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

Displaying 2401 - 2410 of 10063 questions.

Does The Amount I'm Being Paid Sound Correct?

My husband of 43 years passed away 5/2020. I was given only $188 from his social security he collected around $1100, mine was about the same. I was expecting much more does this sound right.

Hi. I'm sorry for your loss. I don't have enough information to know for sure, but you're probably getting the correct amount. The surviving member or a couple can only be paid up to roughly the higher of their two benefit rates. They can't collect both benefits at the same time.

Since you were already drawing your own benefits when your husband died, the . . . Read More

Category: Widow's Benefits
Posted: Jun 9 2021 - 9:07am

Does It Make Sense To File For Survivor Benefits If I'm Working?

Hi Larry.

My wife passed away 5 years ago after 29 years of marriage. Her Social security will be a lot less than mine. I turn 60 this year and can file for survivor benefits. However, I am confused about whether I should file this year or not. I am currently laid off (and thinking of making it permanent by retiring) but am expecting a job offer. If I take the offer, then I will make at least $80,000/year. This is of course above the minimum before they take money from that survivor social security. So does it make sense to file for the survivor benefit if I am working. . . . Read More

Category: Filing Strategies
Posted: Jun 8 2021 - 7:27pm

Can My Husband Collect An Additional Amount As A Spouse?

I took my social security benefits at age 62. My husband who is younger than me now turned 66 in April 2021. Can he collect additional amount on spouse SS. I remember being told that spouse can also claim half of the amount.

Hi. Assuming that your husband was born after January 1 1954, he can't apply for spousal benefits without also applying for his own benefits at the same time. He could then only be paid essentially the higher of the 2 benefit amounts, so he'll only be eligible for spousal benefits if 50% of your primary insurance amount (PIA) is higher . . . Read More

Category: Filing Options
Posted: Jun 8 2021 - 7:21pm

How Will Each Of My Family Members' Benefits Be Affected By The Earnings Test?

I intend to retire next year at 62, as I have two young children (who will be age 8 and 11 when I hit 62) and my wife (age 47) as caretaker. Obviously with 4 people drawing checks, the family maximum will be hit. My question is how will each person’s benefits be affected if 1) I continue to receive earned income, 2) my wife receives earned income, and 3) if either of the children receive earned income. Both I and my wife have earned income from a family business (about $40K combined), but we can shift hours from one to the other (so one of us remains under the 18K threshold) to . . . Read More

Category: Earnings Test
Posted: Jun 8 2021 - 7:11pm

Is This Sound Reasoning?

My wife is 65 this August and has been diagnosed with Ovarian Cancer at a late stage. Once she completes her first sections on chemo the doctor with evaluate if this is reducing the amount and she will undergo surgery and more chemo to follow. Survival rate is 20% at 5 years at this stage.
I am a Maxfi member and read your books but looking to make sure I have this right for social security.
If the doctor confirms the stage and damage when he does the surgery we will file for early SS for her since long term outlook is low. I am the higher earner so see no need to . . . Read More

Category: Filing Strategies
Posted: Jun 8 2021 - 7:05am

How Is This Legal?

I am a retired Federal worker with a pension. My spouse died at 69 years and was drawing social security 1800 monthly. I was denied spousal benefits based on my pension. Additionally, I was denied social security based on my own record. They said I couldn’t double dip. How is this legal?

Hi. I'm sorry for your loss. Back in the 1980s, Congress added the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) provision into the Social Security law. It's legal because Congress has the authority to amend the Social Security law.

The . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Jun 8 2021 - 6:45am

Can You Help Me Understand This Issue?

Hi Larry

I’m stumped. My wife and I both turn 70 within the next 30 days. We purposely waited to file to insure we maximize our benefits. I have read you book and purchased your calculator to help with the process. However I’m having trouble matching the calculator results to what the law seems to indicate. I’ve downloaded both my history and my wife’s history directly into the calculator. My benefit comes back within a few dollars of the SSA forecast for full benefit at 70. However my wife’s calculated benefit is lower than what SAA states her full benefit should be and . . . Read More

Category: Miscellaneous
Posted: Jun 7 2021 - 2:54pm

Can I Draw Half Of My Ex's Amount Too?

I was married in Misdouti 13 years . Divorced. I was married I'm Texas 9 yrs 9 months. I draw $798 on me. My ex drsys about $1800
...can I draw half if his too or do I have to wait till he dies?

Hi. You can't be paid a full divorced spousal benefit and your own benefit at the same time. The most that you could be paid is essentially the higher of the 2 rates. You couldn't qualify for divorced spousal benefits on the record of the spouse to whom you were married for less than 10 years, and the only way that you might qualify for divorced spousal . . . Read More

Category: Divorced Spousal Benefits
Posted: Jun 7 2021 - 6:46am

Can I Apply For My Deceased Husband's SS At 65 And Then Change To My Own SS At Age 70?

Hi Larry,
Can I apply my deceased husbands( survivor benefit) ssi at 65 then change my own ssi at 70?
Thank you.

Hi. Yes, you could potentially file for widow's benefits as early as age 60 while waiting until age 70 to apply for your own benefits. Your best filing strategy depends on the comparative amounts of your survivor and retirement benefits, and how much you'll be earning if you work prior to reaching full retirement age (FRA). It sounds like you should strongly consider using our software ( . . . Read More

Category: Filing Options
Posted: Jun 7 2021 - 6:37am

Can I Collect On My Ex-Wife If I Already Receive SSDI?

If I already receive SSDI, can I file on my ex wife social security benefits

Hi. My answer assumes that your ex-wife is still living. You couldn't qualify for divorced spousal benefits at least until you're age 62, and you could only qualify for divorced spousal benefits in addition to your Social Security disability (SSDI) benefits if 50% of your ex-wife's primary insurance amount (PIA) is more than your full SSDI rate. Furthermore, if you start drawing divorced spousal benefits prior to your full retirement age (FRA) your benefit rate would be reduced . . . Read More

Category: Divorced Spousal Benefits
Posted: Jun 6 2021 - 9:57pm

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