Ask Larry

Filing For Early Retirement Benefits

Why Wasn't I Paid For Any Months Prior To Last November?

I turned 62 in April 2020. This is when all this was just starting with the pandemic. I called every single week all the way up to Nov. before I was finally able to talk to someone. They gave me a phone apt. for Dec. Well the lady calls we go through everything end of conversation. When I started receiving it I got paid 1050$ for 2 months. Ok then they started paying me 814$ a month. No explanation why it changed no letter anything. When I called them she still didnt answer why it changed . I also ask why I didnt receive payment from April til now and she said we dont go back.

Posted: 
Monday, July 12, 2021 - 17:30

How Would Filing Early Affect My Future Widow's Benefits?

Dear Larry, I wish I would have found this several months ago, which would have greatly reduced my stress and frustration. What a wonderful service! My husband and I had carefully planned our retirement strategy and then planned it again based upon the significant law changes five years ago. I am almost seven years younger than my husband, so we decided to definitely wait for his filing for retirement benefits until he was seventy because he planned to continue working past seventy, etc..

Posted: 
Monday, November 23, 2020 - 08:58

Is It Really Worth It To Delay My Application?

Urgent because I am so broke. My birthday is Dec. 30 and I'll be 63. I'm putting in for early benefits. Is it really worth it to delay my application for that 5%? Do they prorate the previous year so that I get at least some of the higher benefit--or am I treated the same as if I applied on my birthday at 62.

This really is urgent because I can't keep up with my rent and need cash ASAP.

Signed,

Just another American "Hero"

Hi,

Posted: 
Monday, November 26, 2018 - 16:30

If I File For Benefits At Age 62, Will Social Security Use Assumed COLA's To Determine My FRA Rate?

I am almost 62 years old. I plan to take social security benefits when i am age 62, I understand that the amount will be a reduced benefit based on my Full Retirement Age (FRA) amount at age 67. So looking at my current social security statement estimate if I take it at FRA 67, from what I have read, this amount does NOT include any future unknown COLA adjustments from now to that age (62 to 67).

Posted: 
Sunday, April 8, 2018 - 12:29

Am I Able To File For Benefits At Age 62?

I'm turning 62 next month, my husband started collecting his benefit at 65, not his full retirement age. I'm no longer working. Am I able to file for benefits at 62? Would I be better filing for spousal benefits? Please advise? Thank you,

Hi,

Yes, you could file for reduced benefits at age 62. What you then would receive is essentially the higher of your own retirement benefit rate or your spousal benefit rate, which would then be reduced by roughly 27% - 32% of your full retirement age rate.

Posted: 
Saturday, March 17, 2018 - 08:16

Will My Sister-In-Law Be Deemed To Be Filing For Spousal Benefits If She Files For Her Own Benefits Now?

My brother, age 63 has just been accepted for SSDI due to a compassionate allowances condition. He will begin collecting in July. His wife is 62. Social Security just suggested to them that she apply for her own benefit now. I'm confused about whether, if she does so, it will be deemed that she has applied for her spousal benefit now, since he isn't actually collecting yet (there is a 5 month waiting period for SSDI). Do you know why SSA might have suggested it to them?

Posted: 
Wednesday, March 7, 2018 - 09:20

Does It Make Sense For Me To Take My Reduced Benefits Now If I Expect To Receive Spousal Benefits Later?

My husband is 59 and will work until 65. I am 63, no longer working and eligible for reduced benefits. His benefits if he waits until age 70 will be approximately $3,800 per month-my reduced benefits are now approximately $760; at age 70- $1,200. Does it make more sense for me to take my reduced benefits now and change over to take spousal benefit when he reaches 70? My husband believes we're just throwing money away by not having me take my reduced benefits right now. Do you believe that is the case? Thank you!

Hi,

Posted: 
Friday, February 9, 2018 - 07:16

What Will Happen If I Take Benefits Starting January 2018?

I will be 65 July 2018. 66 is my full retirement age. I intend to keep working full time. What happens if I apply for Jan 2018 (the year I will turn 65> what are penalties?

Hi,

If you start drawing benefits effective with January 2018 and continue working, you'll lose $1 of your benefits for every $2 that you earn in excess of $17,040 next year.

Posted: 
Thursday, January 11, 2018 - 17:29
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