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

Displaying 3621 - 3630 of 10063 questions.

If I Get Married Will We Lose Payments?

I am 69 retired on S.S. If I get married to my girl, who is retired ,69 and on a combo of S.S. and SSI making less than me, will we lose payments? Both payment to us are not much but we get by. I would hate to be penalized by a piece of paper

Hi,

Getting married wouldn't adversely affect Social Security retirement benefits if that's what you and your girlfriend now receive, but it could cause her SSI (Supplemental Security Income) to stop or be reduced. SSI is a needs based benefit, so any change in a person's marital status or income and resource . . . Read More

Category: Miscellaneous
Posted: Jun 17 2020 - 10:03am

Is There A Provision For Increasing Monthly Benefits Now Or In The Future Not Counting The CPI?

Born in '46 and waited till 66 BD to apply for benefits. Is there a provision for increasing monthly benefit distribution now or in the future not counting the CPI every year?

Hi,

No. Other than for cost of living increases (COLA), the only way that your Social Security retirement benefit rate could increase is if you work and earn more in a year than you did in one of your previous highest 35 years of wage-indexed earnings.

Best, Jerry

Category: Retirement Benefits
Posted: Jun 17 2020 - 9:58am

Does My Plan Make Sense And Does It Violate Any Social Security Rules?

My wife will be 62 next month (DOB 7-11-58). I just turned (DOB 5-22-53). We would like to have her claim for benefits next month ($888) and me apply for spousal benefits the following month. Then when I turn 68 next year I would file for my benefits ((PIA $2802) and she would file for spousal. Does this make sense and does it violate any social security rules?

Hi,

The plan you propose doesn't violate any rules, but it might not be your best possible option. Your wife could claim her Social Security retirement benefits effective as early as August . . . Read More

Category: Filing Strategies
Posted: Jun 17 2020 - 9:44am

Is There Any Reason To Switch From Spousal Benefits To My Own Benefits?

Hi. Are there any reasons I should switch from getting my spousal benefit to my own benefit? The Story: At my FRA (age 66, in 2016) I took a spousal benefit, and have been gathering DRCs on my own benefit. I'll be age 70 later this year, but MMSS calculations show that, even with the DRCs thru age 70, my own benefit amount will still be less than my currently-received spousal benefit. My understanding is that, if I did switch from my current spousal-only benefit to applying to receive my own benefit at age 70, SSA would still pay me the same amount I am currently receiving ( . . . Read More

Category: Filing Options
Posted: Jun 17 2020 - 9:33am

Can A Deceased Person's Son Claim His Social Security?

FATHER DIED IN '69 HE WAS 48 AT TIME OF DEATH.CAN I HIS SON CLAIM HIS SOCIAL SECURITY????? MY FATHER WORKED TWO IF NOT THREE JOBS

Hi,

Social Security taxes that people pay go into a trust fund, not an individual account that can be claimed by an heir. The only way that a surviving family member can collect anything based on what a worker paid into Social Security is if they qualify for survivor benefits. A surviving child of a worker can only qualify for benefits if they are either a) under age 18, b) 18 to 19 and still in high school, or c) they . . . Read More

Category: Child Benefits
Posted: Jun 17 2020 - 9:19am

Will Social Security Replace My Past Zero Earnings With What I'm Currently Making?

Hi Larry.. i am 67 (born in 1953) I have applied for spousal benefits. I am currently working at the highest pay ever. I have past quarters that are 0. Does social security fill in those 0 quarters with what im currently making/contributing now even tho i am of full retirement age?

Hi,

Yes. Your Social Security retirement benefit rate is based on an average of your highest 35 years of wage-indexed earnings. If you continue working and paying Social Security taxes you can potentially increase your Social Security retirement benefit rate by replacing . . . Read More

Category: Miscellaneous
Posted: Jun 17 2020 - 8:25am

Do I Need To Notify SS If I Sell Land That I Own?

If I buy real estate while on ss disability then turn around and sell it 10years later do I need to notify ss? Does ss look for money to be returned? I have a payee. Will she need to be on deed? I'm not ss I. I'm ss d. Ty God bless for helping us. Jan

Hi Jan,

Profit from the sale of real estate wouldn't affect Social Security disability (SSDI) benefits unless you're a self-employed realtor, so assuming that you aren't a realtor and what you receive is SSDI then you wouldn't need to notify Social Security if you sell your property. However, if you . . . Read More

Category: Disability Benefits
Posted: Jun 17 2020 - 8:17am

Am I Able To Collect From My Husband's Social Security If He Dies After I Retire?

My husband and I were married in 2013, he was divorced in 2004, he is 73, if I retire at 65 and he passes away after that am I able to collect from his social security, he was collecting his social security already before we got married.

Hi,

Potentially, yes. The fact that your husband was previously married would have no bearing on your ability to collect widow's benefits, even if a former spouse(s) of his also qualifies for survivor benefits on his record.

However, if you're already drawing your own benefits when your husband dies, you could . . . Read More

Category: Widow's Benefits
Posted: Jun 16 2020 - 10:00am

Does Being Retired On A Disability From A Non-Covered Employer Affect The WEP Provision?

Does being retired on a disability from a non-covered Social Security employer affect the WEP provisions?

Hi,

It definitely could. The Windfall Elimination Provision (WEP) can cause a person's Social Security disability (SSDI) or retirement benefit rate to be calculated using a less generous computational formula if the person also receives a pension based on their earnings that were exempt from Social Security taxes (https://www.ssa.gov/pubs/EN-05-10045.pdf). It doesn't matter if the non- . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Jun 16 2020 - 9:52am

Can My Wife Apply In August 2020 And Choose April 2020 As Her Retirement Date?

My spouse turned 66 in April 2020.
A decision was made to wait until August 2020 to file for retirrment benefits.
Can one choose April 2020 as the set on datretirement date and will SS release the gunds from May, June, July and Augut 2020? Not sure how that works.
Thank you

Hi,

Yes, your wife could file her application as late as 6 months after the month she reaches full retirement age (FRA) and claim her benefits retroactive to the month that she reached FRA. For example, if your wife reached FRA in April 2020 she could apply as . . . Read More

Category: Filing For Benefits
Posted: Jun 16 2020 - 9:44am

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