Ask Larry: Questions and Answers | Maximize My Social Security

Displaying 851 - 860 of 10063 questions.

What Are My Best Options?

I have been receiving social security retirement benefits since I turned 62 in March of 2022. I now have been offered a job that will exceed the $19,560 allowed. I was told if I terminate my benefits that I will have to pay back all the money I have received from SS in 45 days. What are my best options?

Hi. You have two basic options. You can either withdraw the claim you filed (https://www.ssa.gov/benefits/retirement/planner/withdrawal.html) and then reapply for benefits at some . . . Read More

Category: Filing Options
Posted: Jul 26 2022 - 8:54pm

When Is The First COLA I Will Be Eligible For?

I turn 62 in August of 2023. When is the first cola I will be eligible for?

Hi. The cost of living (COLA) increase that presumably will occur in January 2024 is the first COLA that will be added to your Social Security retirement benefit rate. All Social Security COLAs that occur after a person reaches age 62 are added to their Social Security retirement benefit rate regardless of when they start drawing benefits.

You should strongly consider using our software (https:// . . . Read More

Category: Cost Of Living Increases
Posted: Jul 26 2022 - 8:49pm

Am I Eligible For The Next COLA?

I turn 62 on Mar 1st 2023. Am I eligible for the next COLA?

Hi. No, assuming that you're referring to your own Social Security retirement benefit rate. Only people who were born prior to January 2 1961 will have the January 2023 cost of living (COLA) increase added to their Social Security retirement benefit rate.

Best, Jerry

Category: Cost Of Living Increases
Posted: Jul 25 2022 - 6:22pm

If I Qualify For Survivor Benefits Will I Receive Medicare Right Away?

my x husband and i were married for 18 years. He was approved for SSDI when he was 45 years old. He passed away at 51 years of age. We divorced in 2018, I have been on SS and medicaid I for about five years now. I am applying for survivors social security based on his record, but what I dont know is will i have to serve the two year waiting period for Medicare or since I am already on SSI and been determined disabled for over two years will I receive Medicare right away?

Hi. You don't mention your age so I can't be very specific, but if you qualify for . . . Read More

Category: Medicare
Posted: Jul 25 2022 - 3:10pm

Do You Lose Your Ability To Receive Medicaid If You Have A Judgment Against You?

Do lose your ability to receive Medicaid if you have a judgment against you?

My sister fraudulently took out a loan in my 78 year old mother's name. The loan payment for it is $745 a month and she doesn't collect enough social security to cover this and I cannot keep paying it myself. Mom doesn't want to turn in my sister to the police. If she files bankruptcy, is she denied Medicaid? Thank you for your time

Hi. I'm sorry, but I'm unable to answer your question. My expertise is limited to Social Security benefits, and the Medicaid program is . . . Read More

Category: Medicaid
Posted: Jul 25 2022 - 2:53pm

Why Would I Be Eligible For Survivor Benefits But Not Be Eligible For A COLA?

I received a letter from SSA that I would be eligible for surbiv's benefits but that I would not be eligible for COLA. Why is that?

Hi. I can't give you a proper answer without more details. Social Security cost of living (COLA) increases are added to all Social Security benefits, including survivor benefits. So, if you're currently eligible to collect survivor benefits, then all future Social Security COLA increases would be added to your survivor benefit rate.

It sounds like you should strongly consider using our software ( . . . Read More

Category: Cost Of Living Increases
Posted: Jul 25 2022 - 1:29pm

Would It Be Worth It To Suspend My Benefits?

Dear Larry,
Last August, after my sister died one month before turning 65, and never receiving any Social Security benefits, I panicked. I decided to apply for benefits at 64. I would turn 65 in November of 2022. I started receiving SS in February and have so far received $10,000.
My circumstances have changed and am now sharing expenses with a friend who has moved in. I read I could change my mind and cancel my SS but would have to return all of the money, which I’d prefer not to do. I also read I could suspend my SS until I reach 66.9 years of age. Would it be . . . Read More

Category: Suspending Retirement Benefits
Posted: Jul 25 2022 - 12:57pm

Can Social Security Terminate My Benefits Because Of My Family Income?

I'm 80 years old. Retired 15 years ago. Have been receiving SS benefits. Notified that SSA is terminating benefits based on my family income reported to the IRS. Can they do this?

Hi. No, Social Security couldn't terminate your Social Security benefits because of your income. Social Security is not needs based, so the amount of your income couldn't adversely affect your benefits.

Social Security does administer a needs based program called Supplemental Security Income (SSI), though, so if that's what you're receiving then your benefits could be . . . Read More

Category: Miscellaneous
Posted: Jul 25 2022 - 12:49pm

Does The Maximize My Social Security Software Include Next Year's COLA Increase?

Does the latest version of Maximize my Social Security include the planned COLA increase for next year?

thanks,
John

Hi John. Not yet, because the exact amount of next year's Social Security cost of living (COLA) increase hasn't yet been established. However, the software does allow you to enter projected future COLA increases that can be used in your benefit estimates.

Best, Jerry

Category: Maximize My Social Security Software
Posted: Jul 22 2022 - 9:33pm

Why Does Social Security Approve You For Survival Retirement Medicare?

I asked a question Why does Social Security approve you for survival retirement Medicare benefits I do believe the doctor filled out the documents the condition was hereditary genetic and when you try to find out why are you receiving the retirement survivor Medicare but not the cash benefits does a person have to be married to receive survival retirement a person also did you receive benefits is disease

Hi. I'm sorry, but I don't really understand your question. It is possible to qualify for Medicare benefits either based on your own earnings history, or . . . Read More

Category: Miscellaneous
Posted: Jul 22 2022 - 12:00pm

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