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

Displaying 1921 - 1930 of 10063 questions.

Should I Be Paying Into SS Even While I'm Working Abroad?

Dear Larry, I am a US citizen, 46, and have been living in Europe since 2013. I'm starting to worry about my SS situation and wondering if I should be paying into SS even while I am working abroad in Europe.. and if so, how do I do that? My jobs over there, obviously, are not contributing to it. Moreover, I went back to school in 2010 and am in a researcher position in Berlin still. Although I pay both US and German taxes, I don't know how I should be planning ahead so that I receive decent SS when I retire. My income is not surpassing 40K/year at this time but I hope it will . . . Read More

Category: Earnings Subject To Social Security Taxes
Posted: Sep 22 2021 - 4:32pm

Do I Need To Report A Grant That I Received From The City?

I receive SSDI. Do I need to report a payment I received from a city grant for a community project?

Hi. If you're sure that what you receive is Social Security disability (SSDI) and not Supplemental Security Income (SSI), then the only type of income that you'd need to report to Social Security is earned income (i.e. wages or self-employment earnings). Therefore, if the grant that you received is not a payment for work that you performed, then it won't affect your SSDI benefits. However, if you do receive SSI payments, which is needs based, then you would . . . Read More

Category: Disability Benefits
Posted: Sep 22 2021 - 3:35pm

Is 'Gotcha #2' In Chapter 16 Of Your Book Correct?

I've enjoyed your second version of Get What's Yours but I am confused with one issue. My understanding is that if a widow benefit exceeds the widow's age 70 retirement benefit, it will generally be best to take your retirement benefit as early as 62 and your widow benefit at full retirement age (or earlier). However, in Chapter 16, Gotcha #2 indicates that once you file for your retirement benefit, you can never take an auxiliary benefit by itself. Is this inconsistent, at least with respect to widow benefits, or am I missing something?

Thank you.

Hi . . . Read More

Category: Filing Strategies
Posted: Sep 22 2021 - 1:05pm

Will My Widow's Benefits Be Reduced Because My Husband Was On Disability?

Hi Larry,
I am a widow and will be 62 in November. My plan is to file for my reduced retirement benefits and then switch over to my widows benefits when I’m 66 yrs and 6 months. I have a phone interview coming up. They won’t make an in-person appointment for me. I’ve gotten several different answers from different people at the social security office and am very apprehensive about filing via telephone. One Person told me that a widow doesn’t get over 82 1/2% of her husband’s benefit, but I know better than that! My husband was on disability before he died, but was not . . . Read More

Category: Widows Benefits
Posted: Sep 22 2021 - 9:32am

How Much Of My Income Is Going To Be Taxable?

I am currently 69 years old and just started working. I receive full Social Security benefits through the widows benefits and I am receiving DIC from the veterans how much of my income is going to be taxable

Hi. My expertise is limited to Social Security benefits, so here is what I can tell you. Social Security taxes are collected on covered earnings regardless of the worker's age and whether or not they are drawing Social Security benefits. And, part of your Social Security benefits can be taxable as income depending on the amount of your total countable . . . Read More

Category: Taxation Of Benefits
Posted: Sep 22 2021 - 9:25am

Did My Marriage Last For 10 Years?

I was married in October 20, 1973 and the marriage was dissolved on 10/6/1983 but the decree becomes finally effective is 11/06/83. Is that considered 10 years

Hi. Yes. A marriage remains in effect until the divorce becomes final, so it sounds like your marriage lasted for more than 10 years.

Best, Jerry

Category: Divorced Spousal Benefits
Posted: Sep 22 2021 - 9:18am

Is It True That I Can Start Drawing Unreduced Widow's Benefits At Age 66 If My Full Retirement Age Is 66 & 8 Months?

I understand how to calculate break even if I do not take widow’s benefit $ 1541 age 60 but took widow’s PIA $ 2156 at my FRA of 66 years 8 months. I don’t know how to calculate break even if I take my own retirement $ 915 age 62 and then switched to widow’s benefit $ 2156 PIA at my FRA 66 years 8 months. I know there are many other things to consider when to take social security, but I want take this in to consideration as well. I have read your book several times.
In addition, social security office tells me as a widow I can switch to my widow’s benefit at age 66 . . . Read More

Category: Filing Strategies
Posted: Sep 21 2021 - 4:29pm

How Do I Find Out My Ex-Husband's Date Of Death?

I need to know my ex husbands death date to update MY social security information. How do I find this information?
Thank you ,
Jax

Hi Jax. I'm sorry, but I don't know of a definitive way to get that information. Social Security has dates of death in their system for lots of people, but not all of them. If you're potentially eligible for survivor benefits on an ex-husband's account then Social Security can release to you any information in their files that you'd need to be able to apply for benefits, but whether or not you can actually get a . . . Read More

Category: Miscellaneous
Posted: Sep 21 2021 - 2:10pm

Can I Draw From My Own Record Instead Of Continuing To Draw Survivor Benefits?

I'm drawing survivors benefits from my deceased wife who did not work much could I draw from mine instead brings how I have made way more money?

Hi. The answer to your question depends on your age. You'd have to be at least age 62 to qualify for Social Security retirement benefits, and your benefit rate would be reduced for age if you start drawing prior to your full retirement age (FRA).

For your information, though, just because you earned more than your spouse doesn't necessarily mean that you'd be due a higher benefit rate on your own account. . . . Read More

Category: Filing Options
Posted: Sep 21 2021 - 11:41am

Do I Qualify For Retirement At Age 43 If I'm Unable To Work?

I’ve been on disability since 12 I’ve tried to work and was able to file income taxes three or four maybe five times now I no longer am able to even try to work because I had lower back surgery and I can know longer work do I qualify for retirement? If my parents, both parents are deceased and they were on my PE as well even though my father was retired he was not on disability do I qualify for his?
I’m 43 years old.

Hi. You must be at least age 62 to be eligible for Social Security retirement benefits, and you need a minimum of 40 quarters (QC) of . . . Read More

Category: Disability Benefits
Posted: Sep 21 2021 - 8:33am

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