Ask Larry: Questions and Answers

Displaying 931 - 940 of 10063 questions.

Does Cryptocurrency Count Towards The $2K Limit For SSI Payments?

Hi, Larry. I've been living on SSI for about 6 years and I've been wanting to get into stocks and bonds recently. I know those are something SSI would count towards my 2K limit in property, though I am curious whether cryptocurrency counts towards it. I have read it does not for SSDI as it is different, but I cannot find an answer on SSI. Thank you.

Hi. Yes, cryptocurrency counts as an asset for purposes of the Supplemental Security Income (SSI) program. Basically, any type of investment that can be turned into cash is a countable resource for SSI purposes . . . Read More

Category: Supplemental Security Income
Posted: Jun 17 2022 - 1:25pm

When Can My Wife Start Drawing SS?

I am 70 and started drawing SS ay FRA. My wife is age 62. When may she start drawing SS? May she draw before FRA?

Hi. Both Social Security retirement and spousal benefits can be paid as early as age 62, but if your wife starts drawing prior to her full retirement age (FRA) then her benefit rate will be reduced for age. Also, there is a Social Security earnings test (https://www.ssa.gov/benefits/retirement/planner/whileworking.html) that applies until a person reaches FRA, so . . . Read More

Category: Miscellaneous
Posted: Jun 17 2022 - 1:18pm

Can I Improve My Situation By Giving Myself A Salary?

I am 74 ( born 1947) and have not contributed certain years therefore have gaps, maybe 7 or 8 years where i made no contribution to social security
i am still working part time and can give myself a salary and pay into social security
My understanding is that i still can improve my situation ( i get only $1370 a month ) by filling the years of no contribution.
My accountant doesn't think so, thinks it is a waste to contribute after 70.
What is your understanding?
Thanks

Hi. Social Security retirement benefits are based on an . . . Read More

Category: Calculating Retirement Benefits
Posted: Jun 17 2022 - 1:04pm

What Are Your Thoughts On My Situation?

I retired from New York State in September 2020, and began collecting Social Security in February 2021. I received a retroactive check from a contract that was settled after I retired . I believe it was in July 2021. It is common practice for New York civil service employees to receive retro checks after their late contract is settled. Social Security Administration claims I was overpaid because my "work and earnings", exceeded the earnings limit. Since I was not working, I don't think I should have to pay . I will be filling out the waiver and reconsideration forms. Your . . . Read More

Category: Earnings Test
Posted: Jun 17 2022 - 12:57pm

Will I Be Able To Receive Back Pay?

I have been approved for disabled adult child benefits off my dads social security retirement record. I am 31. I was approved for benefits on june 13, 2022. Social security found me disabled by their rules on june 30, 2008. How much back pay would I receive? Would i be able to receive back pay?

Hi. There isn't enough information in your question for me to be able to give you a complete answer. Basically, the first month for which you could be paid is the later of a) 6 months prior to the month you applied, or b) your father's first month of retirement . . . Read More

Category: Disabled Adult Child Benefits
Posted: Jun 17 2022 - 12:46pm

When WIll I Receive My Widow's Benefit Payment This Month?

I just want ro know when my next widows pension check will be in my bank? I get mixed up when there are 5 wednesday? so dont know if it comes the 22 or 29th?

Hi. If you normally receive your Social Security widow's benefit payments on the 4th Wednesday of the month, then you should get your payment on the 22nd of this month (https://www.ssa.gov/pubs/EN-05-10031-2022.pdf). Recurring monthly benefits are never scheduled to be paid any later than the 4th Wednesday of a month, even if there are 5 . . . Read More

Category: Payment Dates
Posted: Jun 15 2022 - 3:20pm

Is There Anything I Can Do To Collect My Deceased Husband's Social Security?

Please help me. My husband died in my arms after taking a massive coronary 3 weeks after being married. He had no heart issues . I have been told for 18 yrs by people that I cannot collect his SS because it was not an accidental death until I just read this article. My husband was on a stage sing "I did it my way"..,He complained of very bad heartburn and he needed to get home and take his heart burn medication. We went home he took his heartburn medication..got sick..came into the bedroom fell on the bed ..took 3 last breathes and he was gone. .EMRs came and couldn't even get . . . Read More

Category: Widow's Benefits
Posted: Jun 15 2022 - 10:24am

Can I Get Medicare At Age 58 If I'm Caring For My Child Who Receives Social Security And Medicare?

My adult disabled son receives ss and Medicare. Since our son lives with us and I take care of him am I eligible for Medicare even though I am 58??

Hi. No, unless you are either receiving some type of disability benefit from Social Security, or if you've been diagnosed with end-stage renal disease (ESRD). Otherwise, you must be at least age 65 to be eligible for Medicare.

You don't mention whether or not you receive Social Security benefits, but if your son is receiving disabled adult child's (DAC) benefits based on your spouse's earnings record . . . Read More

Category: Medicare
Posted: Jun 15 2022 - 9:55am

Would The Fact That I Stopped Working Two Years Prior To Being Diagnosed With Cancer Preclude Me From Filing For Disability Benefits?

Hi Larry,

Due to a recent serious health issue, my husband and I are now considering for me to apply as soon as I turn 62 in October of this year and continue to wait until he turns 70 to apply for his as we have always planned because he is the higher earner. My birthdate is 10/2/1960 and his is 12/9/1953. My questions are as follows:

1) I stopped working in June 2020, but recently received a serious cancer diagnosis which requires radiation and chemo treatments. Acoording to my social security statement dated 6/14/2022, my disability benefits would be $2,888 a . . . Read More

Category: Disability Benefits
Posted: Jun 14 2022 - 10:13pm

Can I Suspend My Disability Benefits And Only Receive Spousal Benefits?

I am on disability benefits ssdi receiving max 860 it has turned into retirement. I also receive from spousal retirement but not able to receive full benefit due to ssdi am I able to suspend my disability benefits and only receive spousal retirement for higher benefits?

Hi. No. If you voluntarily suspend your own benefits, any other Social Security benefits you receive would also be suspended (https://www.ssa.gov/benefits/retirement/planner/suspend.html).

Best, Jerry

Category: Suspending Retirement Benefits
Posted: Jun 13 2022 - 6:28pm
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