Key Takeaway: Understanding the break-even point: The break-even point is the age at which the total amount of Social Security benefits received equals the total amount of benefits that would have been received had you delayed receiving benefits. It is important to calculate your break-even point to determine whether it makes financial sense to claim…
Key Takeaway: The Social Security Death Index (SSDI) contains information about deceased individuals who had a Social Security number. It is a valuable resource for genealogy research and other purposes. To access the SSDI, online resources such as Ancestry.com, FamilySearch.org, and the Social Security Administration’s website can be used. In-person resources such as the National…
Key Takeaway: Knowing the Social Security Withholding Limit for 2012 is important to prevent overpayment or underpayment of taxes. It is the maximum amount of earnings subject to the Social Security tax for that year and varies depending on whether you are an employee or self-employed. For employees, the Social Security Withholding Limit for 2012…
Key Takeaway: The Social Security Administration holds US Treasury Bonds as part of its trust fund to fund Social Security benefits for millions of Americans. By holding US Treasury Bonds, the SSA is able to earn interest on their investment and help ensure the long-term financial stability of the Social Security program. However, holding US…
Key Takeaway: Medicare Advantage plans can lower out-of-pocket costs and add value-added benefits for beneficiaries, allowing them to save money and potentially increase their Social Security benefits. Medicare Advantage plans are funded through Medicare premiums and subsidies, as well as reimbursements from Medicare for services provided. These funds can be used to add money back…
Key Takeaways: Social Security accumulation is based on factors such as income, employment history, retirement age, and cost of living adjustments (COLAs). Maximizing Social Security accumulation can be done by delaying benefits, avoiding early withdrawals, and working during retirement. Careful consideration of these factors and strategies can lead to a more secure and comfortable retirement…
Key Takeaway: Building business credit without a social security number can be challenging, but it is possible by establishing your business as a separate legal entity and obtaining an Employer Identification Number (EIN) from the IRS. Business credit is important because it provides financing opportunities for your business, improves your credibility with vendors and suppliers,…
Key Takeaway: The taxation of Social Security benefits began in 1984, under the Social Security Amendments of 1983. These amendments were made to address the long-term funding of the Social Security program. Under current rules, up to 85% of Social Security benefits can be subject to income tax, depending on the recipient’s combined income. The…
Key Takeaway: Social Security delays can occur due to administrative and eligibility issues, such as incomplete paperwork, errors in information, insufficient work credits, or changes in income or marital status. To address administrative issues, individuals should contact the Social Security Administration, provide missing information, or appeal a decision. For eligibility issues, individuals may need to…
Key Takeaway: Eligibility for Social Security Benefits: To be eligible for Social Security benefits, you must have earned a certain number of credits based on your age and earnings. You must also be at least 62 years old and have retired or have a disability that prevents you from working. Applying for Social Security Benefits:…
Key Takeaways: Social Security garnishment is a legal process where funds are taken from your Social Security benefits to repay debts owed to creditors. To stop Social Security garnishment, you must determine the reason for garnishment, seek legal advice, file for exemption, or request a payment plan. If you disagree with the garnishment, you can…
Image credits: retiregenz.com by James Duncun Personal Identification Documents Verification of personal identity is crucial when applying for widow’s benefits Social Security. Provide proof of identity using documents such as a driver’s license, passport, or state-issued ID card, along with an original copy of their birth certificate or immigration documents. All submitted documentation must be…