Ask Larry: Questions and Answers

I'm 63. My retirement benefit would be approx $2000 a month. I need to file for SS disability as well. Question-CAN I COLLECT MY $2000 while waiting to see if my disability claim is approved. I keep hearing about "reduced social security". What is that? My disability would add an additional $495 a month. I can't live without any income while waiting for disability approval.

Hi. Reduced Social Security refers to starting benefits prior to full retirement age (FRA) at a rate that's reduced for age. Basically, the earlier that you start drawing Social . . . Read More

I am writing on behalf of a retired friend. He married late in life, had 3 children when he began drawing SS retirement benefits in 2010. The 3 kids have received SS monthly deposits into their own savings account, but linked to the father. The kids are now over 18 years old. The family relocated to France in 2010.

The eldest child recently returned to the U.S. for the first time, to begin college, but Wells Fargo will not permit her to withdway any funds, through any means whatsoever. She is not able to pay her first semester tuition as planned. WF doesn't seem to honor . . . Read More

My husband died in 2003 at the age of 55. I am turning 62 in October would I qualify for receiving his ss. He had just received his first disability check when he passed. Our boys received their check until they were 18 & 19

Hi. I'm sorry for your loss. Actually, you can potentially qualify for widow's benefits as early as age 60, although your benefit rate would be reduced for age if you start drawing prior to your full retirement age (FRA). Your best strategy for claiming benefits depends on a) the amount of your potential widow's benefit, and b) . . . Read More

My husband just recently died at age 58, I am 63 and I still work full-time. Can I or should I draw from on his SS benefits as his widow?

Hi. I'm sorry for your loss. Whether or not you could collect benefits depends on how much you're earning. Social Security would need to withhold $1 of your benefits for each $2 that you earn in excess of $18,960 this year, so if you earn too much you may not be able to draw any benefits.

Regardless of how much you earn, though, you would likely at least qualify for a one-time death benefit of $255. If you haven . . . Read More