Q & A
What are the differences between “Original Medicare” and “Medicare Advantage” plans?
Answer: People with medicare can get their health coverage either through Original Medicare or a Medicare Advantage plan. Here’s a look at the differences between these two options. Read more… Source: Medicarerights.org Notice: The “Read more…” link provided above connects readers…
How are Social Security Taxes handled on vacation payouts?
Full Question: If I retire near the end of the year, is my vacation payout going to be subject to Social Security tax if I have already reached the upper limit for payments under FERS? And if I retire at the…
How do FERS and TSP affect my Social Security calculation?
Full Question: I’ve read about the Social Security reduction if your income is above a certain amount. Does the calculation for that amount include the FERS pension and TSP annuity payments? In other words, does the SSA consider my pension and…
Who Really Benefits from Social Security’s Cost-of-Living Index?
Answer: Budget battles in recent years have thrust politicians and budget wonks into heated debates over how to adjust Social Security benefits for inflation. This may seem a dry matter, but once the initial level of monthly benefits is determined, the inflation…
How Does Working in Retirement Impact Your Social Security Benefits?
Answer: Retirement has become a foreign concept for a growing number of Americans. According to a recent survey commissioned by the Federal Reserve, more than half of respondents aged 60 years or older said they plan to work in retirement. Meanwhile, a separate study by the…
I would like to change to a different Medicare Advantage plan. Do I have to wait until open enrollment?
Answer: If you switch to a plan with a five-star quality rating, you don’t have to wait until Medicare open enrollment (which runs from Oct. 15 to Dec. 7 for 2015 coverage). Seniors who participate in Medicare Advantage can sign up…
How to phase into retirement
Plenty of older Americans apparently want to do it. No, not that. They want to slowly phase into retirement. In fact, more than six in 10 workers (64%) “envision a phased transition into retirement that may involve shifting from full-time to…
I understand you must have limited resources to be eligible for Extra Help with Medicare prescription drug costs. What does this mean?
Answer: To qualify for Extra Help in 2014, your resources must be limited to $13,440 for an individual or $26,860 for a married couple living together. Resources include the value of the things you own. Some examples are real estate, other than…
I’ve decided I want to retire. How do I begin?
Answer: The fastest and easiest way to apply for retirement benefits is to go online to www.socialsecurity.gov/applyonline. To use our online application to apply for Social Security retirement or spouse’s benefits, you must be at least 61 years and 9 months old; want…
I’m trying to decide when to retire. Can Social Security help?
Answer: Deciding when to retire is a personal choice, and you should consider a number of factors, but we can certainly help. First, take a few minutes and open a my Social Security account at www.socialsecurity.gov/myaccount. With a my Social Security account,…