Ask Larry: Questions and Answers | Maximize My Social Security

Displaying 8951 - 8960 of 10063 questions.

How Much Can I Earn If I Take Benefits Early?

My full retirement age is age 66.
I will turn 66 in December of 2018.
If I decide to take my SS at age 65 in February of 2018 before reaching FRA and continue to work for several months how much can I make being employed before they start penalizing my SS?

Mike

Hi Mike,

The exempt amount of earnings for people who reach full retirement age (FRA) in 2017 is $44,880. The 2018 exempt amount won't be announced until late next year, but it shouldn't be any less than $44,880.

What that means is that if you follow your plan, you . . . Read More

Category: Earnings Test
Posted: Dec 20 2016 - 7:15am

Will My Wife Be Penalized If I'm Drawing My Social Security?

I am 74 and drawing social security. My wife turns 62, Jan, 2017. My wife has worked in the past and is eligible for social security payments based on that past work experience. Can she draw her own social security at her 62nd birthday or is she penalized because I am drawing mine. Thank you.

Hi,

Your wife will not be penalized because you are drawing your Social Security. In fact, it may even permit her to receive benefits from your record in addition to her own. However, she would only be eligible on your record if one half of your full retirement . . . Read More

Category: Filing Strategies
Posted: Dec 20 2016 - 7:00am

Can I Collect From My Ex-Husband's Social Security?

I am 72 years old. Started collecting SS at 62 (now $707) I was married for 18 years and I am divorced for 32 years.
Can I collect from my ex husband SS? At this time they are paying me $80 from his SS. He worked for 25 years for a large company making really good money. How is it that I am getting only $80?
How I apply?
Thank you

Hi,

If Social Security is paying you $80 a month from your ex-husband's record, then it sounds like you are already receiving all that you can currently get from his account. Since you are also drawing . . . Read More

Category: Divorced Spousal Benefits
Posted: Dec 19 2016 - 2:30pm

Can My Husband Claim Spousal Benefits Without Being Deemed To Apply On His Own Record?

If I file now at FRA 66, can my husband also claim spousal benefits on my work record without being "deemed filing" ? He wants to keep delayed retirement credits for 2 years til 70 in 2018, as the higher earner.

Hi,

Yes, as long as your husband was born before January 2 1954, he can file a restricted application for spousal benefits only on your record without being deemed to also have applied for benefits on his own record. The conditions are that you must be drawing your benefits, and he must be at least age 66 at the time he starts drawing the . . . Read More

Category: Filing Strategies
Posted: Dec 19 2016 - 2:15pm

Is It True That I Don't Qualify For Spousal Benefits?

At 62 I was advised by Social Security to begin taking my benefits because eventually I would take half of my husband's Social Security. My husband is 66 and applying for benefits. However Social Security is now telling us I will never be able to do this, as my full benefits at the age of 66 ( 1294.60) ! would be $40 more than half of his which would be 1249.20. Is this true? Is there something we can do? Now I am in the position of never being able to collect full benefits, which means a loss of more than $300.

Hi,

Yes, it sounds like you don't . . . Read More

Category: Filing For Early Retirement Benefits
Posted: Dec 19 2016 - 12:45pm

Will Paul Ryan's Plan Affect Me?

I have a serious disability and have been on Social Security disability for six years. Under Paul Ryan's plan would my benefits be cut or will I be grandfathered in

Hi,

I am only familiar with the current Social Security laws. Proposals for changing Social Security are frequently bandied about, but few are actually enacted into law. So, I try not to guess what Congress may or may not do in the future.

That said, I'd be shocked if Congress did anything to take away Social Security benefits from people who are already receiving them.

. . . Read More

Category: New Law
Posted: Dec 19 2016 - 12:30pm

Can I Work Without Jeopardizing My Disability Benefits?

I was recently (and quickly) approved for disability benefits, starting June 2017 (after 5-month waiting period). My disability actually started back in 2013 when I was diagnosed with late-stage cancer, but I continued to (try to) work through surgery, chemo, more surgery, more chemo. During this time, I did manage to earn over $1,130 most months, so my onset date doesn't begin until now. This waiting period is tough, as I have no other income source and am single. So my question is: Can I earn a little income during this five-month period, as long as it's under $1,130? Or does . . . Read More

Category: Disability Benefits
Posted: Dec 19 2016 - 11:45am

Can I Exclude My Wife On My Application?

I plan to take early retirement @ 62 years of age. My PIA is currently calculated to be 2,000/month at that point. The Family Max looks like it calculates out to 3,500/month. At that point my wife will be 40 and our healthy child will be 8.
If I ask for benefits for both my wife and child, I believe that the extra 1,500 of monthly Fam Benefit would be split between them, leaving each with 750/month.
However, my wife will be earning over 40K yearly and should have her entire benefit wiped out by the Earnings Test.
So, I would like to file for benefits for . . . Read More

Category: Family Benefit Maximum
Posted: Dec 19 2016 - 11:45am

Will My Daughter's Benefit Rate Increase When I Am No Longer Eligible?

My daughter and I receive SS benefits based on my husbands record. He is currently collecting retirement benefits. I am 53 and my daughter is 11 and we have been receiving benefits for 14 months. I know we each receive a reduce amount because we exceeded the family maximum, but it was still considerably more than her benefit alone would have been, even taking in to consideration my SS is taxed and hers is not. When my benefits end as she turns 16, will her benefit increase at that time? I am thinking it might be recalculated automatically to allow for the maximum for one . . . Read More

Category: Family Benefit Maximum
Posted: Dec 18 2016 - 3:00pm

Did Social Security Make A Mistake In Calculating My Disability Benefits?

I have been awarded with SSDI in april 2016 . The SSA established a $ 301.00 monthly benefits by computing my earnings
and divide them by past 20 years . The problem here is that , I have arrived in US ( first time ever )and start to earn a income IN THE YEAR OF 2005 ( SEPTEMBER ) . THEN , THE SSA SUPPOSED TO COUNT AND DIVIDE MY TOTAL EARNINGS BY 10 YEARS , INSTEAD . THAT WOULD DOUBLE MY MONTHLY AMOUNT . WHAT I HAVE TO DO TO CLAIM THAT THEY HAVE MADE A MISTAKE WHEN ESTABLISHED MY SSDI PENSION ?
Thank you , in advance .
A.

Hi A,

I . . . Read More

Category: Disability Benefits
Posted: Dec 18 2016 - 2:30pm

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