security means by that.

. . . Read More

Category: Disability Benefits
Posted: Oct 4 2022 - 1:23pm

Should I Get Back Payments From The Date Of My Ex-Husband's Death, Or When I Turned Age 50?

My ex died in 2009, and I’ve been drawing disability since 2004 and I called SS day after his death to sign our 2 children up for their dads SS and see if I was elegible for the widows benefit but the person I talked to said he couldn’t give me any of the information because my ex mother in law already signed them up. All these years have went by with me being homeless or struggling to pay bills and was wanting to get what I’m entitled to. But I signed up for widows benefit in feb 2021 and denied because Rey couldn’t prove I was disabled before 2015(even tho I was drawing . . . Read More

Category: Divorced Widow(er) Benefits
Posted: Oct 2 2022 - 11:23am

Will My Benefit Rate Be Based On October Or September?

Hello, I’m less than FRA. But >62.
If I filed for my SS on October 5. Would I receive
The full October benefit value, or would it be based on my full September SS valuel??
Yes, it’s only about $14 difference. But just curious.

My Birthday is the 11th of the month - if that matters where my benefit increases falls.,

Hi. If you chose October as your month of election to begin benefits, then you'll get your October benefit rate. October benefits are normally paid in November, since Social Security pays benefits a month behind. . . . Read More

Category: Benefit Amount
Posted: Sep 30 2022 - 5:42am

Are COLA Increases Applied To Delayed Retirement Credits?

Are COLA increases calculated on Primary Insurance Amount only, or on Delayed Retirement Credit As well?

I was born June 1956 and will reach Full Retirement Age in October 2022. I plan to begin receiving benefits effective January 2023 in order to have the high COLA for 2023 added to the Delayed Retirement Credit that I will have in January to increase my benefits.

My Primary Insurance Amount is $2,710. The Delayed Retirement Credit is $54 as of Jan 2023. Will the January 2023 COLA increase be calculated on just the PIA, or on both?

$2,710 Jan 2023 PIA + . . . Read More

Category: Cost Of Living Increases
Posted: Sep 28 2022 - 6:23pm

Why Are Retirees Penalized For Continuing To Work?

Why in the world are retirees penalized because we want to continue to work when the government pays kids out there just to stay home? Makes no sense what-so-ever!!

Hi. I assume that you're referring to the Social Security earnings test (https://www.ssa.gov/benefits/retirement/planner/whileworking.html). The earnings test can result in full or partial withholding of a person's Social Security benefits if they claim benefits prior to their full retirement age (FRA).

When . . . Read More

Category: Earnings Test
Posted: Sep 28 2022 - 5:43pm

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