Dear Hayek, In doing some research, I saw that the maximum Social Security amount, with the 2.5 percent cost of living increase in 2025, is $5,108 a month. What would someone need to do to qualify for this amount? Thanks for your help! Mo Monee — Dear Mo, Recently, the Social Security Administration set its […]
What to Do if Your Social Security Number Is Part of the Recent Data Breach
Dear Hayek, I heard recently that a massive data breach may have compromised the personal information of millions, or even billions, of Americans. How can I find out if my information was affected, and if so, what actions can I take? Thanks for your help! Dayta Breech — Dear Dayta, Personal data, including Social Security […]
Social Security Administration Issues Final Rule to Simplify Disability Evaluation Process
The Social Security Administration offers two programs that provide financial assistance to seniors and other persons living with disabilities: Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI). SSI determination is based on age/disability and limited income and resources, while SSDI is based on disability and work credits. Last year, more than 1.8 million […]
Social Security Scams Are Linked to New Higher COLA
Dear Angel, It’s 2023, and with the new year comes a new higher cost-of-living adjustment. I can’t say that I am not excited about that. Unfortunately, I heard that there are some scammers out there trying to get their hands on the bit of extra money seniors will be receiving each month. Have you heard […]
What Changed With the Social Security Statement?
Dear Hayek, I heard that the Social Security Benefits Statement has undergone a visual overhaul. What can I expect to see on the newly designed statement? Will the new format be mailed to current and former beneficiaries or only available online? Thanks for your help! Dee Zine — Dear Dee, You are correct. The Social […]
What the New Outlook for Social Security and Medicare Means for You
Each year the Trustees of the Social Security and Medicare trust funds report on the current and projected financial status of the two programs. The new 2021 annual report was just released and on a positive note, the pandemic has had a smaller impact on the Social Security trust funds than many feared. The 2021 trustee […]
Some Major Changes are Coming to Social Security this Year
Q. I read that the retirement age for Social Security purposes is set to increase by two months each year until it hits 67? I heard this is one of many significant changes to Social Security this year. What other major changes can we expect in 2021? Thanks so much for your help! A. 2021 […]
Will the Coronavirus Pandemic Affect Social Security?
Mike is 58 and hopes to retire from the government in seven years. His wife Diane will be 56 in the spring and plans to retire when Mike does. Similar to most people these days, they are staying at home and have had some time to think about their future and their retirement. Mike and […]
Social Security Error Affects Medicare Coverage For 250,000 Seniors
James and his wife Elizabeth were surprised last month when they lost their Medicare drug coverage all of a sudden. They had the same drug plan since 2013 with no issues, which is why they were so taken aback when notified that their policies were canceled. When they first received the letter in the mail, […]
Can I Have a Do-Over When it Comes to Social Security?
Q. I claimed Social Security benefits at 62, and I’m realizing that it’s too early. I am concerned that since I made the decision, I’m going to have to live with it. Will I be stuck with a reduced benefit for life, or can I change my mind? If I can change my mind about […]
If You Collect Social Security, You’re Getting a “Raise!”
Q1. My husband and I rely on Social Security for about half of our monthly income. I heard that the cost-of-living adjustment announcement by the SSA is happening this week. Do you happen to know how the COLA is determined and how much they are raising it? Q2. Also, on the topic of Social Security, […]
Social Security is 83! How to Get the Most Out of the Program
Q. My husband and I are approaching 62 years old, the year when we both first qualify for Social Security. Now that we’ve reached this point, I have a few questions about the program. I was wondering what the advantages are of taking the benefits earlier rather than later, or vice versa. Will I even […]
Is Social Security Taxable?
Q. I retired last year, and started receiving Social Security benefits. I am getting ready to do my taxes, and was wondering if I have to pay federal or state taxes on my Social Security income. My understanding was that Social Security is considered a tax-free benefit, but I heard that is not always the […]
Disabled Adult Child (DAC) Benefits
People receiving SSI benefits (and anyone else, for that matter) can qualify for Disabled Adult Child (DAC) benefits if: they became disabled prior to age 22; one of their parents paid into the Social Security system for the required number of quarters; and that parent dies, retires or becomes disabled. When the parent retires or […]
Find Out Why Only 1.5% Of Social Security Recipients Use This Program!
Q. My mother, Louise, was diagnosed with dementia when she was 60 years old. Her dementia has progressively gotten worse since then, and I am helping a lot these days with some caregiving tasks, and money matters. My mother is currently living off of Social Security only. Since I am in charge of her finances at this […]
Should You Collect Social Security Earlier for a “Happier Retirement?”
For years, Social Security experts were suggesting that seniors wait as long as they could to collect their Social Security benefits. But the tide is turning, and now, some experts are saying to go ahead and collect your benefits earlier, rather than waiting. The full retirement age is going through a slow change. However, the […]
Major Changes to Social Security Are Happening This Year
Q. I am turning 62 this year, and I am trying to figure out Social Security. Should I take it now, or wait until later? Besides figuring out this important detail, I heard that there are some major changes that are happening this year, that could help me make my decision. Can you tell me more about what is expected? A. Social Security is […]
Social Security Ends Annual Mailings
Dear Commander Bun Bun, I heard that Social Security will no longer be sending statements in the mail? Is that true, and if so, how can we find out about our benefits? Thanks! Nomar Statemenz —-Dear Nomar, As of this year, Social Security will end its annual mailings that detail how much […]
Is Social Security or Medicare Running Out of Money? What the 2016 Trustees Report Has to Say
Social Security is vital to Americans, providing workers and their families with retirement, disability, and survivors insurance benefits. Medicare is also an essential program for American seniors. Since its creation in 1965, Medicare has provided universal health care to millions. Both these programs play integral roles in our lives, and it would truly be a […]
April 29 Marks the End of a Major Social Security Loophole
Q. I remember reading an article that you published last fall about The Bipartisan Budget Act of 2015, where you mentioned that the end of file-and-suspend would be happening in six months. I am concerned about the impending deadline. Can you explain exactly when it is and what it means for those who would still […]