One financial planning issue that all married couples will need to deal with during retirement is the loss of one Social Security check due to the passing of one of the spouses. I often get questions about how this actually works in real life. In our article, let's discuss how Social Security survivorship works under different circumstances. IF THE SURVIVING SPOUSE IS UNDER FULL RETIREMENT AGE If the surviving spouse is under full retirement age and the survivor elects to begin the … [Read more...]
Calculating Social Security early claiming reductions
As most people know, Social Security benefits are reduced when claimed before full retirement age (FRA). But did you know that there are three different formulas to calculate the reductions depending on the kind of Social Security benefits? Also, there are two sets of calculations based upon the total number of months that one is claiming early? Of course, you can always contact the Social Security Administration for your exact benefit in any particular month and year you elect to … [Read more...]
Choosing a pension survivorship option
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...]
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