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

Displaying 4121 - 4130 of 10063 questions.

Does Social Security Have To Advise You To Take A Trial Work Period?

Hello,

Social Security claims I have a overpayment. My question is about Trial Work Periods and Workforce Innovation & opportunity Act.
Does Social security have to give you a trial work period before benefits are ended and or advise you to take a trial work period?

Hi,

Your Social Security disability benefits can't be stopped due to work and earnings unless and until you've completed a 9 month trial work period (TWP), but your benefits can be terminated due to medical improvement even if you haven't worked since becoming eligible . . . Read More

Category: Disability Benefits
Posted: Feb 10 2020 - 12:30pm

What Will Happen When I Reach FRA?

Hi Larry, Jerry et all,
I have been receiving SSDI since 2001. My FRA will be July, 2020 (BD, July, 1954) My husband passed away Oct.2018 at age 78 while collecting his FRB. I went to SS and they signed me up for widow's benefits.Since that time I've been receiving my SSDI benefit, Plus approx half of my husband's benefit. I get 2 checks per month. My question is what will happen when I reach my FRA in July? Will my widow's benefit be reduced? SS has told me that my benefit will simply be changed to regular SS without notifying them, and that my benefit amount will remain . . . Read More

Category: Widow's Benefits
Posted: Feb 10 2020 - 10:32am

If You Take Early Social Security And Continue Working Does The Penalty Stop When You Reach Full Retirement Age?

If you take early social security and work and continue to work past age 66 years and 2 months, do you stop getting the penalty?

Hi,

If by 'penalty' you mean having your benefits withheld because of your earnings, then yes that would stop effective with the month you reach full retirement age (FRA). There is no limit on the amount that you can earn and still draw Social Security benefits once you reach FRA.

However, if by 'penalty' you mean the reduction

in your benefit rate that would be assessed if you start drawing prior to FRA, that . . . Read More

Category: Miscellaneous
ce-kotlikoff"> Posted: Feb 10 2020 - 10:25am

Should I Hire My Wife?

I am 52 and my wife is 40. I want to maximize my SS for my wife (not me), so I plan on working until I am 70 or later (I have 3 kids, 10, 9 and 5, so I will be working for a long time). In addition to my normal job, I have an educational consulting business (sole proprietorship) that brings in between $30,000 and $40,000 each year. My wife has never worked outside of the home. Should I “hire” my wife for the next ten years and pay her $1750 per quarter (more than I need to in order for her to have a quarter in SS). Also, if I hire her, do you suggest setting up a small business . . . Read More

Category: Miscellaneous
ce-kotlikoff"> Posted: Feb 10 2020 - 10:14am

Will I Lose My Social Security Since I Now Live In A State That Doesn't Withdraw Social Security Taxes From My Earnings?

Hi, I worked as an educator for 10 years in AZ and worked other jobs for 10 years in AZ. I moved to IL and found out that teachers here don't have social security withdrawn from their checks. I was told the IL TRS acts like social security and a state pension. I know in AZ after you reach so many points you can retire and collect AZ state retirement then when you get to the age for social security, you receive that. I kept my AZ state retirement because it accrues interests and collects points still. I don't want to loose the money I put into social security. Will I be loosing . . . Read More

Category: Non-Covered Pension - WEP / GPO
ce-kotlikoff"> Posted: Feb 9 2020 - 4:30pm

Why Was My Wife Denied Spousal Benefits?

My wife turns 66 on May 7th 2020. She doesn't qualify for benefits on her own since she was a stay at home mother. She has applied for spousal benefits to start in May of this year under my earnings record. I am already taking my benefit since I turned 66 in 2018. Social Security has denied her benefits stating that she doesn't have the needed work credits. We didn't apply on her work credits but instead applied for spousal benefits. Why was she denied? I think it is an error. We have been married for over 44 years. What do I need to do to correct the error? Or, is there . . . Read More

Category: Filing For Benefits
ce-kotlikoff"> Posted: Feb 9 2020 - 11:22am

Can My Wife Apply For Spousal Benefits When I File For My Benefits?

I was born in 1961 im planning to retire at 65. My wife was born in 1965. Can she apply for ss spousal benefits at the same time with me.

Hi,

Unless your wife has a child in her care who qualifies for benefits from your Social Security record, the earliest that she could qualify for spousal benefits is when she's age 62. So, she won't be able to claim benefits at the same time that you do if you start drawing your benefits before then. Social Security does allow people to file their applications in advance, however, so your wife could potentially . . . Read More

Category: Spousal Benefits
Posted: Feb 9 2020 - 11:10am

Would My Social Security Benefit Be Reduced If I Receive A Survivor Pension From My Wife's Pension Plan?

Hello,

My wife has a Conneticuit Teachers retirement pension, if we select a surviving spouse benefit and she passes away before me would I be able to collect my social security benefit $2,250 and her surviving pension of 36K annually. Or would my social security benefit be reduced?

Thank you

Hi,

No, your Social Security would not be reduced if you receive a survivor benefit from your wife's teachers' pension plan. Pension benefits that are based on earnings that were exempt from Social Security taxes can only affect a person's Social . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Feb 9 2020 - 11:02am

Do You Think Social Security Will Take My Tax Refund?

If I set a repayment plan with social security but my name was on the offset line because I set the repayment plan but social security told me they wouldn’t come for my taxes do you think they still will take them? But when I call the offset line it say my refund could be intercept

Hi,

Sorry, but I would need to know a lot more details about your overpayment status to be able to give you an answer. Social Security can claim a person's tax refund in order to recover an overpayment of Social Security benefits, but I have no way of knowing whether or . . . Read More

Category: Social Security Overpayments
Posted: Feb 9 2020 - 10:55am

Why Is Social Security Paying My Wife's Benefits In Two Payments?

I retired at 65 and took a reduced SS benefit of $2038, My wife just filed for spousal benefit at Full Retirement age of 66, she was on disability for may years and was getting a payment of $640. SS sent a letter stating she will continue her $640 on the 2nd Wednesday and spousal benefit of $384 on the 3rd Wednesday. I never heard of someone getting 2 payments, I thought you always got the higher benefit. Thanks for your reply

Hi,

Once you start drawing Social Security benefits based on your own work record, Social Security continues to pay those . . . Read More

Category: Miscellaneous
Posted: Feb 7 2020 - 5:26pm