Ask Larry

Benefit Amount

When My Wife Turns Age 70 Will She Have The Opportunity To Collect More?

I started to collect my SS benefits at age 62. My wife who is seven years younger, started to collect her's at the rate of half my SS income when she turned 62. When she turns 70 this year, will she have the opportunity to collect more?

Hi. No. If your wife applied for benefits at age 62, then her application would have been deemed to be an application for both spousal benefits and her own Social Security retirement benefits. Therefore, your wife should already be receiving the higher of her own benefit rate or her spousal rate.

Monday, January 17, 2022 - 16:01

Is There A Family Cap On Benefits?

I have two sons who live with us that get social security disability. I am retiring soon and was wondering if there are any issues I should be aware of such as is there a family cap for social security or does anything in my social security affect the amounts they get? In other words, should I have a strategy that included their disability or should I just plan on taking to at 70 (which is my plan).
Thank you!
PS heard you on Money Life and bought your book!

Wednesday, January 5, 2022 - 09:27

Will My Estimated Benefit Rates Now Increase Because Of The COLA Increase?

I was born April 8, 1955, in Jan 2021 I received a CB letter from Social Security that my estimated benefit if I start collecting at age 66 and 2 months is approx $2449.00 per month, with an amount of $3201.00 if I wait until age 70. Am I correct both amounts would now increase by 5.9% with this years Cola increase?

Wednesday, December 29, 2021 - 17:52

When I Receive My First Payment Will It Include The 5.9% COLA?

When I applied for SSA benefits in September 2021 (for Jan 2022), the latest SSA statement at that time in September showed that I would receive $xxxx, if I waited until age 70. I reach 70 in January 2022. I just got a benefits verification letter (Dec 28, 2021) showing that I will receive $xxxx (the amount from the Sept 2021 statement) starting in Jan 2022, with no mention of the 5.9% COLA and no COLA notification letter. When I receive the first check in February 2022, will it be for $xxxx or for $xxxx + 5.9%?

Thank you. Tom

Tuesday, December 28, 2021 - 16:25

Why Can't I Get My Earned Share Rightfully Mine?

I had to collect my soc.sec. early because unemployment benefits had run out for a lot of folks. Therefore I could only get a reduced amount. So now I live on a low income. I worked many years, paid my taxes, I feel it was not my fault the economy fell at that time. Why cannot I get my earned share rightfully mine? Especially since folks nowadays can receive help from s.s. who are not citizens. I should not be penalized for being an American. Help

Friday, December 10, 2021 - 21:29
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