If you have a pension offered to you at retirement, and you have decided that it is the best option over a lump sum (or you don't have a choice in the matter), one of the critical decision-making points is how to take the pension in terms of survivorship options, if you are married. The most common survivorship options provide 100% of the monthly payment to the survivor, 75% of the monthly payment to the survivor, and 50% of the monthly payments to the survivor should the pension owner die. … [Read more...]
Why your Social Security isn’t growing as fast as you think
Social Security announced a 1.6% cost-of-living (COLA) adjustment for benefits in the year 2020. The question is, will recipients receive the full 1.6%? Unfortunately, the answer is “no”, assuming that the Social Security beneficiary is also on Medicare. Medicare premiums are rising by 7% in the year 2020. The net result for Social Security beneficiaries after factoring these two numbers is only a 1.0% increase in their Social Security benefit. Unfortunately, this is not … [Read more...]
What’s the difference between SSI and SSDI?
I read a good article recently on the difference between Supplemental Security Income (SSI) and Social Security Disability Income (SSDI). I know most individuals don't know what they are or what the differences are between them. Here's the link to the article: https://www.disabilitysecrets.com/page5-13.html If you have any questions please feel free to contact me. … [Read more...]
Can I File and Suspend Social Security Benefits?
If you're familiar with Social Security claiming strategies, you may remember a strategy called “File and Suspend”. It was used in order to allow one spouse to begin their spousal benefit on the other spouse’s working record while allowing that other spouse to actually delay their Social Security benefits until a later age (while it grew by delayed credits). Legislation effectively removed this “File and Suspend” strategy described above for those who had not used it by April … [Read more...]
Suspending Social Security Benefits
Did you know that you can suspend your Social Security benefits? When can this be done, and why would anyone want to do it? Social Security benefits can be suspended or paused once an individual reaches their Full Retirement Age (FRA). After suspending benefits, they will continue to grow each year by 8% plus cost-of-living increases awarded until being reinstated. It's important to understand that the suspension of benefits will also suspend anyone else's benefits that are tied to … [Read more...]
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