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

Displaying 2951 - 2960 of 10063 questions.

Will It Affect The Calculation Of My U.S. Social Security Benefits If I Receive A Canadian Pension?

I'm a Canadian citizen, born in Canada in 1957. I moved to the U.S. in 1983 to go to graduate school, and have been here ever since (and am now a U.S. citizen). I worked for several years (1975-83) in Canada prior to moving, mainly summer jobs, so I made contributions to the Canada Pension Plan, but not a lot. I am currently eligible for a little over $100/month from the CPP. I did not work for long enough to be eligible for the Canadian Old Age Security program; eligibility for that would require using US work history, but that makes no sense for me, because the payment would . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Dec 29 2020 - 5:24pm

When Should I Start Applying For My Benefits?

Hi Larry,
My full retirement age is 66 and 2 months. I will be turning 66 in May. When should I start applying for my retirement social security? Barb

Hi Barb,

Social Security allows people to apply for benefits up to 4 months prior to the month that they want to claim the benefits. So, if you want to start your benefits effective with the month you reach full retirement age (FRA) you could file an application as early as March. Of course, if you want to start drawing sooner than FRA you can apply earlier.

It's important to understand . . . Read More

Category: Filing For Benefits
Posted: Dec 29 2020 - 9:32am

Should My Wife And I File Separate Tax Returns To Avoid Paying Income Taxes On Her Benefits?

Greetings,

You indicate that a spouses benefit would not be reduced by the working spouses continued income. My wife has been retired for 3 years, she filed for her benefit at age 66. We were notified that she would received a reduced payment based on out Jint tax filing which was 100% my income. The reduction was in in the area of 20%.

Can you direct me to a way to understand? Perhaps expoloation of filing married but seperate?

Thank you for your time.

Best Always,
Mike

Hi Mike,

I'm not sure what you're referencing . . . Read More

Category: Taxation Of Benefits
Posted: Dec 28 2020 - 9:49am

What Am I Entitled To?

I married my ex-husband in 1998. We divorced in 2016. With nothing. We moved 9 time while I had to quit school 3 times, to follow his career. I was forbidden to work outside the home. Two children, whom I was a single married parent to. He traveled all over, once living 16-18 months in a different state. We filed taxes together. So where does a full time mother, with no vacation, no sick days, taxi driver, house keeper, dog sitter, fall in the tax bracket. I was with him when we had nothing. Now he is President of a pharmaceutical company. He would not be where he is, if not . . . Read More

Category: Divorced Spousal Benefits
Posted: Dec 28 2020 - 9:40am

How Much Can I Earn In 2021 And Still Receive All Of My Benefits?

If my FRA is January 2022 how much can I earn in 2021 to get my full Social Security benefit for 2021

Hi,

Assuming that you weren't born on the first day of January, the regular earnings test exempt amount of $18,960 would apply for you throughout the year 2021. If you do happen to have been born on January 1 1956, though, then Social Security would count you as reaching your full retirement age (FRA) on December 31 2021 and you could earn up to $50,520 through November of 2021 without losing any benefits to the Social Security earnings test ( . . . Read More

Category: Earnings Test
Posted: Dec 28 2020 - 9:33am

Can We Do An Appeal?

Hi Larry,
First of all we wish you a Merry X'Mas and Happy, Healthy, Peaceful and SAFE 2021.

Myself (now 73+) : Retired / Already receiving full SS started at 70 years (from Nov 2017)

Spouse (now 65+): Never worked. When we went to SSA (wife was 62+ at that time, we were told my wife is eligible to start the SSA payments. Started receiving reduced amounts from Nov 2017.

We were not aware of the repercussions related to getting 50% of husband's SSA payments when she reaches FRA (i.e.66 years + 2 months).

Went to the SSA and requested them for a . . . Read More

Category: Spousal Benefits
Posted: Dec 26 2020 - 8:03am

Is It True That My Wife Won't Be Able To Collect Spousal Benefits Because I Took Disability Benefits?

My wife had only about 10 years of full time work in which SS taxes applied prior to her age 48. At 48, she took a job as a teacher which no longer has any SS taxes being paid. She is now 60 and has 12 years into the state’s retirement system and it seems that every year she continues to work only reduces what little SS benefit she had accrued. Given some health issues, and her age, it is highly unlikely she will be able to accrue any meaningful retirement benefit from her teaching. My own employment terminated in 2017 just before turning 60 and I was approved for SS Disability . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Dec 25 2020 - 9:47am

Which Month Should I Choose To Start My Benefits In Order To Receive My Full Age 70 Rate?

I will türm 70 on November 4, 1951. I have not taken Social Security benefits on my record although I am taking a spousal benefit under a restricted application. In order to maximize my own benefit should I apply to have my own benefit to start in November 2021 or December 2021 and how far in advance may I submit that application? Also, what must my wife do to switch from her own benefit to a spousal benefit. Also, is there a way to do that online or can I do it over the phone?

Hi,

I assume you mean that November 4 1951 is your date of birth. If that . . . Read More

Category: Filing For Benefits
Posted: Dec 25 2020 - 9:36am

If I Receive A Personal Injury Settlement Can I Suspend My SSI Temporarily?

Hi Larry, I’m 37 years old, divorced female, deemed disabled in 2017 by SSA. I receive SSI and the RI state supplement of approx $40. Anyhow, I will likely be receiving a settlement from a personal injury lawsuit and have been hearing and reading much conflicting advice. Am I able to report the settlement and suspend my SSI payments until the settlement is spent (it likely will be under $70k)? Should I look into setting up a special needs trust for myself? Is that even possible? Any help is appreciated!

Hi,

You can't qualify for Supplemental Security . . . Read More

Category: Supplemental Security Income
Posted: Dec 24 2020 - 10:23am

Will My Social Security Benefit Be Reduced If I Receive My Husband's Pension When He Dies?

My husband receives a pension and we have chosen the option where if he dies i receive his pension. If my husband dies and I am receiving social security will my benefit be reduced because I am receiving his pension. Because WEP definitely reduced his social security benefit and Iḿ wondering whether that transfers to the widow if she begins to receive the pension. Thank you for your help.

Hi,

No. Both the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) provision only apply if a person is receiving a pension based on their . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Dec 23 2020 - 11:10am

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