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

Displaying 1431 - 1440 of 10063 questions.

Why Shouldn't We Be Able To Work And Still Receive Disability Benefits?

I understand SSI, ABLE accounts which I do not qualify for also the nine-month period of earnings only to get robbed of your SSDI payments if earnings go beyond that period. It is being said that a person can earn unlimited amounts of money within that time period and take a three-month vacation then start all over again. Wouldn't the government catch on to this? There has got to be a way to earn and put that money into a Roth, stocks (to earn dividends), life insurance policy (to borrow against its value) to start living instead of just existing. Someone I talked to said you . . . Read More

Category: Disability Benefits
Posted: Jan 19 2022 - 7:11am

Will My Benefit Decrease If I Decide To Stop Working?

I started getting SS at age 62. I received a statement from SS that said in order for me to continue to receive my current benefit that I should continue to work and make a certain amount of money each year. This just didn't sound right to me. I worked for the state of Missouri for 30.5 years and have been at my current part time job for 12 years. Will my benefit decrease if I decide to quit working? Thanks,Terry

Hi Terry. No. Social Security retirement benefits are based on an average of a person's highest 35 years of Social Security covered wage-indexed . . . Read More

Category: Benefit Amount
Posted: Jan 18 2022 - 3:26pm

Would It Make Sense For Me To File A Restricted Application For Spousal Benefits?

Larry,

My wife is 62 and I am 58. We are both retired and receive pension income. My wife generates ~$10,000/year from some consulting work (self-employed). To supplement our income, we are also taking distributions from a taxable investment account. Our SS claiming strategy had been for her to begin claiming at 62 and for me to wait until I am 70 (her PIA at FRA is $2,207 and my PIA at FRA is $2,809). Because we are trying to stay under the 0% capital gains tax rate threshold for the next year or two, my wife has held off on taking her SS.

Once she does start . . . Read More

Category: Filing Strategies
Posted: Jan 18 2022 - 11:58am

How Can I Change My Medicare Enrollment To An Earlier Date?

I have enrolled in Medicare PART-A on JUL 2020 when i turned 65. I continued to work until SEP 2020 and had EGHP (Employer Group Health Plan) until SEP 2020. My job got terminated on SEP 31 2020 but the employer as part of severance agreement to provide COBRA coverage until DEC 31 2020 fully paid by the employer. As of SEP 2020 due to termination of employment I was in SEP - special enrollment period for Medicare Part-B (8 months starting from OCT 1 2020 until May 2021). However I applied for Medicare PART B in Sep 2020 submitting all necessary forma and got approved for . . . Read More

Category: Medicare
Posted: Jan 17 2022 - 6:03pm

How Can I Get A Refund Of The Medicare Premiums That My Deceased Husband Overpaid?

My husband turned 65 in September 2021. Medicare sent him a bill for 4 months of payments a total of $594.00. The coverage was for 10/01/21 to 1/31/22. My husband passed away 10/21/21. I was wondering if I was entitled to a refund for the 3 remaining month my husband didn't need. I have called Medicare and they can't talk to me only him. What do i do or is there anything that can be done.

Thank you

lisa

Hi Lisa. I'm sorry for your loss. It sounds like what you need to do is submit to Social Security a form SSA-1724 ( . . . Read More

Category: Medicare
Posted: Jan 17 2022 - 5:49pm

When My Wife Turns Age 70 Will She Have The Opportunity To Collect More?

I started to collect my SS benefits at age 62. My wife who is seven years younger, started to collect her's at the rate of half my SS income when she turned 62. When she turns 70 this year, will she have the opportunity to collect more?

Hi. No. If your wife applied for benefits at age 62, then her application would have been deemed to be an application for both spousal benefits and her own Social Security retirement benefits. Therefore, your wife should already be receiving the higher of her own benefit rate or her spousal rate.

Furthermore, the . . . Read More

Category: Benefit Amount
Posted: Jan 17 2022 - 4:01pm

Does My Wife Qualify For Half Of My Social Security?

Category: Spouse not a US citizen.
My wife is a German citizen and her green card expired. We have been married since Sept. 9, 1980. We live together in Germany since my retirement from the US Army. I am 68 years old and she is 66 years old now. Does she qualify for half of my Social Security even if she has never been employed in the US since we were married? She is collecting health care and a retirement benefits from Germany.
Will the SSA automatically take out a Medicare payment from her benefit?
Thanks for your help!

Hi. It certainly . . . Read More

Category: Spousal Benefits
Posted: Jan 17 2022 - 9:28am

Has This Rule Changed?

I started drawing survivor benefits in 2021 (DOB 11/1955). Husband passed in 2020. SS has cancelled my benefits saying I earned too much this year. They said I can only earn $18,960. I turned full “survivor” retirement age this year and was under the impression I could earn up to $50,520 in the year I turned 66. Has this rule change? (My FRA for SS is 66 & 2 mo.) I have been denied benefits now until August of 2022 due to “ overpayment “. How can I fix this?

Hi. I'm sorry for your loss. No, the rule hasn't changed, but that's not good news for you. . . . Read More

Category: Earnings Test
Posted: Jan 17 2022 - 9:06am

Will It Affect My SSDI Benefits If I Purchase Rental Property Or Trade Securities?

Hello, I hope you are well. I currently receive SSDI benefits for myself and also receive SSDI benefits for my dependent children. I'm trying to find ways to increase my income. So I'm considering two things. 1) Buying rental property with a combination of savings and business credit (hoping to file as a single member llc in order to receive the funds). If, I get the funds, the rental will be completely managed by a property manager; and 2) studying in order to be able to swing trade(holding trades for more than 3 days, most likely more than 1 week). Will any of those scenarios . . . Read More

Category: Disability Benefits
Posted: Jan 17 2022 - 8:25am

Should SSA Be Informed Every Month How Much You're Earning?

Just retired three months ago. Should I decide to work part-time when I start collecting ssa benefits ( still waiting for processing ) when should I inform SSA that I am doing so. Should SSA be informed every month you’re earning a wage while retired. Thanks for your expert input !

Hi. The amount of your monthly earnings could only matter in the first calendar year that you're entitled to benefits. And, even then your monthly earnings amounts wouldn't matter as long as your calendar year earnings are below the annual earnings test exempt amount. . . . Read More

Category: Earnings Test
Posted: Jan 16 2022 - 5:29pm

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