Ask Larry: Questions and Answers | Maximize My Social Security

Displaying 6671 - 6680 of 10063 questions.

Isn't This Wrong?

From letter Jan 26, 2018.
"So essentially he will lose out on ~$50 a month from May 2018-Dec. 2018 that he earned by delaying (approx $400), as Social Security does not reimburse that lost money if you file mid-year."
This must be wrong. I thought you would get a lump sum the next time SS does their adjustments

Hi,

What this person stated in their question is essentially accurate. When a person files for Social Security benefits between full retirement age (FRA) and age 70, Social Security credits their delayed retirement credits (DRC) . . . Read More

Category: Delayed Retirement Credits
Posted: Jan 26 2018 - 12:51pm

How Will My Widow's Benefits Be Affected If I Remarry?

I started taking widows SS at 60 years old for $1400/mo.
I'm in a relationship now and will consider marriage. How will my widows SS benefit be affected if I were to marry after I reached the age of 62?

Hi,

No worries. Remarriages at or after age 60 have no effect on widow(er)'s benefits.

Our maximization software can help you determine if you could have other filing options with regard to benefits on your own or your new spouse's record.

Best, Jerry

Category: Widow(er) Benefits
Posted: Jan 26 2018 - 12:42pm

How Much Will My Rate Go Up For Each Month That I Wait To Start Collecting My Benefits?

Thank you for helping us to understand SS. I turn 66 in March 2018. I will continue working until August. SS estimates my monthly payment at full retirement age to be $1,122. Can you tell me how much it will go up each month I wait to begin collecting my SS? I have seen the formula in the column, but after much searching through past columns I can't find it. I want to know if it would be worth it to wait to take my SS until August 2018 or start at full retirement age. And when my husband turns 66 in June of 2018 would he get half of my rate from August or at my full retirement . . . Read More

Category: Delayed Retirement Credits
Posted: Jan 26 2018 - 9:57am

Am I Eligible For Medicare Or Medicaid?

Sir,
I am 57 and got on disability , SSDI, the maximum in Feb 2017. I have terrible private insurance, pays NEVER. I desperately need MEDICAID or MEDICARE, you know the correct one. I would do or say anything to get it because I NEED it. I'm a disabled Pharmacist. I really need insurance help. Please advise.

Also.......Sir,
Is there a list of extra benefits I could apply for, I'm struggling financially. Thank you so much, Newton

Hi Newton,

You won't be eligible for Medicare until you've been receiving Social Security disability . . . Read More

Category: Medicare
Posted: Jan 26 2018 - 9:41am

Can My Husband File For His Own Benefits In April 2018 And Claim Benefits Retroactive To January 2018?

Delayed Retirement Credits and Retroactive Benefits.

My husband (age 66) is currently accumulating delayed retirement credits which started in April 2017, while getting a spousal benefit via the restricted application. He would like to stop accumulating delayed credits and file for his own benefit starting in April 2018, so he will have acquired 12 delayed retirement credits total. I understand that he will initially receive the 9 credits earned in 2017, and the remaining 3 (or is it 4?) credits from this year will need to wait to be applied in Jan. 2019. So essentially . . . Read More

Category: Delayed Retirement Credits
Posted: Jan 26 2018 - 9:26am

Should I Apply For SSDI Or Retirement Benefits At Age 62?

I have was approved for SSDI Benefits at age 60, however it took them 10 months and I had to return to work to not become homeless. They then denied me because I made to much money. My health is declining with MS, RA and 2 other auto immune conditions. I would like to retire. I am now 61 and struggling on a daily basis. What should I apply for? SSDI again or wait til 62 and early retirement.

Hi,

If you're not working or if you are earning less than $1180 per month, it sounds like you would probably want to re-apply for disability benefits (SSDI). If . . . Read More

Category: Disability Benefits
Posted: Jan 26 2018 - 9:12am

Am I Correct That I Should Wait Until Age 70 To Start Drawing Benefits If I Want To Receive The Highest Possible Rate?

I’m 60, my wife is 48. She earns much more than me. She plans on working for at least another 10 years. Me, not sure. I assume that I should wait until age 70 to begin receiving my full ss benefits. My goal is to collect the highest benefits possible, naturally. Am I correct?

BTW—LOVE the software!!! Thanks for the valuable service that your team provides! Peace of mind!!

Hi,

Yes, if you wait until age 70 to start drawing your benefits your monthly retirement benefit rate will be roughly 26-28% higher than if you start drawing at full . . . Read More

Category: Retirement Benefits
Posted: Jan 26 2018 - 8:55am

Can I Draw Retirement Benefits For A Few Months And Then Suspend Them?

I will be getting SSDI starting in March, at age 65, with backpay for 3 years. I will turn 66 end of June, and the SSDI will convert to SS retirement benefits automatically. Question: Can I agree to receive the converted Social Security retirement benefits for a few months, and then suspend the benefits for a while, possibly up to age 70? Am I right that if Ii suspend, I won't have to pay back any retirement benefits I have received? Do I have to suspend the benefits right before they convert from SSDI to retirement benefits, or can I collect Social Security retirement benefits . . . Read More

Category: Suspending Retirement Benefits
Posted: Jan 25 2018 - 7:25am

When Will I Be Able To Receive Benefits?

retired civil service, worked side job to earn my credits, SSn
rep informed me i received too much monthly, to get any ssn monies at all
when divorce is final, i will only receive half of my monthly retirement, will i then
be able to receive monies i put in to earn my quarters?

Hi,

If you have at least 40 quarters of Social Security coverage (https://www.ssa.gov/OACT/COLA/QC.html) you should be able to receive at least some Social Security retirement benefits when you qualify ( . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Jan 25 2018 - 7:13am

How Do I Notify Social Security To Make Sure My Benefits Start Appropriately?

I plan to retire Dec 31 2019 at the age of 66 - my birthday being Dec 31st. My month amount of SSN is $2000. 1st question when do I notify my employer and Social Security to make sure my benefits start appropriately. 2nd How much can I make a year working part time with out losing any my full monthly benefit?

Hi,

If you plan to start drawing benefits effective with the month you reach your full retirement age of 66, you can file your Social Security application up to 4 months in advance. However, filing just a month or two early would likely give . . . Read More

Category: Filing For Benefits
Posted: Jan 25 2018 - 7:01am

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