Ask Larry: Questions and Answers | BAM - Maximize My Social Security

Displaying 1281 - 1290 of 10063 questions.

Does Your Software Take Into Account The 2015 Social Security Amendments?

Does your software take into account the rule passed in 2015? I sent you a question earlier. I am L and we did successfully apply and receive social security in #1 - 3. When I applied in #4 for spousal benefits after my husband applied for his on social security in #3, I was denied spousal benefits. His spousal benefits are about $50 more a month than my own benefits. I was denied spousal benefits they said because of the law passed in 2015. My finanacial planner and my accountant both think I should be getting spousal benefits and that the law doesn't apply to me. What is . . . Read More

Category: Maximize My Social Security Software
Posted: Feb 19 2022 - 2:33pm

How Will My Wife's Survivor Rate Be Calculated If I Die Before Her?

Hi Larry/Jerry, survivor benefit question for you. Can you please clarify if or how RIB-LIM applies to my situation? I'm sure many of your readers are in the same boat.

My wife and I are both 64 and started drawing social security when we turned 62. I draw a regular retirement benefit and my wife, as a low wage earner, draws a spousal benefit.

When I started drawing my benefit, reduced for starting at age 62, it was $1290. Had I waited until my FRA my PIA would have been $1769. With annual COLAs my reduced benefit of $1290 has increased to $1384.

We'll both . . . Read More

Category: Widow's Benefits
Posted: Feb 19 2022 - 10:38am

Can I Work And Still Receive My Social Security Check?

i am 63 i get widows support from my husband whos pass on can i still work and recivie my check from ssa

Hi. That depends on how much you are earning. For example, if you earn more than $19,560 in 2022, Social Security would need to withhold $1 of your benefits for each $2 that you earn in excess of that amount. Once you reach full retirement age, though, there will no longer be any limit on the amount that you could work and earn and still be paid all of your benefits.

By the way, if you're insured for Social Security benefits based on your own . . . Read More

Category: Earnings Test
Posted: Feb 19 2022 - 10:12am

When Should My Wife Start Drawing?

I will turn 70 next March (2023). My wife turns 62 ten years from now. I will start collecting Social Security benefits next year. When should she start collecting?

Many thanks.

Hi. The answer to your question depends in large part to your and your wife's comparative benefit rates, assuming that your wife is insured for benefits on her own account. If your age 70 rate is higher than your wife's age 70 rate, then she may want to at least consider starting her benefits as early as age 62. The downside of that would be that she'd then be stuck with a . . . Read More

Category: Filing Strategies
Posted: Feb 19 2022 - 9:59am

Do You Believe That I'm Eligible For Spousal Benefits?

I was advised to do this by my financial planner:
1) L begins benefits based on her earnings record in October 2019 (age 62 and 1 month) of $918/month.
2) R begins spousal benefits in October 2019 of $630/month.
3) R switches to benefits based on his earnings record in March 2021 (age 70) of $3,589 per month.
4) L switches to spousal benefits of $993/month in March 2021 (age 63 and 6 months).

When I applied for spousal benefits (4) I (L) was denied. I am applying again. Do you believe I (L) am entitled to spousal benefits? We followed through with . . . Read More

Category: Filing Options
Posted: Feb 19 2022 - 9:50am

Can I Collect Benefits From My Deceased Ex-Husband's Record?

My ex husband and I was married for over 9 years.my ex husband passed we married twice does that count but not in the same calenders year we never married any one else after our divorce

Hi. I assume you mean that you were divorced from your husband at the time of his death. If so, you'd need to have been married for a minimum of 10 consecutive years in order to be potentially be eligible for surviving divorced spousal benefits. The only way that 2 marriages to the same person can be combined in order to meet the 10 year requirement is if the period of . . . Read More

Category: Divorced Widow(er) Benefits
Posted: Feb 19 2022 - 9:39am

Is It True That I'm Now Stuck With My Age 62 Rate?

When I initially made the application,, at 62 yoa, it included my two minor daughters. I was actually only interested in receiving benefits in the event of a major alteration in my ability to work. As it turned out, my daughters (adopted) were denied because of a particular proof of citizenship form social security required but not required for adoption. I assumed the application would not remain in effect. Sometime later I was advised benefits would be suspended (I continued to work). Since I was not receiving benefits, nor have I ever, I was not concerned about looking into . . . Read More

Category: Benefit Amount
Posted: Feb 19 2022 - 8:24am

Do I Have To Report My German Pension To Social Security?

I started receiving Social Security due to small amount i receive also spousal benefit 199.00 to have combined approx half of my husbands. Now I can apply to receive my Social Security from Germany which is only 95.00
I don't want to lose what i worked for in Germany.
And have to report 95.00 to Social Security here? I should still be able to keep spousal benefit, ? since half of spouse for me is 600.00 total
.because of spouse Social Security increase.
Thank you so much for your reply.
Romy

Hi Romy. Yes, you must report to . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Feb 18 2022 - 1:35pm

Who Is Responsible For Reporting My 2021 Earnings To Social Security?

still working full time wanting to know who is responsible for reporting my 2021 earnings to the social security. thanks david

Hi David. If you work for wages, then your employer is responsible for reporting your Social Security covered earnings to Social Security. However, if you're self-employed or an independent contractor, then you are responsible for reporting your earnings on Schedule SE of your tax return. The IRS then forwards that information to Social Security.

Best, Jerry

Category: Earnings Subject To Social Security Taxes
Posted: Feb 18 2022 - 1:18pm

Should I Keep My Current Claim Or Withdraw And Apply Later?

Greetings Larry!

I was born 11/6/57 and my wife was born 12/14/65. I received my first Social Security check of $2,336 on 2/9/22. I know that I have 12 months from January 2022 and can still request to stop my claim and return the check(s) I receive this year.

My wife plans to quit working at the end of year 2025, when she’s age 60. By that time, I estimate her highest 35 years total SS wages would have been around $1.74MM, divided by 35, equals $49,653.21 yearly average earnings ($4,137.77/mo. avg).

Based on her recent January 2022 Social Security . . . Read More

Category: Filing Strategies
Posted: Feb 17 2022 - 4:12pm

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