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

Displaying 1931 - 1940 of 10063 questions.

What Will My Wife Need In Order To Ensure Eligibility For Survivor Benefits?

Hi Larry

I am a US citizen aged 55. I have been living in Spain for the past 3 years. I was born in the UK and I worked in the USA from 1991 to 2018. I hold both UK and USA passports. During the years I worked in the USA I contributed to the system and my account on ssa.gov shows I am eligible for social security benefits.

I recently married a Spanish citizen and we want to understand what we need to do to ensure that she is able to receive social security survivor benefit after I die and spousal benefit too, if available.

We intend to stay living in Spain . . . Read More

Category: Survivor Benefits
Posted: Sep 20 2021 - 4:21pm

Can I Take Out A Small Loan Without Affecting My SSDI And Medicaid?

I am 55 worked my whole life
Just got on ssdi and medicaid a few months ago.

I own my home, can I get a small loan out of my home while on ssdi? Also will it affect my medicaid or ssdi payments

Hi. I'm not an expert on the Medicaid program, so you'll need to direct that part of your question to the agency that administers your Medicaid coverage.

What I can tell you is that Social Security disability (SSDI) benefits are NOT needs based, so taking out a loan wouldn't have any effect on your SSDI benefits. Social Security does, however, . . . Read More

Category: Disability Benefits
Posted: Sep 20 2021 - 3:56pm

Am I Eligible To Switch To My Husband's SS?

I have been taking SS benefits since age 62, my husband since age 65.
I am now 75 and he is 74.
Am I eligible to switch to my husband’s SS benefits?

Hi. No, you couldn't actually switch from drawing your own benefits to drawing spousal benefits. Once you start drawing your own Social Security retirement benefits, those benefits continue for life. But, if you later become eligible for a higher benefit rate as a spouse or survivor, you can apply for an excess spousal or survivor benefit. If you qualify for excess spousal or survivor benefits, . . . Read More

Category: Filing Options
Posted: Sep 20 2021 - 9:30am

If I Start Drawing My Benefits Early Will It Affect What I'll Get When I Switch To Spousal Benefits?

I was born in 1956 and worked enough years to draw some social security benefits. My partner was born in 1954 and will be waiting until age 70 to start collecting social security. If I start to draw my own benefit now, will it affect the amount of my spousal benefit when I switch to half of my partners since that amount will be larger than mine.

Hi. Yes. First off, you can't actually switch from drawing your own benefits to drawing just spousal benefits. You can, however, file for your own benefits first and then potentially qualify for an excess spousal . . . Read More

Category: Spousal Benefits
Posted: Sep 20 2021 - 9:20am

Can My Wife Claim SS On My Account While I Keep Working?

My wife was born 1952 and her estimated ss is 400.00 , I was born 1962 can my wife claim ss against my account and I keep working or do I have to be if retirement age?

Hi. No. Your wife couldn't qualify for spousal benefits until you start drawing your Social Security retirement or disability (SSDI) benefits. You and your wife may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze the options available to you in order to determine your . . . Read More

Category: Spousal Benefits
Posted: Sep 20 2021 - 9:16am

Is It True That I Can Draw My Deceased Ex-Husband's SS Now And Let My Own Benefit Build Until Full Retirement Age?

I am collecting my social security at 62. When I applied I was told I qualify to take my dead ex’s social and let mine wait until my full retirement age . Was this true. ? His is less than mine but because I wanted to leave mine to get a better amount 8% every year .when I’m 66 I was told I could switch. Thank you.

Hi. Yes, it's true that if you're potentially eligible for both your own Social Security retirement benefits and for survivor benefits that you can choose to apply just for the survivor benefit and allow your own benefit rate to keep growing. . . . Read More

Category: Filing Options
Posted: Sep 19 2021 - 8:08pm

What Are Your Thoughts On When My Wife Should Start Drawing Benefits?

My wife is 63 1/2 and does not intend to go back yo work. We did cost estimates taking social security now compared to taking at a ge 66.6 and at 70 years of age. Estimated payments up to age 80 and overall make more in the long run taking it now instead of age 66.6 and 70. Your thoughts?

Hi. I don't have enough information about your and your wife's benefit rates to be able to offer you any advice, but we don't recommend basing decisions on when to start drawing benefits on break even analysis. The best filing strategy for you and your wife depends on . . . Read More

Category: Filing Strategies
Posted: Sep 19 2021 - 4:46pm

Are There Any Limits On How Much I Can Earn?

Dear Larry, I am a 78 year old divorced female. I went on SSDI in 1999, permanently disabled due to a mental health condition. At age 65 my SSDI turned into retirement. I am planning on continuing my education, and begin working in the future. My question is, What happens to the amount of social security retirement that I get monthly if I begin making money? Are there any limits as to how much money I am able to earn on a monthly basis? Do I need to contact SSA if I begin earning money? Are there any other considerations that I need to be aware of while considering substantial . . . Read More

Category: Miscellaneous
Posted: Sep 19 2021 - 4:37pm

Am I Eligible For The Social Security Benefits That My Deceased Wife Was Owed?

My wife died in 2002 she was sick 4 yrs before she died. She applied for ss but was denied first time then just before she died she was approved. Then after she died ss notified me ss owed her 7000.00 dollars. At the time I didn't need the money so I never followed up on it. Now that I'm older and with health problem I could use the money. Am I eligible for it now after so many yrs?

Hi. I'm sorry for your loss. It sounds like you'd be eligible to claim the amount that was due your wife based on what you've described. As far as I know, there is no time . . . Read More

Category: Social Security Underpayments
Posted: Sep 19 2021 - 10:16am

Why Does My Benefit Amount Increase Each Year?

I was reading about delayed credit and I was wondering, when you look at what you are going to collect at age 66, 67, 68, the amount increases with every year you wait, is the amount reflective of the delayed credits or are the delayed credits on top of what you would get later? For example, if I am receiving $2,500.00 at month at 66, would my increase at 68 be because of delayed credits, or are delayed credits like a bonus? Also do I have to apply for benefits and then suspend to get the delayed credit?

Hi. The reason that your benefit rate goes up for . . . Read More

Category: Delayed Retirement Credits
Posted: Sep 19 2021 - 8:29am

Return to Ask Larry

Get What's Yours!

Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!

Find your maximized strategy
Unlimited what-ifs
Step-by-Step filing instructions
Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

Results will differ based on your specific case and filing strategy.

Getting Started is Easy

Web-based software. Works on ALL browsers. No download.

Get What's Yours—Buy Now!