Q & A
What dependent benefits are available for children of older parents?
Social Security for the New Family Many people wind up having children later than they used to, partly because we’re living longer. But late-life kids may qualify for Social Security benefits along with their parents. Actor Kelsey Grammer is a…
My husband and I are retired. Our combined income will be $45,000 per year, and together we have $200,000 in 401(k) plans. What should we do with the money in the 401(k)s that will provide the best supplemental income option in retirement?
Full Question: My husband and I are retired. Our combined income will be $45,000 per year, and together we have $200,000 in 401(k) plans. What should we do with the money in the 401(k)s that will provide the best supplemental income…
I need proof that I receive Medicare benefits. Where can I get a letter proving that?
Answer: If you need proof that you get Social Security benefits, Supplemental Security Income or Medicare, get an instant benefit verification letter online by using your personal my Social Security account. If you don’t receive benefits, your letter will serve as…
My same-sex partner and I recently married. Will we qualify for Social Security benefits?
Answer: You may be eligible to apply for Social Security benefits. Many factors affect your eligibility for benefits, including how long you worked and your age. Social Security is now processing more claims in which entitlement or eligibility is affected…
Social Security Q&A: How many credits do I need for benefits?
Question: I’ve only been working for a few years, and I’m wondering how I earn Social Security benefits. What are credits and how many do I need to qualify for benefits? Answer: We use your total yearly earnings to calculate your Social…
Is $1 Million Enough to Cover the Average American’s Expenses in Retirement?
Even though $1 million may not go as far these days as it used to, it’s nevertheless more than enough to cover the average American’s expenses in retirement. The average cost of retirement Every year, the U.S. Bureau of Labor…
What is the penalty for being a late enrollee to Medicare Part D?
Answer: The first challenge to being a late enrollee into Medicare Part D is that you have to wait until the open enrollment period to enroll in a plan. Again, that is Oct. 15 – Dec. 7 and coverage will commence…
I am in the donut hole already and it is only May. Can I change plans now?
Answer: No. You can only change plans during Open Enrollment. If you get into the donut hole early in the year, you have a greater chance of getting out of it before year’s end. If you get out of the…
I stayed with the same Part D plan I had last year, and my drugs all stayed the same. Why am I paying a higher co-pay for one of them this year?
Answer: This could be caused by a few different scenarios: First, drugs can shift between tiers. First check what tier that drug was classified as last year, and compare it to what tier it is classified as this year. Different tiers…
I have been enrolled in Medicare Part A & B, and a Medicare Supplement for the past five years, but have not enrolled in Part D (prescription drug coverage). My doctor just prescribed a drug that is costing me over $500 a month. How can I enroll in a plan now?
Answer: You cannot enroll in a plan now, but will have to wait for Open Enrollment which runs from Oct. 15 – Dec. 7 and the new coverage will commence on Jan. 1. You need to enroll in a Part D…