Ask Larry

Retirement Benefits

If I Take My Benefits Now But Keep Working Will I Automatically Get A Rate Increase?

Hi Larry,

I received my letter BNC#21B2493B85006-T about taking benefits at full retirement age 66 and 2 months.

My question is this:

If I take my benefits now BUT keep working and contributing will I automatically get a rate increase in the next year? Or is it locked in?

I am a bit confused. Thank you,

Friday, May 14, 2021 - 18:52

If I Start Drawing At Age 66 & 2 Months Is That The Full Maximum Benefit?

If I start drawing Social Security at age 66 and 2 months, is this the full max benefits?

Hi. If you were born in 1955, thus making your full retirement age (FRA) 66 & 2 months, then you would be paid a monthly rate equal to 100% of your primary insurance amount (PIA). That isn't the maximum amount that you could draw, however.

Wednesday, March 24, 2021 - 10:22

What Can I Do In The Next Few Years To Build Up Social Security Benefits For My Wife And Myself?

I am 60 and self employed for 30
Years. the vast majority of my income was / is from
company profit distributions and 1099 income. My questions:

What can I do now and for the next few years to maximize or build up more social security benefits for myself (and spouse, same situation) before I / we retire? (i.e.; pay myself a W-2 income)

Monday, March 22, 2021 - 10:03

Do You Know If Congress Is Working To Fix The Benefit Calculation Problem For People Born In 1960?

Greetings. I was born in 1960. I was hoping federal legislation was going to address the SSI formula that was impacted by the economic downturn in 2020. Some news stories estimated people born in 1960 would get far less SSI because of the poor economy in 2020. Question do you have any knowledge of federal legislation helping those born 1960? Did legislation pass or is it pending? I was late getting into the workforce; raised autistic child. Currently the SSI website reports I will receive $930/mth, all things being equal.

Monday, March 15, 2021 - 08:15

Will Fifteen Years With Zero Earnings Lower My Benefit Amount?

My wife and I have been running a non-incorporated business since since 1996 and file our taxes jointly. I just discovered that the for the last 15 years SSI earnings have all been assigned to her and show $0 for myself. Taking into consideration that these years have been of lower taxable income, will these 15 years of $0 lower my SSI benefits?

Friday, March 12, 2021 - 08:33

Can Social Security Substitute The Earnings Years Used To Calculate My Benefit Rate?

Can SSI substitute employment years?
I am 69 years old and have been receiving SSI since I was 65 and I am still working. In most of my employment years, my income was not that great and those were the years that SSI used to calculate my monthly check. But in recent years my income is much better. My question is can SSI substitute some of my recent employment years for some of the poor income years so I can receive a larger monthly check?

Saturday, February 27, 2021 - 09:48
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