Ask Larry: Questions and Answers

Displaying 3691 - 3700 of 10063 questions.

Will Social Security Include My 2020 Salary In My 35 Years Of Highest Earnings?

I plan on retiring at my FRA in October 2020. I currently am working and will continue to work until October 31, 2020. When I look at my earnings record, it ends in 2019. Will social security include my 2020 salary in the 35-years of highest earnings if I retire in Oct 2020 or should I wait until Jan 2021 to have the 2020 earnings included?
Thank you

Hi,

Social Security will give you credit for your 2020 earnings when calculating your Social Security retirement benefit rate regardless of what month and year you choose to claim your benefits. . . . Read More

Category: Retirement Benefits
Posted: May 30 2020 - 12:38pm

What's The Best Way To Apply For Benefits In My Case?

My 66th birthday is this October (i.e. I reach my FRA 10/2020) and I plan on applying for benefits. I enrolled in Medicare A/B/D effective with my 65th birthday and have been making payments out of pocket.

As I understand it, I must have Medicare premiums withheld from Nov and Dec checks in order for the 'hold harmless' provision to apply this year. (Given recent covid events, I'd guess upcoming COLA will be minimal and Part B premium increase will be sizable.)

So... When I get on the SS web-site to apply, is there anything I need to do to be ABSOLUTELY SURE . . . Read More

Category: Filing For Benefits
Posted: May 30 2020 - 9:25am

Which Month Will I Qualify For My Age 70 Benefit Rate?

This is slightly different from the 2/17/2017 question about when to apply for deferred benefits. In that case the person had not been receiving benefits. I will turn 70 in August but I have been claiming a spousal benefit for several years. I want to cancel the spousal and start my own. My wife will start claiming her full benefit at that point. Assuming I start in August, will I receive credit for August at the new amount (to be paid in September)? Or does the new rate start in September (to be paid in October)? A person from SSA said the new rate starts in the month after I . . . Read More

Category: Retirement Benefits
Posted: May 30 2020 - 8:32am

Why Would Selling Our Home Cause Our SS To Be Reduced By 10%?

My wife and I sold our home of 32 years with an after tax profit of $400,000 - SS cited as the reason to lower our SS by 10% - I thought SS was biased on earned income - why would unearned income deplete SS ?
Dennis

Hi Dennis,

Income from the sale of a home would not affect your Social Security benefit rate, but it could affect the amount of your Medicare premiums (https://www.cms.gov/newsroom/fact-sheets/2020-medicare-parts-b-premiums-...). . . . Read More

Category: Miscellaneous
Posted: May 29 2020 - 9:47am

Will I Still Qualify For Spousal Benefits From My Deceased Husband?

My husband of 39 years passed away 3 years ago. He was on disability for MS. I was 57 at the time and was not eligible for spousal benefits. I remarried a year ago and recently got divorced. I will be 60 in August of this year. Will I still qualify for spousal benefits from my husband?

Hi,

I'm sorry for your loss.

Yes, it sounds like you would likely meet the requirements for reduced widow's benefits as early as age 60. A subsequent remarriage does not disqualify a person from qualifying for widow's benefits as long as the remarriage has . . . Read More

Category: Widows Benefits
Posted: May 29 2020 - 9:36am

If I Elect A Lump Sum For 6 Months Of Retroactive Benefits Will It Be Smaller Because I've Been Receiving Spousal Benefits?

I am receiving a spousal benefit based on my wife's benefit. I turn 70 in December of this year. If I elect a lump sum for the previous six months will it be smaller because I have been receiving the spousal benefit?

Hi,

Yes, you can't be paid both your own benefits and your spousal benefits for the same month(s). Therefore, if you elect to start your own benefits retroactively, the spousal benefits you've already been paid for those months will be deducted from your back pay.

Furthermore, if your own benefit rate is higher than your wife's . . . Read More

Category: Filing Options
Posted: May 28 2020 - 3:04pm

How Many Months Of Medicare Premiums Will I Be Refunded?

I paid my Medicare premium for a 3 month period - April-May-June of 2020. My 1st Social Security payment was May 2020 and it took the Medicare payment out. Since I double paid - how many months will I be refunded? Also, will the refund be in a check or direct deposit and finally how long does a refund take to be received?

Thank You

Hi,

Social Security benefits are scheduled for payment a month behind, but Medicare premium collections are not. So, the Social Security payment you received in May was for April, but the Medicare premium deducted . . . Read More

Category: Medicare
Posted: May 28 2020 - 2:56pm

When My Disability Benefits Stop Can I Switch To Drawing Survivor Or Retirement Benefits?

I am 63 years old and has been receiving SSDI. Recently I started working again while on SSDI and plan to work for longer than 9 months while receiving about $4,000 each month. I understand that after 9 months the social security will stop issuing social security disability checks. However, according to SSA I would still be considered disabled as SSA has not had a chance to reevaluate if my disability ended. When SSA will stop sending me the disability checks - -would i be able to switch to survivor social security payments (my wife passed away many years back) or as an . . . Read More

Category: Filing Options
Posted: May 28 2020 - 11:26am

When I Reach FRA, Can My Wife Get 50% Of My FRA Benefits?

I am 61, and my wfe is 63.
1. When I reach FRA, my wife can take 50% of my FRA benefits. Correct?
2. If I delay filing for benefits until age 70, my wife cannot receive 50% of my delayed retirement benefit even if she waits to receive benefits until I am age 70. Correct?
3. Can my wife receive the 50% spousal benefit when I reach FRA, and can I stiil delay receiving benefits until age 70 so that I can receive the benefit I would be entitled to at age 70?

Hi,

Your wife could potentially get 50% of your full retirement age (FRA) . . . Read More

Category: Spousal Benefits
Posted: May 28 2020 - 11:11am

Can't You Get Remarried After Getting Your Ex-Spousal SS Benefits?

Can't you get remarried after getting your ex spouse ssa benefit

Hi,

If your ex is still living, then the answer is almost always no. Divorced spousal benefits terminate if the beneficiary remarries, unless they marry someone who is also receiving certain types of Social Security auxiliary or survivor benefits (https://secure.ssa.gov/apps10/poms.nsf/lnx/0300202045).

However, marriages occurring at age 60 or later don't cause surviving divorced spousal benefits to terminate. . . . Read More

Category: Divorced Spousal Benefits
Posted: May 28 2020 - 11:00am
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