Ask Larry

Benefit Amount

When Would I See The 8% Increase If I Start Drawing At Age 67?

Hi Larry, question: I have passed my 100% eligibility for a full 100% monthly paycheck. Born 3.55. So my maximum kicked in May 2021. I want to wait until my 67th Birthday to start to collect. How does SS work here Do I see the 8% increase at the beginning of 2021 (my calendar year start toward my 67th in March, or is it delayed to my 100% anniversary in May, or do I get a retroactive check later in the year?

Thursday, November 4, 2021 - 11:40

If You Stop Working At Age 62 But Wait Until Age 67 To Collect Do You Get Full Benefits?

If you stop working at 62 but wait till 67 to collect. Do get full benefits or will it be 62 benefits

Hi. Regardless of when you stop working, if you start drawing your Social Security retirement benefits at your full retirement age (FRA) you'll receive your full unreduced benefit rate. That amount is referred to as your primary insurance amount (PIA), and your PIA is calculated based on an average of your highest 35 years of Social Security covered wage-indexed earnings.

Best, Jerry

Sunday, October 31, 2021 - 22:02

Why Doesn't Your Benefit Rate Go Up When You Reach Full Retirement Age If You're Getting SSDI?

Why is it that your Social Security amount won't be higher than what you get for SSDI at 66 and 2 months. Especially when its monies you have worked and earned? I see no fairness in that!

Hi. Social Security disability (SSDI) benefits are calculated based on a person's Social Security covered earnings, as are Social Security retirement benefits. In other words, both benefits are calculated based on the same earnings and using the same basic calculation formula.

Sunday, October 31, 2021 - 13:15

Why Did My Benefit Amount Go Down?

Hi Larry
I was receiving $3154.50 before deductions from Jan 2021. I looked on the SS site it shows my benefit would be reduced $16 to $3138.50 for Nov and Dec 2021. Why is this?
I waited to 70 to get benefits but the agent (who assured me I Was using the correct start date) the benefits did not start until 70 + one month. They need more training

Friday, October 22, 2021 - 11:52

Why Am I Being Penalized For Having A Separate Retirement Plan?

I receive pension from Cal-pers. I also worked in the private industry as well.
When I applied for SSI I was told by the administration that I’d receive $677 per month. Later I received a letter saying the amount will be reduced to $292 per month.
When u called SSI to inquire why…the clerk told me “you make enough from Cal-pers and it’s been decided that you do not need the rest.
This is not right. I’m not asking for money that I haven’t earned. Why am I being penalized for having a separate retirement plan?
Thank you for your time.

Wednesday, October 20, 2021 - 09:02

How Can I Check To See If I Am Being Underpaid By SS?

I am having a terrible time with Social Security . My birthday is 5/3/51

I have a complicated profile- I took SS early when I was out of work in 2013- then went back to work, started making too much money and had to pay back benefits pretty regularly until I hit my full retirement age of 66. I then was able to suspend ( although it was not easy to find someone at SS who knew I was entitled to suspend).
I also was never able to take advantage of any spousal benefits from my ex- husband ( married for 23 years) according to SS.

Thursday, October 14, 2021 - 14:43

Is It Common To Have A Discrepancy In My SSDI And FRA Benefit Rates?

I have been collecting SSDI on my own record since 3/1996 at age 36. I am also receiving 60% of my original private retirement amount under a disability plan I purchased and paid for thru my employer. I am now 62 and I know that my SSDI would be converted at my retirement age of 66 years and 10 months, full retirement age. However, there is a reduction in my FRA payment amount from SSA since I have been receiving cost of living increases annually on my SSDI. It seems as if my FRA has not kept up with the increases on the SSDI. Is this discrepancy common?

Monday, October 11, 2021 - 16:58
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