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

Displaying 1401 - 1410 of 10063 questions.

Do I Need To Contact Social Security About My Payment Date?

I'm 87 yrs old, I've been on Social Security for many, many years. My S S pmt has always been deposited on the third of each month, now according to SS, they will deposit my pmt. on the fourth Wednesday of the month., My Birthday is August 21st. Do I need to to contact Social Security? This changes my monthly obligations.

Hi. Only Social Security has access to your records, so if your payment date is changing then you'd need to call them for an explanation. You aren't allowed to voluntarily change your payment date, however.

What I can tell you is . . . Read More

Category: Payment Dates
Posted: Jan 25 2022 - 10:50am

What Can I Do About My Benefits Being Taxed?

I just filed for my husband to receive his Social Security, he will be 62 next month. He has a nice pension with Florida Retirement, 32 years LEO. I am retired FERS, three prong retirement, retirement, FERS supplement, and TSP. FERS supplement will go away upon my turning 62 and I am "supposed" to begin collecting Social Security to replace it. Well my thoughts on taxes took me to the Internet today and I discovered that if a married couple earns/receives more than $44,000 annually their Social Security is taxed at 85%. Someone, in their infinite wisdom thinks that amount is " . . . Read More

Category: Taxation Of Benefits
Posted: Jan 25 2022 - 8:06am

Will I Get The 5.9% COLA If I Start Collecting My Full Retirement Benefit In February 2022?

I’m asking you , if i am going to receive the 5.9 increase when i filed in November 03 2021 for collecting full retirement in February 2022 witch will be my first check do i qualify?

Hi. Yes. Everyone who was born prior to January 2 1960 will have the 5.9% cost of living (COLA) added to their Social Security retirement benefit rate regardless of when they start drawing benefits.

Best, Jerry

Category: Cost Of Living Increases
Posted: Jan 24 2022 - 4:56pm

Why Was I Paid Early This Month?

I normally receive my payments on the 4th Wednesday of the month. But this month, January 2022, I received payment on January 21st, a Friday. I don't see any holiday associated. Why was I paid early?

Hi. I have no idea. I suppose it's possible that your bank credited your account sooner that it was supposed to, but that's only a guess.

Best, Jerry

Category: Payment Dates
Posted: Jan 24 2022 - 3:10pm

When Should I Apply For Social Security?

Birthday 8/25/1955
I will be 66 and almost 9 months May 20, 2022 when I plan to retire. When should I apply for Social Security?

Hi. You can apply for benefits up to 4 months prior to the month that you want your benefits to start. So, if you want to claim benefits effective with May 2022, you can apply anytime between now and May 31 2022.

However, your optimal filing strategy depends on numerous different factors, so before deciding when to claim your benefits you should strongly consider using our software ( . . . Read More

Category: Filing For Benefits
Posted: Jan 24 2022 - 3:04pm

Can You Confirm At What Age My Sister Is Entitled To Receive Her Maximum Widow's Rate?

Hi Larry,

I am a subscriber to the Maximize My Social Security application and need your expert help as it relates to my youngest sister's Maximize My Social Security scenario. I am helping her as she is overwhelmed and has asked her siblings to her navigate the SS labyrinth.

Sister's Scenario.

Sister date of Birth: 9/1/1960. She is recently widowed in October 2021 after 36 years of marriage. Her late husband was born in 1947 and took early Social Security benefits in 2009 at age 62. His Social Security monthly benefit at the time of his death was approx. $ . . . Read More

Category: Widow's Benefits
Posted: Jan 24 2022 - 2:31pm

Would Withdrawing My 401K Money Affect My Disability Decision?

I'm concerned with the current Market situation under the Biden Administration. I have applied for Social Security Disability which is in progress for approval or denial. I want to pull my 401K money out because I am losing money and put it in a regular account after taxes. Will this affect the SSD decision? The 401K balance is aprox. 17K right now.

Hi. No. The only type of income that could affect your Social Security disability (SSDI) eligibility is earned income (i.e. wages or self-employment). Funds withdrawn from a 401k are not considered as earned . . . Read More

Category: Disability Benefits
Posted: Jan 24 2022 - 2:24pm

Will I Get Social Security?

Will I get social security and If not how much do I need

Hi. I can't answer your question without more information. Only people who have worked and paid into Social Security long enough to be insured for benefits, or people who are eligible for auxiliary (e.g. spouse, child) benefits on the record of an insured worker, can qualify for Social Security benefits.

A worker must have at least 40 quarters (QC) of Social Security coverage to qualify for retirement benefits, but fewer QCs are required for Social Security disability and survivor benefits . . . Read More

Category: Miscellaneous
Posted: Jan 24 2022 - 2:10pm

Is It Correct That My Wife's Canadian Pension Won't Affect Her Spousal Benefits From The U.S.?

My wife worked in Canada from age 17 to 33 and is entitled to the Canadian version of Social security and the old age pension. She is currently 67 and claiming Social security on her own record. I will be 69 in a few months and I will claim social security and she will move onto spousal benefits based on my record which will be much higher. I saw your answer on the Windfall Elimination. My question to you: I think that the Government Pension Offset would not apply to foreign pensions in this case from Canada? If I am correct then her spousal benefit would not be subject to any . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Jan 24 2022 - 1:46pm

Am I Entitled To Apply For Half Of My Husband's SS?

I am 63 years-old, and I make $117,000 a year.
My husband is 67 years-old, does't works, and his SS income is $23,000 a year.
Am I entitled to apply for his 1/2 SS?

Thank you

Hi. No. Only people who were born prior to January 2 1954 are allowed to apply for spousal benefits without also filing for their own benefits at the same time, and even they can only file just for spousal benefits if they apply at full retirement age (FRA) or later. Whenever you apply for benefits, you'll be deemed to be applying for both you own benefits and . . . Read More

Category: Filing Options
Posted: Jan 24 2022 - 1:38pm

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