My husband has worked, but also self employed and has not paid much in to it. Now he is tired and 63 and is ready to quit. I work for the government and have for about 37 years but I do not have the age to retire im 54. Can he get his social worker now and what issues my he encounter by doing so.

Hi,

I'm collecting now a union pension and debating about taking my social security benefit early at 62 , will my benefit be reduced because I collect a union pension? I know I will be reduced because of age.

Hi,

Your union pension won't reduce your Social Security benefit unless the pension is based on your earnings that were exempt from Social Security taxes.

I have been getting special security since 2017 when I turned 65. I also quit full time teaching.
Since I quit my job I make more money now that I am a selling my art and am sought after to offer art workshops.
Can my social security benefit be increased (I make much more selling art than I did teaching.)

Also, my current Social security benefit is only about $1000 a month but my husband’s (retired at age 67 in 2018) gets about $1700. Should I be apply for spousal benefit as this is what confuses me the most.

Thanks, Sheila

Hi,
I am impacted by the Windfall Provision. I‘m unsure how to figure out if I should take retirement at age 62 or wait until 67. Of course more money If I wait but always losing 30% because of windfall. Does it matter early or later?
Thank you.

Hi,

Dear Larry, for financial reasons which I will not get into here. I am delaying benefits past 70. Perhaps about 6 months past. Again, the reason is purely financial.
My question is will Social Security REDUCE my monthly benefits when I do collect????

Hi,

I began collecting Social Security at age 70 (I am now 72). My wife and I went to the Social Security Office which is actually near our home here in Dallas. They were as baffled as anyone I have ever seen, but gave me a print-out from which I could tell the SSA selection of my 35 "highest earning years". Some of the years the SSA included were not in my highest 35 years. We showed the agent the error, and (supposedly) she "corrected" it -- but my benefit has never changed. I have my complete earnings record.

Hi, Larry,
I had to declare business loss. for 8 years ( not consecutive) . How will this affect my social security beneifts when. I. retire?

Hi,

Born in '46 and waited till 66 BD to apply for benefits. Is there a provision for increasing monthly benefit distribution now or in the future not counting the CPI every year?

Hi,

No. Other than for cost of living increases (COLA), the only way that your Social Security retirement benefit rate could increase is if you work and earn more in a year than you did in one of your previous highest 35 years of wage-indexed earnings.

Best, Jerry

Hi Larry!
I've enjoyed reading your insights on John Mauldin's newsletter. Thank you.

All of the Soc Security calculators assume that I will be making the same income as I did in 2019. Due to COVID-19, many of us are taking pay cuts and being furloughed. I'm in the trade show industry, so it will be a long slog with lower income.

If I am not working and not getting SS yet, does the amount I will receive still go up 8% a year?

Hi,

If you're eligible for Social Security retirement benefits but you haven't started drawing them and if you're between full retirement age (FRA) and age 70, then yes your benefit rate would increase by 8% per year (i.e. 2/3rds of 1% per month) until you reach age 70 unless you start drawing your benefits before then. Those increases are caused by delayed retirement credits (DRC), and you don't need to be working in order to accrue DRCs.