Ask Larry: Questions and Answers

Displaying 981 - 990 of 10063 questions.

If A Person Is Collecting Private Disability Insurance Are They Required At Any Point To Apply For SSDI?

Hi - if a person age 57, is collecting disability payments (not SSDI) but disability through private insurance, are they at any point required to apply for SSDI? How would private disability payments be affected when a Social Security beneficiary files for Social Security benefits, either at age 62 or FRA or age 70? Thank you

Hi. That depends on the terms of the person's private insurance policy. Social Security would never require a person who is collecting private disability insurance to apply for either Social Security retirement or disability (SSDI) . . . Read More

Category: Disability Benefits
Posted: May 26 2022 - 2:56pm

If I File At Age 70 Shouldn't I Expect To Receive The Maximum Benefit Amount?

I intend to file for social security when I turn 70 in December 2022. I retired in 2015. I have contributed the maximum contribution for social security during my working years from 1977 through 2015 - 39 years . Should I not expect the maximum social security of $4,190 when I turn 70 ? When I inquired with social security they provided me an estimate that was $4,090 which is $100 per month less than the max . I understand it is an estimate but upon formally applying for social security , should I expect to receive the max of $4190.

Hi. The short answer is . . . Read More

Category: Benefit Amount
Posted: May 26 2022 - 1:36pm

Do I Need To Apply For SS Benefits Or Do I Stay On SS Disability?

I’m on SSDAnd I turn 75 in a few months. Do I need to apply for as SS benefits or do I stay on SSD? Thank you for your time.

Hi. If you're nearing age 75, then you aren't receiving Social Security disability (SSDI) benefits. SSDI benefits can only be paid for months prior to when a person reaches their full retirement age (FRA).

If you are about to turn age 75 and if you were collecting SSDI benefits prior to your FRA, then your SSDI benefits would already have been been converted automatically to regular Social Security retirement benefits. . . . Read More

Category: Miscellaneous
Posted: May 26 2022 - 1:27pm

If I Start SS After FRA And Then Suspend Benefits WIll My Benefit Rate Be Higher Due To DRCs And COLAs?

If I start SS after FRA and then suspend benefits, will my benefit be higher due to deferred credits and cola raises when I restart benefits?

Hi. Yes, if you suspend your Social Security retirement benefits between full retirement age (FRA) and age 70, your benefit rate will be increased by 2/3rds of 1% for each month that you don't collect benefits. And, yes, you'll also receive credit for any Social Security cost of living (COLA) increases that occur while your benefits are suspended.

However, if you collect benefits for any months between your . . . Read More

Category: Benefit Amount
Posted: May 26 2022 - 1:11pm

What Do I Need To Do With The Extra Money From Selling My Home To Avoid Any Issues With My Supplemental Security Income?

Hi I just started receiving Social Security Disability supplemental income due to a motorcycle accident I was involved in I currently own my own home no mortgage only property tax is what I pay I had this all ready when I got supplemental Social Security income I also have a caregiver who takes care of me my question is my home has a big mold problem which affects my health I'm forced to sell my home to put myself into a better home that is in the healthy environment my home sold for 350, 000 I'm in the process of purchasing another home for 285,000 what do I need to do with . . . Read More

Category: Supplemental Security Income
Posted: May 25 2022 - 4:25pm

Can You Help Me Understand Why The Social Security Administration Considers Me To Be Double Dipping?

I have a hard time understanding why the Social Security Administration considers it "double dipping" when I worked and paid into Social Security for many years and acquired my 40 quarters to be eligible for Social Security at retirement. I also worked for 16 years for Yuba County Dept of Social Services, where we did not pay into Social Security, but we paid into CALPERS. When I retired I was told that my Social Security benefits would be decreased by taking the amount of my CALPERS pension and dividing it into 3, and whatever 2/3 of that amount was would be deducted from my . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: May 25 2022 - 3:54pm

Can A Surviving Ex-Spouse File For Her Ex-Husband's Benefits At FRA And Then Switch To Her Own Benefit At Age 70?

Hi - in a divorce situation, 10+ years of marriage, the ex-husband has passed on, could the surviving ex-spouse file for deceased husband's benefit, 50% at FRA, and allow her own benefit to grow, DRC, and then switch to that if larger at age 70? Thank you

Hi. Yes, at least potentially. Assuming that the surviving ex-spouse meets the requirements for survivor benefits (https://www.ssa.gov/OP_Home/handbook/handbook.04/handbook-0403.html), he or she could actually claim survivor . . . Read More

Category: Filing Options
Posted: May 24 2022 - 12:34pm

Can I Receive Retroactive Pay If I Was Approved For SSDI Within 5 Months Of Being Considered Disabled?

Can I receive retro pay even though I was approved for SSDI within 5 months of being considered disabled. I'm only getting a portion of my SSDI until my State disability runs out.then I'll received my full disability income after it runs out. Also my l st husband was on SSDI before he died we were married 15 years can I claim off of him now or do I have to wait until my current husband retires to claim off of him. Thank you Denise

Hi Denise. It doesn't sound like it. The earliest month for which you can be paid Social Security disability (SSDI) benefits is . . . Read More

Category: Disability Benefits
Posted: May 24 2022 - 12:04pm

Why Should My 401(a) Plan Be Called A Pension?

I am having difficulty discerning if a 401(a) in a no benefits part-time OPS (temp) position is considered a pension? It is the primary retirement product being offered but with no employer contribution. If it is is considered a pension and I am 1 year short of 30 substantial pay years, it seems I will have social security benefits reduced by what I save in the 401a plan. If 401(a) is more akin to 401K, why should that be called a pension?

Thank you, your assistance is deeply appreciated.

Hi. If the 401(a) plan you refer to is your employer's primary . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: May 23 2022 - 6:34pm

Am I Shooting Myself In The Foot By Working Where I Don't Pay Social Security Taxes On My Earnings?

I have approximately 33 years of full time work experience with continuous contribution into Social Security. I just took a job with a college that does not pay into social security and they are forcing me to set aside 7.5% of my pay to their 401(a) plan. They do not contribute to the plan at all. If I continue to work for them, am I a shooting myself in the foot and going to get a reduction in my social security benefit when I retire? Is WEP and GPO going to kick in?

Follow up question regarding 401(a) effect on social security: Is there anyway I can pay both my share . . . Read More

Category: Non-Covered Pension - WEP / GPO
Posted: May 23 2022 - 4:07pm
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