Ask Larry

Retirement Benefits

Had My Money Been Deposited into FDIC Insured Accounts, Would I have Been Better Off With My OASDI Investments?

SS was originally implemented as a private account for each citizen. About 2-3 years later (~1937) it was changed to a pay-as-you-go scheme. My question is:

If, through the unlimited taxing power of the 16th Amendment, citizens were asked to put 12.4% of their income into an FDIC insured savings account, would all such citizens be far better off in retirement? By "asked" I mean, put 12.4% into the FDIC account or give all of it to the government -- your choice.

Wednesday, July 6, 2016 - 15:45

When Will I Receive My First SS Check?

My 66th birthday is the last week of September, 2016. If I want to draw 100% of my FRA retirement amount (I believe that is called my PIA), would my first month of SS retirement benefit be earned in September, paid in October, or would it be earned in October, paid in November?

Your first month of SS retirement benefit will be earned in September and you will receive your first check in October.

Friday, July 1, 2016 - 09:15

I'm on Disability Benefits, Do I Have to Take Retirement Benefits?

I am turning 65 in August, but have been on SS Disability for three years. I taught High School for 39 years. Do I have to take my retirement and regular SS at 65 ? Which would be more lucrative for me?

Your disability benefit automatically converts to a regular retirement benefit at your full retirement age of 66. It will be exactly the same amount as your disability benefit.


Thursday, June 30, 2016 - 11:45

How Should We Afford to Wait Till 70

Our best strategy is for both of us to wait until 70 to collect approx. $5,300 combined, which we hope to do. My question is, do you recommend our drawing down our IRA accounts ($200K) from 62-70 yrs. to meet our expenses? We expect our annual income to be approx. $60,000 at least until age 65. We are 60 yrs old now and still have a mortgage of $400K which we hope to reduce to $300K by age 70.

Thank you!

Thursday, June 9, 2016 - 00:30
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