Can I Receive My Full Social Security Benefits At Age 70 If I Am Still Working In Canada?
Can I receive my full Social Security benefits at age 70 if I am still working in Canada?
Hi. Yes, assuming that you've earned enough U.S. Social Security credits to qualify for benefits. Earnings in any amount wouldn't affect your ability to collect U.S. Social Security benefits once you reach full retirement age (FRA) no matter where you're working.
However, if you're drawing a Canadian pension based on your work in that country then your U.S. Social Security retirement benefits may be reduced due to the Windfall Elimination Provision (WEP). . . . Read More
Category: Filing Options
Posted: Oct 2 2021 - 9:05pm
Can I Use Some Of The Money From My Disability Check To Buy Stocks, ETFs & REITs?
Hi,
I have SSDI. My family is helping to pay for some of my expenses. I would like to earn and save money to be able to pay for my expenses if my family is unable to do so.
Would I be able to buy stocks ETFs REITS using some of the money from my disabilty check? What is the limit I can spend or earn without lossing my SSDI?
If I buy a stock and I get a profit how does that affect my SSDI?
Thanks for your help.
Hi. Yes, you're free to do whatever you want to with your benefits. No type of investment or profits from investments . . . Read More
Category: Disability Benefits
Posted: Oct 2 2021 - 6:33am
Can I Collect A Widow's Pension When I'm 60?
Hello,just had a question. I was married to my husband for 25 years he died of cancer i got remarried 3 years ago and I'm getting ready to get divorced! I'm 58 years old, can i collect widows pension when I'm 60 on my husband i was married to for 25 years?
Hi. Yes, it sounds like it. The fact that you remarried and then divorced would not adversely affect your ability to qualify for benefits on the record of your first husband. However, if you start drawing widow's benefits prior to your full retirement age (FRA) your benefit rate will be reduced for age . . . Read More
Category: Survivor Benefits
Posted: Oct 1 2021 - 9:40pm
How Does Retiring Mid-Year Affect The Calculation Of Your Benefit Amount?
I understand that SS calculates your benefit by the highest 35 earnings years but what if you retire in the middle of a year that will end up greater than one of those years. I am faced with two such scenarios. My FRA is October 1st but I plan on working until the end of May. If I wait to collect in May, then I'm sure they would use this last years as it will be my highest earning year ever and I will gain about an extra 4% per month, . But if I start collecting now, but continue working, and since this year will not be fully over, will the year be entirely omitted in the . . . Read More
Category: Calculating Retirement Benefits
Posted: Oct 1 2021 - 4:40pm
Should My Benefit Start Date Be The Day After My Birthday?
Hi Larry, My questions are in regard to your "Ask Larry" column from Sept 20, 2021about Spousal Benefits. We own and have read your book and re-read it many times. Thanks! In our case, my FRA is 66 and I will turn 68 in Dec of this year. My wife's FRA is 66 and 8 mo. She will turn 63 this month of Oct. I plan to file for my Social Security when I turn 68. According to your "timing" discussion, My "benefit start date" should be set to one day after my December birthday if I want to be considered to be age 68 at the time my benefit begins, correct? Does my wife have to wait until . . . Read More
Category: Filing Strategies
Posted: Oct 1 2021 - 10:40am
What Percentage Of My Benefit Would My Wife Receive If I Die Before Her?
I am 70 years old , drawing my SS and still working. My wife is 62 and has not worked outside the home in our 39 years of marriage. If I die what % of my benefit does she get?
Hi. The answer depends the age at which you started drawing your benefits, and at what age your wife starts drawing widow's benefits. If she's at least full retirement age (FRA) when she starts drawing widow's benefits, her benefit rate would be no less than 100% of your benefit rate. Her rate could even be somewhat higher than your rate if you started drawing your benefits at age . . . Read More
Category: Widow's Benefits
Posted: Sep 30 2021 - 10:39pm
What Happens If I Sell My Property And I Don't Buy Another House?
I currently receive Social Security Disability and am wanting to sell my property. If I didn't buy another house, what happens with the money I receive from the sale?
Hi. If what you're drawing is Social Security disability (SSDI) benefits, then selling your property won't have any effect on your benefits no matter what you do with the money. The only type of benefit that Social Security administers that could be impacted by the sale of property is Supplemental Security Income (SSI). SSI is needs based, so the conversion of an excluded asset like a home . . . Read More
Category: Disability Benefits
Posted: Sep 30 2021 - 3:34pm
Is My Wife Eligible For A Higher Benefit On My Account?
My spouse and adopted son are disabled. She receives SSDI and he receives both SSDI and SSI as a Disabled Adult Chlid. Her earnings were not enough to eliminate his SSI. This has been the status for years. Recently I became disabled and have won an SSDI claim. My earnings and contribution to the Social Security system have been much greater. We have a meeting set with Social Security and expect our Son's SSI to be eliminated, his SSDI to increase significantly (almost double), etc. because of switching to benefits off of my entitlement. We've been told conflicting information . . . Read More
Category: Spousal Benefits
Posted: Sep 30 2021 - 2:29pm
Can I File Now At Age 70+ And Collect My Benefits Retroactively To My FRA?
Hi Larry!
My age is 70 and 9 months,retirement benefits will be $560,l have not apply so far.I am a uber driver keep working until 3-30-20 due to covid-19 receiving PUA(pandemic unemployment assistance) until 9-4-21.
1.can I collect my own social security benefits start from when I reached my FRA(66 year old),get a lump sum payment Of 4 years or part but more than 6 months Retroactively?
2.I'm eligible to apply my ex-wife benefits.can I apply my own retroactively benefits and then switch to her 50% benefits at the same time? Because her income is w-2,I worry . . . Read More
Category: Filing Options
Posted: Sep 29 2021 - 8:00pm
Is It True That My Wife Is Now Overpaid?
I did file and suspend in Dec 2015 and my wife started receiving spousal benefits when she turned 66 in October 2016. Then I did a Start-Stop for 6 months in 2018. SSA kept paying my wife for 20 months in 2019 and 2020 after I’d stopped to wait till I was 70. Now SSA says my wife was overpaid and owes them $10,000. Is this true? Since no one from SSA told me that her spousal benefits would be affected when I asked about doing a Start-Stop, and I didn’t refile when I stopped, I think I should have still been under the File and Suspend and not under the new APRIL 2016 rule when I . . . Read More
Category: Suspending Retirement Benefits
Posted: Sep 29 2021 - 7:33pm
