Key Takeaway: Understanding social security benefits for seniors is crucial to making ends meet: Seniors should educate themselves about their benefits and eligibility requirements to maximize their income and avoid financial hardship. Personal financial responsibility plays a big role in senior’s ability to live on social security: Seniors should develop a budget plan, reduce living…
Key Takeaway: Understanding Social Security check deductions: Social Security check deductions are a portion of your earnings that are deducted to fund various programs, such as Social Security taxes, Medicare premiums, and wage garnishments. Finding out what is deducted from Social Security check: You can check your Social Security statement, log in to your Social…
Key Takeaway: Penalties can apply for filing a 1099 without a social security number: Businesses and individuals must include social security numbers on their 1099 forms, and failing to do so can result in penalties from the IRS. The severity of the penalties depends on the circumstances: If a taxpayer makes a good-faith effort to…
Key Takeaway: If your social security card has been stolen, you need to act quickly to protect your identity. The first step is to contact credit bureaus and financial institutions to alert them of the stolen card and put a fraud alert on your accounts. Filing a police report is also important in order to…
Key Takeaway: Social Security benefits can provide financial support for widows after the loss of their spouse. Eligibility criteria include age, marital status, duration of marriage, and offspring dependency. The amount of Social Security benefits a widow receives is affected by factors such as full retirement age, early retirement reduction, and maximum benefit amount. Additional…
Key Takeaway: Social Security Tax is a payroll tax that provides retirement, disability, and survivor benefits to individuals and their families. The Social Security Tax rate in 2017 was 6.2% for employees and employers, with a maximum taxable income of $127,200. Self-employed individuals must pay both the employee and employer portion of Social Security Tax,…
Key Takeaway: The Social Security Trust Fund is projected to run out of money by 2034: This means that if no action is taken to address the funding shortfall, beneficiaries may face benefit cuts or higher taxes to sustain the program. The depletion of the Trust Fund is influenced by demographics and economic conditions: As…
Key Takeaway: Social Security Form SSA-44 is used for requesting a waiver of premiums for Medicare Part B, Part C, and Part D, based on financial hardship or exceptional circumstances. It is important to carefully review and fill out the form accurately to avoid delays or denial of premium waiver requests. To obtain Social Security…
Key Takeaway: The Social Security Trust Fund was established to provide financial stability for retired and disabled citizens, and has a long history dating back to the 1930s. The issue of mismanagement has plagued the Trust Fund, with allegations of theft and other forms of financial malfeasance. Government response to the issue has been mixed,…
Key Takeaway: The Social Security Number (SSN) can be found on bank statements to verify the identity of the account holder and ensure security. For checking account statements, the SSN can be found on both online banking and paper statements. For savings account statements, the SSN can also be found on both online banking and…
Key Takeaway: A Social Security CD is a type of certificate of deposit that is offered exclusively to individuals who receive Social Security benefits as a way to earn higher interest rates and guaranteed returns on their savings. Opening a Social Security CD can provide beneficiaries with a safe and secure way to invest their…
Key Takeaway: Identify your reason for contacting the Social Security Office: Before making an appointment, it’s important to determine why you need to contact the Social Security Office. This will help you schedule the right type of appointment and ensure that you have the necessary documentation and information. Determine the availability of appointments: You can…