Ask Larry: Questions and Answers | Maximize My Social Security

Displaying 641 - 650 of 10063 questions.

Will The COLAs Since My Wife's Death Be Added When Calculating My Survivor Rate?

On the subject of COLAs - my spouse of 10 years died in 2015. She was collecting Social Security Disability payments of approximately $940 per month. I will be 60 in a few years. Would the COLAs since 2015 be applied to her $940 before calculating my my survivor's benefit? I know if I claim survivor's benefits before my Full Retirement Age of 67, it will be reduced, and I will be subject to offsets if I am still working. My own benefit will be much higher.

Hi. I'm sorry for your loss. Yes, your survivor rate would include the Social Security cost of living . . . Read More

Category: Survivor Benefits
Posted: Sep 27 2022 - 5:16pm

Will My Own Benefit Rate Accrue COLAs Once I Switch From Survivor Benefits To My Own Record?

If I am collecting survivor benefits currently but will be switching to mine at my full retirement age of 66 and 4 months, will my benefit be accruing the cola increases once I switch?

Thanks for the help.

Hi. Yes, but your own Social Security retirement benefit rate will also be credited with all of the Social Security cost of living (COLA) increases that occurred after you turned age 62 and before you switch to drawing your own benefits. All Social Security cost of living (COLA) increases that occur after a person turns age 62 are added to their . . . Read More

Category: Cost Of Living Increases
Posted: Sep 27 2022 - 3:00pm

Should I File For Retroactive Benefits Or Will That Have A Negative Effect On My Future Benefits?

Hi,

I am 67 years old (born in Feb 1955) waiting for my husband’s spousal benefits. We are debating whether to wait for 5 months for an increase of $100/mo in his benefits or waiting one and a half years for an increase of $300/mo.

I want to claim my retirement benefits immediately, before my spouse files for retirement benefits and I am deemed. My retirement payment will be less than $200/mo.

Can I file for retroactive retirement benefits or will taking retroactive benefits have a negative effect on my future benefits?

Can I file for retirement . . . Read More

Category: Filing Strategies
Posted: Sep 26 2022 - 2:40pm

Can I Collect On My Deceased Wife's Record Even Though I've Remarried?

Hi,

My previous wife, Betsy, died in 2006 (remarried in 2021). I’m 65, can I collect on Betsy’s benefits? I called SSA 2or 3 years ago & they said if did I’d be giving up my benefits. I called last month & they said I couldn’t because I wasn’t born prior to 1952. I’ve been reading the book but couldn’t find a clear answer to this.

Thanks
Lee

Hi Lee. I'm sorry for your loss. The answer to your question is yes, at least potentially. Marriages that occur after a person reaches age 60 do not bar the person from collecting widow(er . . . Read More

Category: Widow(er) Benefits
Posted: Sep 26 2022 - 6:32am

When Would My Son's Last Payment Be?

My goodness! The Mother asking a simple question of when her sons survivors benefits would end, must be frustrated at the answer given! Why is it so hard to answer...? Let me see if I can get a answer that all can understand.
Also note that the SSA administration has changed and interpreted various different ways than when they were written into law and intended for the good of working Americans. It is no longer anything close to what was intended when signed into law back in the 1940's! Question, if question is taken at face value, what is the last month my son would . . . Read More

Category: Child Benefits
Posted: Sep 26 2022 - 6:28am

Will I Get Credit For The January 2023 COLA If I Retire At Age 65 In 2023?

If I retire early at age 65 in 2023 will my estimated benefit as per the SSA be increased by the COLA adjustment that will be determined this December?
Thanks Larry

Hi. Yes. Everyone born prior to January 2 1961 will receive credit for the January 2023 Social Security cost of living (COLA) increase regardless of when they apply for their Social Security retirement benefits. You don't need to be drawing benefits in order to get credit for the Social Security COLA increases that occur after you reach age 62.

Your best option for when to claim . . . Read More

Category: Cost Of Living Increases
Posted: Sep 24 2022 - 5:30pm

How Do I Find Out If My Husband Has Filed For Benefits?

I am disabled but still married even though we don't live together. How to find out if he has filed? And want to find out how much I would get please. And thank you

Hi. Due to the Privacy Act, Social Security would need your husband's authorization to be able to release information about his Social Security status to you. However, Social Security should be able to tell you whether or not you are potentially eligible for spousal benefits, and if so, approximately how much your benefit rate would be.

In order for you to potentially qualify for . . . Read More

Category: Miscellaneous
Posted: Sep 24 2022 - 5:15pm

Is Cryptocurrency Considered Earned Income Towards My SSD?

If I exchange cryptocurrency to cash is that considered earned income towards my ssd. crypto currency isn't earned income. Can I exchange just enough per month so I don't go over my earned income per month for ssdi

Hi. No, cryptocurrency income isn't considered as earned income. Therefore, if you receive Social Security disability (SSDI) benefits there is no limit on the amount of cryptocurrency you can exchange per month without affecting your benefits. The only type of benefits paid by Social Security that could be affected by cryptocurrency is . . . Read More

Category: Disability Benefits
Posted: Sep 24 2022 - 5:06pm

How Would Starting A Business Affect My Receiving SSDI?

I currently receive SSDI. I want to start an online business with a store selling items that the customer orders and pays me for. I then order and pay for the items from a vender that ships to my customer. The difference in what the customer pays and what I pay the vender is what my income would be, although much of it at first would be put into marketing to get customers to my online store to make purchases. How would this affect my recieving SSDI?

Hi. The answer to your question largely depends on whether or not this would be your first work attempt . . . Read More

Category: Disability Benefits
Posted: Sep 24 2022 - 6:36am

What Can I Submit As Proof Of Income And When?

I retired Dec. 2021 and didn't submit a 44 form so we've paid a huge sum for medicare this year 2022. I see that we can get a refund and I'd like to do that since I have been retired all of 2022. But, what can I submit as proof of income and when? Do they only accept my 2022 income tax forms which I get prepared and filed on & after December 2022? also, we do take out sums from post-tax ira/401k monies so can we submit proof of these withdrawals by showing them a log or some form of proof from our IRA/401k so I can submit it this year to Social security office? the only . . . Read More

Category: Medicare
Posted: Sep 23 2022 - 4:24pm

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