Ask Larry: Questions and Answers | Maximize My Social Security

Displaying 651 - 660 of 10063 questions.

Is Anything In The Works To Increase The Income Limits That Determine How Much Of A Person's Benefits Are Taxable?

Larry since 1984 the income limits before seniors are taxed up to 85% of their social security income hasn’t changed, how are to survive with having to use are savings to pay taxes! Is there anything in the works to increase these limits?

Hi. Just to clarify, up to 85% of the amount of Social Security benefits that a person receives can be subject to income taxes depending on the person's total income. The tax rate is not 85%, though. The highest current federal income tax rate is 37%, so the maximum amount of a person's Social Security benefits that . . . Read More

Category: Taxation Of Benefits
Posted: Sep 23 2022 - 12:46pm

When Must I Apply For Benefits To Get The Increased January 2023 Rate?

Hi Larry,
I will turn 66 years and 4 months on August 5, 2022 (my full retirement age). When must I apply for social security to start getting the benefits at the increased rate in January 2023? Thanks for answering.

Hi. The January 2023 cost of living (COLA) increase will be added to your Social Security retirement benefit rate no matter when you apply for benefits, even if you wait until age 70. All Social Security cost of living (COLA) increases that occur after a person turns age 62 are added to their Social Security retirement benefit rate . . . Read More

Category: Filing Strategies
Posted: Sep 22 2022 - 3:13pm

Does The COLA Raise Increase Your Gross SS Benefit?

Does the cola raise increase your gross ss benefit

Hi. Yes.

Best, Jerry

Category: Cost Of Living Increases
Posted: Sep 22 2022 - 11:54am

Will The Maximize My Social Security Software Allow Me To Compare Filing At FRA Vs. Age 70?

I just turned 66 and will reach full retirement age in 4 months, but I plan to continue working for the next three years. My current annual salary is the highest I've ever earned. I am trying to decide whether to claim benefits at full retirement age and let them grow due to my continued work, or whether to wait until age 70 to claim the maximum benefit. Will Maximize My Social Security allow me to make those calculations/comparisons?

Hi. Yes. The Social Security benefit calculator included in our software can calculate your benefit rate at any age from 62 . . . Read More

Category: Maximize My Social Security Software
Posted: Sep 22 2022 - 11:47am

What Month Will I Be Considered Full Retirement Age?

Hi Larry, I turned 66 on July 22, 2022. What month will I be considered 66 + 4 months(full retirement). Also ,If want to start receiving benefits in January 2023. I soon should I apply?

Hi. Since you were born in July 1956, you'll reach full retirement age (FRA) effective with November 2022. If you want to claim your benefits starting January 2023, you can apply any time between now and July 31 2023.

Your best option for when to claim benefits depends on many different factors, so before you apply you should strongly consider using our software ( . . . Read More

Category: Miscellaneous
Posted: Sep 21 2022 - 7:56pm

When Are Your Benefits Reduced If You Earn More Than The Limit?

If you are working part time, and earning income prior to FRA, and you will be earning near or slightly more than the $19,500 limit, when are your benefits reduced? After the $19,500 has been exceeded?

How does a reduction in benefit payments affect future payments? Do you lose that amount of reduced payments forever, or can it be carried forward?

Hi. Social Security withholds the required amount of benefits as soon as they become aware that a person plans to earn more than the earnings test exempt amount. People under full retirement age (FRA) who . . . Read More

Category: Earnings Test
Posted: Sep 20 2022 - 6:16pm

When Should I Apply To Get Both The 8% Delayed Credit And The 2023 COLA In My First Check?

I turned 69 in August and want to apply for benefits soon. I want to be sure to get the 8% delayed credit as well as the 2023 COLA. When should I apply so that I get those 2 adjustments in my first check. For instance, if I apply in November, when would my first check come and would it be *5 higher than current estimate plus roughly 8% more for COLA (or whatever it is). Or do I have to wait until January to apply? Also how can I know exactly what the amount will be? Thanks, Larry.

Hi. The first thing you need to know is that you'll get credit for the . . . Read More

Category: Filing Options
Posted: Sep 20 2022 - 1:56pm

Is My Father Eligible For Spousal Benefits?

My mother is the higher-earning spouse since my father has been a stay home dad for most of my life. She will die soon at the age of 58. My father will turn 65 in the spring. Is he eligible for spousal benefits and if so how?

Hi. I'm sorry to hear about the expected loss of your mother. Your father couldn't qualify for spousal benefits while your mother is living unless she is collecting either Social Security retirement or disability benefits, and if your mother's primary insurance amount (PIA) is more than twice as much as your father's PIA. A person's . . . Read More

Category: Filing Options
Posted: Sep 20 2022 - 12:10pm

Will I Be Eligible For The COLA Raise?

I'm turning 65 in May 2023, but I'm planning to retire in January 2023. Will I be eligible for the COLA raise?
What about if I wait till 65, will the COLA raise still apply in addition to the amount I'm suppose to get?

Hi. Yes. All Social Security cost of living (COLA) increases that occur after a person turns age 62 are added to their Social Security retirement benefit rate regardless of when they apply for benefits.

Before deciding on when to claim benefits, you should strongly consider using our software ( . . . Read More

Category: Cost Of Living Increases
Posted: Sep 19 2022 - 5:19pm

If More Than One Ex-Spouse Is Eligible For Survivor Benefits Is Their Benefit Amount Divided?

If more than one ex spouse is eligible for a surviving benefit on a decease tax payer is the benefit divided up between the beneficiaries?

Hi. No. The family maximum benefit (FMB) doesn't apply to divorced spousal and divorced survivor benefits. So, if more than one ex-spouse qualifies for surviving divorced spousal benefits they can all be paid the full amounts for which they're eligible.

Best, Jerry

Category: Divorced Widow(er) Benefits
Posted: Sep 19 2022 - 11:08am

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