Ask Larry: Questions and Answers | Maximize My Social Security

Displaying 6301 - 6310 of 10063 questions.

How Much Would My Wife Get If I Passed Away After Age 70?

Hi Larry,
We have read your book and run our options with your software. I will be 66 in August (2018) and my wife was 66 in March .(2018) My SS would be 2100(66) and 2800 at 70. My wife's would be 1200 (66) and 1600 at 70 per our SS statements. I retired in 2013 and my wife hasn't been employed since 2006. I was in the Offset program, but SS was taken out for all 30 years that I worked. My pension was also reduced in 2014.
We thought since we we're grandfathered in under the new law of 2016,. that one of us could file for our benefit at 66 and the other one could . . . Read More

Category: Survivor Benefits
Posted: Apr 2 2018 - 8:11am

Will My Social Security Benefits Be Affected If I Receive A Survivor Pension From My Husband's Work?

My husband currently receives a govt (USPS) pension. I have just filed to receive SS, and expect to receive $1200/month. He currently pays $350 a month, and has done so for 13 years, in order to insure that I can keep a portion of his pension if he passes before I do. It is not clear how much I will receive, but he currently receives $3000. I understand that if I pass first, my husband will probably receive no spousal SS benefit. But if he passes first, and I receive say $1500 in widow's govt pension, will this affect my own SS benefits? If so, by how much? If my own SS is reduced, it may . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Apr 2 2018 - 8:02am

Can My Wife Claim Spousal Benefits When I Reach Age 66 And Forego Her SSDI?

Wife was born March 29, 1955 and is receiving SSDI. I was born October 23, 1954 and want to wait until 70 to draw social security. Can my wife claim spousal benefits when I reach 66 and forego her SSDI? Must I file and suspend if that option is still available.

Thanks so much.

Hi,

No. Your wife couldn't receive spousal benefits at least until you start receiving your benefits, and she could only qualify for spousal benefits if 50% of your full retirement age rate (PIA) is higher than her own PIA. It wouldn't help for you to file for and . . . Read More

Category: Filing Options
Posted: Apr 1 2018 - 3:42pm

Can I Continue To Work Full-Time And Receive My Survivor Benefits At Age 60?

Can I continue to work full time and receive my survivors benefits at age 60
Or is there a penalty

Hi,

Your survivor benefits would be subject to Social Security's earnings test (https://www.ssa.gov/planners/retire/whileworking.html) until you reach full retirement age (FRA). So, if you filed for survivor benefits at age 60, Social Security would need to withhold $1 of your benefits for each $2 that you earn in excess of $17,040 this year.

It sounds like your best . . . Read More

Category: Earnings Test
Posted: Apr 1 2018 - 10:00am

What Are Our Options?

I am 67 when I was 66 I was allowed to file and suspend ( I did this due to poor health outlook).My health has since improved and if all goes well I plan to return to
regular benefit at 70. I believe I can do this since I have not received any money. Is that true?Also my wife turns 62 this year and I like her to file for a benefit on my record
since the pay out would be much greater that way. I believe if she filed under her own record under the new rules she will not be allowed to switch to her spousal benifit
later, Is that true? My most important . . . Read More

Category: Filing Options
Posted: Apr 1 2018 - 7:43am

Can I Receive Social Security Benefits On My Record While Waiting For My SSDI Appeal?

I am FRA. Can I receive SS benefits on my record while waiting for SSDI appeal?

Hi,

Yes, assuming that you meet the requirements for entitlement to retirement benefits (https://www.ssa.gov/OP_Home/handbook/handbook.03/handbook-0301.html).

Best, Jerry

Category: Filing Options
Posted: Apr 1 2018 - 7:38am

If I Elect To File For A Spousal Benefit Will The Benefit Be Subject To A WEP Reduction?

Hi,
I would be subject to a WEP reduction if claiming benefits on my own record. My wife is claiming benefits and is NOT subject to WEP. If I elect the 50% spousal benefit, will the benefit be subject to a WEP reduction? Thank you.

Hi,

First off, you couldn't claim just spousal benefits without also claiming your own retirement benefits unless a) you were born prior to January 2 1954, and b) you file for benefits at full retirement age (FRA) or later.

If both of the above conditions are true, though, and you do file just for spousal . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Apr 1 2018 - 7:23am

Is What I Was Told By The Social Security Representative Correct?

I am a widow aged 59, collecting childcare benefits because my stepson who gets disability lives with me. I am currently receiving $1,448.00 a month. I was told by the lady at social security that when I switch to the widow’s benefits in the event that my stepson does not receive his any longer or moves out, the amount that I receive will be the same, $1448.00 no matter when I get the benefit at age 60 or beyond. Does this sound right? I only took the childcare benefit because I was out of a job. Also, does my deceased husband’s benefit amount reach it’s limit at my retirement . . . Read More

Category: Survivor Benefits
Posted: Mar 31 2018 - 10:11am

Why Can't I Draw Full Social Security Benefits?

I asked my Gov't rep but never receive an answer. I worked under social security approximately 20 yrs. I severed 4 yrs. in the US Air Force and worked at the Newport News shipbuilding beginning in 1959, AF 1960-1964, Shipyard 1964-1978. Worked under civil service under Civil Service Retirement. I had to pay back social security while I was in the AF. When I retired from the gov't I was only allowed to draw approximately one third of my social security. If can give away social security to people never payed into the system, than why can't I and people like me draw full social . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Mar 31 2018 - 10:01am

Can You Explain This?

Can you explain why since PI income is not adjusted for inflation, over time a lower amount of MAGI causes a given amount of SSB to be taxable

Hi,

Sorry, but no. Social Security is my only area of expertise, and my knowledge doesn't extend to the taxation of benefits regulations (https://www.ssa.gov/planners/taxes.html).

Best, Jerry

Category: Taxation Of Benefits
Posted: Mar 31 2018 - 9:55am

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