Ask Larry: Questions and Answers

Displaying 6331 - 6340 of 10063 questions.

Can My Husband Or I File For Spousal Benefits While Allowing The Higher Of Our Rates To Grow?

Can I (or my husband) file for spousal benefits while we allow the larger SS to grow? He will have a much larger amount than me. If I take mine SS at 62, can he file for a spousal benefit without jeopardizing his SS? He will get over 3000 at age 70. We want to preserve that/ Thanks!

Hi,

The answers to your questions depend on your and your husband's birthdates. Only people who were born prior to January 2 1954 are permitted to file just for spousal benefits at their full retirement age (FRA) without also being deemed to file for their own retirement . . . Read More

Category: Filing Options
Posted: Mar 27 2018 - 1:59pm

Can I File A Restricted Application For Spousal Benefits When I Turn 66?

I realize that the restricted application for Social Security is only available now for those who were born on or before January 1, 1954. I qualify on that basis (having been born in April 1953). My wife, however, does not qualify, having been born in February 1954.
1. Under these circumstances, when I turn 66 (my FRA), can I use the restricted application option and file for spousal benefits and let my benefits grow? Even though my wife does not qualify under the date range?
2. Should I – or do I need to – wait until she turns 66 to do this? Or can I do it when I . . . Read More

Category: Filing Options
Posted: Mar 27 2018 - 1:49pm

What Benefits Are Available Now For My Wife?

I have been approved for Disability. What are the benefits available now for my wife (62)? She has not yet filed for her social security as we were waiting on hers due to insurance costs.

Hi,

I'd need quite a bit more information to be able to give you a meaningful answer. Your wife could file for spousal benefits on your record, but she would then be required to also file for her own retirement benefits if she's eligible. The result would be that she'd only receive essentially the higher of the two rates, and her benefit amount would be reduced for . . . Read More

Category: Filing Options
Posted: Mar 27 2018 - 1:36pm

Should The Fact That I Started A Business Have An Effect On What I Can Receive From My Husband's Record?

I'm 75 and my husband recently passed away. I'd been drawing off of him for years. I thought when he died I would get what he was getting in benefits and my benefits would go away. I recently started a small business, its had no income, nothings been reported on my tax return. The SS office has told me that because I started a business I will not get the amount of his benefits. Is this true?

Hi,

I'm sorry for your loss.

No, running a business wouldn't have any effect on the amount of your widow's benefits. Nor would it matter how much income . . . Read More

Category: Widow's Benefits
Posted: Mar 27 2018 - 12:54pm

How Will Being Out Of Work Affect When And How Much I'll Receive In Benefits?

My DOB is 10/17/1953. I have lost my job, but will get another job and continue to work until I can get the maximum Social Security benefit possible for me. I don't know how long it will take to get another job. How will being out of work effect the maximum amount I can receive and/or when I begin to receive that amount. Currently my SSA report says at age 70 I will received $3627 a month. I have purchased Get What's Yours, but was not able to find the answer in that yet.

Hi,

Being out of a job wouldn't affect when you could start drawing unless you . . . Read More

Category: Retirement Benefits
Posted: Mar 26 2018 - 12:47pm

What Benefits Would My Wife Receive If She Files Now?

I am 70.5 years old man receiving my full Social Security benefits. My wife is 62.5 years old. She has worked and is eligible to receive her own Social Security benefits based on her payments into Social Security. She has not yet applied for Social Security benefits nor is she on Medicare. My current benefits are more than double the benefits she would receive on her own if she would apply now. So, my question is this: If she would apply now what benefits would she receive? Would it be just her own benefits or would she receive a combination of benefits equaling half of mine? . . . Read More

Category: Filing Options
Posted: Mar 26 2018 - 12:24pm

Will My Polish Survivor Pension Reduce My Social Security Benefit?

Will my polish survivor's pension reduce my social security disability benefits and do i have report it to SSA?
I am a widower .i receives survivor's pension in Poland .In USA I had accident at work and I just received Social Security Disability benefits.
Thank you for your answer.

Hi,

You may want to report what you're getting to Social Security just to be safe, but as long as the pension that you receive isn't based on your own work and earnings then it won't affect any type of U.S. Social Security benefits that you qualify for.

. . . Read More
Category: Foreign Pensions
Posted: Mar 26 2018 - 12:17pm

Can The Surviving Spouse Of A Railroad Worker Draw Both Social Security And Tier 1 RRB Benefits?

Can the spouse of a deceased Railroad worker draw both her Social Security payments and the RRB Tier 1 benefits ?

Hi,

No, not in full. If a widow(er) draws Social Security (SS) benefits, then his or her Tier 1 Railroad (RR) survivor benefit would be reduced dollar for dollar by the amount of their Social Security benefit. In other words, they could only be paid the higher of their SS rate or their Tier 1 RR rate, not both. However, SS doesn't affect Tier 2 RR benefits, so the widow(er) could also be paid any Tier 2 RR benefits to which they are . . . Read More

Category: Railroad Retirement & Social Security
Posted: Mar 26 2018 - 7:20am

What Would Our Best Strategy Be?

My husband and I are both 61 years old. We are both retired with pensions and retirement savings. What would be the best strategy for collecting SS? My full amount at age 66.6 is approx $1800.00. My husbands at 66.6 will be approx 2500. At 70 his will be 3300. Thanks!

Hi,

In my opinion it would likely be best for at least your husband to wait until age 70 to start drawing his benefits. That would assure him of receiving the highest possible benefit rate for life, which would also carry over to your widow's rate should he die before you.

It . . . Read More

Category: Filing Strategies
Posted: Mar 26 2018 - 7:05am

Do I Have To Take Benefits On My Ex-Husband's Record?

I am on SSI and SA, I was told by Social Security that when my ex-husband reaches age 62 this Nov., because we were married over 10 years, I will be eligible for a percent of his SSI. I am only getting about $760. a month and I have Medicaid. My ex-husband is a Civil Engineer. I have 2 questions;
1. Do I have to take his SSI?
2. What is th e4cap on income before they take Medicaid away in WV?
Thank you kindly,
Tamera

Hi Tamara,

If you receive Supplemental Security Income (SSI), then you are required to file for any Social . . . Read More

Category: Divorced Spousal Benefits
Posted: Mar 24 2018 - 9:26pm
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