Ask Larry: Questions and Answers

I am 63 years and working ($43K). My husband died in 2015 at age 61 ($130k). Can I receive my SS benefit at age 66 and then claim my husband's SS benefit when I am 70?

Hi,

I'm sorry for your loss.

You could do what you've proposed, but it would almost certainly be a bad idea. The reason is that your widow's benefit rate will not be any higher if you take it at age 70 instead of at your full retirement age of 66. So, you would likely just be forfeiting benefits for no gain.

Assuming that your own benefit rate if you started drawing at . . . Read More

Dear Larry,

I am wondering if I should apply for Medicare Part A. I am 64, turning 65 in February 2018. I am still employed by a Fed Government agency and have FEHB, and contribute to a Flexible Spending Account (FSA). I would like to continue contributing in 2018 even if I enroll in Medicare Part A, to take advantage of the tax savings. Will I still be eligible for a tax saving? Since Part A only covers in-patient expenses, I will still incur deductibles and co-pays for doctor visits & prescription drugs, and can use the FSA to pay for these costs.

Your . . . Read More

My mother (64) and my father (64 and 11 mos.) have been married 47 years. My father is now incarcerated will not be able to apply for or draw SSI until his release (not soon). Can my mother who earns 50k/year collect spousal benefits on my father's record now and then draw on her own when she turns 66 (or becomes proper retirement age)?
Thank you for your assistance.

Hi,

No. Your mother couldn't file for spousal benefits before her full retirement age (FRA) of 66 without also being deemed to file for her own retirement benefits. And, she . . . Read More

I took early retirement in 2017. I started receiving ss when i turned 64 in 2017. I then returned to work part time and was told by SS that I could not earn more then $1410/month in order not to exceed the amount I could make while receiving ss. Normally the amount would be 16,000 approx but it needed to be divided into 12 monthly payments. I could not earn the full amount of 16,000 in the 4 months I would work before the end of the year. Now we are entering 2018. It will be my first full year of retirement but my full retirement age will not be until 2019. Must the income I . . . Read More