Stay current on important Social Security topics. Here you will find our latest articles and analysis on SSA news, filing strategies, and policy issues, because the more information you have, the better decisions you can make.
Be sure to check back often for further updates.
COVID 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...
Read moreMaximize Your Month of Entitlement
Your month of entitlement with Social Security can mean more money in your pocket depending on what month you choose. If you are under your full retirement age or attaining your full retirement age in 2020, January of 2020 may be your best choice. Choosing the best month of entitlement for yourself is a big decision. Your month of entitlement can be in the future or the past depending on your age and date of filing. The first possible month of entitlement is the month after the month you attain age 62. You must be 62 throughout the entire month. Be mindful that Social Security deems you to ...
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