Ask Larry: Questions and Answers

Displaying 1411 - 1420 of 10063 questions.

When Do You Recommend Taking Social Security Benefits For High Net Worth Couples?

When do you recommend for high net worth couple take their SS benefits?

Hi. The best filing strategy for a couple depends on numerous different factors, not just their net worth. Our software (https://maximizemysocialsecurity.com/purchase) is designed to fully analyze all of the various factors that can affect a person's optimal filing strategy, so you and your wife may want to strongly consider using our software to help you determine the best overall strategy for maximizing your benefits.

. . . Read More
Category: Filing Strategies
Posted: Jan 24 2022 - 1:29pm

If I'm Receiving Disability Benefits Do I Need To Apply For Regular Social Security When I Reach Retirement Age?

Hi Larry! I’ve been on disability since 2006. I wondered if when I get to whatever the retirement age will be - do I need to “apply” for social security or do does it automatically switch over to social security?

Hi. No, you won't need to do anything assuming that what you're drawing is a Social Security disability (SSDI) benefit. In that case Social Security will automatically convert your SSDI benefits to regular Social Security retirement benefits when you reach your full retirement age (FRA). Your benefit rate won't change as a result of the . . . Read More

Category: Disability Benefits
Posted: Jan 24 2022 - 1:22pm

Can I Collect Half Of My Wife's Benefit?

I am 74 and on my own Social Security for a number of years.I collect about 1270 a month. My wife is retiring soon at 70. She will be collecting about 3800. Will I be able to make half of her SS. I was born in 1947. Thanks for letting me know about this in advance.

Hi. I can't give you a definite answer. The most you could get is 50% of your wife's PIA, though, not 50% of her age 70 rate. A person's PIA is equal to their Social Security retirement benefit rate if they start drawing their benefits at full retirement age (FRA).

You can't elect to . . . Read More

Category: Spousal Benefits
Posted: Jan 24 2022 - 12:55pm

Am I The Only Person Who Can File For Benefits For My Children?

I'm 65, and have two dependents 12 and 10.
My FRA is 66 and 4 months. I'm going thru a divorce and want to know if I'm the only one that can file for the Social Security Family benefit, or can my spouse, soon to be ex-spouse file for the benefit for the two dependents? I get different answers every time I ask a SS representative.

Hi. Either parent could file an application for benefits on their minor children's behalf, but Social Security prefers to have the parent with primary custody apply. When minor children are eligible for benefits, Social . . . Read More

Category: Child Benefits
Posted: Jan 24 2022 - 12:46pm

Would It Be Best For Me To Wait Until Age 60 To Apply?

Larry I was getting unemployment before my disability claim was started I have recently been approved to draw title 2 benefits when and if I will be able to apply for title 16 benefits I'm 57 would it be best for me to wait until I'm 60

Hi. First off to define terms, Title 2 refers to Social Security benefits, whereas Title 16 refers to Supplemental Security Income (SSI) payments. SSI is a needs based program that's administered by Social Security.

If I'm understanding you correctly, the answer to your question is almost certainly no. Neither . . . Read More

Category: Filing Options
Posted: Jan 23 2022 - 2:33pm

Will My Spousal Benefit Be Half Of The Amount Of My Husband's Age 70 Rate Or His Full Retirement Age Rate?

Hi Larry,
My husband will begin collecting Social Security in June, when he turns 70. I will begin collecting in July, 2025, when I reach full retirement age of 66 years 8 months. While I have earned enough to collect my own benefit, my husband’s benefit is considerably higher, so I will choose to collect half of his instead of my own. My question is: will the half I collect be based on what the amount was when he reached his full retirement age, or will it be based on the amount he will be collecting when he turns 70 (which of course is the higher amount)? Thank you! . . . Read More

Category: Spousal Benefits
Posted: Jan 23 2022 - 1:42pm

Do I Need To Call Social Security To Find Out What My Benefit Rate Would Be At Age 70?

Hi Larry, I took the spousal benefit last summer as I was born in July of 53 and my husband is retired. I am still working as a PT. I looked on the SS site to see what my full benefit would be at age 70 but this comes up: "We cannot provide you estimates because you are already receiving Social Security benefits." This is aggravating as I would like to know what my estimated benefit will be at age 70 based on MY earnings. Does this require a call to SS? Thanks.

Hi. One of the quirks of Social Security's website is that they stop providing benefit estimates . . . Read More

Category: Miscellaneous
Posted: Jan 23 2022 - 1:33pm

Is There A Difference Between A Widow's Pension And Survivor Benefits?

Hello,I will be 60 soon in March, I will be filing for benefits..is there a difference between widows pension and survivors benefits?

Hi. Widow's benefits are simply one category of Social Security survivor benefits. Other types of survivor benefits include child benefits, parent's benefits, child in care mother's and father's benefits, etc. Each type of survivor benefits has different eligibility requirements, and each type of survivor benefits has it's own rules for calculating benefit rates.

For more information on widow's benefits and other . . . Read More

Category: Survivor Benefits
Posted: Jan 23 2022 - 1:23pm

Is FRA For Widow's Benefits Different Than FRA For SS?

Is FRA for widows benefits different than FRA for SS? I believe that I read this in SSA web site under widows benefits for someone born in 1955 that FRA for widows benefits is 66 and for SS is 66 & 2 months.

Hi. Yes, but only for widow's born in the years 1940 through 1961. The full retirement age (FRA) for widow(er)'s benefits for people born in those years is either 2 or 4 months earlier than their FRA for Social Security retirement benefits. The following Social Security website has a chart showing the FRAs for widow(er)'s benefits: . . . Read More

Category: Miscellaneous
Posted: Jan 23 2022 - 1:07pm

Will I Lose Money For Working In The Months Before I Start Collecting?

I will be 66 4 month in April 2023. Will I loose money for working those 4 months before I start collecting?

Hi. Just to be clear, there is no limit on how much you can earn starting with the month you reach full retirement age (FRA). So, if you reach FRA in April 2023 and if you start drawing your benefits effective with that month, then you won't lose any of your benefits no matter how much you earn before or after that month.

The only way that you'd need to be concerned about the amount you earn prior to FRA is if you want to start drawing your . . . Read More

Category: Earnings Test
Posted: Jan 22 2022 - 4:32pm
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