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

Displaying 2081 - 2090 of 10063 questions.

Should I File For And Suspend My Own Benefits And Then Collect 50% Of My Husband's Benefits?

My husband’s birthdate is 2/24/1952 (now 69-1/2 years old); my birthdate is 8/9/1952 (now 69 years old). My husband will work until he turns 70 in 2/2022; I retired on 3/31/2019, when I was age 66-1/2. We have not filed for SS benefits yet as we were thinking about waiting to file until age 70 to collect our maximum benefits. We are looking for your advice as to when I should file. At age 70, my husband’s estimated monthly benefits will ill be $3,955; at age 70, my estimated monthly benefits will be $2,231 (my estimated benefit as of 8/2021 is $2017). Once my husband files next . . . Read More

Category: Filing Strategies
Posted: Aug 17 2021 - 4:50pm

What Effect Will Working Part-Time Have On My Benefit Calculation?

Hi Larry,

I just turned 62 and not working right now. If I start working part time and make significantly less money than what I was making full-time will that affect the amount on my current Social Security calculation. I don't plan to take early Social Security but I read that SS will recalculate your monthly SS payment if your earnings are reduced before you take your SS.

Hope that makes sense?

Thanks in advance.

Hi. You can't reduce your Social Security retirement benefit rate by working part-time. Social Security retirement . . . Read More

Category: Calculating Retirement Benefits
Posted: Aug 17 2021 - 4:41pm

What Information Can You Give Me About Taxes On Benefits?

Hello Larry, I’ll be 66 and 4 months August of 2022 and although I’m currently working and plan to work a couple more years I want to start receiving SS benefits then. I understand at FRA there’s no penalty on benefits however I understand there are taxes on the benefits if I make “too much money”. My benefits put me at 32400 not counting my regular paycheck.any information is greatly appreciated.
Tom

Hi Tom. I'm not a tax expert, but basically if your yearly adjusted gross income plus 50% of any Social Security benefits you receive adds up to more . . . Read More

Category: Taxation Of Benefits
Posted: Aug 17 2021 - 4:31pm

Can I Get My Current Husband's Social Security Amount After A Period Of Time?

I was married for 30 years and my husband away in 2015. I remarried on 2021. Can I get my current husband’s social security amount after a period of time?

Hi. You couldn't get your husband's full amount while he's living, but you might be able to qualify for spousal benefits if your husband is currently drawing his benefits. I don't have enough information to know if you'd qualify, though. You'd basically need to be at least age 62 to potentially be eligible for spousal benefits, and you may not be able to qualify until you've been married for at least a . . . Read More

Category: Spousal Benefits
Posted: Aug 17 2021 - 12:06pm

Do You Think Social Security Is Paying Me Both My Own Benefit And My Widow's Benefit In One Payment?

My husband died in an auto accident 10 years ago. He took an early retirement at age 58 after working for 30 years. I worked for 41 years. I had to go on disability after he passed when I was 59. He died at the age of 64. When I applied for disability, they said I could draw more on my own social security. I never understood why I was only able to get a small payment on the widow's benefit (around 475 a month). In June they sent me a letter stating they had increased my benefit to give me credit for additional earnings which were not included in computing my benefit. They went . . . Read More

Category: Benefit Amount
Posted: Aug 17 2021 - 11:49am

Is It Correct That My Husband Would Get A Higher Benefit Rate If He Starts Drawing This Year Due To The Expected Upcoming COLA?

My husband has delayed taking social security benefits until he turns 70 in March 2022. Now, with the expected Cola of 5.5-6.2%, if he starts his benefits in October, 2021 he will forgo 5 months of increase of 3.3%. But if I understand, his January benefit would increase by the Cola which is expected to be more than 3.3% plus he has an additional 5 months of benefit. Is this correct?

Hi. No. Your husband doesn't need to start his benefits prior to age 70 in order to receive the Social Security cost of living (COLA) that will occur in January 2022. A . . . Read More

Category: Cost Of Living Increases
Posted: Aug 17 2021 - 11:33am

Can I Collect My SS Without Any Deductions If I Was Born In January 1955?

I was born January of 1955. I work full time. Can I collect my SS without any deductions for also working full time?

Hi. Since you've apparently reached your full retirement age (FRA) of 66 & 2 months, you could earn an unlimited amount of money without losing any of your benefits to Social Security's earnings test. You could still, however, be required to pay income taxes on some of your Social Security benefits depending on your total income.

You may want to strongly consider using our software ( . . . Read More

Category: Miscellaneous
Posted: Aug 17 2021 - 11:22am

When Do I File For Widow's Benefits?

My name is Louise, I am 51...birthdate is 01/11/1970 , my husband past 1 yr 9 months, when do I file for widows benefits? He was on SSDI...his birthdate is Nov.22, 1959...

Hi. I'm sorry for your loss. Age 60 is the earliest that you can collect monthly widow's benefits unless either a) you are disabled, or b) you have a child in your care who is eligible for benefits on your husband's account and who is either under age 16 or disabled.

However, there is a one-time death benefit of $255 that can potentially be paid to a surviving spouse regardless . . . Read More

Category: Widow's Benefits
Posted: Aug 16 2021 - 4:49pm

Can Social Security Retirement Benefits Be Subject To Garnishment?

Can Social Security retirement benefits be subject to garnishment?

Hi. Yes, Social Security benefits can be garnished to collect child support or alimony, past due federal taxes, and certain civil penalties under the Mandatory Victim Restitution Act.

Best, Jerry.

Category: Miscellaneous
Posted: Aug 16 2021 - 4:40pm

What Are My Options?

Hi, Larry, I’m 75 years young in 1993 Iwas working on a traffic detail. I was struck in the head by the cherry picker. I lost everything job security not to mention being disabled at 50. Add constant pain and a complete change in life style. That said when ?I applied for SS I don’t know if the agent was having a bad day or what, but he never offered SSI my tax man told me about a year ago that I should be on SSI. I have not worked ever again. I receive $500. A month minus Medicare payment. Thank God I’m alive. I was left with a brain injury. What are my options? Thanks Ed. . . . Read More

Category: Supplemental Security Income
Posted: Aug 16 2021 - 2:44pm

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