Ask Larry

Filing Strategies

What Month Can I Start My Retirement Benefits And Continue To Work With No Reduction In Benefits?

I am full retirement age as of June 10, DOB 6/10/1955. What month should my retirement start since I want to continue to work with no reduction in benefits.

Hi. You could claim your benefits effective with as early as August 2021 without losing any benefits due to the Social Security earnings test. Full retirement age (FRA) for people born in 1955 is 66 & 2 months.

Posted: 
Thursday, September 16, 2021 - 12:02

If I Apply For Survivor Benefits Will It Lower What I Receive At Age 70?

I m 67 and and was laid off in 2020 due to covid, I have emergency savings and plan to wait until I am 70 to apply for SS. I am considering applying for my deceased spouse benefits ( I never remarried) the benefit is small, 463.00 a month but everything helps. If I take the retro on the spouse benefit, I think they said that would be around 3000 something. Will that lower my benefit when I retire at 70 ?

Posted: 
Wednesday, September 15, 2021 - 20:32

Will My Wife's Spousal Benefit Be Reduced If She Takes Her Own Benefit Early?

My retired wife is 65 (Nov 2021), I am 66 (June of 2021). We are financially set. I will retire and the end of 2021 but may work on 1099 for one year. My understanding is If I take SS at 70, and my wife takes her own benefit now (pretty low), It will reduce her spousal benefits when she reaches FRA. Am I correct?. Would this also affect the Family max?

Posted: 
Friday, September 10, 2021 - 13:33

Is There Anything That I'm Not Considering?

I'm trying to figure out the best time to claim Social Security. I just reached my full retirement age. I am self-employed and enjoy my work. My mother and grandmother died at age 92, so that's what I'm figuring my longevity will be. My initial plan was to wait until age 70 to claim, and work until then. Then I started thinking, what if I work those three years AND claim next year. I can more than make up for the benefits shortfall by working and there's no penalty because I've reached full retirement age.

Posted: 
Friday, September 10, 2021 - 09:36

Will Social Security Allow Me To File For Early Retirement And Suspend My Benefits Until Age 70?

I am 61 retired physician. My younger wife is 43 and my twins are 8 years old.
My wife has no/negligible earnings contribution to social security.
I have enough savings not to tap into Social security until age 70.
However, I am considering applying for early retirement benefit and then suspend till age 70, and applying for my minor children, and spouse under childcare benefits. Will social security allow this or will it deem that I take early retirement benefit as well? Thank you

Posted: 
Wednesday, September 8, 2021 - 12:07

What Advice Can You Give Me?

Hi Larry
My husband was forced on disability due to cancer at age 55. I am 61. We are on disability income for the most part because I am his caregiver. I need advice as to when I should take his benefit reduced at age 62 or wait till I am FRA. I did licensed childcare, pay was low so I will be better off to take 50% of his. I also worked for a school district which has its own PERA retirement, am I entitled to any of that? Again very low wages. Thanks B

Posted: 
Saturday, September 4, 2021 - 11:51

What Is The Best Time For My Wife To File For Her Benefits?

Hey Larry,

My wife is currently 60 and we are trying to make the smartest choice on when she should start collecting her Social Security. We are both retired currently. She was primarily a stay at home mom so her benefit for FRA is relatively small. Our main goal is that we don’t want her decision on whether to start at age 62 or wait until 67 to adversely effect her eventual spousal benefits.

Posted: 
Monday, August 30, 2021 - 10:42

If I Apply For Widow's Benefits Early Will It Negatively Affect How Much I Will Receive When I File For My Own Benefits?

I am 57, my husband died in 2018 at 55. If I retire and apply for widow benefits early at 60 or 62, will it negatively affect how much I will receive when I apply for my own ss benefits, at age 67 or 70? My 18 yo disabled son already receives survivor benefits on my deceased husband’s social security.

Hi. I'm sorry for your loss. No, if you start collecting widow's benefits prior to full retirement age (FRA) it won't have any adverse effect on the benefit rate that you could subsequently be paid on your own account.

Posted: 
Monday, August 23, 2021 - 11:59

When Should My Wife File For Spousal Benefits?

Hi Larry, I turn 65 in December and plan to start drawing social security in June 2022. I stopped working completely in January 2020 so I know there will be a reduction in benefits. My question is about benefits for my spouse. She doesn’t have enough credits to claim social security on her own and assuming she outlives me what risk is there for her that my benefits will be significantly less than while I’m living. When should she file for spouse benefits if she is eligible?

Posted: 
Friday, August 20, 2021 - 13:01
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