Tips to keep in mind as you review potential Social Security benefits

29 Aug 2015 | Author: | No comments yet »

Congresswoman Eshoo: Happy Birthday, Social Security!.

The future for Medicare and Social Security might not look bright at the moment, but it’s particularly bleak for the government’s disability insurance program.

Eighty years ago this month Congress enacted what would be regarded as the singularly most successful social insurance program in the history of our country: Social Security.As I’ve said many times before, there is no single Social Security topic I hear about more often than the current craze to maximize one’s Social Security benefits.Susan Sommer, the director of constitutional litigation for Lambda Legal said, when this policy is implemented, they are hopeful that widows, widowers, ad retirees, will soon get their hard-earned Social Security spousal benefits. “If handled incorrectly, retirees could be missing out on hundreds of thousands of dollars in retirement income”, he said in statement.One new study shows the vast majority of recent retirees are claiming Social Security benefits earlier than full retirement age, and that it’s costing them significantly. Not so: If you’re an adult, you can monitor your benefits situation with a few clicks of the keyboard and start serious planning for your retirement income.

According to the Social Security trustees’ report released last month, the disability insurance trust fund will run out money in 2016 and it needs immediate attention. While one third of retirees without a financial advisor (30 percent) say health care costs keep them from living the retirement they expected, that compares to just 13 percent of retirees with a financial advisor. The my Social Security accounts give you the chance to change direct deposit of your benefits if you already receive Social Security, as well as request a replacement Medicaid card or order SSA tax documents, among other services. In the absence of any attention, millions of Americans will receive an automatic 19% reduction in their Social Security disability benefits in the fourth quarter of 2016.

They came from folks who have gone to their local Social Security offices demanding to initiate some Social Security maximizing strategy they claimed they have learned from my column. Social Security is precluded from spending money it doesn’t have, according to a recent report by the Center for Retirement Research at Boston College; benefits must be in accord with disability insurance payroll tax revenues. In 2013, Social Security kept 22 million Americans of all ages out of poverty, including one million children under the age of 18, according to an AARP analysis.

USCIS Form I-9 requisites permit employers to initiate employment, in most contexts, if hired employees can verify within three (3) days employment eligibility through the documentary requites of USCIS Form I-9, including presentation of a valid social security card under “List C” of USCIS Form I-9. Once you set up the account, you can review your Social Security statement — a key move since earnings determine your future retirement benefits and,according to the SSA, you cannot normally correct your earnings after three years, three months and 15 days from the end of the taxable year in which your wages were paid. Some have gone so far as to file appeals with Social Security alleging, “Tom Margenau said I can do this!” One Social Security official told me they refer to these as “frivolous Margenau cases.” There are two basic strategies.

Confirm records with tax returns filed with the Internal Revenue Service;Fix errors due to employee omissions from processed employer reports or missing reports;Rectify mistakes “on the face of the record,” that is, errors Social Security can find after examining agency records of processed reports; and Include wages that an employer reported as paid to you but that don’t appear in SSA records. After 80 years of success, the American people deserve to know that Social Security will remain secure throughout their lifetime and for future generations.

The Obergefell case stemmed from the famous Windsor decision in 2014, where the court ruled that same-sex married couples are entitled to their federal benefits. In other words, if you file for Social Security before FRA, you must file for any and all benefits you are potentially due, both on your record and on a spouse’s account. Benefits, however, are set by a complicated formula based on a worker’s lifetime earnings record at retirement … Workers, on their own, cannot be expected to know how much they could get.” For instance, the study finds that reviewing your records generally leads to an understanding that claiming benefits later increases monthly Social Security income. In addition, the SSA will release, through a gradual, state-by-state rollout, an online application that will permit adult U.S. citizens who are not reporting any changes to their record to apply for replacement SSN cards electronically after registering through the “my Social Security” portal.

No evidence, though, indicates that just because most people understand this concept they do delay retiring: Most look at planning for retirement only in terms of saving and investment and not in terms of working longer — the latter of which can drastically increase savings and benefits. And that phrase “employ one of the … strategies” is one key to understanding the main point of this column: You can use one or the other strategy. If you can’t balance your budget, consider taking withdrawals from your savings and investment accounts to make up for the reduced benefit, says Vosberg. After you “file and suspend” (again, at age 66 or later), your spouse can then file on your account and get monthly benefits even though your own payments are in suspense.

Delaying filing can also of course decrease additional savings you need to maintain your desired standard of living and can shorten the number of years that you eventually draw on savings. Voice your displeasure with how Congress is managing the affairs of this country, says Stephen Stellhorn, president and CEO of MSM Capital Management in Tampa and author of Navigating the Maze of Social Security. “This problem is a legislative one, which Congress must address,” Stellhorn says. “What makes 2016 so unique is there is a presidential election occurring.

You would then have the choice of getting a pro-rated bonus added to your monthly checks, or claiming retroactive benefits to age 66 at the full retirement rate. This change in ratio does not favor the longevity of the program, which is why adjustments must be made to Social Security to ensure future generations can rely on it.

It is a law that will take care of human needs and at the same time provide for the United States an economic structure of vastly greater soundness.” Today at 80 years old, Social Security continues to serve our nation exceedingly well. Then when his wife turns 62, she can file for her own reduced benefits and claim any extra spousal benefits she is due on Tom’s record even while his benefits are in suspension. To find out more about Tom Margenau and to read past columns and see features from other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at

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