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

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Should My Wife Start Collecting Her Benefits At Age 62 And Invest All Of The Money?

My wife is 62, she is collecting retirement. I'm working and we don't need any addition income. Should she start collecting her social security and invest all money or wait until full retirement age?

Hi. There are too many variables involved for me to be able to give you a definitive answer. However, in most cases, Larry believes that it's unwise to start drawing benefits early with the intent of investing the proceeds. His reasoning is explained in his answer to Michael that can be found on the following website: . . . Read More

Category: Filing Strategies
Posted: Sep 11 2022 - 10:04pm

If I Collect My Own SS Will They Make Me Collect Off Of My Husband's SS?

My husband is 66 and currently collecting his SS, I will be 62 in a few months. If I collect my SS will it be off of my work recorded or will they make be collect off his, and how will the benefits changes once he passes and I am still alive?

Hi. Whenever you apply for either your own Social Security retirement benefits or for spousal benefits, you'll be deemed to be applying for both. As a result, you'll only be able to collect roughly the higher of the two benefit rates, and your benefit amount will be reduced for age if you start collecting benefits . . . Read More

Category: Filing Options
Posted: Sep 11 2022 - 4:32pm

Shouldn't I Get Something For Being Married To My Deceased Ex-Spouse For 23 Years?

My ex husband passed away November 2018. We were married for 23 years before our divorce. The SS office tells me I don’t qualify to receive any benefits from him because we were divorced, and I receive a state teacher pension. Shouldn’t I get something for those 23 years of marriage?
Thanks so much!

Hi. There aren't enough details in your question for me to be able to give you a proper answer. But, assuming that you meet the requirements for surviving divorced spousal benefits ( . . . Read More

Category: Divorced Widow(er) Benefits
Posted: Sep 11 2022 - 12:19pm

If I Renounce My U.S. Citizenship Will I Still Be Able To Receive Social Security While Living In Singapore?

Hi Larry,
I am not able to have dual citizenship as a Singapore citizen, if I renouce my US citizenship, will I be able to still receive social security living in Singapore ?

Hi. If you receive Social Security retirement or disability benefits based on your own earnings history, then the answer to your question is yes. But, if you aren't a U.S. citizen and if the U.S. Social Security benefits you receive are based on someone else's earnings history, such as spousal or survivor benefits, then you could only be paid benefits if you meet one of the . . . Read More

Category: Miscellaneous
Posted: Sep 9 2022 - 9:21pm

Am I Eligible For Spousal Benefits When I Reach FRA?

Hi Larry,
My husband began collecting SS at FRA ( Born in 1953). He is currently 69. I am 65 and decided I will wait to begin receiving my SS benefit until Age 70. Am I eligible for a spousal benefit amount when I reach FRA at 66 1/2? If so is it 50% until I begin receiving my own SS at age 70? Thanks!

Hi. Probably not. You certainly couldn't claim spousal benefits at full retirement age (FRA) and wait until age 70 to claim your own benefits. Since you were born after January 1 1954, if you applied for spousal benefits you'd also be required to . . . Read More

Category: Filing Options
Posted: Sep 7 2022 - 5:04pm

Should My Wife File For Her Benefits Early Due To Her Illness?

Hi Larry

My wife is 62, and I am 59. A year ago, she was disgnosed with stage-4 lung cancer, and we are doing what we can to keep her in the game.

Financially, we are fortunate, so do not need the income flow from Social Security right now.

However, like everyone, we would like to maximize our years of hard work.

Is it better for us to try to begin her benefits ASAP, or is there a longer term benefit to myself if we were to wait?

It seems confusing? Could we get cash flow now for a couple years, and then if she was to pass, could I hold off . . . Read More

Category: Filing Strategies
Posted: Sep 7 2022 - 4:53pm

Is It Accurate That A Percentage Of My Income Won't Count If I'm Not Able To Do As Much As My Co-Workers?

So here is my question as i hace been told diffent things from ssa. If i was esrningt min wage id never reach the SGI? If i earned 50/hr id be therr in just a few hours. Its really how MUCH u can work that tests your physical limits. I was told that after the 9 month period ssa would contact my emoloyer to determine how disability affects my work. Assuming i was determined that i could only do 75% of what the other stagehands can do, then only 75% of my income would be counted towards ny monthly limit, essentially adding an additional 25% to the limit. Is this accurate
. . . Read More

Category: Disability Benefits
Posted: Sep 7 2022 - 1:00pm

How Are COLAs Added When Calculating Widow's Benefit Amounts?

I am financial advisor and have a 62 year old client who is about to marry a woman approximately 40 years younger than him. I have researched this thoroughly and am having difficultly confirming the right answer. If they stay married for at least 10 years, my understanding is that her benefit, assuming she does not have her own work record, will be based on his COLA increased benefit amount at the time he dies. My question is, if he dies when she is 32 years old, will her survivor benefit grow with COLA's starting at age 32 or will COLA for her be suspended until she is first . . . Read More

Category: Widow's Benefits
Posted: Sep 7 2022 - 12:28pm

Can My Wife Draw Half Of My Social Security As A Spouse?

My wife, a public school teacher in Michigan (retired) was required to draw her SS at age 62 due to her school contract. When she was 66.7 yrs, I who was same age (one month difference in age) began to draw spousal benefits, even though I still worked. She continued to draw as I did. At 70 I retired and begin to draw SS. If she drew SS at half my rate it would be larger than her current draw from her account.
Can she draw 1/2 of my social security as a spouse, which would increase her draw.

Hi. No. First of all, unreduced spousal benefits are . . . Read More

Category: Spousal Benefits
Posted: Sep 7 2022 - 12:08pm

Can I Still Collect Widow's Benefits If I Get Remarried And Divorced?

Can I still collect widows pension if I remary before the age of 60 and get a divorce 3 years later? Is there any penalty if so?

Hi. Yes, as long as you're unmarried at the time you claim widow's benefits, you can qualify for benefits provided that you meet the other requirements (https://www.ssa.gov/OP_Home/handbook/handbook.04/handbook-0401.html). There's no penalty for a subsequent marriage as long as that marriage has ended.

Best, Jerry

Category: Widow's Benefits
Posted: Sep 6 2022 - 12:00pm

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