Ask Larry: Questions and Answers

Displaying 6931 - 6940 of 10063 questions.

Won't My Benefit Rate Be Negatively Affected If I Stop Working?

I am 68 and 1/4. I have worked continuously for the last 34 years and paid into SS. I'd like to retire but I'd like to avoid initiating my benefit income until I'm 70 in order to take advantage of the 8% annual increase in payout. However, since my income used to calculate my SS benefit payout will go to zero for the last 1 and 3/4 years , won't this negatively affect by SS benefit?
Thank you.

Hi,

Your retirement benefit rate will be calculated based on an average of your highest 35 years of wage-indexed earnings ( . . . Read More

Category: Retirement Benefits
Posted: Dec 5 2017 - 10:15am

Does The Fact That My Partner Started Drawing Her Own Payments Early Limit Her Ability To Draw Divorced Spousal Benefits?

Larry, my partner, who was born in 1950, started claiming Social Security at age 62 when she separated from her husband and needed the income. Eventually, she divorced her husband and a year or so ago, was sufficiently financially secure to suspend her Social Security income with the intention of claiming it when she reaches 70. In the meantime, she would like to obtain benefits from her divorced spouse's payment record but is getting pushback from her local Social Security office. From reading the information on the SSA website, she should be entitled to these but does the . . . Read More

Category: Divorced Spousal Benefits
Posted: Dec 5 2017 - 9:47am

Should My Husband File Now If He's Worried About Future Changes To The Social Security Laws?

My husband is 62 and has minimal income. I am approaching 50 and have a well paying job. We have been discussing whether to wait until he turns 66 to start collecting social security benefits so that he gets the full amount. However, with all the recent political talks regarding cutting SS benefits, should he collect now? Since he's already 62, do you think any changes passed by congress will affect his current or future benefits? Should he collect now in case they change the early retirement age? Thanks for your help.

Hi,

I can't see the future, but . . . Read More

Category: Miscellaneous
Posted: Dec 5 2017 - 9:37am

Can I Take My Spousal Benefit When My Wife Files?

My wife and I were both born in 1953 (I in June 53 and she in December 53) and thus are grandfathered in for part of the changed law on Social Security. I earned substantially more than she did (but still not that much). I'm still working and plan to not file until I turn 70 after reading your book!

If she takes her retirement benefits when she turns 66, can I take my spousal benefit? If so, then when I turn 70 and file for and take my retirement benefits, can she then take her spousal benefit? Does doing any of this jeopardize either or both of us?

Thanks! . . . Read More

Category: Filing Options
Posted: Dec 5 2017 - 8:15am

Would My Sister's Divorce Settlement Affect Her SSI?

Hi, my sister collects SSI Disability every month. She just recently got divorced and divorce settlement agreement was for her x-husband to pay her a lump sum of money. Would her cashing this check affect her SSI? Does she have to report it to SSI since its money she got from a divorce settlement.? Thank you for answering

Hi,

Assuming that by SSI you are referring to Supplemental Security Income and not Social Security disability benefits (SSDI), then yes the divorce settlement that your sister received could affect her SSI payment amount and/or . . . Read More

Category: Supplemental Security Income
Posted: Dec 5 2017 - 8:05am

Would I Get My Ex's Social Security Benefit And My Own If He Dies?

Larry, I am hoping you can answer my question. I was divorced after 32 years of marriage. My ex husband was 36 years retired military. Also retired from civilian contractor after military retirement. I always worked part time during our marriage to raise family while husband was away. During the divorce, I received a portion of his military retirement but also became disabled in my late 50's. I am now 60 years old living on $1018 per month disability (assume they came up with that figure using my years of worked income) and $1800 per month military retirement pay. Ex is now 66 . . . Read More

Category: Divorced Widow(er) Benefits
Posted: Dec 5 2017 - 7:40am

Does Your Book Give The Correct Information About The Rate Of Spousal Benefits?

Thank you for taking my question
I waited until age 70 to collect my social security partly because my wife who is born in 1953 could still apply for half of my social security benefits when she will reach 66 FRA next March. I was hoping that she would get half of $ 1100 which is my delayed benefits but the social security agent told me that would get only $ 428 which is half of my social security benefits at 66 and not of the delayed benefits. I got your boook but didn't see that.
Thanks
John

Hi John,

Sorry that you misunderstood . . . Read More

Category: Spousal Benefits
Posted: Dec 5 2017 - 7:25am

Is My Full Retirement Benefit The Same Amount As My Disability Payment?

I currently receive social security disability and Worker's Comp. When i turn 62 I've been told that my supplement WC income will cease (approx $1600/mo) AND social security will also be able to take an offset for the amount I receive in excess of 80% of my ACE - which basically means that I'll also loose my entire SS check too. That would leave me living on half the income I'm currently receiving. The only other option I have is to file for early retirement to receive benefits of 73.3% of the amount I'd be entitled to at full retirement age. My question is this - is my FULL . . . Read More

Category: Disability Benefits
Posted: Dec 5 2017 - 7:11am

Will Receipt Of A UK Pension Affect My US Social Security Benefits?

I am 65 and started receiving social security in the US when I turned 62 based on my own employment history in the US.
I am eligible to receive UK National Pension from work history in the UK prior to moving to the States. I have not yet applied for it.
Will receipt of the UK National Pension affect by SS benefit currently being received?
Thank you for your help.

Hi,

I can't say for sure without knowing your full earnings history, but there's a good chance that receiving your UK pension will result in a reduction of your Social . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Dec 4 2017 - 12:02pm

Are They Taking My Cost Of Living Increase For Medicare?

IF WE ARE GETTING A 2% INCREASE, WHY IS OUR PAYMENT THE SAME AS LAST YEAR? ARE THEY TAKING THE INCREASE FOR MEDICARE?

Hi,

Obviously, I don't have enough facts about your case to give you a definitive answer. However, if you've been paying a reduced Part B Medicare premium based on the 'hold harmless' provision, then it may very well be that your cost of living increase will be applied to your Part B premiums when the standard premium rate increases in January. For an explanation, you may want to read the following article: . . . Read More

Category: Medicare
Posted: Dec 4 2017 - 11:54am
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.