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

Displaying 2091 - 2100 of 10063 questions.

How Do I Document For SSA That My Income Doesn't Count For The Earnings Test?

I plan to retire in 2 years at age 62 because I have young children who will get checks along with me and my wife as their caretaker. I am self-employed (LLC) and I am winding down my business (no new clients, no new work) but because of the nature of my business, I get paid some time, (often several years) after I do the work. I have about $1 million in receivable for work done over the last several years that will continue to roll in over the next few years. I understand that money from work done *before* I retire does not count in the income test, but how do I document/ . . . Read More

Category: Earnings Test
Posted: Aug 16 2021 - 2:24pm

Can You Explain The Discrepancy In My Benefit Estimate?

I am 68, currently receiving a spousal benefit, and trying to decide when to switch to the benefit based on my work record. Social Security provided benefit estimates for January 2022 (I turn 69 in December 2021) and January 2023 (I turn 70 in December 2022). My delayed retirement credit is supposed to be 8% for each year beyond my full retirement age of 66, but SS says my 2023 benefit will only be 5.8% larger than my 2022 benefit. Can you explain the discrepancy? Thank you.

Hi. No, but estimates provided by Social Security are sometimes inaccurate. One . . . Read More

Category: Delayed Retirement Credits
Posted: Aug 16 2021 - 1:58pm

Will My Children Get Payments For The Months They Missed While Their Benefits Were Suspended?

Im a representative payee for my children's ssdi benefits they receive from their father and their ssdi benefits were suspended because the bank account that they were direct deposited to was closed and it took a few months for me to get a new account my question is will they get payments for the months they missed while their ssdi was suspended?

Hi. Yes. Benefits that are returned or suspended due to an address or bank account issue are reissued once the address/account issue is resolved.

Best, Jerry

Category: Miscellaneous
Posted: Aug 16 2021 - 1:52pm

Is It True That I Can Apply For Spousal Benefits At Any Age If I'm Caring For A Disabled Child?

I have started the process to apply for Spousal Social Security. I will be 62 in November. I've read that if I'm caring for a disabled child I can apply at any age. Is that correct? I'm being told now that my benefits will be reduced and probably eliminated because of my provincial pension I receive here in Canada. Just looking for some clarification. Thanks

Hi. That's quite a bit to unpack. Assuming that your spouse is drawing Social Security retirement or disability benefits and If the disabled child you're caring for is eligible for benefits on your . . . Read More

Category: Spousal Benefits
Posted: Aug 16 2021 - 1:18pm

Is It OK To Do A Rollover To A Traditional IRA?

I’m crossing guard for 27 years. I/m 80 years old.
My tax lady said to roll it over to my Traditional IRA.
I DRAW My deceased husband social security.
Is this ok?
Thank you
Pat

Hi Pat. You don't say what exactly that you're considering rolling over, so I can't give you a good answer. Furthermore, my expertise is limited to Social Security benefits so I can't weigh in on any tax advice you may have been given.

The only thing that might affect your Social Security widow's benefits would be if you collect a pension based . . . Read More

Category: Miscellaneous
Posted: Aug 15 2021 - 10:22am

How Do I Find Out If My Ex Is Still Living?

How do I find out if my ex is still living?

Hi. My expertise is limited to Social Security benefits, so I don't know if there is a foolproof way to determine if an ex-spouse is living. Social Security does get information from funeral directors and state death registries, so they are informed in most cases when a person dies. They don't release that information randomly, but if you think that you may qualify for survivor benefits in the event that your ex-spouse is deceased, Social Security may be able to tell you whether or not he or she has died.

. . . Read More

Category: Miscellaneous
Posted: Aug 14 2021 - 6:35pm

Is It Too Late To Apply For Benefits From My Ex-Husband's Social Security?

I didn’t know I could collect on my ex husband social security benefits. Married 35 year. Now 79. Is it to late to apply?

Hi. No, it isn't too late to apply, but if you qualify for divorced spousal or survivor benefits you couldn't be paid for more than 6 months retroactively. You haven't listed enough information for me to be able to tell you whether or not you might be eligible for benefits on your ex-spouse's record, but if you think you may qualify you would want to contact Social Security as soon as possible to avoid any potential further loss of . . . Read More

Category: Divorced Spousal Benefits
Posted: Aug 14 2021 - 6:29pm

Why Did I Get A Deposit To My Account Today?

Why did i get a deposit to my account today

Hi. I have no way of knowing, but this is around the time of year that Social Security normally does their automated benefit recomputations. So, if you had Social Security covered earnings last year then you may have been due a rate increase that has just been processed, which could result in a lump sum payment of back pay. Or, it may be something totally different.

In any case, Social Security sends notices explaining payments like the one you apparently received, so you should get a notice in the mail . . . Read More

Category: Miscellaneous
Posted: Aug 14 2021 - 8:24am

Is There Any Way To Get My Full Retirement Amount At Age 62?

I am on SSI for disability said i was short on recent work credits for social security disability . Is there away to get my full retirement amount at 62 since all my paperwork is approved disability from SS

Hi. No, not unless you qualify for Social Security disability (SSDI) benefits . If you start drawing Social Security retirement benefits prior to your full retirement age (FRA) your benefit rate is reduced for age even if you're disabled. The only way you can get your FRA rate paid prior to FRA is if you qualify for SSDI benefits.

If you get . . . Read More

Category: Disability Benefits
Posted: Aug 13 2021 - 1:18pm

What Will I Receive When They Start Taking Out For Medicare?

I'll be 62 in a week.i receive ssa.disability.i received letter say I can get Medicare A ,B.and they will take money beggining in sept of 2021.and i will receive a check of 1250.00 .minus deductible.are they cutting my ssa benefits.or wi I receive both

Hi. You can't be paid both Social Security disability (SSDI) benefits and Social Security retirement benefits at the same time. SSDI benefits are calculated at 100% of your primary insurance amount (PIA), which is equivalent to the amount you'd receive if you wait until full retirement age (FRA) to collect . . . Read More

Category: Medicare
Posted: Aug 13 2021 - 12:35pm

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