Ask Larry: Questions and Answers

Displaying 7261 - 7270 of 10063 questions.

Can My Spouse Be Entitled To Any Part Of My Social Security Even If I Didn't File For Benefits?

I will be 62 in November and eligible to begin drawing social security. I may wait and take my social security benefit to get the maximum amount. And that goes to my question which is --- if I wait to take my social security and I die before I take it, is my spouse entitled to any or part of my social security even though I have not applied to receive it?
Thank you.

Hi,

Yes, your spouse could potentially qualify for widow(er)'s benefits whether or not you ever apply for benefits. And, the longer you wait up until age 70 to start drawing your . . . Read More

Category: Widow(er) Benefits
Posted: Oct 4 2017 - 6:20am

What Will Be The Maximum Amount One Can Make In 2018 And 2019 Without Being Penalized?

Hi
What will be the maximum amount one can make in 2018 and 2019 without being penalized for collectin SS before ful retirement age? I know it is $16, 000 plus in 2017. What amount is this projected to be for 2018, 2019, etc. Does it increase by a certain amount or percentage each year?
Thank You!

Hi,

The earnings test exempt amounts are adjusted annually to account for changes in average wages. Thus, the rate of increase is a variable that can't be projected with precision. The 2018 exempt amounts won't be announced until later this . . . Read More

Category: Earnings Test
Posted: Oct 4 2017 - 6:11am

Is It True That We Can File Online?

I began collecting my reduced Social Security retirement benefit at 62. A few months later, at his FRA, my husband began receiving a spousal benefit on my record.
Now, he is nearly 70, has retired, and decided to file for his own Social Security benefit beginning in January of 2018. At that time, I will be of FRA, and will file for my excess spousal benefit, if any.

Today we visited our Social Security office to apply. We took a number and waited our turn, but when called we were told we couldn't apply today because they are
"short-staffed." The agent . . . Read More

Category: Filing For Benefits
Posted: Oct 3 2017 - 6:21pm

What Is The Procedure For Switching From Spousal Benefits To Retirement Benefits?

I will turn 70 on Dec. 8, 2017. I am currently receiving a spousal benefit based on my wife's full SS benefit, which started in Feb., 2017. What is the procedure for switching my spousal benefit to my full benefit on Dec. 8, and for switching my wife's current benefit to a spousal benefit based on my full benefit, which will be higher than her current benefit?

Hi,

You and your wife will need to file applications for retirement benefits and spousal benefits, respectively. You will likely want to elect December 2017 as your month of election to start . . . Read More

Category: Filing For Benefits
Posted: Oct 3 2017 - 6:12pm

What Is Supplemental Security Income?

Hi Larry,
My wife will be turning 66 year in November 2017. She received a letter from Social Security Administration that she is entitled additional income in the form of Supplemental Security Income (SSI).

We wonder what is this and when is the best time to start taking. Does it have any positive effects on spousal benefits? Looking forward to your suggestions.

Hi,

Supplemental Security Income (SSI) is a needs based benefit administered by Social Security but not funded by Social Security taxes ( . . . Read More

Category: Supplemental Security Income
Posted: Oct 3 2017 - 5:56pm

How Would My Marriage Affect Our Finances?

Hi Larry, I'm a 58 year old male with cerebral palsy. I've never held a job andI'm drawing Social Security on my deceased father's account. I also receive a very minimal amount of S.S.I. as well as being on the Medicaid Waiver Program. I'm going to marry my caregiver of nearly 18 years. She's taken early retirement due to her own health issues. Can you tell me what to expect as far as our finances go?

Hi,

Your Social Security disabled adult child's (DAC) benefits would continue at the same rate as long as your wife is entitled to Social Security . . . Read More

Category: Disabled Adult Child Benefits
Posted: Oct 3 2017 - 6:44am

Can My Husband Collect Social Security And His Other Pension?

My husband is 57 and collecting a pension. If he gets a job and works until age 65-can he collect social security in addition to his pension?

Hi,

Yes, if your husband has at least 40 quarters of Social Security coverage and is at least age 62, he could be potentially draw Social Security retirement benefits even if he receives another pension. However, if his other pension is based on earnings that were exempt from Social Security taxes, his Social Security benefit rate would likely be lower than normal due to the Windfall Elimination Provision (WEP . . . Read More

Category: Miscellaneous
Posted: Oct 3 2017 - 6:30am

Can I File On My Ex-Husband's Record If He's Remarried?

Hi Larry,
I was married for 19 years divorced for six years. I remarried for 18 years my then husband passed away after 18 years of marriage. I remarried in 2010 to my wonderful husband,Mark he passed away 9/11.2017. Can I file on my ex husband's retirement he is remarried? I am 67 my late husband,Mark had no life insurance no estate. I am also trying to find out how much money I will get from the government to live on. I was getting around $900.00 a month. My husband,Mark got around $2030.00 a month. Social security says I will only get around $1000.00 a month. I am . . . Read More

Category: Survivor Benefits
Posted: Oct 3 2017 - 5:54am

Will I Automatically Be Eligible For Railroad Retirement Benefits On My Husband's Record?

Hello Larry,

I am a teacher who has worked in NYSTRS for 30 years and my husband 36 years at metro north rail road. I know there is two tiers in the RRRS and that the first tier is supplemental for social security in essence. But my question is. When he retires am I automatically elegable for his RR Retirement? I have made a substantial amount more that him and I am going to take my social security at 62. Will he receive his tier 1 and 2 and his spousal benefit from SS??

Hi,

I'm sorry, but my only area of expertise is Social Security, so I . . . Read More

Category: Railroad Retirement & Social Security
Posted: Oct 2 2017 - 4:58pm

Can I Suspend My Retirement Benefits Again?

Hi Larry, I am 69 (June BD) and have reinstated my SS benefit after a suspension period of 28 months in order to build liquidity/savings. Is it possible to again suspend my SS benefit in January 2018 and resume in June 2018 when I turn 70? Thank you for your attention. Donald

Hi Donald,

Yes, there is no limit on the number of times that you can suspend and reinstate your retirement benefits between full retirement age and age 70. However, if you want to suspend your benefits effective January 2018 you'll need to submit your request to Social Security . . . Read More

Category: Suspending Retirement Benefits
Posted: Oct 2 2017 - 4:50pm
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.