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

Displaying 551 - 560 of 10063 questions.

Would You Know When The Next Recalculation Will Occur?

Hi Larry--I am waiting to receive delayed retirement credits per the rule I am aware of where the credits show up in January after the year they are earned. I reached my NRA of 66 in November of 2020 and began benefits a year later at age 67 (12 months of delayed credits due). When I began receiving benefits, I was credited for the 2 months of delay earned in late 2020 and would be due the remaining 10 months of delayed credits beginning in January of 2022. However, to date, I have not been credited for these additional amounts. In one of your articles, you mentioned that this . . . Read More

Category: Delayed Retirement Credits
Posted: Oct 30 2022 - 12:13pm

How Do I Get Social Security To Recalculate My Benefit Amount?

Hi Larry, I retired at age 62, that was 5 years ago , I continued working , in all of those five years I earned more than any of the five years I worked when I was much younger and those years were used to calculate my benefits when I retired. SSA has not recalculated my earnings since retirement, my question is how do I get them to recalculate my benefits ?

Hi. Your earnings since starting Social Security would only increase your benefit rate if the new earnings were higher than the wage-indexed amounts that you were credited with when your original . . . Read More

Category: Recomputations
Posted: Oct 30 2022 - 11:12am

What Can I Do To Get My Medicare Start Date Corrected?

Soc Sec has not CORRECTED my Medicare part B start date. I’m 73. I retired May 13 this year. I had already part A Medicare. I applied 2 months before for part B ( I have copies). I received a card with part b starting date: April 1, 2022. I applied for part C with HUMANA and I received my card and everything was fine. Suddenly Soc Sec sends me a card that shows my part B start date of June 1. HUMANA canceled me!!! They told me that I lost my entitlement. I called many times to be places I. Hold forever and to be told to wait a few days. I went in person already 2 times to the . . . Read More

Category: Medicare
Posted: Oct 30 2022 - 10:18am

Is There A Limit On How Much I Can Earn In The Months Prior To Starting My Benefits?

Hi Larry, I am 63 years old and plan to retire mid year in 2023 (maybe April ) and take my divorced survivor benefits at that time and let my own benefits grow till I am 70.
My question is: Is there a limit to how much I can earn prior to April 2023, prior to starting social security in order to avoid any reduction in social security? Any limit on total amount earned till April 2023 and also if any limit on per month earnings (during each of the months of Jan, Feb., and March 2023) prior to retiring?
Thank you so much for helping all of us.. a true help to all . . . Read More

Category: Earnings Test
Posted: Oct 29 2022 - 6:54pm

Are COLAs Applied To My January Amount Or My December Amount?

Hello!
I took SS at age 62 then suspended benefits at full retirement age (66yrs, 2 mos) . I plan to restart them at age 70. Are the annual cost of living adjustments based on my January (beginning) amount of the year or my December (year-end) amount? In other words, do I get the benefit of 12 months of the additional 2/3 of 1% monthly increase when calculating the new year's benefit? Thanks.
Leni

Hi Leni. You'll be credited with both the delayed retirement credits (DRC) you earn and the cost of living (COLA) increases that occur while your . . . Read More

Category: Benefit Amount
Posted: Oct 28 2022 - 4:27pm

What Happens If A Non U.S. Citizen Has All Of Their Work Credits But Moves To The UK?

If you have all your working credits and your a Green Card holder, and move to the UK

Hi. If you have at least 40 quarters (QC) of Social Security coverage, you'll be able to collect Social Security retirement benefits as early as age 62 even if you move to the UK.

Best, Jerry

Category: Miscellaneous
Posted: Oct 28 2022 - 3:57pm

Can You Clear Up For Me Why My Projected Benefits Never Go Up With COLAs?

I have a follow-up to a previous question. Someone just asked if the COLA will apply to those who are not receiving benefits yet. I am 61. For the last few years I have been logging into the my social security web site and checking my projected benefits at 62, 65, 67 and 70.

The projected benefits seem to stay the same, they never go up with the COLAs. I believe the projections only update annually, but I have been checking for over a year. Can you clear this up for me?

Thanks

Hi. My understanding is that the estimates on Social Security's . . . Read More

Category: Miscellaneous
Posted: Oct 28 2022 - 3:49pm

Does The 8.7% COLA Only Apply To People Who Are Already Receiving Benefits By The End Of 2022?

I’ve been delaying SS until I turn 70 in May 2023. I’m uncertain if the 8.7% COLA applies only to recipients already receiving benefits at the end of 2022, or also to those starting a benefit in 2023. I’m not sure if it’s relevant, but I retired in 2015 at age 62.

Hi. No. The upcoming 8.7% cost of living (COLA) increase will be added to the Social Security retirement benefit rates of everyone who turns age 62 no later than January 1 2023, regardless of whether or not they are collecting benefits. Therefore, you don't need to start drawing your benefits . . . Read More

Category: Cost Of Living Increases
Posted: Oct 28 2022 - 1:10pm

Will I Get The 2023 COLA Increase If I Was Born On July 2nd 1961?

Hi Larry, I was born July 2nd 1961 will I be getting the increase in 2023?

Hi. No, assuming that you're referring to your Social Security retirement benefit amount. Only people born prior to January 2 1961 will have the upcoming 8.7% cost of living (COLA) increase added to their Social Security retirement benefit rate, and those people will receive credit for the increase even if they don't start drawing benefits until after the increase occurs.

However, people who are under age 62 and receiving Social Security disability (SSDI) benefits, auxiliary . . . Read More

Category: Cost Of Living Increases
Posted: Oct 28 2022 - 12:13pm

How Does The Social Security Administration Evaluate Earnings Paid Vs. Earned?

I'm curious about how SSA evaluates earning paid vs earned. I am paid biweekly, so a lot of pay periods fall over two months. Also, I never work a set schedule, so sometimes some months and weeks have more than others. There's really no way of knowing short of a daily breakdown when wages were earned, which I don't have. The paychecks contain the period covered, but again, it often spans two months. How is that handled? Thank you!

Hi. I assume you want to know how Social Security counts earnings when determining substantial gainful activity (SGA) for people . . . Read More

Category: Disability Benefits
Posted: Oct 27 2022 - 6:08pm

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