Ask Larry: Questions and Answers

Displaying 2001 - 2010 of 10063 questions.

Can I Repay My Benefits In Payments?

I turned 62 in May and took early retirement. I worked until May. I got my first SS check in July. I have now changed my mind about retiring and want to return to work. IThis is September so I will get one more check. I read I have to repay my benefits I have take, can I do this in payments?

Hi. The answer depends on what you decide to do. Your options are to either a) withdraw your application, in which case you'd need to repay all of the benefits you've received in one payment, or b) tell Social Security that you're returning to work so they can suspend . . . Read More

Category: Miscellaneous
Posted: Sep 7 2021 - 1:00pm

Do We Need To Tell Social Security That We Want To Wait Until Age 70 To Start Collecting Benefits?

My wife will be 66 and 2 months in December 2021, her FRA, but we want to wait to age 70 to draw Social Security. Do we need to tell them we want to wait or will they mail us something so we can elect to wait? Thank you Sir.

Hi. Social Security doesn't start paying people benefits automatically, so assuming that neither you or your wife are drawing Social Security disability (SSDI) benefits then you don't need to tell Social Security that you want to wait until age 70 to start drawing your benefits. When you do decide that you want to start collecting your . . . Read More

Category: Miscellaneous
Posted: Sep 6 2021 - 8:13pm

How Can I Determine What My SSI Will Be?

I’m 51 and am on SSDI. I’m divorced and was married a little over 10 years. I have not remarried. How can I determine what my SSI will be? I know that I can get some benefit based on my ex spouse’s income. If SSDI automatically converts to SSI will they automatically consider my ex spouse’s income? Thanks so much for your help!

Hi. By 'SSI', I assume that you're referring to Social Security benefits. The Social Security Administration does administer a needs based benefit called Supplemental Security Income, which is referred to by the abbreviation SSI. . . . Read More

Category: Benefit Amount
Posted: Sep 6 2021 - 1:06pm

Can I Claim From My First Husband's Social Security?

Hi I am 62 and 6 months, I am divorced twice, can I claim from my first husbands social security. we were married over 10yrs. been divorced since 2003. My second marriage only lasted 1 1/2 years. I still work 36 hrs a week but do not make enough $ to get by. How will it effect my claiming my own benefits when im 67

Hi. The only way that you could claim divorced spousal benefits without claiming your own benefits at the same time is if your ex-husband is deceased. As long as your ex is still living you could only be paid essentially the higher of your own . . . Read More

Category: Divorced Spousal Benefits
Posted: Sep 6 2021 - 12:53pm

What Will My Wife Receive When I Start Drawing My Benefits?

My wife of 25 years was born March 15, 1955. She began drawing benefits at FRA of $1150 per month. I was born 11/15/1955. My estimated benefits at full retirement are $2920. I do not intend to take my benefits until I am 70. My estimated benefits at 70 are $3820.

I am attempting to understand my wife’s spousal benefits. I understand my wife’s spousal benefits would be
half of $2920 or $1460. How does this work. When I draw at 70 will my wife be entitled to only $1460 or will she also be able to benefit from 4 plus years of COLA’s ( presuming COLA’s occurr)

Hi. When you . . . Read More

Category: Spousal Benefits
Posted: Sep 6 2021 - 8:54am

Does Failing To File Taxes Affect My SS Benefit Amount?

Does not filing taxes for years affect my SS monthly amount?

Hi. Failing to file tax returns wouldn't affect your Social Security benefit rate as long as you still paid Social Security taxes on your earnings. Employers withhold and pay Social Security taxes for covered wage earners, so workers get credit for those earnings even if they don't pay income taxes.

However, self employed people pay their Social Security taxes in the form of self-employment taxes, which are reported and paid when they file their tax returns. So, failing to file tax . . . Read More

Category: Miscellaneous
Posted: Sep 5 2021 - 7:34pm

Is There Any Reason Not To Choose January As The Starting Date For Your Benefits?

Is there any reason to not have January 1 as your starting date for starting Social Security benefits?
It’s starting in January, would you be entitled to the increase that most people get starting at the beginning of each year?

Hi. There's nothing inherently wrong with starting benefits effective with January, but in many cases it's not the best option. If you start your payments effective with January you would receive the cost of living (COLA) increase that Social Security recipients receive in most years, but not because you chose to start your . . . Read More

Category: Filing Options
Posted: Sep 4 2021 - 3:57pm

Should Social Security Automatically Increase My Wife's Benefit Amount?

4 years ago my wife began her retirement benefits at age 62. For the past 4 years I have been receiving a spousal benefit. I recently applied and was approved verbally over the phone for my own retirement benefits to start in December. I read somewhere that when you apply and give the marriage info (which they already have from when she applied) they should automatically inform her of her entitlement and increase her benefit accordingly. Have you ever heard of that being the case or must my wife call Social Security to apply for the excess spousal benefit?

. . . Read More

Category: Filing For Benefits
Posted: Sep 4 2021 - 1:13pm

Can I Still Work?

I went above the allotted amount, so they suspended my benefits. I have stop working since then. So my question is can I still work as long as I don't go over being that I past the 36 months trial period?

Hi. I'm assuming from the wording of your question that you've been receiving Social Security disability (SSDI) benefits. If that's the case and if you're still in your extended period of eligibility (EPE), then you could be paid for any month that you earn below the substantial gainful activity (SGA) level. The EPE extends for at least 36 months . . . Read More

Category: Disability Benefits
Posted: Sep 4 2021 - 12:20pm

What Advice Can You Give Me?

Hi Larry
My husband was forced on disability due to cancer at age 55. I am 61. We are on disability income for the most part because I am his caregiver. I need advice as to when I should take his benefit reduced at age 62 or wait till I am FRA. I did licensed childcare, pay was low so I will be better off to take 50% of his. I also worked for a school district which has its own PERA retirement, am I entitled to any of that? Again very low wages. Thanks B

Hi B. Here's what I can tell you. Whenever you apply for benefits you'll be deemed to be filing . . . Read More

Category: Filing Strategies
Posted: Sep 4 2021 - 11:51am
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