Ask Larry: Questions and Answers | Maximize My Social Security

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Is Social Security Correct?

Thank you so much Jerry. I am very grateful for your help. Can I just ask one more question about my situation? Is Social Security correct that, because I filed and suspended my benefit 1/14/2016, I am not eligible for Survivor Benefits while I wait until 70 to take my own benefit? I was surprised to learn this (there was no mention of it when we met with a representative to initiate File and Suspend) and had seen nothing about it in discussions of the file and suspend strategy.

My original question and your response are below. Many thanks again.

Debbie
. . . Read More

Category: File and Suspend
Posted: May 16 2017 - 7:07am

Can I Collect On My Ex-Husband's Record At Age 62 And Collect On My Own Record At Age 64?

I was married for 24 years, been divorced since 2004. my ex husband is 63 and i will be 62 in october, 2017. I have worked for a town for 17 years and have a pension so social security is not deducted from my pay and I understand that because of the windfall act, I can not take the full amount of social security as I will be receiving a pension.
question: Can I collect my ex-husbands social security benefits when I turn 62 (but still work until I am 64) and not collect any of mine or drop his at 64 and collect
mine? will the windfall act apply?
How does . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: May 16 2017 - 6:46am

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Category: Miscellaneous
Posted: May 15 2017 - 11:06am

Am I Eligible For Any Benefits From My First Wife's Record?

Hi Larry,
I am a widower from my first marriage after 22 years of marriage. My wife passed away of cancer. She was 40 and I was 41. I re-married at 48, now I am 58. Am I eligible for any benefits from my first wife?
Thank you.

Hi,

You can't qualify for benefits on your first wife's record as long as your remarriage continues (https://www.ssa.gov/OP_Home/handbook/handbook.04/handbook-0401.html).

Best, Jerry

Category: Widow(er) Benefits
Posted: May 15 2017 - 6:59am

Can I Draw Benefits On My Husband's Record At Age 62?

I am 60 yrs. old I recurve a Trs disability pension of $620. a month. I went to as off ice they told me I don't have enough credits I have 26 credits can i draw as benefits from my husbands ssd at age 62

Hi,

You might be able to receive reduced spousal benefits as early as age 62 if your husband receives retirement or disability benefits, however, your spousal benefits will likely be at least partially offset due to your TRS pension. This is because of the the Government Pension Offset (GPO) provision, which results in an offset of spousal or widow . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: May 15 2017 - 6:49am

How Much Can I Earn Without Losing My Benefits?

I am 64 and receive $997.00/month SS. What am I eligible to earn during the year so I don't loose my benefits.

Hi,

You can earn up to $16,920 this year without losing any of your benefits (https://www.ssa.gov/planners/retire/whileworking2.html). If you go over that, you'll lose $1 of benefits for each $2 of excess earnings, unless you qualify for full payments under the monthly earnings test (https://www.ssa.gov/planners/retire . . . Read More

Category: Earnings Test
Posted: May 14 2017 - 11:34am

Will I Get My Husband's Age 70 Rate When I File For Widow's Benefits?

Larry, I am a 64 year old woman (born 12/1952) who was widowed 19 months ago. I began taking social security benefits on my own record at age 62. My late husband (born 02/1937) began taking social security benefits at age 70. When I called SSA to inquire about my options, they told me that I could continue to take benefits on my own record, and then switch to survivor benefits at age 66. If I choose this option, they told me that my total survivor benefits would equal the amount that my late husband WOULD HAVE received, had he taken his benefits at age 65 or 66. That is, I . . . Read More

Category: Widow's Benefits
Posted: May 14 2017 - 8:27am

What Is My Mother's Best Strategy?

Larry, I bought the audio book and listened twice. Great read. And I regret to share that although I have an economics degree from Boston University (graduated 2007), I never took your class.

I'm asking this question on behalf of my mom. Here are the facts:
-Parents married 1978, never divorced.
-Dad (b. September 1951) passed away March 2017, age 65. He earned max covered earnings for many years (over 30) and never took his benefits.
-Mom is 59 (b. July 1957) and does not have enough covered earnings on her own record, as she stayed home to raise . . . Read More

Category: Widow's Benefits
Posted: May 13 2017 - 9:17am

What Should I Do If I Failed To List A Prior Marriage On My Application?

I have been divorced from my ex wife for over 35 years. I have now applied for SS benefits. On my app I did not list the ex wife. I didn't think there was any reason due to the length of time and the fact she has her own retirement, and I didn't have any documents . She is also now retired and has been receiving her SS benefits for over a year. I have no idea what her monthly benefit is. I now realize that she maybe entitled to benefits under my SS if it is higher then hers. She may not file, who knows. How should I handle this matter?

Hi,

The fact . . . Read More

Category: Miscellaneous
Posted: May 13 2017 - 8:40am

How Do We Maximize Our Benefits?

I will turn 66 in July and am retiring as of July 1, 2017. I have significant savings and a pension from my employer, so I have not yet filed for Social Security. My husband will turn 69 in October, and he has not filed for SS either. I would appreciate your advise about what we should do to eventually maximize our Social Security benefits.

Hi,

Your best strategy depends on your and your husband's relative benefit rates. Either you or your husband could start drawing your retirement benefits in order to allow the other of you to file for spousal . . . Read More

Category: Filing Strategies
Posted: May 13 2017 - 8:32am

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