Ask Larry

Retirement Benefits

Will People Who Qualify For Maximum Benefits Get A Higher Raise Than Everyone Else?

I understand that those qualifying for maximum benefits will get a 3.7% raise in 2018 rather than the 2% raise everyone else gets. Why is that? I qualified for $2622 at FRA in 2015 when I turned 66 which was close to the maximum. I have not yet taken my benefit although I am receiving the spouses benefit since I was married for over 10 yr. What will my benefit be if I wait till age 70?


Friday, December 8, 2017 - 06:26

Won't My Benefit Rate Be Negatively Affected If I Stop Working?

I am 68 and 1/4. I have worked continuously for the last 34 years and paid into SS. I'd like to retire but I'd like to avoid initiating my benefit income until I'm 70 in order to take advantage of the 8% annual increase in payout. However, since my income used to calculate my SS benefit payout will go to zero for the last 1 and 3/4 years , won't this negatively affect by SS benefit?
Thank you.


Tuesday, December 5, 2017 - 10:15

Which Years Are Used To Calculate Retirement Benefit Rates?

If one stops working at 62 and plans to draw social security at 70, I understand that Social Security calculates monthly paid by SSA for the last 35 years worked/income. If one does not work from 62-70 (8 years) their income would be zero. Are these years calculated/included OR only the last 35 years worked with income? If the person has monthly pension (military) during the 8 years, is this included in the 35-year calculation with social security even though the person did not work during the 8 years? Thank you!


Friday, November 24, 2017 - 12:11

Should I Start Paying Myself Now To Get A Higher Benefit At Age 70?

I am 66 years old self employed living off rental income and not paying social security taxes.My social security benefit at 70 will be $1800 per month based upon my prior work history. Should I start paying myself now and paying into social security to get the maximum social security benefit of $2800 when I turn 70? When should I start and how much should I pay myself to get the maximum benefit at 70? Thank you


Tuesday, October 24, 2017 - 10:19

Why Do I Have To Wait 60 Days For My First Payment?

Generally social security holds back a check. I turned 62 on 9/6/2017 in which I applied on 8/1/2017. I thought it was 3 months before but was given a phone interview date 30 days before. Anyways I thought I was going to get my first check on second Wednesday in October but instead was sent a letter that it will be second Wednesday in November. Why do I have to wait 60 days from birthday vs. 30 days or will my first check be double. My friend got hers 30 days following birthday. Please reply.

Wednesday, October 18, 2017 - 07:43

Is My Benefit Amount Correct?

I am 71 a us resident and I've worked 10 years and earned my 40 credits to collect social security.
I received my approval and was told my benefits per month will be 425.00 less the medicare of 130.00 per month.
Is this right? I was expecting at least 1000.00 a month. Can you give advice.


Sunday, October 15, 2017 - 08:21

Is There Anything I Should Know Before Contacting Social Security?

I will turn 70 on Jan 2, 2018. Is there anything I should know or be aware of before I contact social security to start my benefits in Jan. 2018?


One thing that you should be aware of is that you will be asked what month that you wish to start receiving benefits, and you will have the option of choosing to receive up to 6 months of back pay. However, starting your benefits effective with any month prior to the month you turn age 70 would result in you receiving a permanently lower monthly benefit rate.

Friday, September 15, 2017 - 08:47

Aren't I Entitled To My Own Retirement Money?

My husband died Active Duty when he was 31and I was 25 at the time. I'am 63 now I have been receiving VA for widows. Have worked all these years. How would taking my SS retirement benefit for myself work, aren't I entitled to my own retirement money.


I'm sorry for your loss.

Yes, if you've worked long enough to be insured for Social Security benefits then you should be eligible. I'm not an expert on VA benefits, though, so I can't tell you whether or not drawing Social Security would affect your VA widow's benefits.

Wednesday, September 13, 2017 - 07:51
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