Biden also proposes several changes that I’d group together under the category of longevity insurance, with a goal of boosting benefits for older beneficiaries. This can be significant for clients who run the risk of running out of savings if…
Under the new Biden administration the future of Social Security and Medicare President Joe Biden has proposed reform and expansion of both that go well beyond addressing solvency. The Social Security Problem A solvency problem that may be years out…
Many people have been targeted by a Social Security scam in the past three months. In fact, the surge in Social Security is unlike anything the SSA has ever seen before. Therefore, it is important to be informed and educated…
Part 1 of our Social Security phone scam series outlined red flags to look for if you get a call from someone depending to be from the Social Security Administration. Social Security might email you or text you about programs…
Your monthly Social Security benefit is calculated based on your average monthly wage (adjusted for inflation) over your 35 highest-paid years of earnings. But you’re not entitled to that benefit in full until you reach full retirement age, or FRA.…
According to a recent report (2020 Trustees Report) actuaries examined the impact of the pandemic and recession on Social Security using most recent data. As for the impact, “significant” is the best word to describe it. The report shows that:…
Figure 1 shows Social Security’s income and cost rates over the next 75 years as reported in the 2020 Trustees Report. The average income rate did not change at all and the cost rate rose a tiny bit, leading to…
The less personal savings you have going into retirement, the more reliant you’re apt to be on Social Security. Now there’s no single savings figure that guarantees you’ll be financially secure throughout your senior years, but as a general rule,…
A Social Security application may end up in the Office of Hearings Operations (OHO). It is important to know about the OHO as your Social Security benefits may be decided by this department. The OHO employs Administrative Law Judges (ALJ)…
If you disagree with the hearing decision, you may ask for a review by the Social Security Appeals Council. The Appeals Council looks at all requests for review, but it may deny a request if it believes the hearing decision…