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New Legal Resident Status Now Gets You a Social Security Number
In an effort to streamline operations, the Department of Homeland Security’s Citizenship & Immigration Services department has partnered with the Social Security Administration to facilitate acquisition of a Social Security card by those applying for legal U.S. immigrant status. Those…
More About Becoming a Social Security “Representative Payee”
More often than we perhaps realize, Social Security beneficiaries can become incapable of managing their benefit payments as they age. Dementia, Alzheimer’s Disease, and age-related loss of cognitive abilities and mobility often take their toll, leaving those so afflicted unable…
Social Security Benefit Cuts: How Much Would You Lose?
Release of the Trustees annual report on the financial state of Social Security and Medicare has caused quite a stir in investment circles with predictions that a cut to Social Security benefits could be on the horizon sooner than last predicted.…
Healthcare Costs a Big Item in Retirement
Healthcare costs after retirement can eat a very sizable portion of your retirement savings. The average retired couple, for example, will need about $300.000 to cover healthcare costs as they age, even taking Medicare into account, so planning ahead is…
Retirement Savings and the COVID-19 Pandemic
It’s certainly no secret that Americans, as a general rule, don’t save enough for retirement. For years, financial advisors have been advising their clients to focus strongly on saving more and accumulating a bigger nest egg for the future, because Social…
Social Security “Surprises” That Could Hurt
Social Security surprises that could hurt? Well, of course, with well over 2000 separate Social Security rules expressed on over 100,000 SSA website pages, the possibilities are endless. However, this article by Chuck Saletta appearing at KLYX.com condenses all those possible…
Social Security’s “Evil Twins” – WEP and GPO
“WEP” (Windfall Elimination Provision), and “GPO” (Government Pension Offset) are two 1980s vintage Social Security rules which affect many Federal and State public service employees. Both of these rules apply to anyone who has earned a pension without contributing to…
Social Security Fraud, and How To Prevent It
This article by Social Security District Manager Jonna Reno appears at The Pantagraph website and describes the top five fraud prevention tools offered by the Social Security administration. It’s an unfortunate reality of today’s world that American seniors are frequently the target…
Common-law Relationships and Social Security
It’s no secret that more young Americans are choosing to “co-habit” in long term relationships, with about half of couples now eschewing legal marriage. Although this is a cultural phenomenon, the laws providing certain financial advantages offered to married couples haven’t changed, especially and…
How to Maximize Your Social Security Benefit
It’s a fact that most American seniors will rely on Social Security as a major part of their retirement income. Social Security’s benefit formula is intentionally designed to pay a monthly payment equal to about 40% of each person’s preretirement income, but that falls…