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

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Can My Wife And I File Online?

I am currently receiving spousal benefits from my wife, who filed when she was 66. She is now 67. I turn 70 in the beginning of May and want to claim my benefits and would want her to receive spousal benefits from mine. What needs to done? Is it able to be done on line? Thank you

Hi,

You may be able to file for your benefits online, but your wife would have to file for spousal benefits by calling Social Security. They can take applications by phone even if their offices remain closed to the public due to the coronavirus.

Social Security's . . . Read More

Category: Filing For Benefits
Posted: Apr 20 2020 - 7:57am

Am I Better Off Waiting Until Age 70 To Switch To My Own Benefits?

I am 66. My wife died 7 years ago at age 56.
I started collecting survivor benefits a couple of years ago and continue to do so.
My benefit is higher than hers.
Am I better of waiting to switch to my benefit now or waiting til I turn 70.
I have some health issues from cancer treatment I underwent in my 20s so I am probably not going to live to an old age.
Thank you.

Hi,

I'm sorry for your loss.

You'll have to decide for yourself when to switch to your own benefits based on a number of variables. It's normally good . . . Read More

Category: Filing Strategies
Posted: Apr 20 2020 - 7:43am

When Will The Stimulus Money Be Sent Out To Disability Recipients?

When will stimulus money be sent out for disability recipients?

Hi,

I'm sorry, but I can't answer that question. My expertise is limited to Social Security benefits, and stimulus payments are not a Social Security benefit.

The IRS has established the following website regarding stimulus payments: https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments.

Best, Jerry

Category: Miscellaneous
Posted: Apr 19 2020 - 4:06pm

If My Wife Applies For Survivor Benefits Before Reaching FRA Will The Benefit Be Reduced For Age?

SURVIVOR BENEFIT REDUCTION. I am 71 and my wife is 58. I delayed drawing my SS until 70 to increase my benefit to the maximum. Should I die before my wife reaches FRA, and she applies for Survivor benefit, will the benefit be reduced depending on her age? Alternatively, should I survive until my wife reaches 62, files and receives a reduced benefit, does that also lock her in to a reduced survivor benefit when I die?

Hi,

If you die before your wife reaches full retirement age (FRA) and she files for widow's benefits before FRA, then yes her widow's . . . Read More

Category: Widow's Benefits
Posted: Apr 19 2020 - 3:42pm

If I Don't Take SS At Age 66 How Much Does It Grow?

if i dont take ss at 66 how much does it grow ?i might wait another year , im getting my pension

Hi,

Delayed retirement credits (DRC) add 2/3rds of 1% to a person's benefit rate for each month that they delay collecting Social Security retirement benefits between full retirement age (FRA) and age 70. That amounts to an increase of 8% for each year they delay starting benefits.

However, if you apply for benefits between full retirement age (FRA) and age 70 and effective with any month other than January, you would initially only receive credit . . . Read More

Category: Delayed Retirement Credits
Posted: Apr 19 2020 - 9:53am

Would My Wife Qualify For Any Social Security Benefits?

Hi Larry:
I am Canadian working in the US under NAFTA for visa and my wife in Indian citizen
I am 62 an intend to retire in next 2 years though I intend to file for benefits at 66.5 years
My wife has never worked as she has been housewife but we have always filed our taxes jointly
I have 2 questions:
1. Would my wife qualify for any social security benefits?
2. If yes what age should she file for benefits?
I would be grateful for your guidance
Bhaskar

Hi Bhaskar,

Your wife could qualify for spousal . . . Read More

Category: Spousal Benefits
Posted: Apr 18 2020 - 6:19pm

Will My Daughter Get A Stimulus Check?

Hi I got a question. My 8 year old daughter gets SSI benefits, I'm her payee and I was wondering if she is gonna get a stimulus check? I have no income other than welfare cash assistance, and her SSI benefits. I need help

Hi,

I'm sorry, but I can't answer questions about stimulus payments. Stimulus payments are not being paid by Social Security, and my expertise is limited to Social Security benefits.

The IRS has established the following website regarding stimulus payments: . . . Read More

Category: Miscellaneous
Posted: Apr 17 2020 - 11:33am

What Options Would I Have If I Get Divorced?

Larry, I just turned 66 a few days ago-my spouse died when I was 59 and I began collecting widower benefits at my age 60 since I was earning only about $12k per year. My widower amount is $600 currently and I can now take my FRA amount at $1000 per month but at this point have chosen not to in order to let my $1000 grow under the DRC until my age 70. I remarried in March 2019 so I am now 1+ year into my new marriage and understand that I can now switch to a spousal benefit on my new wife who is 72 years old and her FRA was $2800 so my understanding is I can collect $1400 . . . Read More

Category: Filing Options
Posted: Apr 17 2020 - 11:08am

How Can I Get My Full Benefits Back?

How can I get my full benefits back I only get 520.00 a month

Hi,

I'm sorry, but I can't give you an answer without a lot of additional information, such as a) what type of benefits are you receiving, b) what is your age, c) are you working, d) were you previously receiving a different type of benefit or a higher benefit rate, e) has your income changed, and if so from what source?

Best, Jerry

Category: Miscellaneous
Posted: Apr 17 2020 - 11:01am

What Could Be The Reason Why My Mother's Benefits Stopped?

My mom has been receiving social security benefits from my dad for sometime now. She does not qualify to receive benefits of her own. My dad passed away about 4 years ago. She continued to receive the same amount as before his death until 2 months ago when her checks stopped coming. She did not get any notification about it.
What could be the reason for this? And what should she do? She is a U.S. Citizen but does not leave in the States and has been hard to get any information over the phone.

Hi,

I'm sorry for your loss.

I have no idea . . . Read More

Category: Miscellaneous
Posted: Apr 17 2020 - 10:51am

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