Results for "social security"

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Graying of America will put pressure on Social Security reform

March 16, 2018

Investment News readers and audiences who attend my Social Security seminars around the country frequently ask me when I think Congress will tackle Social Security reform. I joke that my crystal ball looks more like a blurry snow globe when...

Public employee retirement systems could face shortfalls as retirees outnumber workers

March 14, 2018

For those worried about the ability of U.S. state and local governments to cover promised pension checks, the Census Bureau announced a milestone that should add to their fears: by 2030, for the first time, senior citizens will outnumber children....

Social Security budget cuts lead to declining customer service

March 12, 2018

A month before my husband Mike turned 66, he received a letter from the Social Security Administration reminding him that he could start receiving unreduced retirement benefits at his full retirement age, even if he continued to work, or he...

Social Security and divorce: Mary Beth Franklin answers your questions

March 7, 2018

During a recent webinar on how to maximize Social Security benefits, I received a question from an attendee that perfectly summarizes the type of challenge that many financial advisers face when trying to help divorced clients create a secure...

Chipping away at entitlement reform

March 5, 2018

The 2034 deadline when the Social Security trust funds are scheduled to run dry gets closer every day. At that point, there would be enough revenue from earmarked payroll taxes to pay about 75% of promised benefits — assuming Congress does...

Social Security: Advisers must stay current on regulations

March 3, 2018

Imagine finding​ out that your widowed mother's monthly Social Security benefit check was less than she was entitled to. You'd likely be furious and more than a little ashamed for not having watched out for her best interests more closely....

Future retirees more vulnerable to income shocks

February 21, 2018

The two major shocks that hit the elderly today are a spike in medical expenses and a sharp drop in income upon becoming a widow. While some of today's retirees are financially fragile, most appear able to absorb shocks without incurring hardship,...

Social Security underpaid 82% of dually entitled widows and widowers

February 16, 2018

I read a lot of audit reports from the Social Security Administration's Office of Inspector General, but I don't think I have ever read one as damning as the one issued on Valentine's Day. The purpose of the internal audit was to determine whether...

Tough tax season for victims of Social Security hack

February 13, 2018

As if discovering that someone fraudulently claimed Social Security benefits on your account wasn't bad enough, victims of recent identity theft now have to contend with another bureaucratic headache: 1099 forms documenting reportable income...

Online Social Security accounts are just the first step in preventing identity theft

February 8, 2018

A disturbing trend has come to my attention thanks to a loyal InvestmentNews reader: Americans who have dutifully set up personal online Social Security accounts are still vulnerable to having their benefits stolen out from under them. Robert...

Edelman launches initiative to get D.C. to focus on retirement security

February 1, 2018

A prominent investment adviser and a Washington think tank are joining forces to try to get Congress to address policies that help people save for retirement and live comfortably in retirement. Ric Edelman, founder and executive chairman of...

Timing is crucial for Social Security and Medicare

January 29, 2018

Sometimes the most important advice I can give readers is, "Don't do it!" For example, one reader wrote to me recently asking if she should collect benefits on her ex-husband's earnings record now, at age 65, and later switch to her own larger...

Social Security payments to continue during government shutdown

January 22, 2018

Social Security payments to retirees, survivors and eligible family members, as well as Supplemental Security Income payments to low-income elderly and disabled recipients, will continue with no change in payment dates during the government...

Tax reform: 7 essential strategies for financial advisers

January 13, 2018

There's both good news and bad for financial advisers in the new tax law: While advisers face the difficult task of analyzing the law's impact, they will also have a significant opportunity to prove their value by implementing money-saving strategies...

Social Security rules for new retirees

January 8, 2018

I've received several questions from financial advisers recently asking what will happen to their clients who claim Social Security this year after they have already earned more than the annual earnings limit. Will their benefits be reduced...

January surprise of vanishing Social Security COLA

January 5, 2018

Now that it's January, financial advisers should prepare themselves for an onslaught of questions from clients asking why their monthly Social Security check stayed the same or even declined this month. After all, weren't Social Security benefits...

Clients need help filing Social Security disability claims

December 27, 2017

When financial advisers discuss Social Security benefits, it is usually in the context of counseling clients when to claim retirement benefits and the impact of that decision on the amount of survivor benefits for the remaining spouse. But one...

New Social Security rules trip up widow's adviser

December 22, 2017

Whenever I conduct Social Security seminars for consumers and financial advisers around the country, I tell audiences that retirement benefits and survivor benefits represent two separate pots of money. Generally, if you are entitled to both,...

Medicare surcharge notices are shocking retirees

December 5, 2017

There's a new Grinch in town and her name is IRMAA. That's shorthand for the Income-Related Monthly Adjustment Amount notices that the Social Security Administration sends at the end of each year to inform Medicare enrollees how much they will...

Young boomers have some advantages over older counterparts

December 2, 2017

It's not all bad news for younger boomers. In fact, they have more than a few things going for them: 401(k)s and other workplace savings. Younger boomers are more likely to be automatically enrolled in a 401(k) plan, and those plans are also...

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