Social Security benefits are always a hot topic, even though there haven’t been many changes since 2015, when congress eliminated the file-and-suspend and restricted application claiming strategies. Nevertheless, here is an updated version of Frequently Asked Questions about Social Security benefits from our book: A Good Financial Advisor Will Tell You… 1) Can I collect …View Article
Category: Social Security
Social Security
Social Security Eliminates 2 Popular Spousal Options
We have written before about the need to reform Social Security in order to keep it solvent. It was pretty safe to assume that any changes would be unpopular. However, I never envisioned that it would happen like this. Just to be clear, the changes that were included in the “Bipartisan Budget Act of 2015” …View Article
Medicare Premiums Effect On Social Security Checks
UPDATE: Since this story was originally published, the budget deal has been finalized with a change that is important for many seniors. Due to protests and other pressures, Medicare Part B premium hikes will be more tempered than originally proposed. The original plan was that roughly 70 percent of Medicare beneficiaries who have premiums deducted …View Article
Social Security Survivor Benefits For Families
Most people reading this have known someone who died prematurely. Too often, the family’s grief is compounded by financial stress and uncertainty. The first thing that goes through my mind when I hear a story like this is, “I hope they had enough life insurance.” However, another source of financial support for these young families …View Article
Social Security System – When Will It Be Bankrupt?
It’s a trick question. Our Social Security System will never go bankrupt. However, if no changes are made to the current Social Security system, the “trust fund,” which was built up by collecting more payroll taxes than it paid out, will be depleted. Benefits would need to be reduced at that point to match the …View Article