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WEP, the Windfall Elimination Provision, affects people who worked in a Social Security exempt, government or non-profit job and who also worked in a job that collected Social Security. Recently, we received a question from a blog reader who is in this position: “I have approximately 20 “good years” of Social Security taxed income. I […]

A couple of weeks ago the Social Security Board of Trustees released their annual report that includes the status of the Social Security trust funds.  The system we know as Social Security is made up of two trust funds, the OASI (Old Age and Survivors Insurance trust fund) and the DI (Disability Insurance trust fund).  […]

Last week the Office of the Inspector General (OIG) of the Social Security Administration issued a press release warning people of the latest fraud scheme going around that tries to dupe you into revealing your personal financial information. In this scheme an impersonator calls from the 323 area code, claims to be a SSA employee, […]

This week we were asked the following question via email: “I am 65 and my wife is 53. I plan on waiting until 70 to claim SS to get the biggest benefit for me and my wife as survivor. My question is what happens if I died suddenly at age 69 and never claimed a […]

We had the following question come in about Child-In-Care Spousal benefits and how they are affected by early filing: I am 66 and just began collecting SS in April $2,272/mo. My spouse, 64, has been collecting $602 since age 62 on her account. We have a disabled 23 year old child in care who is […]

The Social Security Divorced Spouse Benefit can be a bit confusing. Recently we received an email question from a reader on this particular topic. She writes: I was married for 14 years and divorced in 1990. My Ex and I were both born in 1952 and will reach our full retirement age in Oct 2018 at age […]

There has been a lot of talk around the office and with clients about taxation of Social Security benefits. Since we are talking about taxation, we are talking about Internal Revenue Code (IRC), and we all know that the IRS likes to make things a clear cut as possible**[1].  In this week’s news article I […]

The Social Security Administration publishes an annual Beneficiary Report, containing a variety of facts and figures regarding the Social Security system. This week we take a look at the top 10 highlights from the 2016 report: In 2017, over 60 million Americans will receive almost $886 Billion in Social Security Benefits. Nearly nine out of […]

Once you reach age 65 it is common practice to become part of the Medicare insurance system.  If you are also collecting Social Security benefits they will generally withhold your Medicare premiums from your SS checks instead of having you send them in separately.  For most beneficiaries, the government pays about 75% of your Medicare […]

Many people believe once they reach the age of 65 and are eligible for Medicare, their healthcare expenses miraculously go away. That is simply not the case. Medicare does not cover all your healthcare expenses in retirement. You will have Medicare Part B premiums (Part A is provided at no cost), Medigap premiums (to provide […]