Ask Larry

Benefit Amount

If I File At Age 70 Shouldn't I Expect To Receive The Maximum Benefit Amount?

I intend to file for social security when I turn 70 in December 2022. I retired in 2015. I have contributed the maximum contribution for social security during my working years from 1977 through 2015 - 39 years . Should I not expect the maximum social security of $4,190 when I turn 70 ? When I inquired with social security they provided me an estimate that was $4,090 which is $100 per month less than the max . I understand it is an estimate but upon formally applying for social security , should I expect to receive the max of $4190.

Posted: 
Thursday, May 26, 2022 - 13:36

If I Start SS After FRA And Then Suspend Benefits WIll My Benefit Rate Be Higher Due To DRCs And COLAs?

If I start SS after FRA and then suspend benefits, will my benefit be higher due to deferred credits and cola raises when I restart benefits?

Hi. Yes, if you suspend your Social Security retirement benefits between full retirement age (FRA) and age 70, your benefit rate will be increased by 2/3rds of 1% for each month that you don't collect benefits. And, yes, you'll also receive credit for any Social Security cost of living (COLA) increases that occur while your benefits are suspended.

Posted: 
Thursday, May 26, 2022 - 13:11

Am I Correct That My Benefits Should Be Recalculated?

I drew my benefits early at 62 and continued to work. I exceeded the earnings limit in 3 different years and lost my benefits. I reached FRA May of 2021 and my understanding was that at that time my benefits would be recalculated and given back to me in my monthly benefits. When I call the Social Security office about it they claim they do not know what I am talking about but it is on their website. Am I correct and if so how do I get my money back?

Posted: 
Friday, May 6, 2022 - 12:24

What PIA Is Used In Calculating A Spousal Benefit?

What is PIA used in calculating Spousal Benefit?
That is Spousal Benefit = Larger of (Spouse Own work Benefit ) vs (1/2 of PIA of primary worker)

1)Is PIA always SS amount at FRA or
2)is it the SS amount when Primary Worker takes Social Security Benefit (Say 3 years after FRA) or
3) is it the current SS amount given to Primary worker?

Does PIA increases with COLA adjustment every year?

Posted: 
Thursday, April 21, 2022 - 16:37

Am I Getting The Correct Amount?

I started to recieve Social Security (SS) when I turned 70 on 2/4/18 (born 2/4/49) receiving $3,083.10 and now receive, with one increase, every 2nd Wednesday of each month, $3,249.50. I was told by 3 different people at SS, 3 different amounts. The last person I spoke to a year ago (4th person) agreed I was getting the correct amount.

Posted: 
Thursday, April 14, 2022 - 15:37

Am I Entitled To A Slightly Higher Amount Because I Started My Benefits Two Months After Turning FRA?

Larry,
I reached my FRA in December 2021 (age 66 and 2 months). I applied for my Social Security benefit in February 2022. My awarded amount was the same as Social Security advised it would be at FRA. Am I entitled to a slightly larger amount (age 66 and 4 months)? I spoke with an agent and she said the amount would be going up in January, but I think that may be the annual Cost of Living increase.

Posted: 
Monday, April 4, 2022 - 13:08

Will My Benefits Increase At 65 If I Retire At 62 And Continue To Work?

will my social security benefits increase at at 65 if i retire at age 62 and still continue to work until im 65?

Hi. Your Social Security retirement benefit rate can potentially increase after any year in which you have Social Security covered earnings, regardless of when you start drawing benefits. However, additional years of earnings only increase a your benefit rate if they're higher than one or more of your previous highest 35 years of Social Security wage indexed earnings.

Posted: 
Thursday, March 24, 2022 - 13:10
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