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

Displaying 1301 - 1310 of 10063 questions.

Can I Discontinue My Social Security Benefits When I'm Over Age 70 Without Any Penalty?

Mr. Kotlikoff, when I'm over age 70, can I discontinue my social security benefits without any penalty? Thank you.

Hi. Once you've applied for benefits, the only ways to voluntarily avoid receiving payments at age 70 or later is to either withdraw your original application for benefits or to waive payment of your benefits. Withdrawing your application would require you to repay any benefits that you've already been paid, so if you don't want to repay previously received benefits then your only option would be to waive payment of your current and future . . . Read More

Category: Miscellaneous
Posted: Feb 14 2022 - 2:24pm

Is There Any Way To Remove Zero Earnings Years From My Social Security Earnings History?

I was incarcerated for several years.. I have zeros for those years. Is there a way to remove those zeros?

Hi. No. Your Social Security earnings history will always display zeroes for any years in which you paid no Social Security taxes. You can't voluntarily pay Social Security taxes in order to receive additional Social Security credits or to increase your benefit rate.

However, Social Security retirement benefit rates are based on an average of a person's highest 35 years of Social Security covered wage-indexed earnings, so you can reduce or . . . Read More

Category: Miscellaneous
Posted: Feb 14 2022 - 2:13pm

If My Wife Files For Her Own Benefits Now Will Her Benefit Rate Be Lower When She Switches To Spousal Benefits?

I'll be 66 in 09/2022 and plan to file for retirement benefits in 01/2023, at my FRA.
My wife will be 64 in 04/2022. Her PIA is far below 50% of my PIA.
If she files early for her own benefit now and switches to a spousal benefit in 12/2024, will that spousal benefit be lower than if she does not file for her own benefit and simply waits until 12/2024 to file for the spousal benefit?

Hi. Your wife can't draw her own benefits and later 'switch' to drawing spousal benefits. Your wife could claim her own benefits now at a reduced rate, but she'll . . . Read More

Category: Filing Strategies
Posted: Feb 14 2022 - 12:22pm

How Can I Find Out If Someone Can Draw From My Social Security?

How can I find out if someone else can draw from my Social Security?

Hi. I'm not sure what specifically you're referring to. The types of benefits that can be paid on a worker's record are explained on the following Social Security website: https://www.ssa.gov/oact/progdata/types.html. If you're divorced, Social Security can tell you whether or not a divorced spouse or a child is collecting benefits on your record, and if so, what their benefit rate is.

By the way, if anyone else can . . . Read More

Category: Miscellaneous
Posted: Feb 14 2022 - 12:07pm

Should I Contact Social Security About My Appeal?

My husband died in 2020 my petition for survivor spouse was denied and I appealed the decision on time on March 2021 I had have any answers should I need to contact the Social Security or wait for their response Thanks

Hi. I'm sorry for your loss. Yes, I would definitely recommend calling Social Security to check of the status of your appeal. In my experience, it normally doesn't take as long as you've been waiting to receive a determination on the first step of appeal (i.e. reconsideration). Problems from COVID may be causing processing delays, but I . . . Read More

Category: Filing An Appeal
Posted: Feb 13 2022 - 5:46pm

Are There Any Options For My Wife To Collect Other Than Waiting Until Age 70?

I am 68 retired started collecting at 66 my are there any options for my wife to collect as she turns 68 other than simply waiting two more years

Hi. Yes, your wife probably has numerous other options. She almost certainly wouldn't want to wait until age 70 to apply if she's eligible for spousal benefits, because spousal benefit rates don't get any higher if you wait past full retirement age (FRA) to claim them. If your wife will only be eligible for her own benefits, though, then whether or not it would be best for her to wait until age 70 depends on a . . . Read More

Category: Filing Options
Posted: Feb 13 2022 - 2:18pm

How Can I Avoid Paying 30% In Taxes As A Non Resident Living Abroad?

Hello

How can I avoid paying 30% in taxes as a non resident living abroad.

Thank you in advance.

Hi. The 30% tax withholding on Social Security benefits only applies to non-U.S citizens who are living outside of the U.S. The tax does not apply to citizens of the U.S., American Samoa, Guam, the Northern Mariana Islands, or Puerto Rico.

People who are not citizens of one of the countries listed above may still be exempt from the 30% tax withholding depending on which country they live in. The U.S. has tax treaties with several countries . . . Read More

Category: Miscellaneous
Posted: Feb 13 2022 - 8:16am

Should My Benefit Amount Be Higher Because I've Been Married For More Than 40 Years?

Should My check be more because I'm married 40yeRs or more.

Hi. No, there is no Social Security rate bonus for people who have been married for 40 or more years.

Best, Jerry

Category: Miscellaneous
Posted: Feb 13 2022 - 8:13am

How Will My Benefits Compare To Someone Born In A Different Year?

Can you please expand on your answer: https://maximizemysocialsecurity.com/will-just-announced-cola-apply-bene...
I was born in April 1960 and I will start social security benefits this year in May 2022. How will my benefits compare to equivalent recipients born in either 1959 or 1961?

Hi. There's no major difference in how benefit rates would compare for someone born in 1960 vs. 1959 or 1961. Different indexing factors are used to . . . Read More

Category: Calculating Retirement Benefits
Posted: Feb 13 2022 - 7:54am

Can I Get My Ex-Spouse's Social Security When I Reach Age 62?

Hi Larry, I will be 62 next year I'm divorce ex will be 56 still working can i get his social security at 62 or do i have to wait until he get his social security

Hi. No. You can't qualify for divorced spousal benefits on the account of a living ex-spouse unless your ex is at least age 62 or is collecting Social Security retirement or disability (SSDI) benefits.

It sounds like you should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze . . . Read More

Category: Divorced Spousal Benefits
Posted: Feb 13 2022 - 7:49am

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