Social Security’s Retirement
Benefits, take at age 62? 70?, statements?,
Introduction to Social Security Retirement & Family Benefits
along with ways to get even more at retirement
When you take your Social Security benefits, they will be paid out as long as you live including cost of living increases. Social Security & Medicare, with it's preventative benefits provide a base on which to you can build a financially secure retirement. Savings and Employer and Individual Retirement Plans - pensions add on to your Social Security, as Social Security was never meant that it would be enough to enjoy retirement.
Social Security is an “entitlement” program Merriam-Webster *. This means that since you and your employer paid Social Security taxes. You qualify for these benefits based on your work history (or your spouse or parent). The amount you get is based on these earnings. Fact Sheet *
Social Security #Retirementa Benefits
Publication # 10035
- Social Security Understanding the Benefits Publication # 10024 25 pages
- Self Employed & Social Security # 10022
- Retirement Check List # 10377
- Top Ten Facts about Social Security Center on Budget & Policy Priorities
- Get an estimate of your Retirement benefits!
- 1st set up an ONLINE Social Security Account -
- You also need it to get enrolled in Medicare Parts A & B
- Your benefits will be in your account - example
- Or use this estimator on Social Security's Website
- Sample Your Social Security Statement
- 1st set up an ONLINE Social Security Account -
- 2022 COLA Cost of Living to increase 5.9% NewsMax.com *
- possible 9.6% Social Security cost-of-living adjustment in 2023 CNBC.com *
- Provisions Affecting Cost-of-Living Adjustment SSA.gov
- Money Geek - Introduction
- Links & Resources
- What you should know about your Retirement Plan DOL
- History of Social Security
- History of Medicare on cms.gov
- govbooktalk.gpo.gov happy-birthday-medicare/
- Nolo - Social Security, Medicare, Medi Cal & Government Pensions Buy Book
- Our Webpages on Retirement
Links & Resources
- Social Security’s Benefit Calculators
- Get your Personal Statement, Records and Retirement Estimate ONLINE
- Outline of Questions on Social Security
- Nolo Press Social Security, Medicare & Government Pensions – Get the most out of your retirement and Medical Benefits.
- Cost of Living Increase socialsecurity.gov/
- Spousal Benefits socialsecurity.gov/
- If your self employed – how to pay your premiums – taxes publication # 10022
- Social Security Educator Toolkit
- Department of Labor, Social Security & Medicare – Retirement Toolkit 9 pages
Social Security’s Website
FAQ’s
- Benefit Calculators
- Get your Personal Statement, Records and Retirement Estimate ONLINE
- Social Security also provides a lump-sum death payment of $255. Your spouse and young children can receive benefits equal to a $354,000 life insurance policy.
- Social Security’s disability program for an average family is equivalent to a private disability insurance policy worth over $233,000.
- Documents needed for retirement
- REQUEST FOR CORRECTION OF EARNINGS RECORD
Our Webpages on Retirement
Social Security’s Planning Tools
- Retirement Benefits Publication 10035
- What is your retirement age?,
- Use the benefit calculators to test out different retirement ages or future earnings amounts,
- More about Social Security programs,
- What happens if you work after you retire?, and
- How do certain types of earnings and pensions can affect your benefits?
- Retirement options,
- How members of your family may qualify for benefits,
- How to apply for benefits and what supporting documents you’ll need to furnish, and
- Apply for retirement benefits.
- Retirement Check List # 10377
What’s the #optimum age 62 -70 to start taking
your Social Security Retirement Benefits?
- The longer you hold off on taking your Social Security, you get an 8% increase in your check. Then you will also get cost-of-living increases. If you continue to work, that would increase your benefits too. See the official Social Security publications to the right or scroll down if you’re on a smart phone, see also the calculators & bibliography below.
- Don’t forget about Medicare @ 65
- If you plan to delay receiving benefits because you’re working, you’ll still need to sign up for Medicare three months before reaching age 65. If you don’t enroll in Medicare medical insurance or prescription drug coverage when you’re first eligible, it can be delayed and you may have to pay a late enrollment penalty for as long as you have coverage. You can find more detailed information about Medicare here or scroll down and see general brochures & videos.
- Brochures, Publications & Video’s
Bibliography
Links & Resources
- Fool.com
- SSA.gov
- Charles Schwab
- How Work Affects Your Benefits, and
- Retirement Benefits #10035
- Terry Savage.com Social Security – Still have mortgage?
- Dave Ramsey – Take Social Security early?
- Suze Orman – Optimum Age to retire
- Social Security Strategies: How to Optimize Retirement Benefits Book
Health Insurance unfortunately is very complicated
President Trump February 27, 2017
- Thus, if we haven't simplified and explained in PLAIN ENGLISH what you are looking for:
Social Security & Medicare
OFFICIAL online Enrollment and Benefit Planners
Apply ONLINE
- Apply Online For Spouse's Benefits
- Apply Online For Retirement Benefits
- OFFICIAL online Enrollment and
- Our Webpage on getting a Medicare & Social Security ONLINE Account
- When to start getting Social Security? Publication #10147
How to create a
My #SocialSecurity.Gov & My Medicare.Gov Account on SSA.gov
- Create ONLINE Account Publication # 10540 pdf
- VIDEO on advantages and saving time by creating a Social Security Account
- Our webpage on how to create a Social Security and My Medicare Account
- You need a Social Security Account Enroll ONLINE for Medicare Part A Hospital & B Doctor Visits.
- Create Social Security Account Here
-
Get estimates of future benefits based on your actual earnings, see your latest Statement, and review your earnings history.
- What can you do with a my Social Security account? pdf # 10121
- Check your application status
- explanation of benefits for recent MRI and X rays, copies of bills, Etc?
- Set up or change direct deposit
- Request a replacement Social Security card
- Get a Social Security 1099 (SSA-1099) form
- Get a proof of income letter
- Change your address
- Get New ID Cards?
- SSA 3288 Social Security - Authorization to release information
What happens to your Social Security Retirement Check, if you are still #working?
Special Earnings Limit Rule
There’s a limit on how much you can earn and still receive your full Social Security retirement benefits while working. Some people who file for benefits mid-year have already earned more than their yearly earnings limit amount. Social Security has a special rule for this situation. The special rule lets us pay a full Social Security check for any whole month they consider you retired, regardless of your yearly earnings. If you will:
- Be under full retirement age for all of 2022, you are considered retired in any month that your earnings are $1,630 or less and you did not perform substantial services in self-employment.
- Reach full retirement age in 2022, you are considered retired in any month that your earnings are $4,330 or less and you did not perform substantial services in self-employment. SSA.Gov *
Links & Resources
- How work affects Social Security Benefits – Publication # 10069
- ssa.gov/retirement/planner/while working
- Retirement Earnings Test Calculator
- Retirement Age Calculator
- Special Payments After Retirement – Bonuses, Vacation Pay, Commissions, Sick Pay, Insurance Commissions, Carryover Crops, and Other Special Payments Publication 10063
- Your payments while you are outside USA Publication # 10137
- The Payments Abroad Screening Tool
- Apply ONLINE for Retirement or Medicare
Business #Retirement Plans # 3998 Rev 11/2023
- Business Owner Retirement Plans American National
- Side by Side Chart of various retirement plans
- Retirement Plans for Small Biz
- irs.gov/retirement-plans/types-of-retirement-plans
IRS Publication 560 - Profit Sharing Plans for Small Biz Publication # 4806
- Profit-Sharing Plans Defined Benefit Plans
- Money Purchase Plans
- Employee Stock Ownership Plans (ESOPs)
- Governmental Plans 457 Plans
- Help with Choosing a Retirement Plan
- What you should know about your Retirement Plan DOL.Gov
401 K Plans for Small Business – IRS # 4222
- Retirement Plans that don't have tax benefits - you can pick and choose who gets in!
- Lots of Benefits when you participate or set up an employee retirement plan Publication # 4118
- irs.gov/retirement-plans
- saving matters.dol.gov
- dol.gov/choosing-a-plan
- irs.gov/retirement-plans-for-small-entities-and-self-employed
- dol.gov/ask-a-question
- Small Business Retirement Savings Advisor DOL.gov
- Get a Retirement Plan Proposal
- Department of Labor, Social Security & Medicare – Retirement Toolkit 9 pages
- BROKER ONLY iamsinc.com
- Our Web pages on:
#Medicare10050 and You 2025
Everything you want to know
- Steve's Video Seminar Introduction to Medicare & You
- Clear View to Medicare Patient Advocate.org - 36 pages
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- Your Medicare #Benefits # 10116
- Inpatient ONLY - How Medicare Pays for your Surgery Part A vs Part B Very Well Health.com
- medicare.gov/coverage
- What's Covered App for Smartphones
- Medicare Coverage Database Search
- medicare.gov/procedure-price-lookup
- MLN Items & Services Not Covered Under Medicare
- An Overview-05-19-23 CA Health Care Advocates Hi Cap
- Original Medicare: An Overview CA Health Care Advocates Hi Cap
- 2024 Premiums, Coinsurance & Deductibles – 10-19-23 CA Health Care Advocates Hi Cap
- Supplementing Medicare: An Overview 10-30-20 CA Health Care Advocates Hi Cap
- Enroll in Blue Cross
- Learn about UHC United Health Care
- Enroll in Blue Shield
- SCAN
- Use our scheduler to Set a phone, Skype or Face to Face meeting
- #Intake Form - We can better prepare for the meeting (National Contracting Center)
- TITLE XVIII—HEALTH INSURANCE FOR THE AGED - Medicare AND DISABLE
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- Welcome to Medicare 2022 Publication # 11095
- Our webpage on Enrolling ONLINE for Medicare Part A Hospital & B Doctor Visits
- Part A Hospital rules for zero premium
- Part B – Doctors – How to sign up – Benefits
- How to apply for Part B when you lose employer coverage - during your special enrollment period # 10012
- Fact Sheet Deciding Whether to Enroll in Medicare Part A and Part B When You Turn 65 CMS.gov 15 pages
- Medicare & You: Deciding to Sign Up for Medicare Part B VIDEO
- CMS form to fill out L 564 E to prove you had Employer Coverage and get a special enrollment period, when you retire. VIDEO
- HI CAP CA Health Care Advocates Medicare Enrollment Periods
FAQ's from Medicare.Gov
#Should I get Parts A & B?
Most people should enroll in Medicare Part A (Hospital Insurance) when they're first eligible, but certain people may choose to delay Medicare Part B (Medical Insurance). In most cases, #How
It depends on the type of health coverage you may have.
- Deciding to Sign Up for Medicare Part B VIDEO
- You must pay your Part B premium every month for as long as you have Part B (even if you don’t use it).
- If I'm low income - are there any breaks?
- Interactive Q & A from IRS on when to sign up for Medicare
- I have coverage through my spouse who is currently working.
- I have retiree coverage (from my former employer or my spouse’s former employer) or COBRA coverage.
- I have TRICARE, and I'm a retired service member.
- I have TRICARE, and I'm an active-duty service member.
- I have CHAMPVA.
- I have End-Stage Renal Disease (ESRD).
- I have Marketplace Covered CA or other private insurance.
- I don't have any of these.
- medicare.gov/should-i-get-parts-a-b
- How to apply for Part B during your special enrollment period # 10012
- Fact Sheet Deciding Whether to Enroll in Medicare Part A and Part B When You Turn 65 15 pages
- FAQ's that we did
Social Security #Survivors – Wife and Children
Death & Retirement Benefit Visit Social Security.Gov
Social Security survivors wife & children Dealth benefit provides a lump-sum death payment of $255. If you leave a wife and young children Social Security provides monthly payments roughly equal to a $354,000 life insurance policy. Get quotes for more protection
Social Securities survivors benefits can be paid to:
- A widow/widower — full benefits at full retirement age (currently age 65), or reduced benefits as early as age 60.
- A disabled widow/widower — as early as age 50
- A widow/widower at any age if he or she takes care of the deceased’s child who is under age 16 or disabled, and receiving Social Security benefits
- Unmarried children under 18, or up to age 19 if they are attending high school full time. Sometimes benefits can be paid to stepchildren, grandchildren, or adopted children
- Children at any age who were disabled before age 22 and remain disabled
- Our Webpage on DAC Disabled Adult Children
- Dependent parents at 62 or older ssa.gov/survivors * Publication 10008 *
- SSI & SSDI if disabled
Links & Resources
- Health Insurance Quotes – CA
- Government Pension Offset if survivor had pension not covered by Social Security Publication 10007
- How Social Security Can Help You When A Family Member Dies Publication 10008
- How Much Your Survivors Would Receive. SSA Website
- Nolo – Social Security, Medicare & Government Pensions – Maximize your benefits
- Retirement calculators from Social Security
- Medi-Cal Eligibility for child if parent has passed away
- Social Security #Survivors Benefits Publication # 10084
- HTML Social Security Website
- Benefits for Children # 10085
- How to apply for Child's Benefits
- Benefits for Children with Disabilities # 10026
- SSI & SSDI if disabled
- Parent's Benefits # 10036
- How Social Security can help when family member dies # 10008
- Our Webpages on
- What You Need to Know When You Get Retirement or Survivors Benefits #10077
InsuBuy International Medical Coverage –
Instant Quotes & Enrollment
Coverage for Travel - $50k Emergency under Medicare Medi Gap or MAPD Advantage may not be enough!
Nolo's Guide to Social Security Disability
We do have a reference copy in our office
Medicare A & B if you don't #live in USA
Publication 11871
Medicare just visiting Out of County Publication # 11037
- Medicare Abroad: Travel and Living Coverage Explained The Street.com
- medicare.gov/travel-outside-the-u.s.
- Our webpage on Medicare Coverage outside of USA
- FAQ - Buying Medi Gap if you live outside USA
- Get Travel Quotes & Information
*********Social Security*****
Payments if you are living outside of USA # 10137
- What if you work in two or more different Countries?
- International Social Security agreements, “Totalization agreements,” have two main purposes.
-
- First, they eliminate dual Social Security taxation, the situation that occurs when a worker from one country works in another country and is required to pay Social Security taxes to both countries on the same earnings.
- Second, the agreements help fill gaps in benefit protection for workers who have divided their careers between the United States and another country.
- Payments Abroad Screening Tool
- Learn More
Our Webpages on:
My #CPA ’s Newsletter on Retirement
RETIRING?
Not me – regardless of how one defines the word. This is a topic you cannot wait to focus on until you reach a late age. You have to plan for a long time.
There are four major concepts that override the issue of retiring. You may know these to some extent, but it’s important to refocus on these:
- The earlier you start putting away for your retirement and the more you contribute the better. That will give you the best flexibility when you get older.
- Here is something you know – people are living longer and are healthier for longer periods of time. Whatever you think is “sufficient” savings, think more.
- Because people are living longer and healthier lives, they are working longer. When I was young everything focused on the age of 65 when one retires. That is when Medicare and Social Security kicked in. People now think 65 is nothing and many people I know are working way past that age. My favorite writer said he was hanging it up when he was 87 years old. Broke my heart. He still writes a column occasionally. Like him others may be working a little less hard and taking more vacations. But if you can, there is good reason to continue working. As a professional, most of the people I know are more skilled and knowledgeable than they were 10-15 years ago. They are wiser and more experienced. They have irreplaceable skills. Many may want to keep busy and stretch out their retirement savings. Remember what happened to Bear Bryant, the famous Alabama football coach? They finally got him to retire and he was dead six months later. The bottom line is the longer you can postpone tapping your retirement assets, the better.
- Investment advisors focus on creating lots of savings. When thinking of retirement, you must likewise think of outflows. Most people think of not having a house payment as crucial. It may not make sense in some instances to pay off your house when you have a 3.5% loan, but you are earning 6% on your retirement investments. Minimizing other outflows are very important.
Delineating your income can be pretty easy. You have your social security and if you have a spouse theirs also. But then you must net that against what you must pay for your Medicare costs. Your outflows for Medicare B, D and your supplemental can add up and cut into your social security proceeds.
Next, there are the earnings from your pensions. Since most people outside of government are on defined contribution plans (401K, IRA, etc.), you must determine how much you can draw out every year and not run out of money.
That will begin to outline on what you have available for paying for your needs. It is of utmost importance that you analyze what you are going to give up of your current lifestyle and what you want to do when you retire. How often do you hear someone say when they retire they are going to do all that travelling they put off while they were working? Traveling costs lots of money even if you go on the cheap. A suggestion from a very experienced traveler — don’t wait until you retire to travel if that is what you want to do. The sooner you begin traveling the better. You will also learn more about what your reality is for travel during retirement.
Then there are the things you love to do. Baseball, theater, football, Hollywood Bowl concerts, basketball. These things cost a lot and may not fit into your budget if you have no revenue coming in from work. And there are always the big-ticket items such as helping your children or paying for your grandchildren’s private schooling. One person told us when we asked the name of the school his grandchild was attending (and he was funding) – it’s called “Dear Grandparents.”
Here are the major concerns beyond what has already been mentioned above:
- Home expenses – You may have paid off your home loan, but there are still significant outlays. People understand they must pay their home insurance and property taxes. What most people don’t plan for is the constant repairs. It seems like we don’t go a month without having to fix something. That is not considering remodeling or simply updating. Those expenditures can add up and may be out of the question unless you have significant resources set aside.
- Medical expenses – Even if you have all the elements of Medicare coverage including a supplemental plan, you can run into significant out-of-pocket expenses. Then there are dental expenses which can pile up for some people especially as they get older.
- Long-Term Care – The one insurance I tell people they should get is Long-Term Care. Almost everyone will have extensive care expenses near the end of life. We are fortunate to have a plan wherein we made payments for 10 years and are now paid up. Those plans are no longer available. You need to plan for this insurance or you will need to have large sums of money in your retirement plan.
- Loss in Asset Value – Many people experience the anxiety of thinking they are running out of money even if they are not. It is common. I had a client with $15 million in municipal bonds who acted as if she was going to be on the street the next day.
There will always be market fluctuations. It is easier to be patient with a downturn if you are still producing income. When the value of your retirement assets drop 15% because of a normal downturn in the market and you are retired — hysteria may set in.
If you figure you are going to have that happen twice during a retirement period of 20 years and plan for it early on, the anxiety is likely to be less. Most people think their portfolio is going to always be going up and that is not how markets work.
People often do not have a choice about retiring. They may work at a company or firm that has mandatory retirement even though that is less common today. Or there may be a medical condition causing retirement.
My suggestion is that you sit down and make two lists. One of what you believe your inflows are going to be (pensions, social security, rental income, etc.) and your outflows (realistic monthly expenses). Then take those to a professional who can analyze what you have included. The earlier you do this the better. If you are thinking of retiring in two years you may get an eye opening experience and decide to work two additional years. To pay a professional to analyze this instead of flying blind may be a money well spent.
You can then focus on what you are going to do when you are not working. A friend told me he has had friends retiring recently and everyone ninety days in says to him “I don’t know why I retired; I am bored to death.” That is another discussion entirely.
Please contact me Steve [email protected] or Bruce Bialosky with any questions you have about this or other matters.
https://www.dol.gov/sites/dolgov/files/ebsa/about-ebsa/our-activities/resource-center/publications/savings-fitness.pdf
https://www.dol.gov/sites/dolgov/files/ebsa/about-ebsa/our-activities/resource-center/publications/taking-the-mystery-out-of-retirement-planning.pdf
https://www.newsweek.com/neurons-different-children-autism-study-1967219