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

Displaying 3501 - 3510 of 10063 questions.

Would Filing For Spousal Benefits Now And Switching To My Own Benefits At Age 70 Be A Way To Maximize Benefits?

Larry,

Thank you so much for your very prompt reply. I do truly appreciate it.

If you don’t mind one additional Email, I’m going to ask you in a little different way leaving out the retroactive aspect since you very clearly answered that.

The following is hypothetical couple situation is what I asking now:

I was born May 18, 1953, and my spouse was born on June 5, 1955. I am still working and making about $200,000 a year and will work beyond age 70. My spouse is not currently working and does not intend to do so in the future. Neither of us have . . . Read More

Category: Filing Strategies
Posted: Jul 21 2020 - 9:47am

Can A 67 Year Old Get Any 'Make Up' Spousal Benefits If Their Spouse Isn't Drawing Benefits?

If a just turned 67-year-old who has not started taking his Social Security benefits files a restricted application to start taking spousal benefits under his 65 year old spouse’s record who has not yet started taking benefits, can the 67 year old spouse get any “make up” spousal benefits since it seems, under the restricted rules, he could have filed a restricted application for spousal benefits when he turned 66 a year ago?

Hi,

No, unless the younger spouse files for and is awarded retroactive Social Security disability (SSDI) benefits. A person . . . Read More

Category: Filing Options
Posted: Jul 20 2020 - 8:20am

Which Benefit Should I File For First?

Hi Jerry,
My husband passed away in 2007. He was 60 and I was 48. I am now 60 and I've retired from my job. I can take his social security at a reduced rate of 71.5% ($1616) at 60 and take mine ($1892.50) at 70. Or….I can take mine at 62 ($1076) and then take his at full retirement age (66 yrs. 6 months) $2172/month. I'm no mathematician and need help!! I'm not even sure I can take mine first and then transfer to his. The social security office told me I could not, but I've read differently! Also, I understand that if he was on active duty before 1968, I can bring his DD . . . Read More

Category: Filing Strategies
Posted: Jul 19 2020 - 9:38am

Can My Wife Draw Her Social Security At Age 62 And Then Switch To Half Of Mine When I Start Drawing?

Can my wife draw social security at age 62, then switch to half of mine when I start drawing social security?

Hi,

No. If your wife claims her benefits at age 62, she'll receive those benefits for life and she'll continue to receive a reduced rate for at least as long as both of you are living. However, if you start drawing your benefits after your wife is already drawing her own benefits, she could potentially file for an additional partial spousal benefit when you file for your benefits.

A person can't switch from drawing their own benefits . . . Read More

Category: Filing Options
Posted: Jul 19 2020 - 8:27am

If I Start Drawing A Widow's Benefit At Age 60 Can I Defer My Own Social Security And Let It Continue To Grow?

Hi Larry,

If I start receiving a widow's benefit at age 60, can I defer my own Social Security and let it continue to grow?

Hi,

Yes. Normally, you would want to start out drawing the lower benefit first and then switch to the higher benefit when it reaches it's highest potential rate. Our software (https://maximizemysocialsecurity.com/purchase) could help sort all of this out for you so that you can determine the best strategy for maximizing your benefits.

Best, Jerry

Category: Filing Strategies
Posted: Jul 19 2020 - 8:17am

Any Recommendations For How To Optimize My Portfolio?

I think there is more to deciding when to file for SS income than just the maximum benefit. I need to coordinate SS benefit with regular IRA and Roth IRA withdrawals, and portfolio income (not that big, about $700,000) plus a rental unit that produces about $1,000 per month. I'd like to avoid as much taxes as possible. Any recommendations for how to optimize for the total portfolio?

Hi,

My expertise is limited to Social Security benefits, so I'm unable to give you advice on managing your financial portfolio. You're absolutely correct, though, about . . . Read More

Category: Miscellaneous
Posted: Jul 18 2020 - 12:09pm

Why Can't I Receive My Husband's Benefit Along With My Disability?

I am 65, almost 66. My husband passed away May 2015, at 65. I was getting $671 a month in widow benefits until October of last year. I have been on disability since October of last year. I was told that I can't get widow benefits and disability together. I had to pick one or the other. I don't understand why I can't receive his benefit along with my disability. It is two different things. It's confusing to me because others have told me that I should be able to get the survivors benefit as well. Thank You for taking the time to read this and I hope you can help with my question . . . Read More

Category: Eligibility For Benefits
Posted: Jul 18 2020 - 11:53am

Am I Able To Collect On My Deceased Ex-Husband's Social Security?

I am 65 and have a pending SSDI claim. I have no income. I was married for 30 years and divorced after which my ex husband died. In order to save my own Social Security until age 70, am I able to collect on my deceased husband’s Social Security until either my disability is approved or J reach age 70?

Hi,

Yes, that certainly sounds possible. Depending on the relative benefit rates involved, your best option would likely be one of the following:
1) File for reduced survivor benefits now and then switch to your own record at age 70; or,
2) . . . Read More

Category: Filing Options
Posted: Jul 18 2020 - 11:45am

Why Is It So Hard To Apply For Social Security?

why is it so had to apply for social security especially when you know you are eligible

Hi,

I don't know what kind of problems you've encountered, but in most cases it's not that difficult to apply for benefits. The current pandemic has caused a lot of problems for Social Security, though, and while their offices are closed to the public the only options for filing are either a) online (https://www.ssa.gov/onlineservices/), or b) by telephone.

Not all Social Security applications can be filed . . . Read More

Category: Filing For Benefits
Posted: Jul 16 2020 - 5:31pm

Should I Take An Opt Out And Return My First Year Of SS Benefits?

Hi Larry,
I started taking my social security in August 2019 at age 63 (turned 63 in Aug 2019). Born in 1956, my full retirement age is 66 years 4 months In October I received a work offer to fill in while the company was in the hiring process. The job lasted longer than anticipated, up to July of 2020 and as a result of the wages I earned, I'm wondering if you recommend I take an opt out and return the first year of SS benefits. My SS is approximately$ 2,200 per month and I earned $ 16K in 2019 and an estimated $ 35K in 2020 as of July 30. The work assignment is now . . . Read More

Category: Earnings Test
Posted: Jul 16 2020 - 4:45pm

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