Ask Larry: Questions and Answers | Maximize My Social Security

Displaying 8961 - 8970 of 10063 questions.

Is It Too Risky To Wait?

I am 66 and am not currently receiving my social security benefit although I am getting a spousal benefit from my 62 year old wife's work record. I will stop work June 30, 2017. I have been planning to defer taking my full benefit on my work record until age 70. Given the recent election and the influx of crazies into the political system (today's NYTs has an editorial about attempts to 'slash' benefits) is it too risky to wait?

Hi,

No one can say for sure what the future holds, but the most recent amendments passed by Congress last year grandfathered . . . Read More

Category: New Law
Posted: Dec 18 2016 - 2:00pm

Can I Draw My Social Security At Age 62 And Switch To A Railroad Divorced Spousal Benefit Later?

I will be eligible for a divorced spouse annuity from the railroad retirement board at age 62 (I am currently 55). Can I collect my own social security at age 62 and wait until some later age (say, 70) to stop collecting my social security and start collecting the RRB annuity? (Is this what is meant by file and suspend?) Thank you for your help.

Hi,

To answer your last question first, no that isn't what's meant by file and suspend. File and suspend refers to filing for Social Security benefits at or after full retirement age, but voluntarily . . . Read More

Category: Railroad Retirement & Social Security
Posted: Dec 17 2016 - 4:00pm

Can I Return To Work Without Jeopardizing My Disability Benefits?

I am on social disability. I will be turning 65 in January.. I have someone who wants to hire me. I would be able to make my own hours as i feel able to. Will this jeopardize my social security disability. Also would anything change when I reach. 65. Oh and how much can I earn.

Hi,

The answer depends partially on whether or not you've previously worked since starting on disability benefits. If not, all of your 9 month trial work period is still available, and you could start working in January without potentially losing any of your Social Security . . . Read More

Category: Disability Benefits
Posted: Dec 17 2016 - 3:45pm

Would It Be Advisable Financially For My Uncles To Marry?

My Uncles, both in their late 80's, have been life partners since the mid 1980's. They are not married, and have no plans to marry. They both get Social Security checks. They receive about the same, and it adds up to around $30,000 per year. When one of them dies, will the other be eligible for any survivor's benefits? Would it be advisable financially for them to get married?

Hi,

Just to clarify, I don't know what it would mean for them other than the Social Security considerations. But, as far as their Social Security benefits are concerned, . . . Read More

Category: Marriage
Posted: Dec 17 2016 - 11:15am

Can I Receive Spousal Benefits Before Age 62 If I Have A Child In Care?

I am 60 years old and my husband is 81 and is receiving SS. 6 years ago we adopted our grandson whose mother passed away. His fathers parental rights were taken away by the courts. Our adopted son is receiving SS benefits from my husband. I have heard that I am also eligible for child - in - care benefits as our adopted son is 9 years old. When I called SS they said child in care is for a deceased parent. That is not my understanding. Please comment. I assume also that I would not be eligible if I was still working. Correct? Thanks much

Hi,

It sounds . . . Read More

Category: Spousal Benefits
Posted: Dec 17 2016 - 10:45am

Why Are My Wife's Spousal Benefits Subject To GPO?

Hi Larry: I am age 65 and have received SSDI for past 7 years ($1650 monthly). My wife, will be 66 in Feb. 2017 and her PIA will be $2375. She has 35 years of " Substantial" SS earnings. She recently filed for a restricted spousal benefit, DOB 2/13/1951. Following a 35 year career in private industry she retired and then was employed with a county agency, working 9 additional years. Her OCERS montly allowance is $1900 and began two years ago. We were contacted yesterday by the SSA and informed, due to the GPO, she was entitled to zero dollar spousal benefit. I understand how . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Dec 16 2016 - 1:00pm

What Start Date Should I Choose On My Application?

I have scanned through the Ask Larry topics and have read your updated Get What's Yours. I still am confused as to what start date I should use on my application so as not to incur a reduction in my benefit or my husband's spousal benefit; my actual birthday or the beginning of the next month. I turn 66 on 4/20/17 and want to begin my benefit. My husband (older) will then restrict his application to spousal until he files at 70.

Hi,

Social Security applications only ask you what month you want to start benefits, not the day. If you want to receive . . . Read More

Category: Filing Strategies
Posted: Dec 16 2016 - 12:45pm

Will My Social Security Be Reduced If I Started A Lower Paying Job?

I turned 66 in August, and started drawing S.S. I took a lesser job same company in March and half of my salary. Will my S.S. be reduced?

Hi,

No, they won't be reduced. Social Security retirement benefits are calculated based on a person's best 35 years of inflation adjusted earnings. The rate you currently receive is based on your best 35 years of earnings through 2015. So, your benefit rate won't go down because you took a lower paying job after that. And, there is no limit on the amount that you can earn once you reach full retirement age, so . . . Read More

Category: Retirement Benefits
Posted: Dec 16 2016 - 12:30pm

When Should I Submit My Request For Suspension Of Benefits?

I am currently recieving disability benefits, will be 66 in jan 2017 i went to the local social security office today to suspend my benefits at fra in order to recieve drc originally ssa agent said since i have recieved disability could not recieve drc, but upon ssa agent checking with someone else was advised i could recieve drc but could not apply/suspend until i have reached fra i was given a form ssa-795 looking again at a link you had sent me previously - ssa/voluntary suspension faq #1- it is saying suspend the month before payment is due (jan benefit = feb payment) so am . . . Read More

Category: Suspending Retirement Benefits
Posted: Dec 16 2016 - 12:00pm

Can I Suspend Benefits Without Paying Back What I've Already Received?

Thanks for taking this question. Have been getting conflicting answers from 2 different CFPs so here goes. I turned 66 this past August 2016. Applied for and begin receiving my Soc Security benefit at that time. Now 4 months later I realize I do not need the money at this time. Wife is 62 and is entitled to her own benefit which is higher than mine. We plan not to have her apply till age 70. She is not collecting any kind of Spousal Benefit. At this point can I suspend my benefit to a future date say 68-70 without having to pay back the past 5 months of benefits I have received . . . Read More

Category: Suspending Retirement Benefits
Posted: Dec 16 2016 - 11:45am

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