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

Displaying 1791 - 1800 of 10063 questions.

Will It Count Against Me If I'm Paid Bi-Weekly And If I Receive Three Paychecks In A Month?

if I'm paid bi-weekly but one month I may get three paychecks in a month does that extra pay period count against me

Hi. Social Security counts the amount you earn in a month, not the amount you're paid, to calculate the countable amount of monthly earnings for people receiving Social Security disability, retirement, auxiliary and survivor benefits. However, if you're receiving Supplemental Security Income (SSI), then Social Security counts the amount of income that you actually receive in a month.

You don't mention what type of benefits you receive . . . Read More

Category: Miscellaneous
Posted: Oct 22 2021 - 6:36pm

Can You Confirm That I Will Continue To Accrue Delayed Retirement Credits While I'm Collecting Railroad Survivor Benefits?

I am 63 years old and looking at my retirement options.

I have confirmed that I can collect Divorced Ex-Spouse Survivor benefits from my deceased ex-husband's Railroad Retirement. My plan is to collect Railroad Retirement from age 65-70 (use as a "bridge"), then collect my own Social Security at age 70.

Can you confirm that I will continue to accrue delayed retirement credits on my social security so that I collect the maximum amount at age 70? I want to ensure I am not age-penalized by collecting Railroad Retirement at age 65.

Also, where can I find this . . . Read More

Category: Railroad Retirement & Social Security
Posted: Oct 22 2021 - 12:06pm

Why Did My Benefit Amount Go Down?

Hi Larry
I was receiving $3154.50 before deductions from Jan 2021. I looked on the SS site it shows my benefit would be reduced $16 to $3138.50 for Nov and Dec 2021. Why is this?
I waited to 70 to get benefits but the agent (who assured me I Was using the correct start date) the benefits did not start until 70 + one month. They need more training

Hi. I have no way of knowing why your benefit rate went down. Social Security normally sends notices explaining benefit rate changes, but if you don't receive one then you'd likely need to call Social . . . Read More

Category: Benefit Amount
Posted: Oct 22 2021 - 11:52am

Do I Have To Wait Until My Ex-Spouse Turns 62 To Apply For Benefits From Him?

I turned 62 on oct 31, 2020, i filed for ss 3 months before my birthday, i qualify to get my ex husbands ss when he turns 62 on feb 2, 2022. His is substantially more than mine. My question is, do i have to wait until he turns 62, or can i apply 3 months before like i could with my own ss?

Hi. You can apply up to 4 months in advance of the month that you want to claim divorced spousal benefits. Your ex-spouse does need to be at least age 62 or be drawing his benefits in order for you to meet the requirements for divorced spousal benefits, though. And, if . . . Read More

Category: Divorced Spousal Benefits
Posted: Oct 22 2021 - 8:36am

As A Disabled Veteran Am I Eligible For Additional Benefits From Social Security?

I am a retired veteran and 100% disabled ' am i authorized addditional benefits from Social Security?

Hi. If you're under full retirement age (FRA) you may be able to qualify for Social Security disability (SSDI) benefits. Both SSDI benefits and Social Security retirement benefits are based on an average of your highest years of Social Security covered earnings, though, so the only difference that being a veteran might make are deemed military wages (DMW). DMW's are extra wage credits that are added to the actual military wages paid to veterans for . . . Read More

Category: Miscellaneous
Posted: Oct 21 2021 - 4:46pm

How Do I Determine What I'm Entitled To?

I am 55, born in 66. Spouse is 60 born in 61. We are legally separated. We were married for 21 years. I contributed to SS for 25 years and now I contribute to Calstrs. In five years (when husband turns 65), my spousal support will run out and I will be $1000/month short. I am trying to determine if I should start to collect my ss benefits from him at that point, or is it better for me to “tighten my belt,” and wait. How do I determine how much I am entitled to? Do I have to wait until I am 62 to draw from his SS? Thank you

Hi. You can't get spousal benefits . . . Read More

Category: Filing Options
Posted: Oct 21 2021 - 4:24pm

Will I Get Any Widow's Benefit If My Husband Dies?

I draw a PERA retirement from my 26 year career in government. I was a homemaker before starting that career so never paid in to SS. My husband is retired and draws SS. My PERA is more than his SS. If he dies will I get any widow benefit from his SS? We have been married 54 years

Hi. Your unreduced widow's rate would be equal to your husband's full benefit amount, but it sounds like the government pension offset (GPO) provision will cause your widow's benefits to be offset by 2/3rds of the gross amount of your government pension ( . . . Read More

Category: Widow's Benefits
Posted: Oct 21 2021 - 3:55pm

Is There Any Update On The Glitch In Social Security Payments For People Who Turned 60 In 2020?

Are there any updates on the “glitch” in social security payments for people who turned 60 in 2020? The glitch in the formula occurred as a result of something to do with the pandemic. Thank you.

Hi. Nothing final has been passed by Congress to the best of my knowledge. To clarify what you refer to as a glitch, Social Security retirement benefits are based on an average of a person's highest 35 years of Social Security covered wage-indexed earnings. The indexing is based on the national average wage (NAW) amount in the year that a person reaches age 60. . . . Read More

Category: Calculating Retirement Benefits
Posted: Oct 21 2021 - 7:00am

Can I Change My Start Date To February?

Can I change my start date to February

Hi. That depends on a number of factors such as when you applied, whether or not you are under full retirement age (FRA), whether you're changing your month of election (MOE) to an earlier or later month, and whether or not anyone else is eligible for benefits on your account. Since there's not enough information in your question for me to be able to give you a proper answer, I would suggest that you call Social Security to discuss your options with a claims representative.

I can tell you that you definitely . . . Read More

Category: Miscellaneous
Posted: Oct 20 2021 - 4:41pm

Can I Collect My Deceased Wife's SS Before I Get Mine?

Im 59, my wife passed away 15 years ago . Can I pick up her S.S. before I get mine. She was 7 years older than me.

Hi. I'm sorry for your loss. Unless you're disabled or you have an eligible child in your care, the earliest that you could claim widower benefits is at age 60. However, until you reach your full retirement age (FRA) of 67 there is also a Social Security earnings test that could prevent you from collecting benefits depending on how much you earn (https://www.ssa.gov/ . . . Read More

Category: Widow(er) Benefits
Posted: Oct 20 2021 - 11:57am

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