Ask Larry: Questions and Answers | Maximize My Social Security

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Has There Been A Definite Update From Social Security On Applying For Your Own Benefits At Age 70 After Collecting Spousal Benefits?

Hello,
Has there been any definitive update from Social Security on applying for your own benefits at age 70 on line after taking spousal for 4 years?
Thanks

Hi. I'm not sure what kind of update you're looking for. The Social Security amendments passed by congress in 2015 made it impossible for people born after January 1 1954 to claim regular spousal benefits only while waiting until later to apply for their own Social Security retirement benefits. The only way that a person born after January 1 1954 can collect spousal benefits while waiting . . . Read More

Category: Filing Options
Posted: Apr 16 2023 - 8:54am

Can My Wife Collect Half Of My Full Benefit Amount Instead Of Her Own Benefit When I Start Drawing My Benefits?

Hi Larry,

My wife (born in 1952) started collecting her full social security benefits at age 66 (and I, at that time was age 65, started taking 1/2 of her benefits, in addition to her benefits.)

I will be turning 70 this year and then will start collecting my maximum social security benefits (instead of just 1/2 of my wife’s benefits.)

When I turn 70 will my wife be able to collect 1/2 of my full benefits (Instead of the smaller amount she is collecting now.)?

Thank you for your thoughts on this question!

Hi. I assume you filed . . . Read More

Category: Filing Options
Posted: Apr 15 2023 - 9:06am

Will I Lose Part Of My Social Security Because I'm Selling My House?

Will I lose part of my social security because Im selling my house for 165,00 I went on social security disability at age 59 when I turned 66 they changed me over to regular social security. I'm now 73. Do I need to report it to them.

Hi. No. As long as what you receive is Social Security benefits and not Supplemental Security Income (SSI), then selling your home won't have any effect on your benefits. And, you wouldn't then need to report the sale to Social Security, other than to inform them of your new address.

Best, Jerry

Category: Miscellaneous
Posted: Apr 15 2023 - 9:01am

Is There A Two Year Waiting Period On Starting To Work After Your Disability Onset?

I have a few questions self employment that I had help setting up and running that lost money. (I haven’t had any other employment since my disability award.)

For background, the business is running Facebook and Instagram ads for other businesses that pay us on a monthly retainer.

We (my friends/family that helped me set it up) hired one freelancer to be in charge of getting clients. Once she gets a new client it is sent to another freelancer that runs all the ads.

My involvement is just seeing if I get any notifications with issues from the freelancers . . . Read More

Category: Disability Benefits
Posted: Apr 14 2023 - 7:54pm

Can I Collect My Social Security Benefit At Age 62 And Then Switch To Surviving Spousal Benefits At Age 67?

If I am a surviving spouse, can I collect my social security benefit at age 62 and then switch to my spouses social security benefit at age 67? Where can I go to find information on this question? Social Security website links would be great. Thank you so much

Hi. Yes, although you couldn't actually switch from your own benefits to survivor benefits only (https://secure.ssa.gov/apps10/poms.nsf/lnx/0200204035). Instead, if you're drawing your own benefits and if you later claim higher . . . Read More

Category: Filing Options
Posted: Apr 14 2023 - 4:49pm

Will My Daughter Get Medicare If She Qualifies For DAC Benefits?

My daughter is a 30 yr old adult with special needs. She has Medicaid but we have always maintained private insurance because of her specialized medical needs. Medicaid has been her secondary and won't adequately cover her as primary. Of her 9 doctors only 2 will accept Medicaid.
Question - If one of her parents start on Medicare will that allow her to also get Medicare as a DAC? What allows her to use Medicare as a Primary insurance?

Hi. Yes, if you or your husband claim Social Security retirement or disability benefits and if your daughter qualifies . . . Read More

Category: Medicare
Posted: Apr 14 2023 - 4:20pm

Can I Use The Program If I'm Receiving Benefits And I'm Older Than Age 70?

Can maximize my social security be used if I'm currently receiving benefits and am older than 70?

Hi. The only thing that the maximize my Social Security software might be able to do for someone who is over age 70 and receiving benefits is to help identify other types of benefits for which they might be eligible (e.g. spousal, survivor). But, if you're sure that you're already collecting all of the benefits for which you're eligible then the software program probably wouldn't be of any help to you.

However, our Maxifi planner software is a full featured financial planning . . . Read More

Category: Maximize My Social Security Software
Posted: Apr 13 2023 - 9:07pm

Am I Correct That Social Securtity Shouldn't Be Deducting Part B Medicare Premiums From My Friend's Monthly Checks?

My best friend is around 75 years old.. SS deducts monthly the I believe Pat B $165.00 per month around that ball park.. I have explained to her that they should not be deducting this amount at all. Her monthly check is around $1,850 to $1,900 per month. Should she be keeping this deductible? And if so, can she collect retroactive payments. They have always deduct her Part B, always.

Thank you.
Magdalen

Hi Magdalen. I think you must be mistaken. Part B Medicare coverage isn't free. Everyone enrolled in Part B of Medicare must pay a monthly . . . Read More

Category: Medicare
Posted: Apr 13 2023 - 8:47pm

Should I Apply At Age 62 So That I Can Draw Some Benefits Before Retiring From The Local School District?

I have 24 years with our local school district. I am 60 years old and hope to retire sometime between the age of 63 and 65, My husband is 70 yrs old and is receiving 2834 in Soc sec. I worked for approximately 10 years in the business sector before working with the school district, near as I can figure I "might" get $100 a month because of the WEP. Also I understand that if my husband passes away I cannot collect any widow's benefits. My boss was telling me that at 62 I should go file for my social security so that I could at least start getting that. I'm not sure how much that . . . Read More

Category: Filing Strategies
Posted: Apr 13 2023 - 5:31pm

When Will My Sister's OPERS Pension Create A WEP Reduction?

Hi Larry. When does the money accumulated in my member directed OPERS plan - Ohio Public Employee Retirement System - create a WEP reduction? My sister is electing not to take monthly payments, she elected the lump sum which she'll evevtually roll into an IRA. She just retired. She's 62 and has a small social security benefit. If she elects to start social security but doesn't touch her OPERS, is her benefit reduced? Or is it reduced later when she takes money out or rolls it into an IRA? Thanks for your help.

Hi. The earliest that the Windfall Elimination . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Apr 12 2023 - 2:33pm

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