Ask Larry: Questions and Answers

How do you apply the rise in Social Security to your current benefit amount. I would think that you take the benefit amount from this year, multiply it by the COLA (.3%) and that gives you your increase amount. But it doesn't work that way. The amount is always different. Are they rounding something? What has happened is that they round the COLA which is .34793 to .3 which lowers the amount by $.50 ($5.25 vs $4.75) . Then when they calculate the increase it is $.10 or $.65 less then calculate. So my benefit amount is $1.15 less then you might think. Now I know that $1.15 isn't . . . Read More

Hi Larry. I have 2 questions one regarding Parisi and one regarding multiple eligibility.
Situation: My mother receives retirement benefits under her own record, and survivor benefits under my father's (adoptive) record. I receive disabled adult child benefits under my father's (adoptive) record. My sister recently became disabled and receives benefits under her own record and under our father's (adoptive) record.

Reason for questions: When my sister began receiving benefits my mother's survivor benefits were reduced (SSA cited family max) and my sister's . . . Read More

my grandkids father died . So now they recieve social security. The mom is in jail but getting out soon. the problem is dcfs is ruining the normalness of our lives.
The kids are paying for there parents crimes.
dcfs wont leave them alone so we want to adopt them. then they will leave them alone. But will they lose there social security if we adopt.....My daughter is willing to give them to us so they can be free to live..

Hi,

No, your grandchildren's survivor benefits would not terminate if they are adopted.

Best, Jerry

My husband is 67 and suspended his SS benefits when he was 66. I am 64.5 and want to know if I file for spousal benefits before 66, will I still be able to collect the maximum amount based on my own earnings when I am 70?

Hi,

No, you can't. If you file for spousal benefits before age 66, you'll also be forced to file for retirement benefits on your own record. You would then only receive essentially the higher of the 2 benefits, and your benefit rate will be permanently reduced.

You may want to consider running the maximization software . . . Read More