Ask Larry: Questions and Answers

Displaying 2511 - 2520 of 10063 questions.

Am I Entitled To Widow's Benefits On My Former Husband's Record Even If I Remarried At Age 60?

My husband of 43 years passed away when I was 58 years old.I remarried when I was 60 years and 1 month old I started drawing at 62 but I don’t draw much am I entitled to my widows benefit ?my current husband dress a small disability check and we still make a small income.

Hi. Yes, at least potentially. Marriages that occur after a person reaches age 60 don't bar them from being able to collect survivor benefits on the account of a former deceased spouse.

However, since you're apparently already drawing benefits on your own account you could only . . . Read More

Category: Survivor Benefits
Posted: May 10 2021 - 12:24pm

Will My Social Security Benefits Be Taxed Based On My IRA Withdrawals?

My only income is money I withdraw from my IRA - I have no W-2 income. I will not take social security until my FRA. Will my social security benefit be taxed based on my IRA withdrawal?

Hi. What determines whether or not any of your Social Security benefits are taxable is your combined annual income, which includes a) your federal adjusted gross income (AGI), plus b) your nontaxable interest income, plus c) 50% of the amount of the Social Security benefits you received. If the total amount is more than $25,000 for an individual or more than $32,000 for a . . . Read More

Category: Taxation Of Benefits
Posted: May 10 2021 - 8:53am

What Benefits Can The Gal I'm Living Receive?

I’ve been living with the same gal for over 10 years. She doesn’t think she has enough quarters for social security. I have and have been collecting SSDI For 3years which will switch to Social Security when I’m 66 and 2 months. Nobody else has a claim to my Social Security and I assumed she would be eligible for 1/2 my $2750 if nothing else. Please advise

Hi. Well, you don't mention anything about being married, but unless you are legally considered to be married then the woman that you're living with couldn't qualify for any benefits from your Social . . . Read More

Category: Spousal Benefits
Posted: May 9 2021 - 3:15pm

What Should I Do?

I and my husband were separated for many years. I found out that he had been dead for 3 years and I didn't no that he was dead. I went to social security and Iearned that he did not have a wife. I could not get any thing from social security.

Hi. If you and your husband were still legally married at the time of his death then you could potentially qualify for widow's benefits. If you were divorced at the time of his death, then you would need to have been married for at least 10 years to potentially be able qualify for survivor benefits. Either way, . . . Read More

Category: Survivor Benefits
Posted: May 9 2021 - 2:52pm

Will My Wife's Benefits Be Automatically Adjusted To Include Spousal Benefits?

My wife began collecting her own social security benefits when she reached full retirement age. Now about a year later I turned 62 and have applied for my own benefit (I am the higher earner lower aged spouse). Now that I am collecting she is eligible to collect a spousal benefit equal to 50% of my PIA which is an approx. $500/month increase over her own FRA benefit. Will her benefit be automatically adjusted or is there a process through which she needs to file for the additional spousal benefits? If so how does she do this ( we can find no information on the SSA website). . . . Read More

Category: Filing For Benefits
Posted: May 8 2021 - 12:44pm

If I Open A Trading Account And Buy Stocks, Are The Stocks Not In My Name?

It’s confusing, if I open a tradings account and buy stocks, are the stocks not on my name and when stocks are aren’t other people buying them? I don’t know how it can be work, I lay in my bed most of the day due to a back injury but with my cell phone I can buy and sell stocks all day, but I can not go anywhere and work from my bed.

Hi. I'm not sure that I'm interpreting your question correctly, but receiving a profit from owning in stocks would not adversely affect Social Security benefits. That type of income is considered unearned, and thus doesn't . . . Read More

Category: Miscellaneous
Posted: May 8 2021 - 9:37am

How Can I Avoid Or Minimize The WEP Reduction To My Retirement Benefit?

I was an adjunct professor at a community college for 7 years while concurrently working part time as an apartment manager for low income families (for 15 years). Both jobs were low paying, and I needed both to make ends meet and pay rent in Los Angeles. I am still in my early 40s and unemployed due to the pandemic. I am reassessing my career and thinking about changing. How can I avoid or at least minimize the wep deduction to my retirement. I haven't earned much in the way of retirement anyway, so reducing my benefit simply because I taught a class each semester for 7 years . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: May 8 2021 - 9:13am

Can You Tell Me What SS Provisions Provide That My Wife Should Receive The Same Amount As My Daughter?

Hi Larry,

My daughter was recently approved to receive SS on my earnings. She is 36 and disabled. The issue now is that my wife's spousal benifit was lowered. I thought, under my Max family benefit, and because my wife is taking care of our daughter, she was supposed to receive same amount as my daughter. My daughter's SS is $1046 and my wife's is $799. Can you please tell me what provisions of the SS code provides for my wife to receive same amount as my daughter even though she hasn't reached her full retirement age? She is 64. All of us receive SS under my record. I . . . Read More

Category: Spousal Benefits
Posted: May 8 2021 - 7:49am

When My Husband Passes Away Will I Receive 100% Of His Benefits Even Though I'm 61 1/2?

Hello Larry,

My husband had to retire due to terminal cancer and he took his social security at 63 and has a pension. When he passes away will I receive 100% surviving widow social security even though I am 61 1/2? I work and earn about $18,000 a year.

Thank You,
Suzette

Hi Suzette. I'm sorry to hear about your husband's diagnosis. If your earnings are below $18,960, then they wouldn't adversely affect your ability to collect benefits. However, your potential widow's rate would depend on your age at the time you start drawing widow's . . . Read More

Category: Widow's Benefits
Posted: May 7 2021 - 11:44am

Will It Affect My SSI If I Sell My House And Buy Another House?

If I was interested in selling my house that was given to me from my parents and wanted to buy another house to get rid of this property would that affect my SSI

Hi. The value of a home in which you live is normally excluded from counting toward the $2000 resource limit for SSI eligibility. If you sell your home, the proceeds from the sale can be excluded from counting as an available asset provided that you use them to purchase a new home within 3 months of receiving the funds (https://secure . . . Read More

Category: Supplemental Security Income
Posted: May 7 2021 - 11:23am
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