Ask Larry: Questions and Answers

Displaying 3611 - 3620 of 10063 questions.

Do You Have Any Suggestions?

My 65 year old (1955) husband of 30 years is receiving SSDI. I am 64 years old (1956) and not started collecting SS. I am receiving a taxable pension of $850.00. Everyone tells me to take SS but I wanted to wait until I reach 70 as I’m in good health. Any suggestions? Thank you.

Hi,

My only suggestion would be to consider using our software (https://maximizemysocialsecurity.com/purchase) to analyze your various options so that you can decide the best time to start drawing your benefits.

. . . Read More
Category: Filing Strategies
Posted: Jun 21 2020 - 11:47am

Is This Strategy Valid?

Could you confirm for me that this strategy is valid. Take Social Security benefits early and postpone any pension that will trigger WEP or GOP. You’d collect full SS until you took the pension and when you start receiving the pension, SS would be reduced.
2) if you are receiving retirement benefits and still working and earn a very high income in any particular year, does your benefit change? Does a high income year knock out a lower year in the 35 years?
Many thanks for your help

Hi,

The Windfall Elimination Provision (WEP) doesn't apply . . . Read More

Category: Filing Strategies
Posted: Jun 21 2020 - 11:34am

How Would You Evaluate My Situation?

Hello Larry,

I’ve been searching for information on the web regarding my situation, but it still leaves me with questions. I turned 60 years old May of 2019. My husband passed away November of 2019. He was 71 years old and was disabled when he was 48 years old. His SS monthly amount at passing was $1873. I’m currently getting a survivor benefit, $1545 monthly. I recently found out that I have a very serious case of spinal stenosis. I’m trying to determine what will happen with my survivor benefit if I were to become disabled. When I look at the SS website I see where my . . . Read More

Category: Filing Strategies
Posted: Jun 21 2020 - 10:11am

What Happens When This Man's Wife Retires At Age 62?

If your husband is disabled and unable to work, and is collecting State Medical and SSI. He is not 62 for 2 more years and his wife doesn't work so she can care for him doesn't turn 62 for almost 4 years. The wife has a 401k plan. What happens when she retires at 62 will her husband lose his medical cause of the 401k plan or will he be covered by Medicare because of his disabilities.

Hi,

There isn't enough information in your question for me to give you much specific advice. If the husband in your question only receives Supplemental Security Income ( . . . Read More

Category: Disability Benefits
Posted: Jun 21 2020 - 9:57am

Will I Be Able To Draw Off Of My Second Husband If He's Not Retirement Age?

Hi Larry, I am trying to plan for my retirement, I am 59. I was married 19 years to my first husband., who is retired military. I do receive a monthly retirement from him. I am remarried 20 years now. My second husband is 9 years younger than me. My question is, would I be able to draw off of my second husband if he is not of retiring age? will I need to draw on my own? I am wanting to retire at 62. Thanks you for your help. Lena

Hi Lena,

No, you couldn't receive spousal benefits from your current husband's record at least until he starts drawing . . . Read More

Category: Filing Options
Posted: Jun 20 2020 - 12:37pm

How Do I Go About Switching To My Own Benefits?

Hi Larry,
Since all offices are closed I haven't been able to find an answer on this. My wife and I were born in 1952. We started taking my wife's SS in April of 2018. I filed an suspended in September 2018 and started taking my spousal benefit from her record then. I would like to switch to my benefit at 68 in September this year, and then switch my wife to her spousal benefit at the same time. Do I fill out a new online application for both of us to start this or do I need to meet or talk with a SS employee? What is the easiest way to accomplish this with this virus . . . Read More

Category: Filing For Benefits
Posted: Jun 19 2020 - 11:58am

What Month Should I Claim My Benefits To Get Them As Early As Possible?

My DOB is 12/1/1958 so I will be 62 this year. What effective month should I use to get my benefits as early as possible?

Thanks.

Hi,

The earliest month that you can qualify for Social Security retirement benefits is the first month that you're age 62 for the full month. So, since you'll be 62 for the entire month of December, you could claim your retirement benefits as early as that month. Social Security pays benefits a month behind, though, so your benefit for December won't be paid to you until January.

Social Security allows you . . . Read More

Category: Filing For Benefits
Posted: Jun 18 2020 - 11:28am

Can I Collect Any Of The Funds From My Wife's Earnings?

Hi Larry, Iost my wife of 33 years when i was 52 she was 49. I started collecting DIsability 18 months after her passing.
Can i collect any of the funds from my wife's earnings?
Thanks.
Barry

Hi Barry,

I'm sorry for your loss.

The only way that you could collect anything based on the Social Security taxes that your wife paid is if you qualify for widower's benefits on her account. And, if you're already drawing Social Security disability (SSDI) benefits, the only way you'd qualify for widower's benefits if your wife's primary . . . Read More

Category: Widow(er) Benefits
Posted: Jun 18 2020 - 8:30am

Would Rolling A 403(b) Plan To An IRA Avoid WEP?

If subject to WEP, would rolling a 403b(pension) to an IRA avoid WEP reduction of social security benefit? And if rolled to an IRA, would age 72 RMDS trigger any WEP reduction?

Hi,

Probably not. Assuming that your 403(b) plan would be classified as a pension for purposes of the Windfall Elimination Provision (WEP), Social Security would consider the rollover to be a lump-sum distribution from the plan, and they'd prorate the lump-sum amount into a monthly rate (https://secure.ssa.gov/ . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Jun 18 2020 - 8:17am

Will Having A 401A Plan Affect My Social Security Benefits?

I have a 401A plan with STRS, contributing for the past 10 years. Prior to that I paid into social security. My question is will having the 401A plan affect my social security benefits?
Thank you

Hi,

Receiving distributions from a 401(a) plan certainly could affect your Social Security benefits. Social Security's Windfall Elimination Provision (WEP) can cause a person's Social Security retirement or disability benefit rate to be calculated using a less generous computation formula than the normal formula ( . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Jun 17 2020 - 4:56pm
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