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

Displaying 2841 - 2850 of 10063 questions.

Is It True That Social Security Considers You To Be 'Working' If You Place Orders For Stocks And Cryptocurrency?

Hi Larry,
My Mother has been receiving SSDI benefits since 2017. She is a member of a social media group that frequently answers questions related to disability. My question is related to investing. She opened an online trading account and bought some stocks and cryptocurrency. The group answered someone else's question about this same scenario and the moderator told them it would be considered "working" if you placed the trades yourself. I have been unable to find anything stating this information online, only that it is okay to invest. Can you advise?

. . . Read More

Category: Disability Benefits
Posted: Feb 10 2021 - 3:50pm

Will My Son's Benefit Amount Change When I Start To Receive Social Security?

Larry - i have an adult son who is mentally handicapped and he is collecting SSI. I am 65 and am wondering when i start to receive Social Security will i need to change anything for him and will the amount he receives change ? Thanks, Michele

Hi Michele,

It sounds like your son may qualify for disabled adult child's (DAC) benefits once you start drawing your benefits. The benefit rate that can be paid to DAC beneficiaries on the record of a living parent is 50% of the parent's primary insurance amount (PIA). A person's PIA is equal to their Social . . . Read More

Category: Disabled Adult Child Benefits
Posted: Feb 10 2021 - 3:41pm

If I Start Drawing My Benefits In June 2021 How Much Will I Actually Be Able To Keep?

My wife is retiring at 62 this June and thinking about starting her SS and pulling her pension then. If I start drawing ss at 65 this June and am still working how much will i actually be able to keep compared to waiting till my full retirement of 66 & 4 months. Thanks

Hi,

The answer to your question depends on how much you're earning and how much your benefit rate is. If you apply to start drawing benefits in 2021, Social Security would need to withhold $1 of your benefits for each $2 that you earn in excess of $18,960 this year. However, you . . . Read More

Category: Earnings Test
Posted: Feb 10 2021 - 3:30pm

At My Wife's Full Retirement Age Will She Be Able To Collect 50% Of My Benefit Amount?

my wife is 1 1/2 yrs older than me. She was born 7/24/1957, I was born 12/20/1958. Half of my projected FRA SS is more than her FRA estimate. At her FRA, will she be able to collect 50% of what mine projects to be?

Thank you

Hi,

The answer to that depends on whether or not you are drawing your benefits at that time. Your wife couldn't be paid any spousal benefits from your record at least until you start drawing your benefits.

Based on your description, it sounds like your wife will eventually be eligible for some benefits on her own . . . Read More

Category: Spousal Benefits
Posted: Feb 10 2021 - 10:53am

Is It True That I Can't Qualify For Widow's Benefits Based On A Common Law Marriage Because I Now Live In North Carolina?

I'm 62 and was married in colorado to my husband for 5 months. We were together for 17 years and considered common law married.
After he passed, I moved to North Carolina.
I called the social security office in Colorado to ask about widow's benefits.
They explained that if I still lived in Colorado, I would be eligible for a widow's benefit. Because I live in North Carolina and they don't recognize common law marriages, they said I am entitled to no benefit.
This doesn't seem right....
Can you comment to verify this for me? I'd greatly appreciate . . . Read More

Category: Marriage
Posted: Feb 9 2021 - 2:04pm

Will I Be Able To Collect On My Ex-Husband's Record When I Reach Age 62?

I am on SSDI and have been for several years. I am about to turn 62 in July 2021. I was married to my now X Husband for 13 years. Will I be able to collect on his social security. If so what do I have to do to get it. Thank you so much for your time. Sincerely S.Jean

Hi S.Jean,

My answer assumes that your ex-husband is living. It sounds like you may be able to qualify for divorced spousal benefits as early as age 62 provided that you aren't currently married, but only if 50% of your ex-husband's primary insurance amount (PIA) is more than your PIA. . . . Read More

Category: Divorced Spousal Benefits
Posted: Feb 9 2021 - 11:27am

Will I Still Be Exempt From Social Security's Earnings Test At FRA Even If I Start Drawing Benefits Early?

Dear Larry and Jerry, I have subscribed to Maximize my Social Security, and it has been helpful. However, I could not find answers to two questions, based on the following information:
A. I plan to retire at age 65 yr. 1 mo. (In just a few months from now). At that time, I will draw from an annuity investment.
B. I will try to wait as close to my full retirement age of 66 yr. 4 mo. to start taking Social Security; however, I am not sure if I will be able to wait over a year to apply for Social Security, for financial reasons.
Now my questions:
1. If I . . . Read More

Category: Filing Strategies
Posted: Feb 9 2021 - 10:40am

Does The Exception To The Nine-Month Marriage Requirement For Widow's Benefits Apply Only To An Accidental Death?

Re: Nine-Month Duration of Marriage Requirement Section 404 I was denied collecting on my deceased spouse's social security because we were married for only 2 months at the time of his death. The exception to this requirement is if, at the time of the marriage, the insured could not reasonably have been expected to live for nine months. Does this exception apply only to accidental death and not illness? My husband died from leukemia.

Hi,

I'm sorry for your loss.

Accidental deaths are one of the exceptions to the 9-month duration of marriage . . . Read More

Category: Widow's Benefits
Posted: Feb 8 2021 - 10:35am

Should My Wife Wait Until She Is Age 70 To Collect Under My Benefits?

Hi- I am collecting Social Security .since age 70 and am still working full time. I see that SS is still deducting about $8,000- per year from my check. Since I am collecting, this does not seem fair. Is this correct? Also, my wife of 41 years is now 65, going on 66, and has barely worked over her lifetime. Should she wait until she reaches 70 years of age to collect under my SS benefits or collect at 66 under my benefits? When she collects under either scenario, will it decrease my monthly benefit? Thank you.

Hi,

Let me answer your second question . . . Read More

Category: Filing Strategies
Posted: Feb 7 2021 - 3:28pm

Can I Still Get My Back Pay?

i won my waiver to dismiss my over payment can i still get my backpay of 8300 im broke and struggling to pay my bills

Hi,

I'd need to have much more information about your case to be able to give you an answer. When an overpayment is waived, it doesn't mean that you weren't actually overpaid. In other words, in most cases when Social Security waives an overpayment, they've decided to allow you to keep benefits that were incorrectly paid to you.

I don't know what you're specifically referring to by "back pay", but if you're referring to . . . Read More

Category: Social Security Overpayments
Posted: Feb 7 2021 - 10:28am

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