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

Displaying 4721 - 4730 of 10063 questions.

What Will We Need To Do When I Turn Age 70?

When my wife turned 66, I filed and suspended ( I was 68) so that she could claim spousal benefits on my income. My wife was born in 1951, so she was grandfathered in, even though the law had just changed to prevent this possibility. Now I am approaching 70. Soon it will be time for me to unsuspend and start taking benefits which means that she will have to simultaneously end her spousal benefits. If we do this online, can we trust the Social Security Administration to get the timing right? Or do we need to insist on an in-person appointment so we don't violate their timing . . . Read More

Category: Suspending Retirement Benefits
Posted: Aug 7 2019 - 7:32am

Will My SSDI Payments Be Affected If I Sell My Home And Keep The Funds?

I'm 63 and was wondering if i sell my home and am on ssdi will the equity from the home sales affect my ssdi pmts if i keep the funds

Hi,

No, selling your home and keeping the proceeds would have no effect on your Social Security disability (SSDI) benefits unless you were a realtor and you sold your home in the course of your business.

If you were receiving Supplemental Security Income (SSI), which is a needs based program administered by Social Security, then selling a home and keeping the proceeds could make you ineligible for SSI.

. . . Read More

Category: Disability Benefits
Posted: Aug 7 2019 - 7:22am

When Do I Need To File To Receive An Entire Year Of Credits?

Dear Larry,
I turn 69 this October 2019 and have not filed for SS. My wife turns 67 February 2020. When do I need to file for benefits to receive an entire year of credits, my income will be negligible in 2019? We are planning to wait for another year or two before my wife files. Would you recommend that strategy?
FYI I’m a BU graduate CFA 73.
Thank you
Michael

Hi Michael,

I'm not sure that I understand exactly what you're asking. You accrue delayed retirement credits (DRC) for each month that you don't draw your Social . . . Read More

Category: Filing Options
Posted: Aug 6 2019 - 4:50pm

Will My Age 70 Retirement Benefit Be Reduced If I Only Work Part-Time?

I am 59 and plan to stop working at age 60 to collect survivor benefits (my husband passed away in Jan 2017). I think I will work very part time for a few years (keeping it under the earnings limit of $17k to avoid reducing my SS benefit). I plan to switch to my retirement benefit at age 70 when it is at its maximum. My question -- will my retirement benefit at age 70 be reduced if I work part time for a few years? Will it change my monthly benefit amount? I've been working since about age 15 so certainly way more than 35 years. But of course those early first few years were . . . Read More

Category: Retirement Benefits
Posted: Aug 6 2019 - 4:25pm

Can A Person Who Filed And Suspended Their Benefits Before April 30 2016 Still Get An Excess Spousal Or Survivor Benefit?

I'm confused about what a person who is 'grandfathered' - born before 4/30/1950 - who filed and suspended before 4/30/2016 can do in regards to receiving auxiliary benefits while their own benefits are suspended. Even though they are grandfathered, must they un-suspend their benefit in order to collect the spousal or survivor benefit, and then only receive their own benefit plus an excess benefit? Or can they remain suspended and receive only the excess while their DRCs continue to accumulate?

Hi,

Yes, a person who voluntarily suspended their benefits . . . Read More

Category: Suspending Retirement Benefits
Posted: Aug 6 2019 - 12:37pm

Will I Qualify For Spousal Benefits When My Husband Starts Drawing His Benefits?

I am currently 61, my husband is 63. His PIA at full retirement age is $2670, mine is $3010. When he starts taking PIA at 66, will I be qualified for his spousal benefits? If so, how much?

Thanks for any info you can enlighten me with.

Regards,

Mimi

Hi Mimi,

No, neither you or your husband could ever qualify for spousal benefits. Since you were both born after January 1 1954, if you filed for spousal benefits you would be deemed to also be filing for you own Social Security retirement benefits at the same time ( . . . Read More

Category: Filing Options
Posted: Aug 6 2019 - 12:27pm

Should I Quit My Teaching Job?

Should I quit my teaching job?

I am waiting until I turn 70 to start taking Social Security. This will happen in May of 2020. SSA estimates I'll get about $3,350 per month then. I have not worked at a job with FICA contributions for about 7 years. I have been working and continue to work part-time teaching at a community college (no FICA contributions). I'm vested in what they call their STRS Cash Balance Plan through this employment. The account balance is about $25,000. I'm worried what that plan and WEP and GPO will do to my monthly Social Security check that will . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: Aug 6 2019 - 7:21am

Can Benefits Be Attached For Back Taxes?

can benifits be attached for back taxes

Hi,

Yes, Social Security benefits can be garnished to collect delinquent federal income taxes, but in most cases the rate of garnishment is limited to 15% of the debtor's benefit rate.

Best, Jerry

Category: Miscellaneous
Posted: Aug 6 2019 - 7:09am

What's The Best Way To Maximize Benefits For A Disabled Adult Child Upon The Death Of The Parents?

What would be the best way to maximize an adult child with a disability's (Down syndrome) social security payments upon the mother and father's passing? What percent of the mother and father's SS payments will the disabled adult receive?
Thank you for your response!

Hi,

Disabled adult child's benefits are paid at a rate of 75% of the deceased parent's primary insurance amount (PIA). A person's PIA is equal to their Social Security retirement benefit rate if they start drawing at full retirement age (FRA). If both parents of a disabled adult . . . Read More

Category: Disabled Adult Child Benefits
Posted: Aug 5 2019 - 10:04am

Can I Switch From Spousal Benefits To My Own Record Even Before I Turn Age 70?

I need verification of my social security plans so I can ease my wife’s mind that her future benefits is not in jeopardy. She just will not completely believe me unless I back it up with a trusted source.

My wife is one month from 70 yrs old and started her benefit at 68.5 yrs.

I am 65 and will be 66 in Nov 2019; I was born in 1953. I intend to file a restricted application so I may collect 50% of her current monthly benefit and delay my own benefit 1 to 2 years later. I am doing this to increase my FRA benefit a few percentage points. At that point my benefit . . . Read More

Category: Filing Options
Posted: Aug 5 2019 - 9:47am

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