Ask Larry: Questions and Answers

Displaying 4001 - 4010 of 10063 questions.

Can My Wife Receive Spousal Benefits From My Record Before I Reach Age 62?

Hi Larry,
My wife is 62 and I will be 62 in Dec this year. She wants to start drawing her social security now. I will wait until I am FRA to draw mine. Can she also receive benefits as a spouse from my record before I reach 62?

Hi,

No, the soonest that your wife could receive spousal benefits is when you start drawing your benefits. And, she'll only qualify for spousal benefits if 50% of your primary insurance amount (PIA) is higher than her own PIA. A person's PIA is equal to the amount of their Social Security retirement benefit if they . . . Read More

Category: Spousal Benefits
Posted: Mar 12 2020 - 5:20pm

Can My Husband Apply For A Disability Supplement To His Current Social Security?

Hi Larry,
My husband started receiving his social security at the age of 62. He is now 64. He has had a lung removed a few months ago and is undergoing chemotherapy. Can he apply for a disability supplement to his current social security? Does he have any options at all to supplement his social security in any way? Also, could I apply for any supplement - have not taken social security yet, I am also 64. Please help. Thank you!

Hi,

Yes, your husband can file for Social Security disability (SSDI) benefits, but that wouldn't be a totally separate . . . Read More

Category: Disability Benefits
Posted: Mar 12 2020 - 4:50pm

Do The Benefit Estimates In My Statement Assume That I Only Work Until My Full Retirement Age?

Hi Larry
I'm planning on working until age 70. Does the benefits reflect in my statement (at age 70)
assume I only work to FRA?

Hi,

I assume that you're referring to the Social Security statements that Social Security provides online and by mail. If you review your Social Security statement, you'll note that the benefit estimates listed are prefaced by a sentence stating: "At your current earnings rate, If you work until...". What that means is that Social Security is using assumed future earnings in their calculation of your benefit . . . Read More

Category: Miscellaneous
Posted: Mar 12 2020 - 9:17am

How Do I Apply For A Totalization Benefit?

Hi Larry

I have worked on and off in the US for 20 years I'm 54. It seems I will have eligibility for some benefits if I qualify on credits. My current statement says I have 36 credits and it seems to include 2 years of assumed work. I have not worked in the US since 2016 so I calculate that I have 28 credits now.

I have also worked in many other countries. I' a Canadian and Swiss Citizen and have worked about 5 years in each and I expect to get pension from each. I have also worked 4-5 years in Japan and 1 year in Australia.

Based on Totalization . . . Read More

Category: Miscellaneous
Posted: Mar 11 2020 - 6:06pm

Can My Husband File For His Benefits At Age 62 Then Switch To 50% Of My Benefit Later?

I am 61, my husband is 62. We will be divorcing this year. I have several questions.
He is eligible for SS but my ss will be higher. Can he apply for his ss this year then wait two years to switch and collect 50% of mine? Or is it 35% until I reach full retirement at 66? Or is he locked into his SS if he starts collecting now? If he collects mine when I am 62 is he locked into that rate or can his rate increase when I reach full retirement at 66?

Hi,

No. No one is allowed to switch from drawing their own Social Security benefits to drawing just . . . Read More

Category: Filing Strategies
Posted: Mar 10 2020 - 11:35am

Is It Possible For My Husband To File At FRA And For Me To Wait Until Age 70 To File For My Benefit?

Hello, I just want to clarify given the changes with SSA benefits. Both my husband and I will achieve FRA at 66 & 2mo's. We both were born in 1955. My question is with recent changes is it possible for my husband to file at his FRA and for me to wait until I am 70 to file for my benefit? If so, is there anything as a spouse I need to do to accomplish this?
Thank you in advance!
Catherine

Hi Catherine,

Yes, your husband could file for his benefits at full retirement age (FRA) and you could file for your benefits at age 70. However, you . . . Read More

Category: Filing Options
Posted: Mar 9 2020 - 4:42pm

Would Taking My Own Benefits At Age 62 Reduce My Future Survivor Benefit Rate?

I am a widow and wondering about conflicting adivce I've gotten about taking my own benefit and then switching survivor benefit at my Full Retirement Age. If I take my benefit at 62, I would get $644 per month. If I wait until 68 and 4 months, I get my full survivor benefit of $2,842. I don't want to take mine if it lowers my survivor benfit, but have been told by someone at social security it will not. I consulted a financial advisor and they thought this was wrong, that taking any benefit early would lower your future benfits when you switch. He said the survivor benefit is a . . . Read More

Category: Filing Strategies
Posted: Mar 9 2020 - 4:16pm

Can My Wife Draw Her Own Benefits In Addition To Child In Care Benefits On My Social Security Account?

Hi Larry. You recently provided an answer to a question about benefits for my wife and disabled adult son. Just need clarification on one point....if my wife (less than age 62) is receiving child in custody benefits on MY SS filing, will she be able to continue receiving THIS benefit IN ADDITION TO her own SS retirement benefit when she claims or is it one benefit or the other (depending on which one is higher) but not both? Thanks for your assistance!

Hi,

No, your wife could not get both her own benefit and a full child in care (CIC) spousal benefit . . . Read More

Category: Spousal Benefits
Posted: Mar 9 2020 - 9:36am

Can I Delete The Online Application That I Started But Didn't Finish?

I stared my online application for Social Security without realizing it was started. I have to wait another year. Can this be deleted? I did not submit it but am worried it will be a problem. If you could advise me on this I would appreciate it

Sincerely, Amanda

Hi Amanda,

As far as I know, there is no way that you can delete an online application once you've started it. However, as long as you don't electronically sign and submit the application by clicking the 'sign now' button, it shouldn't cause any problems. Partially completed online . . . Read More

Category: Miscellaneous
Posted: Mar 8 2020 - 5:44pm

Are Insurance Premiums And HSA Contributions Deductible From The Amount I'm Allowed To Earn?

I took Widow's benefits from my ex-husband and I am trying to determine what income/expenses impact the cap before I go over the maximum amount which is about 18,000 for 2020. I took a new job which offered health insurance and took the HSA and was wondering if insurance premiums and contributions to the HSA are able to be deducted from my income in figuring out the MAGI.

Hi,

Your MAGI, or modified adjusted gross income, is irrelevant when determining your countable earnings for purposes of Social Security's earnings test. Earned income, specifically . . . Read More

Category: Earnings Test
Posted: Mar 7 2020 - 7:54am
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