Bigger Paychecks, More Worries
In Utah, people are seeing bigger checks, as they no longer have to contribute to the Social Security fund. However, elderly people are worried about the long-term implications.
Starting this month, workers’ paychecks will be a little fatter because President Barack Obama, Congress and tax-cut advocates pushed through a one-year provision that lops 2 percent off the usual mandatory contribution to the Social Security Trust Fund.
The idea is that Americans will spend the money and stimulate the economy. But low-income elders say they fear potential long-term effects on Social Security, often all that stands between them and abject poverty.
Colleen Martinez, who lives in senior housing in Salt Lake City, said if the tax holiday leads to cuts in her benefits, her life would shatter. “I’d have to live with my children,” said Martinez, 63. “Or on the street.”
Said Win Hunnewell, 72, “I’d be under the viaduct.”
Martinez and Hunnewell were among visitors at the Friendly Neighborhood Senior Center on a recent January morning. They and other seniors interviewed at the center said the tax holiday… continue reading
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How To Increase Social Security Benefits
The Social Security Administration has taken steps to prevent people from increasing their benefits. However, there are still some ways that people can maximize their benefits legally.
BOSTON (MarketWatch) — The Social Security Administration recently put the kibosh on a technique some retirees were using to boost their monthly benefits. But even though that loophole is essentially closed, experts say there are still plenty of ways households can legally maximize the amount of income they receive from Social Security.
In December, the SSA said retirees essentially can no longer do what are called do-overs, or the free-loan strategy. Here’s how it worked: You claim benefits at a given age and then years later repay what you received, pay no interest, and then file for benefits again, getting a higher monthly amount because you delayed filing until a later age. Read MarketWatch’s story on Social Security do-overs, from 2008.
“This strategy is equivalent to a ‘no interest’ loan from Social Security,” said Boston College’s Center for Retirement… continue reading
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Using IRAs to Boost Retirement Funds
A lot of Americans expect to receive Social Security to help with living expenses once they retire. However, Social Security is set to run out completely, making it that much more important to ensure your own future.
Many Americans depend on to some extent on Social Security to finance their retirement years and to provide their beneficiaries with financial support; however, according to projections made by the Trustees of the Social Security Fund, the fund assets will begin to be depleted by 2024 and are projected to be exhausted in 2037. As a result, it’s imperative that individuals find out ways to save for retirement. If you’re lucky, you may have an employer-sponsored plan, but you can also supplement your retirement nest egg by funding personal retirement plans such as Individual Retirement Accounts (IRAs). Let’s look at some of the features and benefits of IRAs.
Traditional IRAs
A Traditional IRA may be funded by an individual who receives taxable compensation during the year and is under the age of 70.5. If you are married and not currently employed, your spouse may fund your Traditional… continue reading
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Age to Increase for Collecting Benefits
There are new plans to implement a new increased age that Americans can collect Social Security benefits. At the moment most people can collect the benefits at 62, which could increase to 67 by 2050.
David Certner, legislative policy director for the association, says his members fully support efforts to rein in federal spending, but that upping the age for Social Security eligibility isn’t the right way to go about it. Raising the wage cap (currently $106,800) would be better.
Right now most Americans get their full benefits starting at age 62. But under a draft plan floated by the co-chairmen of President Obama’s Commission on Fiscal Responsibility and Reform, the retirement age would rise, indexed to longevity. It would reach 67 by 2050 and 69 by 2075.
Frenchmen have rioted for less.
In fact, social strife in Europe over benefit cuts was one of the factors that prompted Congress to deal finally with Social Security’s problems, before they reach a similar crisis stage.
The idea of raising the retirement age was dealt a setback in November when the… continue reading
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Retirement Age On the Rise
Baby boomers have to face a longer working life, as the age for collecting social security is 66. There are even new proposals to fix the federal deficit that would increase the age to collect full benefits to 69.
The average Social Security retirement payment is just $1,170 a month. But for those who need it, it’s vital: For 20% of married retirees and 40% of single retirees, Social Security is 90% or more of their income.
The argument for increasing the retirement age comes down to longer life expectancy. Better nutrition and medical care have extended lifespans well beyond what they were in 1950. And the longer people live, the longer Social Security and other retirement plans will have to pay benefits.
In 1950, a typical 65-year-old lived an average of 13 more years. A typical man who turns 65 next year can expect to live another 18 years, according to the American Academy of… continue reading
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Baton Rouge Social Security Lawyers – Get a top-rated Social Security attorney in Baton Rouge LA
We are experienced in Social Security Disability claims for residents in and around the Baton Rouge area. We can help you get you the benefits you deserve.
Why You Need Baton Rouge Social Security Lawyers
More than 60% of all Government Benefit claims are denied on the first submission and this happens for many reasons. There could have been a missing document or one was filed incorrectly, medical records may be incorrect or inconclusive or the case may have been simply presented unclearly.
But just because it was denied doesn’t mean it’s the right decision. Having an experienced lawyer challenge the denial can greatly increase your ability to not only be approved but approved with back pay.
Who Qualifies for SSI or SSDI?
Anyone who has a disability that deems them unable to provide a gainful income that will last for more than 12 months or will result in death is eligible for the benefits. The main difference between the two benefits is that SSDI is given to the member or a family member that has built up enough work credits and the SSI benefit is based solely on financial need. Both benefits come with Medicaid health coverage. It is often recommended that if you are filing a disability claim that you file for both SSDI and SSI benefits.
Our Promise
Our Baton Rouge Social Security Lawyers are dedicated to serving those in need of SSI or SSDI benefits. This focus allows our attorneys to have a high success rate. We are good at what we do and we are committed to helping your get the benefits you’re entitled to.
Call us today to set up a free consultation to discuss your case. Start getting the benefits you deserve!
