Ask Larry: Questions and Answers

Displaying 7251 - 7260 of 10063 questions.

Can I File For My Own Benefits At Age 62 And Later Receive Spousal Benefits?

I am 61 turning 62 in January. My husband is 66 at his full retirement age but is not presently taking social security benefits. He may wait until he is 70. If I take benefits at 62 at a reduced amount can I then once he retires take a spousal benefit as his benefit is higher or will my benefit be permanently reduced since I took it early? If I take my early benefit at 62 can he apply for spousal on my earnings and then apply for his benefit at 70? Is a spousal benefit determined by benefit amount at full retirement age (in his case 66) or the benefit amount at 70? Can I apply . . . Read More

Category: Filing Strategies
Posted: Oct 4 2017 - 6:43pm

What Month Should I Switch From Spousal Benefits To My Own Record?

What month should I switch from spousal benefits to my own? I have been drawing spousal benefits since I reached full retirement age of 66 but continued working. I got in under the wire on the new law. I am now 68. I retired 6/30/2017. Because I contacted SSA in August, they told me I can begin receiving my own benefits as early as February 2017. Should I begin benefits in February or in July of 2017?

Hi,

Assuming that your own rate would be higher than your spousal rate, in all likelihood your best option would be to wait until age 70 to switch to . . . Read More

Category: Filing Strategies
Posted: Oct 4 2017 - 6:36pm

Can My Benefits Be Paid To Someone Else If I Am Incarcerated?

I receive survivors benefits due to taking care of a disabled child that was disabled before age 22. She receives disability and survivors benefits. If I were incarcerated, could my survivors benefit be paid to her until I was no longer incarcerated. I know there are many exceptions that Social Security does not want people to know.

Hi,

No, if your benefits are suspended due to incarceration the benefits can't be paid to anyone else.

Best, Jerry

Category: Miscellaneous
Posted: Oct 4 2017 - 5:52pm

Can I Qualify For Benefits On Either Of My Ex's Records?

I am getting ready to turn 60 I know I can't draw till at least 62. I was married twice to the same guy. Those marriages lasted Less Than 3 years each (approximately 6 yrs total.) I remarried, that marriage lasted less than 4 years. I've never remarried. When I turn 62 can I draw on either one of my husband's Social Security? right now they are both alive but I think they are disabled I'm not sure how would I find that out. Please help. Thank you for your time.

Hi,

No, you must have been married for at least 10 years to the same person in order to . . . Read More

Category: Divorced Spousal Benefits
Posted: Oct 4 2017 - 5:38pm

What Is The Best Strategy For A Wife Who Is Older Than Her Husband?

TOPIC: OLDER WIFE
I will turn 66 next month. My husband is 59, and in poor health. I also have health issues that would make it difficult to work full-time if he becomes disabled or does not survive. He will not be FRA until 66 and 6 months. I am trying to decide whether to take my own retirement now, and am confused about spousal benefits. (Older wives are not the norm, and it's hard to find my scenario in research.) In addition, we are both self-employed. His earnings are 2/3 more than mine for our lifetime. Am I entitled to take the 50% of his benefit as well as my . . . Read More

Category: Filing Strategies
Posted: Oct 4 2017 - 5:14pm

If My Benefits Are Withheld Due To The Earnings Test Do I Get That Money Back?

Larry, I am committed to buying your software. But I have one more question for. I am 63. The social security office told me that if I filed now and made over a certain amount, that they would take so much out of my check each month. What I am wanting to know is, when I reach FRA, would I get any of that withheld social security back? I have been told both ways. I would and I wouldn't. Could you clarify this?
Thank you very much.

Hi,

If you lose benefits due to the Social Security earnings test ( . . . Read More

Category: Earnings Test
Posted: Oct 4 2017 - 7:11am

Have Taxes Been Withheld From My Benefits?

10/01/17 I received a one time payment from SS disability. Have income taxes already been deducted from the one time payment? I applied 11/01/16, will monthly payments bebgin in october? November or 5 months from now?

Hi,

Taxes are withheld from Social Security benefits only if you request the withholding (https://www.ssa.gov/planners/taxwithold.html).

There is a 5 full calendar month waiting period for Social Security disability (SSDI) entitlement that starts with the date you are . . . Read More

Category: Disability Benefits
Posted: Oct 4 2017 - 6:55am

Why Did I Receive A Payment Yesterday?

I received a one time payment on the 2nd of October (yesterday). My regular monthly payment comes on the 2nd Wednesday of the month. I have no knowledge why got this one time amount. It was for $477.00

Hi,

Social Security runs several types of automated processes around this time of the year. What you likely received is back pay related to a benefit rate adjustment of some type, although I have no way of knowing for sure. You should receive an explanation by mail within 2 weeks of when you received the payment, or you could contact Social Security . . . Read More

Category: Miscellaneous
Posted: Oct 4 2017 - 6:47am

Can I File Just For Spousal Benefits And Allow My Own Rate To Grow Until Age 70?

I am 64 (DOB 8/20/53) and my wife is 60 (DOB 1/4/57). When my wife turns 63 (1/4/2020), I will be 66 and 4 months old. If she files for her Social Security benefit then, can I apply for spousal benefits and let my benefit grow until 8/2023 when I turn 70?
I have used several online tools including Maxifi and other than waiting until my wife and I turn 70 (which we cannot afford to do), this seems to be the best case scenario but I am unsure if it is still allowed after the Budget Act of 2015.
Thanks for your help,
Bob

Hi Bob,

Yes . . . Read More

Category: New Law
Posted: Oct 4 2017 - 6:39am

WIll I Be Deemed To File For My Own Benefits If I File For Survivor Benefits At Age 63?

Hello Larry,

The following is one of your strategies for claiming Society security when you have options to file under your own benefits or your survivor benefits. I have this question and just need to verify : What if I file at age 63 for survivor benefits, will I be deemed to file under my own record since my benefits is much higher than the survivor benefits.

"File for reduced widow's benefits at age 60 or as soon as your earnings will permit benefits to be paid, then switch to your own record at age 70"

Thanks

LT

Hi LT, . . . Read More

Category: Deeming
Posted: Oct 4 2017 - 6:34am
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