Ask Larry: Questions and Answers

Displaying 6761 - 6770 of 10063 questions.

What Should I Do Next?

Hi Larry,

I have a question about Social Security overpayments. I'm 64 yrs. old and have been receiving Social Security Retirement benefits since the beginning of 2016. In August of that same year, I received a lump-sum settlement from an ex-employer. This was the result of a wrongful termination grievance filed by my Union. I was terminated in September of 2015. The monies were reported to the IRS by my ex-employer as wages. I received a W-2 for same.

Social Security says they overpaid me in 2016 and I owe them. I filed a request for reconsideration with SSA. . . . Read More

Category: Social Security Overpayments
Posted: Jan 12 2018 - 5:15am

Am I Correct That At Age 70 There Will Be No Reduction To My Benefit Because Of WEP?

Hi Larry,
My wife is 68 and I am 64. When she turns 70 she will collect SS and I plan to collect a spousal benefit. Her benefit will be reduced because of WEP ( Canadian Pension) and I understand that my spousal benefit will also be reduced proportionally. Am I correct in assuming that at age 70, when I collect my own SS, there will be no reduction to my benefit because of WEP?

Hi,

As long as you don't receive a pension based on your work that was exempt from Social Security taxes, your own Social Security retirement benefits won't be affected . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Jan 11 2018 - 5:42pm

What Will Happen If I Take Benefits Starting January 2018?

I will be 65 July 2018. 66 is my full retirement age. I intend to keep working full time. What happens if I apply for Jan 2018 (the year I will turn 65> what are penalties?

Hi,

If you start drawing benefits effective with January 2018 and continue working, you'll lose $1 of your benefits for every $2 that you earn in excess of $17,040 next year.

In addition, your monthly benefit rate will at least initially be 10% lower than your full retirement age rate because you claimed benefits 18 months early. Before filing, you should strongly . . . Read More

Category: Filing For Early Retirement Benefits
Posted: Jan 11 2018 - 5:29pm

Is There Still An Advantage To Me If I Keep Working Until Age 70?

I have two questions. If it appears that at my full retirement age, 66-1/2, we will hit the max of the family benefit (my Social Security, and my husband claiming on mine), is there still an advantage to me working until I'm 70?

The second question is more complicated. My husband and I have only been married 5 years. He's retired from the Canadian military and will receive not only his pension but also CPP and OAS from Canada. We're trying to figure out whether we should just proceed to handle those separately, which is permissible, or whether we should look into . . . Read More

Category: Family Benefit Maximum
Posted: Jan 11 2018 - 5:05pm

What Will Happen When I Start Receiving A TRS Pension?

I will be 66 yrs old in June of this year. I am a teachers asst. I already get Social Security from my EX husband. He is retired already. I receive 1025.00 a month. This is mine and his together. Being that I will retire through TRS will I be able to receive even a partial amount when I retire?. How does that work. I can't live on my retirement alone. Have been with DVISD for 28 yrs. Thanks, Vickie

Hi Vickie,

Once you start drawing your TRS pension, it's likely that your Social Security divorced spousal benefits will need to be offset by 2/3rds of the . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Jan 11 2018 - 8:08am

Can I Receive Spousal Benefits Until I File For My Own Benefits At Age 70?

Hope this is an easy one for you. I am a 66 year old man (birthday,10/19/1951).My wife is 64(birthday,7/25/1953),and is currently receiving about $1700/mo.from Soc. Sec. Disability .I am still working. If I took my benefit now it would be about $2550/mo,but I would like to wait to age 70 when it will be over $3200/mo.In the meantime,is there any way by holding off getting my own benefit now,that I could receive a spousal benefit from her until I reach age 70?Thanks so much.

Hi,

Yes, as long as you haven't applied for your own Social Security . . . Read More

Category: Spousal Benefits
Posted: Jan 10 2018 - 5:32pm

Does My SS Disability And Pension Count When Applying For Assitance?

When applying for assistance with energy programs or food stamps, does my disability SS payments and pension count as income, or only my disability check. I don't want to be deceptive when they ask for my "income" and am not sure if I have to tell them about the pension. I am trying to figure out if I qualify and I'm not sure if the pension counts as far as my income. I'm in NJ
Thank you

Hi,

I assume that all of your income would count, but I don't have any expertise in the assistance programs you mentioned. You should probably direct your . . . Read More

Category: Public Assistance Payments
Posted: Jan 10 2018 - 5:25pm

Will My Severance Pay Count As Earnings?

I was part of a downsizing exercise with my company in 2016. I received a lump severance and wish to know if this will count towards my minimal substantial earnings for 2017? Taxes were paid on this amount at a rate of 25%. Thank you for your advice.

Linda

Hi Linda,

Yes, if your severance pay was paid in 2017 and Social Security taxes were withheld from your payment(s), that amount will show up as 2017 earnings on your Social Security earnings history.

On the other hand, if you received Social Security benefits in 2017 and are wondering . . . Read More

Category: Earnings Subject To Social Security Taxes
Posted: Jan 10 2018 - 5:11pm

When Can I Expect To See My Full DRC Increase?

Hi Larry, Started SSB in June 2017 at age 69 expected to see my full DRC 24% in January 2018 payable in February 2018. I checked my SS online account and it shows January SSB payable in February still at 1.20667% of my FRA. When can I expect to see my full 24% DRC.
Thanks Larry would appreciate any help.

Hi,

Social Security will eventually do an automated recomputation to give you your delayed retirement credits (DRC) for 2017, but my understanding is that these types of recomputations are only done every other year. So, your recomputation may . . . Read More

Category: Delayed Retirement Credits
Posted: Jan 10 2018 - 4:54pm

Is There Anything I Can Do?

About a year ago, I went to a Social Security office to ask about the possibility of collecting from my ex husband's social security, since he had passed away. I was 5 days short of the rule that you had to be married at least ten years to reveive benefits from your ex-husband. I was married on January 24th, 1986 and divorced on January 19th 1996! However, to my delight, I was told that when I turn 66, I would be entitled to my dead ex-husband's social security because he had passed away and was not remarried so no one else would have claimed it. They told me to come in this . . . Read More

Category: Divorced Widow(er) Benefits
Posted: Jan 10 2018 - 7:32am
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