Ask Larry: Questions and Answers

Displaying 1651 - 1660 of 10063 questions.

Is My Circumstance An Exception To The General Rule?

An observation re: payment dates. I began receiving spousal SS on my wife's account, then switched to my own account at age 70. Her birthday is the 18th, hence 3rd Wednesday payment. When I was getting spousal SS, I also received it on the 3rd Wednesday, even though my birthday is the 21st (4th Wednesday). However, when I began drawing on my own account, the payments are still coming on the 3rd Wednesday. This may be an exception to the general rule.

Hi. I'm actually not sure if your case is an exception to Social Security's normal practice or not. Social . . . Read More

Category: Payment Dates
Posted: Nov 23 2021 - 12:24pm

Will The Income From Our LLC Affect My Wfe's Benefits If I'm The Only One Drawing A Salary?

Hello
My wife is senior to me by nine years and will turn 63 before the end of the year. We have been entrepreneurs and I still plan to work for the foreseeable future, being the sole employee of an llc which we own 50/50 that generates what income we have at the moment. Will income from our llc taxed as an s-corp affect social security if I am the only one drawing a salary and she only takes distributions (when available)? Would it matter if I was the sole owner of the llc, drew income and distributions and we filed separately (currently file jointly) ?thanks

. . . Read More
Category: Earnings Test
Posted: Nov 22 2021 - 7:36pm

Am I Correct That My Payday WIll Now Be On Different Dates Over The Year?

Am I correct in the fact my payday will now be on different dates over the year? I have always set them up 2-3 days after my _REGULAR_ date....now as this is all I have, I see many issues that can only be bad...one unexpected payment can now make me default...I always pay autopays first to stop this from happening.....budgeting alone will not solve this for many people....your thoughts please ty

Hi. I don't know if your payment date will be changing, but we've received several questions similar to yours. All I can tell you is that the Social Security . . . Read More

Category: Payment Dates
Posted: Nov 22 2021 - 1:17pm

How Do I Get My Benefits Reinstated?

Sir,

I am 63, began receiving my SS retirement benefit at 62, and filed a SSA-521 to voluntarily withdraw my benefits earlier this summer (2021) as I intended to return to full-time employment. I received a letter from the SSA two months ago stating that in order to withdraw my benefits, I would need to repay them first the total amount of benefits I had received. As this was a rather large sum, I decided to NOT do this. Now, in November, I have not received my SSA benefit payment, and I see that the SSA has suspended my benefits beginning in October 2021.

They . . . Read More

Category: Miscellaneous
Posted: Nov 22 2021 - 1:01pm

Can A Person Stop Work At Age 62 And Collect Both Disability Benefits Plus Regular SS Benefits?

Can a person who work, but doesn't make enough, to retire at 62,continue to work with interruption for 2 years, during that time was receiving disability benefits plus regular SS benefits. Continued to work until 71..? Are they calculate and add credits after 62 years retired and continue to work until 71???

Hi. I don't think I fully understand your question. What I can tell you is that no one can be paid both Social Security disability (SSDI) benefits and Social Security retirement benefits at the same time. But, a person who collects SSDI benefits for a . . . Read More

Category: Miscellaneous
Posted: Nov 22 2021 - 12:52pm

Which Choice Is Better?

I recently received a letter from Social Security, regarding if I wanted to base my Social security payment based on income or my retirement date ? They said if I did not answer by a certain date they would choose the one with the most advantageous date based upon my income ? What choice is better ?

Hi. Without knowing things such as your age and expected earnings there's no way that I can make any kind of an analysis. I would suggest using our software (https://maximizemysocialsecurity.com/purchase . . . Read More

Category: Filing Options
Posted: Nov 21 2021 - 4:35pm

Can I Take My Own Benefits At Full Retirement Age And Switch To My Ex-Spouse's SS When He Reaches FRA?

I’m planning on filing for ex spouse SS benefits. My question is can I take mine at 67 full retirement age and switch to his at his full retirement age which is 18 months after mine. Another words he’s 18 months younger than I am so I can’t file for his until he reaches full retirement age?

Hi. No. People born after January 1 1954 are not allowed to apply for spousal, divorced spousal, or their own Social Security retirement benefits without being deemed to have applied for all of those benefits. So, the only way that you could claim your own benefits . . . Read More

Category: Filing Options
Posted: Nov 21 2021 - 9:44am

Does The Online Social Security Estimator Cease To Operate Properly After You Reach Full Retirement Age?

Does the online social security estimator function cease to operate properly after you reach full retirement age? It was flawless until last month and has not updated since. I tried entering a retirement date for age 70 and the monthly estimate was only $40 higher than the previous month. Their is no change between November and October. I set up an account but am unable to access it and don’t care to deal with the bureaucracy. Any insight would be appreciated.

Hi. I can't speak to the functionality of the benefit estimator on Social Security's website. I . . . Read More

Category: Miscellaneous
Posted: Nov 20 2021 - 6:16pm

How Will Social Security Pay Me The Money They Owe Me For Back Prescription Coverage?

SOCIAL SECURITY OWES ME 40 DOLLARS FOR BACK PRESCRIPTION COVERAGE. WILL IT COME IN A CHECK OR DIRECT DEPOSIT?

Hi. If you've authorized Social Security to withhold your Part D Medicare premiums from your Social Security benefit payments and if your benefits are paid by direct deposit, then any premium refunds made by Social Security would also be paid by direct deposit.

Note, however, that Part D of Medicare is handled by private insurance companies. So, any Part D premiums that Social Security collects are paid to the private insurance companies . . . Read More

Category: Medicare
Posted: Nov 20 2021 - 12:37pm

How Can I Determine When My Monthly Benefit Rate Would Reach $2,000?

Hello. In reference to your answer to the previous question, I have another one for you. I am 64 and 8 months (born 1957). If I started to collect Social Security today I would receive $1741. I want to start collecting when I get to $2000. How do I figure at what age (yr/mo) that would be? The sliding scale on the SSA site does not include the 5.9% increase at this time as it is prior to it going into effect. Thanks in advance.

Hi. I would start by calculating your primary insurance amount (PIA), which is the amount you'd be paid if you start drawing at . . . Read More

Category: Calculating Retirement Benefits
Posted: Nov 19 2021 - 6:16pm
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