Ask Larry

Filing Strategies

Do You Have Any Recommendations?

Hello Dr. Larry
I am a BU alumni! Wish I had had professors with your expertise.
My husband started collecting SS at 68. Financial planner wants me to collect social security now at 68 and invest the money in stocks. We have 2.5 mil in stocks and bonds and my husband has a teacher pension. Unfortunately 80% of our money is in deferred comp. I read your newest book ( which is terrific).not sure if your Roth chapter applies to me at this age. any recommendations on both issues? Thank you.

Posted: 
Friday, January 14, 2022 - 10:15

Is It A Smart Move To Start My Own Benefits At 62 And Then Collect My Deceased Husband's Benefits At My Full Retirement Age?

I WILL BE 62 IN MARCH - MY SPOUSE OF 33 YEARS DIED 8 YEARS AGO. HE WAS ON DISABILITY FOR A BRIEF TIME BEFORE HE DIED. I WOULD LIKE TO COLLECT ON MY SOCIAL SECURITY STARTING IN MAY OF 2022 - THEN AT MY FULL RETIREMENT AGE I WOULD LIKE TO COLLECT HIS SOCIAL SECURITY. WHICH WILL BE MUCH HIGHER THAN MINE WILL EVER BE. IS THIS THE SMART MOVE?

Posted: 
Thursday, January 13, 2022 - 12:08

Which Of My Two Possible Strategies Would Be Best?

Dear Larry - I'm 67 (past FRA), am planning to work for 2 more years, and debating two strategies. (1) work for two more years and start collecting retirement benefits at that time. OR (2) start collecting benefits now (67) but keep working for two more years. I understand the government automatically checks if any of my post-retirement earnings years would be more than my 35 highest my 67 year old benefits were calculated at and if so, automatically increase my benefits to make up the difference.

Posted: 
Tuesday, January 11, 2022 - 12:46

Do I Need To Do Something At Age 70 If I'm Receiving Spouse's Benefits?

I have been receiving SS benefits using 50% of my spouse’s benefits for 3 years, because 50% of his benefit was more than mine. I turned 70 in November 2021. Am I supposed to do something to receive benefits using my own account? Social security has not notified me, however, I had a note in a margin of a letter saying to contact them. Will I get more or less? (Also, they have been deducting 2/3 of the amount that I receive from my teaching pension, will that ever stop?

Posted: 
Thursday, January 6, 2022 - 17:25

Is It True That If I Apply For Divorced Widow's Benefits Social Security Will Pay Me The Higher Of That Benefit Or My Own Benefit?

Hi Larry! Couple questions:
1. I am 63 years old and would like to start withdrawing my ‘divorced widow benefits’ now, even if my personal benefits at this time are slightly higher than my divorced widow benefits. .
I would like my own benefits to grow till my age of 70 and then switch to my own benefits at 70 when they will be even higher (and higher than my widow FRA).

Posted: 
Monday, January 3, 2022 - 10:47

Do You Recommend Using 85 As An Actuarial Lifespan?

Larry states "If you were born in 1959 then your FRA is age 66 & 10 months, so if you start drawing at age 62 & 6 months then your benefit rate would be reduced for age by roughly 26.67% (i.e. ((5/9ths of 1% x 36) + (5/12ths of 1% x 16)) = 26.666...%)."

I assume the software can show different projections based on different reduced benefit amounts? And do you recommend 85 as an actuarial or should the actuarial lifespan be longer for computation purposes?

Posted: 
Tuesday, December 28, 2021 - 14:17

Should I File Now Or Should My Husband And I Both Wait Until We're Age 70 To Start Drawing Benefits?

I read "Get What's Yours," which was very helpful. My question relates to a change in policy after the book was published.

The question: Should I apply for Social Security benefits in 2021 or should we both wait until we are 70 if possible? In 2021 my husband can apply for spousal benefits while letting his Social Security benefit accrue. I cannot. He was born in 1953 (July). I was born in 1954. He is in good, but not perfect health.

Posted: 
Sunday, December 26, 2021 - 15:09
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