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

Displaying 3021 - 3030 of 10063 questions.

Where Do I Pay My Monthly Premium For Social Security?

I was told that I am now a considered self employed. But I still continue working
My question since my employer stopped paying for my social security insurance.
Where do I pay for my monthly premium for the social security.
thank you
johnny

Hi Johnny,

By "monthly premium", I assume that you're referring to Social Security taxes. The tax on self-employment earnings, which substitutes for the Social Security taxes withheld from wages, is technically payable when you file your tax return. However, to avoid a penalty you may need . . . Read More

Category: Earnings Subject To Social Security Taxes
Posted: Nov 30 2020 - 5:40pm

Will My Wife Collect 50% Of My FRA Benefit Or 50% Of My Age 70 Rate?

I was born in October, 1951. My wife was born in November, 1952. We both turned 62 before January 1, 2016.. Because we both have had well paying careers, her Social Security benefits will be only slightly lower than mine.

I want to start collecting my Social Security benefits when I turn 70 in October, 2021. My wife would like to file for spousal benefits at that time. Will she collect 50% of my FRA benefit or 50% of the delayed benefits I receive at age 70?

When she turns 70 in November, 2022, she would like to file for her own delayed benefits. Will her own . . . Read More

Category: Filing Strategies
Posted: Nov 30 2020 - 11:06am

Am I Correct That WEP And GPO Won't Affect My Wife's SS?

Hello,
I will retire from teaching in a public school in Ohio with STRS after 35 years next year. My wife paid into social security for the past 40 years. I haven't paid much into SS so do not expect to receive any at age 65. However, I want to make sure my wife is able to recieve all of Social Security she earned through her own work. Am I correct to assume that WEP or GOP will not affect her own SS? Wiil she stop getting her own social security if I pass away and she becomes the beneficiery of my STRS pension?
Thank you very much for any clarification you may . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Nov 29 2020 - 3:50pm

Why Are My Medicare Premiums Going Up?

hi i retired in 2019 im married but do not live with her for at least 15 yrs now in collecting my ss which i was getting 2000 a month which they r taking out 148 a month for a-b now i got a letter from ss saying my a-b is going up t 400 a month because they combine her income whit mine so in 2021 they r going take out 400 a month for a-b i do file separate.

Hi,

just to clarify, Part A coverage is premium free if you're eligible for Social Security benefits, so it's your Part B coverage that requires premium payments. Part B premium rates are variable . . . Read More

Category: Medicare
Posted: Nov 29 2020 - 9:28am

Will My COLA Increases Be Included When Calculating My Wife's Spousal Benefits?

My FRA was 12-2018. Will my PIA increase with COLA's when determining my wife's spousal benefits at her FRA in 3-2021? Thank you.

Hi,

Yes. All Social Security cost of living increases (COLA) that occur after a person reaches age 62 are automatically credited to their primary insurance amount (PIA), regardless of whether or not they've started drawing their benefits. And, since unreduced spousal benefits are based on 50% of the worker's PIA, any COLA increases credited to you would affect the spousal benefit rate potentially payable to your wife. . . . Read More

Category: Cost Of Living Increases
Posted: Nov 29 2020 - 9:20am

Can They Tax Our Benefit?

I am 68 Y/O and deferring my benefit until 70. I am nervous with all the changes, covid, economy, etc. if this is still the wise thing to do? Can they tax our benefit?

Hi,

I don't have enough information about your options to analyze your best filing strategy, but yes, at least part of your Social Security benefits can potentially be taxed as income. How much, if any, of your benefits will be taxable depends on your other income. For more information about the taxation of Social Security benefits, refer to Social Security's website: . . . Read More

Category: Taxation Of Benefits
Posted: Nov 27 2020 - 4:08pm

Should My Railroad And Social Security Benefits Not Affect Each Other Since I Earned My Social Security Credits After Retiring From The Railroad?

I retired from the railroad after 30 years of service in March 1 ,2000,In 2004 thru 2017 I earned 40 quarters in social security,My question is my railroad retirement pension should not affect any of my social security pension or vice versa since the 40 quarters was earned AFTER railroad retirement ? THANKS

Hi,

The order in which you worked for the Railroad or for Social Security covered earnings is irrelevant. If you're eligible for both Railroad Retirement (RR) benefits and Social Security (SS) benefits and if you file for both benefits, the . . . Read More

Category: Railroad Retirement & Social Security
Posted: Nov 27 2020 - 4:01pm

Will My Wife Be Able To Collect My Full Benefit Amount If I Die Before She Reaches Full Retirement Age?

Hi Larry,

I'm 78 and have been retired for several years, and have been collecting approximately $3,000/mo based on my full retirement age. My wife is 64 and is eligible for approximately $1,200/mo at FTA in just over two years. She has not yet filed for early retirement. Because of my age and because we are heavily dependent on my SS income, we are concerned about how the monthly payout would be affected if I die before she reaches FTA.
So, my questions are:
1. If I die before her FTA of 66 yrs and 4 mo will she continue to collect my full retirement without . . . Read More

Category: Widow's Benefits
Posted: Nov 27 2020 - 9:54am

Would There Be Any Advantage To My Filing For And Suspending Benefits?

Hi, Larry I was born in 1955 and will reach my full retirement age in April of 2021 (66 and 2 months). I am single, never married and have no dependents. Is there any advantage to my filing for (applying) AND suspending benefits 3 months before I reach my F.R.A.? I have read that if I want to wait longer than my F.R.A. (up to age 70) to actually receive benefits in order to increase the monthly amount, a strategy of file and suspend would allow me to receive suspended benefits owed to me starting at my F.R.A. date if I later decide I need to start receiving them before age 70 ( . . . Read More

Category: File and Suspend
Posted: Nov 26 2020 - 10:11am

Will My Higher Earnings Initiate A Benefit Recalculation?

I have earnings now (post-retirement) that are likely enough to replace some of the lower earning years currently included in my benefit calculation. Will those years initiate a benefit recalculation and a possible retro adjustment, even though I am now well into my retirement period. I am currently just shy of 72 and I did not take my retirement benefit until age 70.

Hi,

Yes, regardless of your age you can still increase your Social Security retirement benefit rate if you earn more in a year than you did in one of your previous highest 35 years of . . . Read More

Category: Recomputations
Posted: Nov 26 2020 - 10:02am

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