Ask Larry: Questions and Answers

Displaying 3581 - 3590 of 10063 questions.

What Happens To The Money Withheld From My Benefits If I Earn Too Much?

I turn 62 in a few weeks and am retired and am contemplating filing for SS. I work part time and will make a bit more, say $6000, than I can make without it affecting my social security. If I make $6000 more than the allowed amount for 2020 and therefore have a $3000 decrease of social security payments, what happens to that $3000? I thought I read that it gets added back into the calculation at full retirement age but an SSA rep just told me it goes away sort of as a penalty for still working.

Hi,

If you file for benefits prior to full retirement age . . . Read More

Category: Earnings Test
Posted: Jun 23 2020 - 3:43pm

How Can I Get A New Social Security Card?

I new social security card cuz I lost it

Hi,

Social Security's website has instructions for how to go about applying for a replacement Social Security card: https://www.ssa.gov/myaccount/replacement-card.html.

Best, Jerry

Category: Miscellaneous
Posted: Jun 23 2020 - 3:39pm

Can I Collect Any Of My Deceased Wife's Benefits If I'm Still Working?

My wife passed away in 2016 I will be 63 in September and I'm still working can I collect any of her benefits and start collecting my benefits at 66 and 6 months

Hi,

I'm sorry for your loss.

The answer to your question depends on your potential benefit rate, and how much you earn. If you file for widower benefits prior to full retirement age (FRA), your benefits could be subject to full or partial withholding based on Social Security's earnings test (https://www.ssa. . . . Read More

Category: Widow(er) Benefits
Posted: Jun 23 2020 - 2:20pm

Can I Get Both Of My Ex's Benefits At Age 62 And Then Apply For My Benefits At Full Retirement Age?

I am currently 60 (1960), I am twice divorced from marriages that both lasted more than 10 years. When I turn 62 can I get both of my exes benefits combined and then claim mine which is higher than both of theirs when I reach my full retirement age?

Hi,

No. In the first place, you can't be paid more than one full Social Security benefit at the same time. If you file for more than one benefit, you can only be paid essentially the higher of the benefit rates. Furthermore, assuming that both of your ex's are still living, you couldn't file for . . . Read More

Category: Filing Options
Posted: Jun 23 2020 - 2:11pm

If I File For Spousal Benefits Before FRA Can I Receive 50% Of My Husband's Amount?

Hi Larry-I've done some research but am still confused about starting my Social Security benefits. I plan on filing spousal benefits. My husband will file at FTA, but I'm 9 months younger than he is. When he files, can I file spousal benefits and receive 50% of his at his time of filing? Thanks!

Hi,

No. If your husband starts drawing his benefits at full retirement age (FRA), he'll be paid 100% of his primary insurance amount (PIA). If you file for spousal benefits 9 months before you reach FRA, and assuming that you aren't eligible for benefits . . . Read More

Category: Spousal Benefits
Posted: Jun 23 2020 - 1:42pm

If I Get Married Outside Of The Country And Then Die, Will My Wife Receive Any Benefits From My Social Security?

If I get married out of the country and die, is my wife will reacive any benefits from my social security.. thanks

Hi,

Sorry, but I can't answer that question without a lot more information. Whether or not your widow could collect benefits from your Social Security record would depend on such factors as her age, how long your marriage lasted, your widow's country of citizenship and residence, and whether or not the two of you resided together in the U.S. for at least 5 years.

Best, Jerry

Category: Survivor Benefits
Posted: Jun 23 2020 - 1:17pm

How Will My Wife's Benefits Be Calculated If We Both File At Age 70?

Hi. I am 65, turning 66 in October. My wife is 65, turning 66 in May of 2021. My SS benefits will be the maximum. Her SS benefits will be minimal. I plan to wait until 70 to collect since I can't get 8% anywhere else. 1. If I file at 70 and then she files at 70, will her benefits be based on 50% of my benefits or her own history, which will be minimal? 2. Is there a different strategy to maximize benefits e.g. have her file before me, collect whatever benefits she can until 70 and then when she is 70, her benefits go up to 50% of mine? Thank you.

Hi,

. . . Read More

Category: Filing Strategies
Posted: Jun 23 2020 - 12:55pm

Can I Collect My Deceased Husband's Benefits At Age 60?

Hi Larry, I've tried to navigate Social Security's website and I've read your very good responses to questions but have not found a situation similar to mine. I am currently working full time and will be 60 in a couple of months. I plan to work until I'm 65 or retire sooner if possible and wait until I'm 67 to collect my social security benefits. In my first marriage, I was a stay at home mom in a 20-year marriage that ended in divorce. I remarried 10 years later and my 2nd husband passed away 2 years ago at age 63. We were married 5 years. He was on disability the last year . . . Read More

Category: Filing Options
Posted: Jun 23 2020 - 9:48am

Can You Explain The Parisi Case And It's Effect?

Can you explain the Parisi Case and its effect? Our daughter is dually entitled to her own SSDI and CBD on my husband's record. SSA is using this case as justification for determining her total benefit to be less than 50% of her dad's PIA---I also collect parent in care benefits, which is 50% of his PIA. However, my benefit at 50% and her CBD benefit are well below our calculated family maximum. We have been unable to get an answer except "Parisi Case"

Hi,

That's a tall order. I'll try, but you can read the ruling for yourself here: . . . Read More

Category: Family Benefit Maximum
Posted: Jun 23 2020 - 8:15am

If I Earn More Than The Limit WIll My Husband's Spousal Benefit Be Reduced?

My husband (67) is collecting spousal on my record, I filed when I was 63. Is I go back to work, I know my benefit will be reduced 1 for each 2 I earn over the annual limit. Will my husbands be reduced. Thank you

Hi,

Yes, if you earn enough to cause your benefits to be withheld then your husband's spousal benefits would also be withheld.

For example, say Jane is age 63 and receives a reduced retirement benefit of $1250. Jane's husband is drawing an unreduced spousal benefit of $750, meaning that a total of $2000 is payable monthly from Jane's . . . Read More

Category: Earnings Test
Posted: Jun 22 2020 - 5:11pm
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