Ask Larry

Retirement Benefits

Is It Possible For Me To Make Catch-Up Contributions To Increase My Social Security Benefit Amount?

I have worked overseas for over twenty years. As a result, my estimated monthly benefit when I start to claim would be around $200. I’m 58 and hope to keep working until 65. My wife has heard there is a way for me to “catch up” my social security contributions once we return to the US permanently. I’d be happy to make up twenty years of contributions if allowed. Would such a thing be possible? Thanks for any advice you can give us! Chris

Hi Chris,

Saturday, April 21, 2018 - 14:50

Can I Retire Before My Full Retirement Age And Wait Until Age 70 To Draw My Social Security Benefits?

Hi Larry, If I should retire before I reach my 100% age of 66 years and 5 months, can I leave my SS benefit alone until age 70 but start to draw from my taxable 401K? (Leaving my Roth 401K alone). If I can do this would my SS Benefit grow by 8% per year until age 70?


Yes, and yes. Regardless of when you retire you can wait until age 70 to claim your Social Security retirement benefits, which would then increase by 8% per year from your full retirement age until you start drawing benefits at age 70.

Wednesday, April 11, 2018 - 10:26

Can I Receive My Full Benefits At My Full Retirement Age If I Retired Two Years Ago?

I have been retired for two years now, retired early (age 63). Upon my full retirement age can I collect my full benefits? Thanks Larry


If by 'retired' you mean that you started drawing your Social Security benefits 2 years ago, then the answer is no. When you reach your full retirement age (FRA) your reduced retirement benefits would continue to be paid at the same rate.

Friday, March 30, 2018 - 07:11

How Will Being Out Of Work Affect When And How Much I'll Receive In Benefits?

My DOB is 10/17/1953. I have lost my job, but will get another job and continue to work until I can get the maximum Social Security benefit possible for me. I don't know how long it will take to get another job. How will being out of work effect the maximum amount I can receive and/or when I begin to receive that amount. Currently my SSA report says at age 70 I will received $3627 a month. I have purchased Get What's Yours, but was not able to find the answer in that yet.


Monday, March 26, 2018 - 12:47

Will Working For Lower Wages Adversely Affect My Age 70 Benefit Rate?

I'm a single 66.5 year old, and I recently "retired" from my Information Technology career. I'm trying to hold out until age 70 to collect my Social Security benefit. According to my Social Security statement, I would collect $3232 per month if I start at age 70. I have now started working part-time doing something I love, but I'm only making about $1,000 per month.......which is a fraction my previous salary. Will these lower wages during the next 3.5 years adversely affect the Social Security benefit that I will start taking at age 70? Thank you.


Friday, March 23, 2018 - 10:21

How Can I Find Out What My Own Benefit Rate Would Be Now?

I am 68 and still working full-time. At MY own full retirement age, I began receiving SS benefits against my ex-husband's account. (We had been married 13 years.) I was advised by the SSA representative to receive ex-spouse benefits from his account until I turned 70, at which time I would stop receiving his benefit and begin to collect my own benefit.

Sunday, March 11, 2018 - 11:02

How Accurate Is The Estimate On My Social Security Statement If I Only Work Until Age 59 or 62?

The yearly social security statement provided by the SSA includes an estimated benefits section that tells me how much I will receive if I work until ages 62, 63, etc. This estimate is based on my "current earnings rate." How accurate is this estimate if I only work until 59 or 62, but don't start drawing until 66 or 70? I have to assume that since the estimate is based on me continuing to work, that the SS estimate would be way off if I stopped working early, even though I didn't start collecting until later. Do I have this right?

Saturday, March 10, 2018 - 10:48
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