I wanted to share with you some of my prior published articles written for local financial advisors.
The more information you have the better decisions you can make. Check back for further updates.
Social Security Entitlements
Did you know that only 80% of Americans know about SSA disability benefits? That only 21% understand how benefits are calculated? Only 63% are aware that a widow(er) need not be caring for children to qualify for survivor benefits? It’s important to educate yourself and your family of potential benefits. For Survivor benefits you may be eligible to receive monthly benefits, including: - A widow or widower age 60 or older (age 50 if disabled) - A widow or widower of any age caring for the deceased’s child who is under age 16 or disabled - An unmarried child of the deceased who is ei...
Read moreWhat’s new for SSA this new year?
Well, it's that time of year again when you'll want to check out the new 2022 SSA limits. Of note, the annual maximum taxable earnings is now 147,000. Once your earnings hit that threshold no more SSA taxes are taken from your pay. See all of 2022 details by opening the link below: https://www.ssa.gov/news/press/factsheets/colafacts2022.pdf Also beginning in January, SSA offices are working on fully reopening to the public. Hopefully, you will be able to visit your local office without a scheduled appointment soon. The...
Read moreFiling Strategies
Filing and suspending benefits to accrue delayed retirement credits (DRC)no longer applies after April 30, 2016 due to the Bipartisan Budget Act (BBA) of 2015. You may still suspend your own retirement entitlement for the DRC's, you just can no longer receive any other benefits while yours is in suspense. The new rules are: * an individual may not receive benefits for the period of voluntary suspension; * no auxiliary benefits (except divorced spouse's benefits) may be paid on the record of a person who requests voluntary suspension for the period of voluntary suspension; * an ind...
Read moreSocial Security Online
You may be familiar with SSA.Gov and have your MySSA Account established. Did you know SSA also is on Facebook, Instagram, Twitter, and Youtube? They have even established a Blog where you can post your questions. With all the available technology, is your personal information more at risk? Reality is that fraud and abuse happen every day. Here's some tips to follow: ...
Read moreSSA’s Current Service
SSA Customer Service under COVID is even worse than usual. They currently have all offices closed for in-office service. You are only afforded teleservice and video chat. You can call the 800 number to wait for an hour or so only to be disconnected. If you do get a person to talk with, it's likely they lack the training and experience to answer your question completely. This has resulted in a drop of applications and the public not receiving all the benefits they are eligible for. You need to be your own best advocate. Having the financial guidance that Mike provides along with an SSA exper...
Read moreCOVID and my SSA amount
“I’ve been laid off”, “My hours have been cut”, “My wages have been reduced”, “I’m on unemployment”…. During this time many have had their financial bottom line affected and have wondered the impact on future entitlement. Will COVID affect my social security amount? The short answer is maybe…. SSA benefit rates are computed using your earnings record. Retirement benefits are based on your top 35 years indexed for inflation. Gaps or reduction in wages do affect your SSA benefit computation: * If you have 35 years of wages already on record, the impact could be negligible. If you have 20 y...
Read moreFiling for Benefits
When to file for your Social Security is a personal decision. I’ve always told people, “tell me when your going to die and I’ll tell you when to file”. There are multiple issues to consider as you structure your retirement portfolio. Spousal benefits is one of these choices. You will be eligible to file for spousal benefits if your full retirement rate is less than half of your spouses. If your spouse has filed for benefits you are eligible to take your spousal benefits as early as age 62. Should you take it? One case scenario to be mindful of is longevity....
Read moreAre You Disabled?
No one wants to be defined as ‘disabled’, however it could make a difference in the amount of Social Security you receive over your lifetime. A disability benefit is equal to full retirement benefits. It is not reduced for age. The disability determination is based on severity of impairment, but it can also be a cumulative decision of multiple impairments. Example: You have arthritis, sleep apnea, diabetes, high blood pressure, and depression. You may not be approved with just one of these impairments, but if you have all of them, the possibility of being approved is greater. You c...
Read moreMedicare and Your Money
It’s that time a year again….Beneficiaries start being notified if any income related monthly adjustment amount (IRMAA) will affect their monthly premium due for Medicare Part B. Please see the chart below to see if you’ll be paying more for Medicare this year. Beneficiaries who file ...
Read moreWhat’s New in 2020 for SSA
It's that time of year again. The new 2020 program rates and limits have been updated. Here are some updates that may affect you. Cost of Living Adjustment (COLA) is 1.6%. If you're already entitled you should have received your electronic notification of your new rate in your messages on your 'my Social Security account'. Maximum Taxable Earning are 137,700. You will not have any SSA payroll taxes deducted from your pay once your earnings exceed this amount. Medicare taxes have no limit. Earnings Test Annual Exempt Amount is 18,240 if you are under your full retirement age. You can w...
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