Ask Larry

Retirement Benefits

Could My Wife's Benefit Rate Go Down By Waiting To Apply?

In reviewing my wife's ssi statements, we noticed that her 2014 Statement showed a higher payment rate $1,384.00 than her 2016 statement $1,312.00. She does not receive payment as yet, we were holding out until higher monthly rate was obtained. It seems that holding out has just caused her to loose out on $72.00 a month. What happened to postponing payments until an older age to receive a grater payment?


Thursday, November 10, 2016 - 09:00

Should My Benefits Be Refigured If I Keep Working After Retirement?

Should benefits be refigured if you continue to pay ss after retirement? We owned a business and continued to pay ss after filing for benefits at 66, but our checks continued to be the same amount.


Possibly. Social Security retirement benefits are calculated based on a person's best 35 years of inflation adjusted earnings, and can be recalculated annually to include higher years of earnings. So, if your earnings after retirement are high enough to replace one of your previous best 35 years of earnings, your benefit rate should go up.

Saturday, November 5, 2016 - 10:45

What Happens If You Don't File When You Reach Age 70?

What happens if you fail to start collecting social security after reaching age 70? If you finally notify social security at age 72, will they make a lump sum payment of the past benefits that you were previously eligible for?


Social Security retirement benefits cannot be paid retroactively for more than 6 months prior to the month of filing. So, if you didn't file until age 72, you could only receive 6 months of back pay.

Best, Jerry

Friday, November 4, 2016 - 10:15

Is Social Security Attempting To Mislead People?

In May I filed a restricted application at age 66 for ex-spousal benefits which I have been receiving 1/2 of my ex-husband's PIA for 4 years while my putting off drawing my own retirement benefit til age 70 to earn delayed 32% higher retirement credits. I specified this the comments section when I filed online. This week a received a snail mail letter from Social Security indicating that I could get a higher benefit on my own record. "What You Need to Do. You must apply before we can pay the higher benefit amount.

Thursday, November 3, 2016 - 09:45

Will I Be Due The Maximum Rate At Age 66?

I turn 63 in Feb 2017 and currently retired for 6 years. my soc sec. statement shows I will receive the max amount of 2639.00 if I wait till 66 to draw my soc. sec. I understand that the max amount you can get for 2017 is now 2687.00 an increase from 2016. When I look at my statement in feb of 2017 will it show a new max amount for me? thus also showing a higher estimated amount for me than it did in 2016 and will it also increase the amounts I can receive if I retire before age 66 that what it is currently showing since the maximum amount you can get has gone up.

Sunday, October 30, 2016 - 11:30

Would It Make Sense To Collect Early If My Future Earnings Will Be Lower?

Social Security estimates are based on future income. I'm looking for work but feel I will not be able to come close to my past income. Would it make sense to collect early in this case? I did a couple calculators and factored in a reduced future income and even waiting until age 70 the benefit is much lower than the calculations based on now. Thank you so much for the helpful information!


Saturday, October 29, 2016 - 10:00

What Benefit Rates Will My Wife And I Receive?

Hi there. I was born 4-22-1953. Can you tell me is my full retirement age 66 years 6 months or is it 66? Also I worked all my life and so has my wife. If I retire at 65 and she retires at 62 can you tell me is does she get her full amount that she would get at 62 or is her benefits reduced because we are married and I am already collecting? Any help would be appreciated. Thanks. Larry


Friday, October 21, 2016 - 17:30

Will My Benefit Rate Go Up If I Keep Working Full-Time?

While taking ss benefits, will they continue to increase yearly if I continue to work on a full time basis?


They probably will. Retirement benefits are based on an average of a person's best 35 years of inflation adjusted earnings. They can be recalculated after each calendar year, so if you keep working and earn more than one of your previous 35 highest years, your average earnings and benefit amount will increase. You can qualify for the recalculation, regardless of your age or benefit status.

Best, Jerry

Friday, October 21, 2016 - 17:15
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