Ask Larry: Questions and Answers

I get SSDI and I have three children who get benefits off of my record. My oldest is simultaneous entitled under myself and my ex husband. I have the higher earning record so she is paid off of mine. However it gave us the combined family max and each child was awarded a higher equal benefit. My oldest just turned 18 and her benefit has stopped. I was told her benefit would be rolled out to the younger two children. However this month it was not and they actually took money away from each of the younger two kids. I have read a ton of information but I can not find ANYWHERE that . . . Read More

I'm on ss disability. if I decide to buy a home with money thats a gift, I'm using as a down payment, do I need to report it to ss? Thank you.

Hi,

As long as what you're receiving are Social Security disability (SSDI) benefits, or any other type of Social Security benefit for that matter, then no you wouldn't need to tell Social Security about a gift of money or the purchase of a home. However, if you're receiving Supplemental Security Income (SSI), then you would need to report any change in your income or resources. SSI is a needs based benefit . . . Read More

Larry, I have a couple of questions about the spousal benefit. But first a little background. My wife has her own benefit based on her earnings but it is less than half of mine at our FRAs. She is about two years older than I am. My FRA is 67 and my wife's FRA is 66 and 10 months. I am currently 59 and plan to retire next year. I plan to delay claiming my benefit as long as possible, preferably age 70.
1. Assuming we both live until age 70, I don't claim my benefit until 70, my wife waits until her FRA to file for her own benefit, but I then die after age 70, is my wife's . . . Read More

My full retirement age was 66 in 2014. I used the file and suspend strategy and took half of my spouses benefit for four years (and received COLAs based on that amount), then in 2018 began taking my own benefit at age 70 . I received the 8% per year in delayed retirement credits, which totaled 32% for waiting, which is what my current benefit is based on.... My question is, should MY benefit at age 70 have included the delayed credits PLUS COLAs (on my account) during the 4 years between age 66 and 70?

Hi,

The short answer is yes. If you started . . . Read More