Ask Larry: Questions and Answers

Displaying 6561 - 6570 of 10063 questions.

What's The Earliest Age That I Can Switch To Retirement Benefits Without Decreasing My Benefit Rate?

I am getting social security disability benefits and I get Medicare. I pay a premium price for Medicare due to a penalty that I'm under. I was told that when my disability benefits turn over to retirement benefits, the Medicare penalty will stop. What is the earliest age that I can retire without decreasing my disability benefits so that I can stop paying that penalty?

Hi,

I'm assuming that you're referring to paying a surcharge on your Part B premiums due to late enrollment. If that's the case, your premium surcharge should be removed effective with . . . Read More

Category: Medicare
Posted: Feb 17 2018 - 8:02am

What Strategy Would You Recommend For Our Family?

I am 64 and my wife will be 63 next month. We have a 20 year old disabled child who is currently living with us. Our daughter will rely heavily on Social Security benefits since her earnings will be minimal. My question has to do with maximizing her Dependent Adult Child (DAC) benefits. My social security benefit statement shows my benefit at FRA as $2390/month, at age 70, it will be $3220. The Maximum Family Benefit is shown as $4090.

I was planning to wait until 70 to claim benefits in order to maximize my benefit but now I wonder if doing so will adversely affect my . . . Read More

Category: Family Benefit Maximum
Posted: Feb 16 2018 - 10:08am

What Are The Rules For Filing A Restricted Application For Spousal Benefits?

I turn 66 on November 1, 2018 and my wife turns 66 on December 17, 2018. We are both still working and intend to continue working until we reach 70. What is the procedure for filing a RESTRICTED APPLICATION for Spousal Benefits? If we are able to begin collecting some Social Security in December 2018 (or January 2019) it will greatly improve our financial picture as it will allow us to accelerate (and thereby eliminate) the remaining debt that we currently have, including finishing off our mortgage, by our 70th birthdays.

Hi,

One of you would have to . . . Read More

Category: Spousal Benefits
Posted: Feb 16 2018 - 9:50am

Will My Wife Get 50% Of My Age 70 Rate Or 50% Of My FRA Rate?

Hi Larry

I do not intend to file for social security until I am 70. My wife does not have enough points to receive any social security of her own. My question is, will my wife get 50% spousal benefit of my 70 benefit amount, or will she get 50% spousal benefits base on my FRA of 66 and two months. We are both 62, I am retired living off of a company pension, she has a part time job. We are aware she cannot draw benefits until I start drawing benefits.

Hi,

Your wife's unreduced spousal benefit would be 50% of your full retirement age rate (i.e . . . Read More

Category: Spousal Benefits
Posted: Feb 16 2018 - 9:33am

How Do I Go About Getting An Amended 1099?

I need to get a 1099 SS statement amended to show that social security was paid back in the same year social security was issued.

how do I go about getting this fixed?

Hi,

I don't know if Social Security will do that, but your only option would be to contact them and make a request.

Best, Jerry

Category: Miscellaneous
Posted: Feb 16 2018 - 7:54am

Is What The Social Security Representative Told Me Correct?

I am a widow, age almost 62. My retirement benefits will be smaller than my late husband’s. I thought that if I take my retirement benefits before my full retirement age (a reduced amount), and then apply for survivors benefits when I reach 66, that I would then receive my late husband’s full retirement amount.
But an SS representative told me that there is a new rule. Now, if I start taking my retirement benefits early and then apply for survivors benefits when I turn 66, I will NOT receive my late husband’s full amount. Instead, it will be calculated like this: . . . Read More

Category: Widow's Benefits
Posted: Feb 16 2018 - 7:34am

Can I Collect Divorced Spousal Benefits On My First Husband's Record If I Get Divorced From My Second Husband?

I have read GET WHAT'S YOURS, revised edition. I still have some questions to ensure I make the best decisions. I am legally separated from my second husband. I know in the eyes of S.S. this is still considered being married. The reason for being legally separated rather than divorced is strictly for health care coverage provided by my husbands employer. The plan is to divorce when I qualify for medicare when I turn 66 y 4m. I am currently 61. My 2nd husband is currently 63 and intends to wait until 70 to draw SS benefits. I know that I can receive spousal benefits and I am . . . Read More

Category: Divorced Spousal Benefits
Posted: Feb 16 2018 - 6:39am

Can I Collect My Ex-Spouse's Benefits?

I was married for 9 years many years ago and just found out that Massachusetts does not recognize my 1987 Santo Domingo divorce! If that's true, can I collect his SS benefits? He passed 2011 at 61 and I will be 66 in August. Thanks!

Hi,

I can't really answer that question. I can only tell you that you must have been married for at least 10 years in order to potentially qualify for surviving divorced spouse's benefits, so if you were legally married for longer than that then it's possible that you may qualify for benefits on your ex's record.

. . . Read More

Category: Divorced Widow(er) Benefits
Posted: Feb 16 2018 - 6:18am

Was The Information I Received From Social Security Correct?

I was born in May, 1952 and my ex-husband in September, 1952. We were married for 31 years and have been divorced for 5. I am still working, I do not know if he still is. As I will be 66 this year I would like to claim on his record and continue to work until I am 68 or so (as I am in my highest earning years) and I need to pay off my mortgage. Then when I retire, I would claim on my record which by then should exceed my ex husband's.

This week I went to a local social security office and asked about this and how to do it. I was told you can't claim on his record until . . . Read More

Category: Divorced Spousal Benefits
Posted: Feb 15 2018 - 9:37am

Would I Be Able To Collect Benefits On My Ex-Spouse's Record?

My ex spouse recently passed away at age 66. I am 61.5. The marriage lasted 20 years. He re married. I did not remarry. I work full time. Would I be able to collect any benefits?

Hi,

That depends on your level of earnings. It sounds like you could qualify for surviving divorced spouse's benefits, but Social Security would withhold $1 of your benefits for each $2 that you earn in excess of $17,040 this year. So, you may or may not be able to receive benefits now.

Your best overall strategy is likely one of the following:
1) File for . . . Read More

Category: Divorced Widow(er) Benefits
Posted: Feb 15 2018 - 9:24am
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