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

Displaying 3431 - 3440 of 10063 questions.

Can I Claim My Husband's Retirement?

My husband and I both took early s.s at age 62.we are both over fra. Can I claim his retirement which is higher then mine.Do I go to the s.d. and file.

Hi,

You can initiate the process of applying for spousal benefits by calling Social Security, but you'll only qualify for spousal benefits if 50% of your husband's primary insurance amount (PIA) is more than your own PIA. A person's PIA is equal to their Social Security retirement benefit rate if they start drawing their benefits at full retirement age (FRA). You don't mention your and your husband's . . . Read More

Category: Spousal Benefits
Posted: Aug 2 2020 - 10:25am

Will My FICA Contributions From Part-Time Work Increase My Benefits?

After being approved for SSDI at 57, I started working part time within the limits. Will my Fica contributions from this part time work increase my benefits at full retirement age?
I have been told many times that i will receive same amount i am receiving now. Please clarify

Hi,

Your benefit rate can be recalculated to credit additional years of earnings, but your recent earnings will only increase your benefit rate if your earning is those years is higher than in one of the previous highest wage-indexed earnings years used to calculate your . . . Read More

Category: Miscellaneous
Posted: Aug 2 2020 - 10:13am

Is My Ex-Wife Entitled To 50% Of My Full Retirement Age Benefit Even If She Started Collecting Hers At 62?

My name is John, and my ex-wife's name is Donna.

We were married for about 20 years when my wife divorced me. We're still good friends and I think the IRS is taking advantage of her. She retired when she was 62. I'm 63 now, and when I turned 62, I had her reapply to get my social security. My income is substantially greater than hers. My understanding is that even divorced, because we were married more than 10 years, she would be entitled to 50% of what my social security would be at my full retirement. They said that because she retired at 62, she only gets the reduced . . . Read More

Category: Divorced Spousal Benefits
Posted: Aug 2 2020 - 9:56am

Can I Claim Benefits From My Ex-Spouse And My Current Spouse?

Larry,
I was previously married for 20 years to a man that built a good retirement plan with me, he worked nights and I worked Days and raised 3 boys,. We divorced in 2008, he took everything from me and has come between me and my youngest son. He still lives in the home we purchased but now with his current spouse. He is 60 and I am 59. I worked all these years being self supportive and dealing with fibromyalgia, never gave into to big pharma drug use or gave up movement, maintained my body and soul. My question is in reference to my social security benefits which would . . . Read More

Category: Divorced Spousal Benefits
Posted: Aug 2 2020 - 9:48am

Is It True That I Can Collect More From My Ex-Wife's SS?

Hi Larry, I plan on claiming my SS benefits at 62, next July. My question is, Is it true that I can collect more from my ex wife's SS. If so how does that affect her? Thanks and stay safe.

Hi,

You could potentially get benefits from your ex-wife's record as early as age 62 if you meet the requirements (https://www.ssa.gov/OP_Home/handbook/handbook.03/handbook-0311.html). Assuming that your wife is still living, you could only qualify for divorced spousal benefits if 50 . . . Read More

Category: Divorced Spousal Benefits
Posted: Aug 2 2020 - 9:38am

When Your Ex-Husband Dies, Where Does The Remaining Money Go If It's Not Used Up?

When your ex-husband dies, where does the remaining money go to, if not used up?

Hi,

Social Security is an insurance program designed to help replace income lost due to death, disability or old age. It is not an individual retirement account that can be passed on to heirs. Any taxes that a person pays remain in the Social Security trust fund unless and until either that person or their eligible dependents or survivors meet the requirements for entitlement to Social Security benefits. As it true with most insurance programs, there is no guarantee . . . Read More

Category: Miscellaneous
Posted: Aug 1 2020 - 2:43pm

Will My WIfe Receive Additional Spousal Benefits When I Start Collecting My Benefits?

HI Larry,
My wife turned 62 in November of 2019 and is collecting $700 per month as a reduced benefit given her age. I am 61 years of age turning 62 in Sept of 2020 and expect to collect $2800 per month when I turn 66 years and 7 month old (FRA). I am trying to determine if my wife will recieve additional spousal benefit when I begin collecting or do I need to suspend her current benefits, pay back what she recieved and restart the clock for her to get additional spousal benefits. I have read if she collects early she will give up any spousal benefits but I also read one . . . Read More

Category: Spousal Benefits
Posted: Aug 1 2020 - 2:30pm

Will My Wife Receive More If She Files For Spousal Benefits?

My wife and I both will retire in 2022,I will be 62 she will be 63, social security shows her at 750 a month and me at 1950 a month at that time.Would she receive more if she filed for spousal benefits?

Hi,

Your wife can't file for spousal benefits without being required to file for her own benefits at the same time. If you're drawing your benefits and if your primary insurance amount (PIA) is more than twice as much as your wife's PIA, she would then be paid her own benefit plus a partial, or excess, spousal benefit. If she starts drawing prior to . . . Read More

Category: Filing Strategies
Posted: Aug 1 2020 - 2:25pm

Can I Still Get My Widow's Pension Plus My Social Security?

I get a widow’s pension and I’m close to retirement age. Can I still get widow’s pension plus my social security pay?

Hi,

Assuming that by a widow's pension you're referring to Social Security widow's benefits, then the answer's no. If you're drawing widow's benefits and you file for your own benefits you could only be paid the higher or the two benefit rates.
If your own benefit rate is higher than your widow's rate, it might be best to allow your own rate to grow until age 70 before making the switch. Our software can help you analyze your . . . Read More

Category: Filing Options
Posted: Aug 1 2020 - 2:19pm

Does My Ex's Benefit Rate Need To Be More Than Twice As Much As Mine For Me To Get Divorced Spousal Benefits?

I was married from 1965 until 1982, I am 72, & my ex is 79. I have our divorce decree, his birthdate, but not his ss#. How can I find out if he gets more on SS, & if he does, how can I apply for benefits if his monthly amt is more than mine? I get $1401.00 a mo, (that's b4 they take out for Medical insurance) Does his need to be twice that amt & then some for me to benefit from his?

Hi,

Basically, yes. Assuming that your ex-spouse is living, 50% of his primary insurance amount (PIA) would need to be more than your full PIA in order for you to potentially qualify . . . Read More

Category: Divorced Spousal Benefits
Posted: Aug 1 2020 - 2:06pm

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