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Public Sector Retirement News

April 26, 2024

Federal Employee Retirement and Benefits News

Tag: Social Security

Social security

 

Being on Medicare Means No Money in a Health Savings Account

/by marvin dutton

Congress is discussing if a Health Savings Account (HSA) would be authorized for Medicare recipients.

However, it would alter a few of the advantages of HSAs for those over 65.

The Health Savings for Seniors Act (H.R. 7435) was recently filed in the House of Representatives and is a bipartisan effort to allow Medicare beneficiaries to contribute to HSAs once again. As more people use HSAs with their workplace health plans, the number of people eligible for Medicare at age 65 is expected to rise.

Elizabeth Gavino, founder of Lewin & Gavino and an independent broker and general agent for Medicare insurance, noted that many customers who have opened HSAs assume they may continue contributing to the HSA after enrolling in Medicare.

What are the compromises made by the legislation? It would be impossible to pay Medicare premiums using HSA withdrawals, which are presently permitted. It would also abolish penalty-free withdrawals for non-medical costs for those 65 and older.

According to an estimate by financial consultancy Devenir, 32 million of these accounts will be by the end of 2021, an increase of 8% from 2020, with a total value of $98 billion. By 2024, the company expects that number to rise to 38 million accounts and $150 billion in assets.

Annual Contributions to HSAs

Individual HSA contributions are capped at $3,650, and family contributions are capped at $7,300 in 2022. (Next year’s limitations will be increased.) People over 55 can contribute an additional $1,000 yearly to their retirement accounts.

Withdrawals from HSAs are tax-free as long as they are used to pay for eligible medical expenditures, and contributions can be deducted from taxable income. According to a 2021 report from the Kaiser Family Foundation, over 28% of workers have such a plan, up from 17% in 2011.

A Health Savings Account (HSA) is only available to those with a high-deductible medical plan, and Medicare is not one of them. Health savings accounts (HSAs) can be used to pay medical bills, but beneficiaries cannot open a new HSA or make contributions to an existing one.

Medicare Part A (hospital coverage) and Part B (prescription drug coverage) can be signed up for at 65. However, many people continue to use their employer’s health plan in addition to Medicare (outpatient care). To continue making pretax contributions to an HSA, they must delay signing up for Medicare if the employer plan is high-deductible.

High-Deductible Health Plan for 2022

High-deductible health plans in 2022 must-have deductibles of at least $1,400 for an individual or at least $2,800 for family coverage and annual out-of-pocket payments (not including premiums) of no more than $7,050 (for an individual) and $14,100 (for a family), respectively (family plan). Out-of-pocket expenses are not included.

Medical Savings Accounts (MSAs), comparable to Health Savings Accounts (HSAs), are available under the Medicare program, although just 5,600 beneficiaries were enrolled in health plans that utilized them in 2019.

Some Medicare beneficiaries may choose a high-deductible Medicare Advantage Plan that includes one of these MSAs. Individuals cannot make contributions to these accounts. However, you can take tax-free withdrawals from the plan to pay for medical expenditures, which may fluctuate yearly depending on the insurer.

Contact Information:
Email: [email protected]
Phone: 2129517376

Bio:
M. Dutton and Associates is a full-service financial firm. We have been in business for over 30 years serving our community. Through comprehensive objective driven planning, we provide you with the research, analysis, and available options needed to guide you in implementiong a sound plan for your retirement. We are commited to helping you achieve your goals. Visit us at M. Dutton and Assoiciates.COM. Tel. 212-951-7376: email: [email protected].

Social Security Differences by Gender

/by mickey elfenbein

While the numbers for your “average” Social Security recipients are reported regularly by the Social Security Administration (SSA), the statistics can vary depending on many factors. From gender to years spent within the labor force and lifespan and overall earnings, the Social Security Administration (SSA) computed the data differently. By pulling the numbers from the Department of Labor (DOL), Social Security Administration (SSA), and Bureau of Labor Statistics (BLS), we can determine the most vital figures by gender.

The existence of a gender-based pay gap is a historical fact based on the available data, with men and women earning vastly different salaries. Because Social Security benefits are dependent upon a citizen’s lifetime earnings, the pay gap continues in retirement through Social Security payouts. A report released by PayScale noted that, in 2022 alone, women earned 82 cents for every dollar their male counterparts earned.

The income earned by an individual, regardless of gender, plays a vital role in the final determination of qualifying Social Security benefits. On average, men have higher incomes than women, which means their Social Security retirement benefits will also be higher. Furthermore, men have a higher level of participation in the workforce than women, meaning fewer women participate in Social Security contributions overall.

On average, women continue living longer lives than men, producing unique data within the Social Security system. As such, women make up more than 55% of Social Security benefit recipients, whereas men make up 45% or less. Over the course of a lifetime, this information helps even out payout balances. While men receive a higher payout, women receive payouts for a more extended period.

These differences can be dramatic, with retired male citizens earning $1.7k per month on Social Security, compared to women receiving an average of $1.3k. With more women taking on part-time work than men, it’s easy to see how these rates are so different from one another. Ultimately, these payout differences equate to a 24% difference across the board, further highlighting the issues associated with gender-based pay gaps in the United States.

Contact Information:
Email: [email protected]
Phone: 6122163911

Bio:
Mickey Elfenbein specializes in working with Federal Employees relative to their retirement benefit plans, FEGLI, TSP, Social Security and Medicare, issues and solutions. Mr. Elfenbein’s mission is to help federal employees to understand their benefits, and to maximize their financial retirements while minimizing risk. Many of the federal benefit programs in place are complicated to understand and go through numerous revisions. It is Mr. Elfenbein’s job to be an expert on the various programs and to stay on top of changes.

Mickey enjoys in providing an individualized and complimentary retirement analysis for federal employees.

He has over 30 years of senior level experience in a variety of public and private enterprises, understands the needs of federal employees, and has expertise built on many years of high-level experience.

Wondering About A Divorcee’s Social Security Benefit? Here’s What You Need To Know

/by mark heinrich

When going through a divorce, Social Security is the last thing on your mind. But divorce can affect how much Social Security you get when you retire. In some cases, you may get a more considerable benefit than expected, while you may get nothing in others. Here’s how divorce and Social Security work together and how to plan to maximize your benefits.

Qualifying under your work record

The Social Security Administration (SSA) bases retirement benefits on the retiree’s work history. To be eligible for Social Security benefits, you must have worked for at least 40 “quarters of coverage” or ten years. You’ll get your full benefit at 67. However, you’ll reduce it if you claim it at 62 or increase it if you wait until 70. If you qualify for your own Social Security benefits, your divorce may have no impact on them. The SSA will compare your work record benefit to any potential spousal benefit, and you’ll get the higher of the two.

Spousal benefits for shorter marriages

Sadly, many divorced spouses don’t qualify for Social Security benefits, especially if they were homemakers before the divorce. If you were married less than ten years before the divorce, you’re ineligible for spousal benefits. That can be problematic for stay-at-home spouses with no work history. In that case, you’ll have no Social Security benefit and have to fund your retirement with outside savings and investments.

Spousal benefits if married for at least ten years

If you were married for at least ten years before divorcing, you might be eligible for Social Security benefits. Spouses married for ten years or more are entitled to the same spousal benefits. The ex-spouse pays no penalty and keeps their full retirement benefit.

Remember that if you remarried, you wouldn’t be eligible for a spousal benefit unless you were over 60.

The amount of a spousal benefit

The base spousal benefit is 50% of the primary beneficiary’s payment. You lose money if you retire before the Full Retirement Age (FRA)â€â€67 for those born after 1960. If you claim at age 62, your benefit may be reduced from 50% to 32.5% of the primary worker’s benefit. Waiting until 70 increases your Social Security benefit, but not spousal benefits, which are capped at 50% of the primary beneficiary. However, even that amount could be generous if you don’t qualify for your own Social Security benefit due to a lack of work history.

For those born before Jan. 2, 1954

You can still file and suspend if you were born before Jan. 2, 1954. That means you can file for spouse benefits at full retirement age and suspend your primary benefits immediately. Then, at 70, you can move from your spouse’s benefit to your own, presumably greater benefit. This procedure is no longer authorized. However, it’s grandfathered for people born before Jan. 2, 1954.

The spousal Social Security benefit

The most straightforward approach for claiming spousal Social Security is online. Other options are going to a Social Security office or calling 800-772-1213. You’ll need to present confirmation of citizenship or legal alien status and your final divorce judgment. The SSA will also ask for your name, gender, Social Security number, birthplace, job, and marriage(s). If you’re eligible, tell the SSA when you want to start receiving benefits, and they’ll take care of the rest.

Contact Information:
Email: [email protected]
Phone: 9187441333

Bio:
Mark, a lifelong Tulsan graduated from Westminster College, Fulton, Missouri with a Bachelor of Arts in Accounting. Mark served in the United States Army as a Captain in the 486th Civil Affairs BN. Broken Arrow, Oklahoma and retired in 1996. Mark is married to his high school sweetheart Jenny and has four beautiful children. Mark’s passion for his work, which includes over 20 years in the Financial Industry started as an Oklahoma State Bank Examiner. Mark examined banks throughout Oklahoma gaining a vast knowledge and experience on bank investments, small business and family investments. Mark’s experiences include being formally trained by UBS Wealth Management, a global investment firm where he served as a Financial Consultant specializing in Wealth Management for individuals & families. Mark is a licensed Series 24 and 28 General Securities Principal and an Introducing Broker Dealer Financial Operations Principal. Additionally, Mark is a Series 7 and 66 stockbroker and Investment Advisor focusing on market driven investments for individuals, businesses and their families. Mark specializes in providing financial knowledge, ideas, and solutions for federal employees, individuals, families and businesses. We serve as your advocate, and assist you in the design and implementation of financial strategies while providing the ideas to maximize your security and wealth. Our goal is to give you maximum control of your financial future. We provide the expertise to help you with personal issues such as: practical tax Ideas, risk management, investment solutions, and estate preservation. Additionally, we’ve counseled hundreds of employees on their transitions from careers in federal government, and private industry to their next life stage, whether that is retirement or a second career. We specialize in devising strategies that roll your TSP, 401(k), pension plan, to a suitable IRA to meet your objectives.

Disclosure:
Securities offered through GRF Capital Investors, Inc., 6506 South Lewis Avenue, Suite 160 Tulsa, OK 74136 Phone: 918-744-1333 Fax: 918-744-1564 Securities cleared through RBC Capital Markets, LLC. 60 South 6th St., Minneapolis, MN 55402 Member FINRA www.finra.org / SIPC www.sipc.org Broker Check http://brokercheck.finra.org/

What You Need To Know About Social Security if You Remarry

/by bill hoff

There is more to Social Security than merely a source of income in old age. Social Security also provides spousal and survivor benefits, as well as disability and child benefits.

However, if you divorce and then remarry, the arithmetic underlying these advantages takes on an additional degree of complication. If you’re remarrying, you’ll want to talk to a tax professional or someone from the Social Security Administration about how your benefits may be affected.

Do You Know What Spousal Benefits Exist?

Social Security payments are always paid at the greatest level possible when applying. More of your benefit, based on prior employment records or up to 50% of your spouse’s benefit, is available for married couples.

This spousal benefit doesn’t affect the primary beneficiary’s payout. However, if your spouse is entitled to $2,000 per month in spousal benefits and has never worked, you may also be eligible for up to $1,000 per month. Couples are eligible for up to $3,000 in grants.

Spousal benefits are available to those divorced for at least ten years and are at least 62 years old. The regulations for spousal benefits, on the other hand, alter when you remarry.

Who Qualifies for the Survivor Benefits?

To qualify for Social Security survivor payments after the death of your spouse, you must be a widow or widower. These benefits should be claimed as early as age 60 to collect 71% of the deceased’s pension.

If you wait until full retirement age, which is 67 for individuals born in 1960 or after, you will be eligible for the deceased’s entire payout. If you and your ex-spouse were married for at least ten years, you are still eligible for spousal and survivor benefits. You may also qualify for a $255 death benefit if you and your spouse are still living together.

It is possible to alter your claim to the survivor benefit if your spouse dies after you begin collecting spousal benefits. Your surviving benefits may be affected by remarriage in the same way that spousal benefits would be.

How does Remarrying Affect Your Benefits?

Your Social Security benefits will be altered if you decide to remarry. When you remarry, your ex-marital spouse’s benefits are no longer available to you. Instead, you’ll be bound to your new spouse’s compensation plan. This is the same with your survivor’s benefits, which are likewise nullified by a subsequent marriage.

It’s worth noting that if you get married again beyond 60, your ex-record spouse can still be used to get you survivor’s benefits. Remarrying before your 60th birthday may allow you to get survivor benefits based on the earnings record of your deceased spouse if the marriage fails.

Contact Information:
Email: [email protected]
Phone: 2178542386

Bio:
Bill and his associates of Faith Financial Advisors have over 30 years’ experience in the financial services industry.
He has been a Federal Employee (FERS) independent advocate and an affiliate of PSRE, Public Sector Retirement Educators, a Federal Contractor and Registered Vendor to the Federal Government, also an affiliate of TSP Withdrawal Consultants.
Bill will help you understand the FERS Benefits and TSP withdrawal options in detail while also helping to guide you in your Social Security choices.
Our primary goal is to guide you into your ment with no regrets; safe, predictable, stable and for life using forward thinking ideas and concepts.

Bullet points:
> Financial Services consultant since 1984
> FERS independent advocate and an affiliate of Public Sector Retirement Educators (PSRE), a Federal Contractor and Registered Vendors to the
Federal Government
> Affiliate of TSP Withdrawal Consultants
> His goal is to guide individuals into retirement with safe, and predictable choices for stability using forward thinking ideas and concepts.

Why I Consider My Social Security Benefits to Be a Bonus When I Retire

/by mickey elfenbein

Social Security generally provides a large amount of seniors’ income. Some seniors depend solely on such perks for financial assistance. However, I don’t plan to rely on retirement benefits. That doesn’t mean I won’t profit from the program. There are rumors that Social Security could soon run out of money, but the worst-case scenario is benefit cuts. These cutbacks will end the program. Despite this, I approach Social Security differently. I won’t depend on those benefits to entirely fund my senior living costs. I see Social Security as extra money. Why?

Social Security was founded with good intentions. However, it falls well short of expectations in current times when it comes to assisting elders alone.

The program was never meant to be seniors’ sole source of income. In the past, businesses gave pensions to long-term workers. Currently, the private sector has mostly abandoned this strategy. Individual employees must now save to supplement Social Security income.

The amount of your pre-retirement income that Social Security will replace will only be 40%. If you make more than the average, the percentage of your pay that your benefits will replace will be even lower than if you make the average. Retirees need 70 to 80% of their prior salary to live comfortably. As a result, relying heavily on Social Security may be a dangerous option.

I’ve also mentioned benefit cuts. If Congress doesn’t solve Social Security’s financial problems quickly, the scenarios above might happen in a little over a decade. If benefits are cut, they will replace less income.

Due to these and other circumstances, I won’t invest too much in Social Security. I also believe it’s necessary to be active in planning for the forthcoming event, which means I must work harder to save money for my 401(k).

I control how much I save. I can work more and make wise spending choices to save for retirement. I can’t depend too much on Social Security’s benefits since I can’t control its future.

Because of this, I find it easier to consider Social Security money supplementary rather than necessary for daily needs. I plan to construct a retirement budget that considers how much I may withdraw from savings and how much I can earn via part-time work.

If my Social Security payment is more than expected, I’ll have more money for my hobbies and interests. If I don’t use it all, I may gift it to loved ones or donate it.

But I don’t want to be worried about losing my benefits or having the program changed without my input. If I don’t rely on Social Security, the strain will ease. If you’re like most Americans, your retirement savings are several years behind. Knowing several “Social Security secrets” may boost your retirement income.

Contact Information:
Email: [email protected]
Phone: 0

Bio:
Mickey specializes in working with Federal Employees relative to their retirement benefit plans, FEGLI, TSP, Social Security and Medicare, issues and solutions. His mission is to help federal employees to understand their benefits, and to maximize their financial retirements while minimizing risk. Many of the federal benefit programs in place are complicated to understand and go through numerous revisions. It is Mickey’s job to be an expert on the various programs and to stay on top of changes.

Mickey enjoys in providing an individualized and complimentary retirement analysis for federal employees.

He has over 30 years of senior level experience in a variety of public and private enterprises, understands the needs of federal employees, and has expertise built on many years of high-level experience.

The 2023 COLA For Federal Retirees

/by bill hoff

According to the Bureau of Labor Statistics (BLS), the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) grew 8.9% over the past 12 months to an index level of 284.575 (1982-84=100). 

Before seasonal adjustment, the index climbed 0.5% in April.

Estimated 2023 COLA Trend (FERS / CSRS / Social Security)

The calculation of the 2023 COLA estimate

The Cost-of-Living Adjustment (COLA) for each year is calculated by comparing the change in the CPI-W from year to year using the average of the third-quarter months of July, August, and September. For the third quarter of 2021, the average CPI-W was 268.421.

The amount of a COLA is calculated by the percentage change in the base quarter price index from the prior year to the year the COLA is to take effect (the final value is adjusted to the closest 1/10th of 1%).

The trend toward a 2023 COLA as of April 2022 is: (284.575 – 268.421) / 268.421 x 100 = 6.018 (adjusted to the closest 1/10th of 1% = 6%)

The May Consumer Price Index (CPI) is set to be issued on June 10, 2022.

The Social Security Administration (SSA) will publish the official 2023 COLA in mid-October 2022. The SSA will compute the percentage change in average prices between the third quarter of this year (ending September 30) and the prior year’s third quarter.

Contact Information:
Email: [email protected]
Phone: 2178542386

Bio:
Bill and his associates of Faith Financial Advisors have over 30 years’ experience in the financial services industry.
He has been a Federal Employee (FERS) independent advocate and an affiliate of PSRE, Public Sector Retirement Educators, a Federal Contractor and Registered Vendor to the Federal Government, also an affiliate of TSP Withdrawal Consultants.
Bill will help you understand the FERS Benefits and TSP withdrawal options in detail while also helping to guide you in your Social Security choices.
Our primary goal is to guide you into your ment with no regrets; safe, predictable, stable and for life using forward thinking ideas and concepts.

Bullet points:
> Financial Services consultant since 1984
> FERS independent advocate and an affiliate of Public Sector Retirement Educators (PSRE), a Federal Contractor and Registered Vendors to the
Federal Government
> Affiliate of TSP Withdrawal Consultants
> His goal is to guide individuals into retirement with safe, and predictable choices for stability using forward thinking ideas and concepts.

7 Things You Should Know About Claiming And Maximizing Your Social Security Benefits

/by mark heinrich

As you get closer to retirement, your decisions can significantly impact how much money you get from Social Security, some of which are irreversible.

Be aware of these 7 crucial factors

1. Full Retirement Age of Social Security

Your monthly benefit amount will vary depending on whether you claim your Social Security payments a few years before or after reaching Full Retirement Age (FRA).

Your Social Security’s FRA is when you are eligible for 100% of your Social Security benefits. Beneficiaries born between 1943 and 1954 have an FRA of 66, which eventually increases to 67 for those born in 1960 or after. Your benefits can decrease if you apply for benefits before FRA. If you register at the age of 62, your benefits could be reduced by up to 30%.

2. How Do You Qualify for Social Security Benefits?

You must earn a minimum of 40 “credits” throughout your employment to be eligible for Social Security benefits in retirement. You can earn up to four credits every year. Hence, qualifying for Social Security takes 10 years of labor.

3. What Factors Go Into Determining Your Social Security Benefits?

To compute your primary insurance amount (PIA), Social Security considers your highest 35 years of earnings, adjusted to a national average salary index. The years without earnings will be reported as zero if you have less than 35 years of earnings.

The amount of Social Security benefits you can get is determined by your retirement age. The maximum monthly benefit for someone reaching Full Retirement Age (FRA) in 2022 is $3,345. The maximum monthly amount for someone filing at age 70 is $4,194. The maximum monthly benefit for someone retiring early, at age 62, is $2,364.

4. The Social Security Cost-of-Living Adjustment (COLA) is made every year

One of the finest aspects of Social Security benefits is that they are adjusted annually for inflation by the government, which helps you keep up with rising living costs.

Because the COLA is based on changes in a federal consumer price index (CPI), its magnitude is determined mainly by the government’s overall inflation levels, which are different from those used in the monthly consumer price index (CPI) by economists and others.

5. The longer you wait to file for Social Security, the higher your monthly benefits will be.

You can file for Social Security benefits as soon as you turn 62. However, if you do that before reaching your Full Retirement Age (FRA), it will permanently reduce your payments by up to 25% to 30%, depending on your FRA.

You will receive 100% of your earned benefits if you wait until you reach FRA to collect Social Security payments. However, if you delay filing until you’re 70 to claim your Social Security benefits, your monthly Social Security income will increase by 8% annually.

6. Consider Social Security spousal benefit

When it comes to Social Security, marriage is rewarded. A spousal benefit of up to 50% of the other spouse’s Social Security benefit can be taken by one spouse. For example, if your Social Security benefit is $2,000 monthly, but your husband’s benefit is only $500, your spouse can receive a $1,000 spousal benefit, bringing in $500 more in monthly income.

Taking the spousal benefit at an early age, such as 62, can cut the amount, and you may end up earning as low as 32.5% of the higher earner’s benefit.

7. Your Social Security benefits may be reduced if you have other pensions.

If you have a pension from employment where Social Security taxes were not deducted from your income, your benefits would be affected. These include people who worked for a public school system, railroad workers, and the federal government hired before 1984 and covered by the Civil Service Retirement System (CSRS).

Spouses and children can get Social Security survivor benefits.

You can collect a Social Security survivor benefit if your spouse passes away before you. However, this will not be in addition to your benefits – one of them has to be chosen.

Contact Information:
Email: [email protected]
Phone: 9187441333

Bio:
Mark, a lifelong Tulsan graduated from Westminster College, Fulton, Missouri with a Bachelor of Arts in Accounting. Mark served in the United States Army as a Captain in the 486th Civil Affairs BN. Broken Arrow, Oklahoma and retired in 1996. Mark is married to his high school sweetheart Jenny and has four beautiful children. Mark’s passion for his work, which includes over 20 years in the Financial Industry started as an Oklahoma State Bank Examiner. Mark examined banks throughout Oklahoma gaining a vast knowledge and experience on bank investments, small business and family investments. Mark’s experiences include being formally trained by UBS Wealth Management, a global investment firm where he served as a Financial Consultant specializing in Wealth Management for individuals & families. Mark is a licensed Series 24 and 28 General Securities Principal and an Introducing Broker Dealer Financial Operations Principal. Additionally, Mark is a Series 7 and 66 stockbroker and Investment Advisor focusing on market driven investments for individuals, businesses and their families.

Mark specializes in providing financial knowledge, ideas, and solutions for federal employees, individuals, families and businesses. We serve as your advocate, and assist you in the design and implementation of financial strategies while providing the ideas to maximize your security and wealth. Our goal is to give you maximum control of your financial future. We provide the expertise to help you with personal issues such as: practical tax Ideas, risk management, investment solutions, and estate preservation.

Additionally, we’ve counseled hundreds of employees on their transitions from careers in federal government, and private industry to their next life stage, whether that is retirement or a second career. We specialize in devising strategies that roll your TSP, 401(k), pension plan, to a suitable IRA to meet your objectives.

Disclosure:
Securities offered through GRF Capital Investors, Inc., 6506 South Lewis Avenue, Suite 160 Tulsa, OK 74136 Phone: 918-744-1333 Fax: 918-744-1564

Securities cleared through RBC Capital Markets, LLC. 60 South 6th St., Minneapolis, MN 55402

Member FINRA www.finra.org / SIPC www.sipc.org

Broker Check http://brokercheck.finra.org/

Updates On Social Security And What To Know For 2022

/by bill hoff

Your Social Security payments for retirement, disability, family, and survivor do not vary regardless of where you reside in the United States or if you relocate from one state to another. Although states handle many aspects of the federal program, such as SNAP and Medicaid, eligibility standards, payments, and protocols for Social Security are identical nationally. They do not vary by state, unlike those two programs.

While the program itself does not differ from one state to the next, how the program is managed varies.

Most States With Tax Benefits Are Expecting Change

12 states continue to tax Social Security benefits and the federal tax imposed on recipients whose incomes reach a certain threshold. Here’s the rundown:

  1. Colorado 
  2. Connecticut
  3. Kansas
  4. Minnesota
  5. Missouri
  6. Montana
  7. Nebraska
  8. New Mexico
  9. Rhode Island
  10. Vermont
  11. Utah
  12. West Virginia

While there are no significant changes in store for residents of these states in May, the tax code is constantly changing, so it’s vital to keep informed about how any recent or upcoming changes may affect you.

For example, Colorado recently modified its regulations to allow retirees to deduct more of their federally taxable Social Security income. The maximum deduction used to be $24,000, but it will be unlimited starting in 2022, thus eliminating Social Security taxes for everyone over 65.

Utah increased its Social Security tax credit for low-income people in February.

As part of a substantial package of tax cuts, the Minnesota Senate voted to repeal the state’s Social Security tax in April. While the bill’s future is unknown, Social Security recipients in Minnesota will want to keep an eye on the situation.

The situation is even better in New Mexico. In March, the governor of that state signed a measure repealing the state’s Social Security tax. In 2022, West Virginia will finish the final step of its phased elimination of the state’s Social Security tax.

These are just a few instances; significant changes are in the plans for several more states that tax Social Security income, regardless of whether they are implemented in May.

State Supplemental Security Income (SSI) Benefits Vary

Every year, the maximum Supplemental Security Income (SSI) benefit fluctuates. Individuals will receive $841, and couples will receive $1,261 in 2022. However, this is simply a federal benefit. The states – at least the majority of them – supplement federal SSI payments with their contributions.

If you live in Mississippi, Arizona, West Virginia, or North Dakota, your best options are $841 (individuals) or $1,261 (couples). Residents of the other 46 states and the District of Columbia who qualify for SSI receive additional benefits. Individuals living alone in New York, for example, can earn $928, while couples can receive $1,365.

Contact Information:
Email: [email protected]
Phone: 2178542386

Bio:
Bill and his associates of Faith Financial Advisors have over 30 years’ experience in the financial services industry.
He has been a Federal Employee (FERS) independent advocate and an affiliate of PSRE, Public Sector Retirement Educators, a Federal Contractor and Registered Vendor to the Federal Government, also an affiliate of TSP Withdrawal Consultants.
Bill will help you understand the FERS Benefits and TSP withdrawal options in detail while also helping to guide you in your Social Security choices.
Our primary goal is to guide you into your ment with no regrets; safe, predictable, stable and for life using forward thinking ideas and concepts.

Bullet points:
> Financial Services consultant since 1984
> FERS independent advocate and an affiliate of Public Sector Retirement Educators (PSRE), a Federal Contractor and Registered Vendors to the
Federal Government
> Affiliate of TSP Withdrawal Consultants
> His goal is to guide individuals into retirement with safe, and predictable choices for stability using forward thinking ideas and concepts.

Lawmakers Attempt to Increase Retirement Age in an Effort to Save Social Security & Medicaid

/by todd carmack

Recently, lawmakers have struggled in vain to ensure Social Security assurance for our senior citizens. The current financial stability of the Social Security program poses serious threats to Medicare, tax caps, and the modern retirement age, as lawmakers explore several solutions. With statistics showing Americans currently live longer, it enforces advocates to insist on increasing the age citizens are eligible to take advantage of Social Security benefits. Does an increase in the tax cap or retirement age make sense to aging senior citizens, and what are the future implications?

Depleted Concern or Depleted Funding?

While the statistical data implies modern-day Americans live longer than ever before, lawmakers are currently considering a retirement age increase from 65 to 69 by 2030 if they ultimately fail to raise it to 75 by the year 2032. Ultimately, the goal of multiple senators in favor of the proposal is to claim this is the best solution to getting a grip on our nation’s climbing debt crisis. This concept involves adjusting retirees’ long-term benefits rather than raising revenue through taxation.

Other lawmakers favor an increase in the income subject to Social Security and Medicaid taxes, claiming it is a fair solution for higher earners. Currently, the tax cap sits at $147,000, which may face either total elimination or significant increases should Social Security and Medicaid suddenly become insolvent. At our current rate, experts expect Social Security to be entirely depleted by 2034. However, with the increased number of senior citizens and improved life expectancy, it’s concerning to wonder whether Social Security could disappear altogether.

Could Social Security Disappear Entirely?

As Americans continue to reach retirement age or linger a few years behind it, many are left to wonder whether Social Security can go bankrupt or disappear entirely. If Social Security had failed to exist at all, nearly half of all elderly would live in a state of poverty. Currently, roughly 10% of America’s aging citizens live in poverty. But, thus far, the government-funded program has provided a steady source of income for aging, retired workers to rely on from month to month. Protecting this program could mean the difference between taking care of or leaving them to live in unacceptable living conditions.

Unfortunately, the demographic changes have put Social Security in a tough spot, falling short by nearly $17 trillion. Some experts blame baby boomers for leaving the workforce in droves, and as they retire, they are also living longer and consuming more Social Security funds than ever before. As time marches on, our society is witnessing record-low birth rates, which threatens the worker-to-beneficiary ratio the program relies on so heavily. If lawmakers halt efforts to increase the retirement age or tax cap, Social Security could face insolvency.

Contact Information:
Email: [email protected]
Phone: 6232511574

Bio:
I grew up in Dubuque, Iowa, where I learned the concepts of hard work and the value of a dollar. I spent years in Boy Scouts and achieved the honor of Eagle Scout. I graduated from Iowa State University and moved to Chicago and spent a few years managing restaurants. I then started working in financial services and insurance helping families prepare for the high cost of college for their children. After spending years in the insurance industry, I moved to Arizona and started working with Federal Employees offing education and options on their benefits. I became a Financial Advisor / Fiduciary to further help people properly plan for the future. I enjoy cooking and traveling in my free time.

Disclosure:
Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice filed, or is excluded from notice filing requirements. BWM does not accept or take responsibility for acting on time-sensitive instructions sent by email or other electronic means. Content shared or published through this medium is only intended for an audience in the States the Advisor is licensed in. If you are not the intended recipient, you are hereby notified that any dissemination, distribution, or copy of this transmission is strictly prohibited. If you receive this communication in error, please immediately notify the sender. The information included should not be considered investment advice. There are risks involved with investing which may include market fluctuation and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making an investment decision.

The Positive and Negative Aspects of Working In Retirement

/by todd carmack

According to a Natixis Investment Managers survey from 2021, 42% of retirement savers fear they won’t be able to retire. The group behind that percentage, in particular, includes retirees with $100,000 to $450,000 in investable assets – individuals who have already started building their nest eggs.

Working longer is the common-sense option for underfunded retirement savers. If you imagine retirement as a series of leisurely days filled with interests and personal time, the prospect of returning to work may be unappealing. There are unquestionably disadvantages to working in retirement, but there are also benefits.

By examining both sides as objectively as possible, you can develop the best plan for your senior years. Begin by going over this list of three benefits and two drawbacks to working in retirement.

Pros

Pro 1: The income increases the longevity of your retirement savings.

Your reliance on retirement withdrawals will be reduced due to your working income when you work. You’d continue to meet your living expenses with your wages and invest your savings in an ideal world. The longer you invest, the higher your growth potential.

Pro 2: You’re less likely to become bored.

TD Ameritrade polled 2,000 people aged 40 to 79 in 2019 to find out what might encourage them to return to work after retirement. 60% of those who have not yet retired stated they would return to work due to boredom. By the way, boredom is a reason cited by 67% of those returning to work.

Pro 3: You Could Be Eligible for a Higher Social Security Payout.

When you delay claiming Social Security, you give up immediate income in exchange for a larger monthly amount later. So, if you work in retirement while delaying Social Security, you should get more money.

This benefit increase is granted after reaching full retirement age (FRA), and it’s based on your earnings history. Your FRA is the age at which you are eligible for full benefits. Your FRA would be between 66 and 67 if you were born after 1942. Please create an account at My Social Security to find yours.

If you apply for Social Security benefits before FRA, your total payout will be cut by around 30%. If you file your claim after the FRA, your benefit will be increased by up to 32%.

Now that you know the pros, here are some cons of early working in retirement.

Cons

Con 1: Your Social Security payment may be reduced (temporarily).

You are subject to income limits if you retire and collect Social Security before your FRA. The Social Security Administration (SSA) will cut your federal retirement payments if your income exceeds certain limits.

The impact of these on your Social Security benefits could be substantial.

For example, if an individual is working in retirement and their income exceeds $19,560, the SSA will deduct $1 from their Social Security benefits for every $2 they earn above that amount.

This will continue until the year you reach FRA, at which point the threshold will increase. In 2022, the income threshold for the year you attain FRA is $51,960. Your benefit will be reduced by $1 for every $3 you earn above $51,960.

Con 2: You won’t have as much time for other activities.

Perhaps the most significant disadvantage of prolonging your career is the time commitment it entails. When you work, you can’t go to see your family or do what you want to do.

With part-time employment, you might be able to enhance your work-life balance. Another choice is a compensated opportunity that integrates a pastime or involves a cause that is important to you.

Working in retirement has its advantages and disadvantages.

Working in retirement may not be the best option, especially if you don’t enjoy your current position. However, it’s difficult to dismiss the financial advantages. Your savings account can keep growing.

You will also get more money from the government if you delay taking Social Security.

On the other hand, continuing to work may be counterproductive if you file for Social Security early. Moreover, If you earn more above a specific limit, your Social Security payout may be reduced.

Contact Information:
Email: [email protected]
Phone: 6232511574

Bio:
I grew up in Dubuque, Iowa, where I learned the concepts of hard work and the value of a dollar. I spent years in Boy Scouts and achieved the honor of Eagle Scout. I graduated from Iowa State University and moved to Chicago and spent a few years managing restaurants. I then started working in financial services and insurance helping families prepare for the high cost of college for their children. After spending years in the insurance industry, I moved to Arizona and started working with Federal Employees offing education and options on their benefits. I became a Financial Advisor / Fiduciary to further help people properly plan for the future. I enjoy cooking and traveling in my free time.

Disclosure:
Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice filed, or is excluded from notice filing requirements. BWM does not accept or take responsibility for acting on time-sensitive instructions sent by email or other electronic means. Content shared or published through this medium is only intended for an audience in the States the Advisor is licensed in. If you are not the intended recipient, you are hereby notified that any dissemination, distribution, or copy of this transmission is strictly prohibited. If you receive this communication in error, please immediately notify the sender. The information included should not be considered investment advice. There are risks involved with investing which may include market fluctuation and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making an investment decision.

7 Categories of Workers Won’t Get Social Security, Will You? – Joe Carreno

/by joe carreno

People nearing retirement age need to ask if Social Security is accessible to everyone. The answer is no, although only a few American workers will not be eligible for Social Security. If you are a federal worker, who is ineligible for Social Security benefits, you need to do either of these two things:

• Find out the possibility of you being eligible for Social Security.

• Identify other income sources. 

Suppose you want to know your eligibility status for Social Security. Below are the seven common classes of workers who are neither eligible nor entitled to Social Security benefits.

1. Workers with fewer Social Security benefit credits 

Generally, you cannot get Social Security benefits if you don’t have any previous work history. This is because “doing enough work, which is equivalent to receiving 40 U.S. security credits,” is a criterion for collecting the benefits.

 In 2021, you will earn a credit for every income earnings of $1,470, and the maximum annual credit you can earn is four. Therefore, doing enough work means working for at least ten years. People working either part-time or full-time can earn the maximum yearly benefit.

Earned Social Security benefits remain for life and do not expire. So anyone who has earned credits less than 40 should consider working for more years by getting back to work. You may check your earned credits on the Social Security website by opening an account and downloading your balance.

2. Federal workers who die before reaching the federal retirement age (FRA)

The earliest time you can claim your retirement benefits is at age 62. If a worker dies before age 62, the spouse and dependent children may receive the survivor benefits. Widows and widowers may start to claim Social Security benefits at 60, while those with a disability may claim at 50, depending on the earning record of their dead spouse. 

Suppose you are not eligible for Social Security benefits; you should find more income sources if you want to maintain your financial stability in the future.

3. Divorced couples

Divorced people may collect benefit payments based on their ex-spouse’s earnings. Most of these people are parents without work. To access this benefit, they must be 62 years or older, single, and have lower benefits earnings than their previous spouse. Suppose the couple divorced before ten years of their marriage. In that case, they are not eligible for the spousal benefits.

4. American retirees in specific foreign countries 

Americans who reside in or travel to certain foreign countries may receive their Social Security benefits when they retire. However, the government won’t pay the benefits if that country is North Korea or Cuba. You can quickly check your benefits payment status while staying abroad using the “Payments Abroad Screening Tool” provided by the U.S. government.

5. Specific non-citizens

Specific non-citizens with enough work credits (40 credits) in the U.S. are eligible for the Social Security income benefits. Non-citizens without 40 credits can still receive the benefits if they are from the 30 countries in the totalization agreement, also called the”Social Security Agreement” with the United States. The combination of their work credits in the U.S. and abroad determines their eligibility for Social Security payments. However, immigrants without a minimum of six U.S. work credits are not eligible for Social Security.

6. Evaders of self-employment tax

If you are self-employed, you need to pay tax, covering your contributions to Social Security. You will pay this tax annually when filing your tax returns. However, you won’t pay taxes on Social Security if you don’t file your tax returns. If you haven’t paid into the Social Security system before, you will not receive Social Security payments. Moreover, you don’t have any right to benefits if you don’t report your income and have a lifetime history of evading taxes.

7. Specific Immigrants above 65

Retirees who travel to the U.S should not be eligible for Social Security because they don’t have the required work credits. However, if they are immigrants from countries in totalization agreement with the United States, they need to earn at least six U.S. work credits to receive the prorated benefits. 

Conclusion 

The majority of retirees in the U.S. will receive Social Security benefits when they retire if they have reached the full retirement age (FRA). Those without enough work history in the United States may not receive the benefits based on their personal work history. However, these people may receive spousal benefits if their spouse qualifies for benefit payouts. Some federal workers may not currently qualify for Social Security payments. Still, they can find a way to become eligible in the future.

Contact Information:
Email: [email protected]
Phone: 8139269909

Bio:
For over 30-years Flavio “Joe” Carreno of The Retirement Advantage has been a Federal Employee Retirement System specialist (FERS) as well as a Florida Retirement System specialist (FRS) independent advocate. An affiliate of PSRE (Public Sector Retirement Educators), a Federal Contractor & Registered Vendor to the Federal Government, also an affiliate of TSP Withdrawal Consultants. We will help you understand your FERS & FRS Benefits, TSP & Florida D.R.O.P. withdrawal options in detail while recognizing & maximizing all concurrent alternatives available.Our primary goal is to guide you into retirement with no regrets; safe, predictable, stable, for life. We look forward to visiting with you.

Disclosure:
Not affiliated with the U.S. Federal Government, the State of Florida, or any government agency. The firm is not engaged in the practice of law or accounting. Always consult an attorney or tax professional regarding your specific legal or tax situation. Although we make great efforts to ensure the accuracy of the information contained herein we cannot guarantee all information is correct. Any comments regarding guarantees, safe and secure investments & guaranteed income streams or similar refer only to fixed insurance and annuity products. Fixed insurance and annuity product guarantees are subject to the claimsâ€paying ability of the issuing company. Annuities are long-term products of the insurance industry designed for retirement income. They contain some limitations, including possible withdrawal charges and a market value adjustment that could affect contract values. Annuities are not FDIC insured.

Benefits of the Social Security Online Statements, by Joe Carreno

/by joe carreno

While the government works to reopen its field offices, the Social Security Administration (SSA) recommends that recipients seek assistance via the agency’s website first.

However, many people are apprehensive about applying for help on the internet. According to the Boston College Center for Retirement Research, only about half of retirees have used this method since 2013. This is regardless of the fact that, according to an executive order recently issued by President Joe Biden, the SSA has enhanced its online application abilities and is expected to do much more in the future.

Another helpful resource, according to CNBC, is the recently redesigned online benefit statements, a tool that can offer essential information for improving your Social Security retirement payouts.

You may view your statements online by registering a “My Social Security” account. Individuals over 60 who haven’t claimed benefits or set up an online account may have their statements sent via mail three months before they turn 60.

The SSA hopes the new design will simplify federal employees’ process to acquire information and streamline the agency’s complex processes. These assertions are now backed up by fact sheets aimed at specific age groups.

They recommend that workers of all ages review their statements at least once every year to ensure it’s accurate. This is true for employees, from age 18 to 70 years who participate in the program.

Experts believe that such information could also disclose how to get the best out of these benefits. Other information that isn’t specified in those statements should also be looked for.

A Tool for Estimating Your Retirement Benefits

As a result of these changes, the benefit estimates are shown in a bar graph in blue on the new statements when someone claims at nine different sample ages.

As you already know, if you file a claim at the age of 62, when you are first eligible, your payments will be permanently decreased.

Each year you delay until you reach the age of 70, the number of your monthly benefit checks will grow. If you file a claim when you reach full retirement age – 66 or 67, depending on your birth year – you will receive the amount of the full benefit you have earned.

Your advantages will climb even more if you wait until you’re older. This expires when you are 70, as there is no additional benefit for deferrals at that point.

From the ages of 62 to 70, the statement includes a graph that shows how much money you will get each month when you retire.

“The blue bar form is a wonderful addition for workers who need the information to help them make informed decisions about their benefits,” said David Freitag, a MassMutual financial planner, and Social Security expert.

Earnings Record

The new statements also include a table that shows a worker’s earnings history, with wages taxed for Social Security and Medicare broken down by year.

However, the statement only shows 20 years’ worth of earnings, whereas the prior statement style contained all of a worker’s earnings history. Workers’ personal “My Social Security” accounts have access to their entire salary history. According to experts, looking back only 20 years is quite limited, and it’s vital to go the extra mile to see your complete earnings history.

However, mistakes do happen. Therefore, the SSA estimates your average monthly earnings based on your 35 highest-earning years. The SSA and other experts recommend that workers review their earnings history to ensure that it displays the exact amount earned each year and that no income has been omitted.

Joe Elsasser, founder and president of Covisum, a Social Security claiming software firm, said that checking the record of your past earnings in your statement “is a valuable exercise for folks to perform to make sure they don’t have any misreported wages.” Sometimes people get a zero when they shouldn’t, he explained.

If you worked in employment where you earned a pension but did not pay Social Security taxes, seeing your whole earnings history will help you figure out how much of your benefits will be changed. The Windfall Elimination Provision, sometimes known as the Government Pension Offset, affects your and your family’s benefit eligibility.

“Seeing the whole revenue history is the only reliable way to test for WEP/GPO offsets,” Freitag stated.

Benefits for Disabled People And Survivors

Also, the statement predicts how much money you would make each month if you were to get disability benefits. This is in addition to finding out if you are eligible for retirement benefits.

There are also estimates of how much money your qualified spouse or children will get each month if you die.

Eligibility for Medicare

The benefits statement will also tell you if you have accumulated enough credits to be eligible for Medicare at the age of 65.

While it is not required to enroll in Medicare Part B when you turn 65, the SSA warns that failing to do so may result in delays or increased monthly costs in some cases.

Key Points

  • Social Security Administration is working to strengthen its online services, such as the benefit application portal.
  • The Social Security Administration’s online benefit statements have been updated.
  • According to experts, the Social Security online statement can provide information on how to get the most out of your benefits.

Contact Information:
Email: [email protected]
Phone: 8139269909

Bio:
For over 30-years Flavio “Joe” Carreno of The Retirement Advantage has been a Federal Employee Retirement System specialist (FERS) as well as a Florida Retirement System specialist (FRS) independent advocate. An affiliate of PSRE (Public Sector Retirement Educators), a Federal Contractor & Registered Vendor to the Federal Government, also an affiliate of TSP Withdrawal Consultants. We will help you understand your FERS & FRS Benefits, TSP & Florida D.R.O.P. withdrawal options in detail while recognizing & maximizing all concurrent alternatives available.Our primary goal is to guide you into retirement with no regrets; safe, predictable, stable, for life. We look forward to visiting with you.

Disclosure:
Not affiliated with the U.S. Federal Government, the State of Florida, or any government agency. The firm is not engaged in the practice of law or accounting. Always consult an attorney or tax professional regarding your specific legal or tax situation. Although we make great efforts to ensure the accuracy of the information contained herein we cannot guarantee all information is correct. Any comments regarding guarantees, safe and secure investments & guaranteed income streams or similar refer only to fixed insurance and annuity products. Fixed insurance and annuity product guarantees are subject to the claimsâ€paying ability of the issuing company. Annuities are long-term products of the insurance industry designed for retirement income. They contain some limitations, including possible withdrawal charges and a market value adjustment that could affect contract values. Annuities are not FDIC insured.

Here’s Complete Information on Which States Do and Do Not Tax Income from Social Security Benefits. By: Marvin Dutton

/by marvin dutton

The Tax Foundation recently released a report that mentions the names of the states that do and do not impose a tax on income from Social Security benefits. In this article, we have included all states and cleared which states will tax or not tax your Social Security benefits. 

All of us know that information on taxes is always complicated. Some states are not imposing a tax on Social Security benefits income, and some do not include Social Security income as a part of their calculation for taxable income. Some states follow the same procedure as followed by the federal government, and some states have exempted Social Security income for different reasons. 

The states that do not tax income from the Social Security benefits federal taxable income are Delaware, Arizona, Idaho, Massachusetts, South Carolina, Illinois, New York, Ohio, Oklahoma, Colorado, Georgia, and Virginia.

States that tax income in the same way as taxed by the federal government are Utah and Nebraska. 

States that offer exemption have been discussed in the report given by the Tax Foundation: 

Connecticut offers an exemption for federal adjusted gross income (AGI) taxpayers with income below $75,000 (single tax filers) or $100,000 (joint filing).

Kansas offers an exemption for federal AGI of $75,000 (single and joint tax filers both) 

Minnesota has its graduated system of exemptions in case the provisional income of a person is under $81,180 (single tax filer) or $103,930 (joint filing).

Missouri offers 100% tax income exemption on Social Security benefits provided the taxpayer is 62 years or older and annual income below $85,000 (single tax filer) or $100,000 (joint filing). 

North Dakota offers subtractions when the AGI is below $50,000 (single tax filer) or $100,000 (joint tax filing).                                                  

Rhode Island offers a tax exemption for taxpayers who have attained full retirement age and have a federal Annual Gross Income of below $81,900 (single tax filer) or $102,400 (joint filing). 

Vermont State has its graduated system to offer an exemption of Social Security income if the income of an individual paying taxes is under $34,000 (single tax filer) or $44,000 (joint filing).

West Virginia is a state which currently imposes a tax on Social Security income, but under a new law, that is being phased out, and will utterly exempt income from state taxes starting in 2022.

How to Handle Retirement Income on Your Tax Return. By: Aaron Steele

/by aaron steele

In this article, we shall answer an important question: How can an employee handle retirement income on their tax return? Let us look at the problem in detail and try to answer the query. 

Let’s say a client has a $21,105 taxable interest income before taking personal exemptions and $3,862 in pension income. He is 72 years old and getting Social Security retirement benefits. He is not including the $3,862 on Line28a. For Line 28b, “Other Retirement Income Exclusion.” Want to know the rule for that? According to Worksheet D, $60,000 is the exemption amount. Can he put the difference on that line, which would make any extra income down to zero? Is that right?

 — question raised by the taxpayer

Our answer to the taxpayer based on the information given is: it sounds right.

The Other Retirement Income Exclusion (ORIE) amount is used by taxpayers who fail to use their entire pension exclusion from Worksheet D ultimately.

Howard Hook, a certified financial planner and certified public accountant with EKS Associates in Princeton, said a person is eligible for the Other Retirement Income Exclusion just like the pension exclusion, with additional criteria for the ORIE if you or your spouse are not earning income from any job, partnership income, any income from a trade or business or S Corporation income exceeding $3,000 for the year, or income except that who otherwise would qualify for the ORIE amount. 

He answered this because the client did not mention any income from partnerships, S Corps, or any other source, so the taxpayer raising this question can include $21,105 of taxable interest income as part of the ORIE.

Social Security Benefits Might See the Largest Increase Since 1983

/by Admin

Seniors and disabled workers may see the largest increase in Social Security payments in decades next year due to high current inflation rate.

According to a Bank of America analyst’s report, beneficiaries’ payouts may climb by 5.8% in January 2022, the largest increase since 1983. That’s also a significant rise above the 1.3% boost to the cost-of-living adjustment (COLA) in January 2021, which was insufficient to keep up with this year’s inflation rate.

In June, the Bureau of Labor Statistics’ Consumer Price Index (CPI) – a significant indicator of inflation — increased by 5.4% from the year before, the highest increase since August 2008. Some of the most important price rises were associated with travel, automobiles, and everyday products such as washing machines, bacon, fruit, and milk.

The note stated that this has significant consequences for retirees and disabled workers receiving Social Security and SSI benefits. It implies their finances are being pinched right now but will increase significantly next year.

According to Bank of America, that rise would equate to more than an extra $80 per month in benefits, a fourfold increase over the extra $20 beneficiaries received in monthly benefits this year.

With more Social Security money to be distributed next year — and inflation rate in 2022 anticipated to fall to 2.3% — there will be an “$80 billion or more swing” in net tax benefits, which will help maintain the recovery into next year, as reported by Bank of America’s analysts.

Seniors and the disabled will contribute to keeping the economy hot, said the note.

The Social Security Administration has an ultimate say on benefit increases since it still needs three more months of data before determining the official COLA percentage.

COLA is calculated using CPI data fluctuations, especially those classed as urban wage earners and clerical employees. In October 2020, a comparison was made between the previous year’s third-quarter CPI snapshot and the current year’s third-quarter data; if any, the change in growth determines the adjustment.

How You Can Avoid Taxes on Your Social Security Benefits

/by Admin

Millions of seniors now receive Social Security benefits, and for some of them, it is their sole source of income. However, many seniors are surprised when they find that Social Security benefits (like other forms of income) are taxed. And that alone may be a significant financial blow.

The good news is that a single critical choice on your side might help you avoid having your benefits taxed.

Be strategic when choosing your retirement home.

Whether or not you pay Social Security taxes at the federal level is determined by your overall income. If those benefits represent your only source of income, you’ll usually be exempt from taxes; however, taxes may be involved if you have several income sources.

You must compute your provisional income to check if you’ll be taxed on your Social Security benefits. That includes your non-Social Security earnings plus half of your yearly benefit payment. Benefits are taxed whenever the sum reaches $25,000 for single taxpayers and $32,000 for married filers.

However, it’s not the only element that’ll decide whether or not your benefits are taxed. Some states levy their own Social Security taxes, and if you relocate to one of them, you may lose even more of your money. On the other hand, if you opt to retire in a state that doesn’t tax benefits, you’ll be able to retain more of your benefits for yourself.

Which states tax Social Security benefits?

The number of states that tax Social Security is less than the number of states that don’t. That tax is now levied in only 13 states:

  1. Colorado
  2. Connecticut
  3. Kansas
  4. Minnesota
  5. Missouri
  6. Montana
  7. Nebraska
  8. New Mexico
  9. North Dakota
  10. Rhode Island
  11. Utah
  12. Vermont
  13. West Virginia

However, West Virginia is poised to stop taxing benefits for low and moderate earnings next year, giving you even more alternatives if you’re determined to move to a state that doesn’t levy that tax.

Of course, several of the states mentioned above provide additional benefits to retirees, such as moderately-priced housing, outdoor attractions, and healthcare access. As a result, how some states approach Social Security isn’t the only thing to consider when deciding where to live in retirement. However, knowing which states tax benefits might help you narrow down your options.

Additionally, if your income isn’t very high, several of the states listed above will exclude you from paying Social Security taxes. If you don’t anticipate having a lot of retirement income other than Social Security, you might avoid paying taxes on those benefits anyway.

Social Security is a significant income source for seniors. It’s also a source of income you’ve earned throughout many years of hard labor and paying taxes on your earnings. If you wish to avoid losing a portion of your benefits, you should consider moving to a state that does not tax them, especially if there’re other compelling reasons to do so.

How COVID-19 Has Affected Social Security and Medicare Services. By: Kathy Hollingsworth

/by leslie "kathy" hollingsworth

The death toll from COVID-19 in the United States is well over 500,000. Out of this sad figure, over 450,000 deaths were older members of the society—Americans who were at least 65 years old. These people were members of the society that benefited mainly from Social Security and Medicare services. The deaths are not the only impact of the pandemic on these two critical federal programs. There are other effects that the pandemic has had and will keep having on the millions of Social Security and Medicare beneficiaries who overcame the pandemic. 

Social Security Systems and Intricacies

Popularly known as “Pay-as-you-go,” Social Security is one source of income for workers after retirement. While still in service, workers contribute to the program through payroll taxes. The funds from payroll taxes go into the Social Security Trust Funds, the same funds that pay those currently eligible to receive Social Security benefits.  

At the start of the program, the money coming into the trust fund through payroll taxes was more than it was paying out to beneficiaries of Social Security. The table has since turned because there are more recipients than contributing workers now. If the downward trajectory continues, the Social Security Trust Fund will be empty, and recipients will only get paid from contributions from payroll taxes. Experts say contributions from payroll taxes will only be about 77% of the full benefits that current recipients get from Social Security. 

Though this phenomenon existed before the COVID-19 pandemic, the pandemic has affected the Social Security Trust Fund balance as well.

How has the COVID-19 Pandemic Contributed to the Dwindling Social Security Trust Fund Balance? 

The pandemic has contributed significantly to the dwindling balance of the trust fund due to some reasons, which we have listed below. The effects have been so extensive that experts have projected that the Social Security Trust Fund balance will become empty two years faster than estimated before the pandemic. The earlier projection was for 2035, but it has moved up to 2033 because of the pandemic, experts say. Here are reasons why the COVID-19 pandemic has affected Social Security. 

  • Many businesses stopped operations, which led to an increase in the unemployment rate. 
  • The pandemic led to a reduction in work hours, which translates to lower incentives. 
  • The government deferred withholding payroll taxes to ease the burden of workers and businesses during the pandemic. 
  • More people signed up for benefits during the pandemic. 
  • Many contributing workers died during the pandemic.

All these points are reasons for reduced payroll taxes, meaning the Social Security Trust Fund will indeed empty faster than pre-COVID projections.

National Average Wage Index, Social Security Benefits, and COVID-19

National Average Wage Index (NAWI) is one factor that determines how many benefits recipients can receive from Social Security. The index analyses how wages grow and use the information to determine the trajectory of inflation. As a result of the pandemic, the index for 2020 might be lower than preceding years. 

What does this mean for Social Security beneficiaries? The Social Security Administration measures a recipient’s benefits using some criteria, including the NAWI, for the year the recipients turn 60 and will be eligible for Social Security benefits. So, those that clocked 60 in 2020 will receive fewer benefits than usual due to the pandemic. Sadly, they will continue receiving the reduced sum for the rest of their lives.

In September 2020, the Congressional Budget Office (CBO) predicted the 2020 NAWI would be -3.8% compared to 2019. More recently, the CBO has said it expects the 2020 NAWI to be closer to -0.5%. This means that benefits will be lower for anyone turning 60 in 2020 but not as low as initially predicted.

Compared to projections in 2020, things seem to be turning up. In September last year, the Congressional Budget Office (CBO) estimated that the NAWI for 2020 would be -3.8% compared to the index for 2019. The office has since recanted that statement because of recent events. The CBO now estimates the 2020 NAWI to be around -0.5%, meaning the benefits will be low but not as low as CBO had projected last September. However, this only affects individuals that turned 60 in 2020. 

Effect of the Pandemic on Social Security Benefits for Disabled 

According to a Social Security actuaries prediction of November last year, people who had COVID-19 but survived the infection could later suffer some lasting effects from it. As a result, more people will sign up for Social Security disability benefits in 2021 and the two years after it. 

Effects of COVID-19 Legislation on Social Security 

Another effect of the pandemic on Social Security is its legislation on the program and its beneficiaries. Even beneficiaries of the Supplemental Security Income will be affected by COVID-19-spurred legislation, such as the CARES Act, Consolidated Appropriations Act, and the American Rescue Plan Act. Here are the effects of the pandemic on Social Security:

  • The pandemic led to three Economic Impact Payments of $1,200, $600, and $1,400. 
  • It also led to a reduction in FICA taxes that disturbed the prompt payment of FICA while ensuring that the decline and delay will not negatively affect the Social Security Trust Fund.
  • It caused a pause in the receipt of student loans from Social Security payments.
  • The Social Security Administration also received $300 million to support the fight against COVID-19. 
  • The pandemic led to an extension of payroll tax repayments. 
  • It also caused an extension of the qualification criteria and amount of Child Tax Credit and Earned Income Tax Credits. In contrast, the statutory exclusion to both tax credits remained the same.

Expected Lasting Effects of the Pandemic on Social Security

About three months ago, Social Security actuaries projected some lasting effects of the COVID-19 pandemic on Social Security. The agency projects that nothing significant will result from the pandemic. There will be a pandemic-spurred recession, which would have ended by 2023 with only minor permanent damage.

However, the agency projects some short-term effects such as:

  • Reduced birth rates in 2020 and 2021. 
  • Increased death rates in 2020 (12% higher than usual), 2021 (6% higher than normal), and 2022 (2% higher than usual). 
  • A reduced number of people applied for disability payments in 2020, but the figure will be higher in 2021 and 2022. 
  • More unemployment in 2020, but things would have returned to normal by 2023. 
  • GDP, productivity, and earning levels will suffer a lasting reduction of 1%.

The Medicare System and Intricacies

Medicare is a federal insurance coverage plan for older citizens (65 and above), people with disabilities, and those living with End-Stage Renal Disease (ESRD). The Centers for Medicare and Medicaid Services (CMS) is a branch of the U.S Department of Health and Human Services that runs the program through payroll taxes, participants’ premiums, and funds from the government. The CMS makes Medicare payments through the Hospital Insurance (HI) and the Supplemental Medical Insurance (SMI) Trust Funds. While HI funds Medicare Part A (Hospitalization), SMI funds Medicare Part B (Medical) and Part D (Prescription Drugs). 

HI Trust Fund’s primary source of financing is payroll taxes. This source has been dwindling for a while, just like the Social Security Trust Fund. Without the contributing effect of last year’s pandemic, experts had projected that by 2026, the HI Trust Fund would only be able to pay 90% of hospitalization costs of the participants of Medicare. On the other hand, the SMI Trust Fund, which gets most of its funds from premiums and government allocation, will continue to finance Part B and Part D without problems. This does not mean it will remain untouchable. With inflated premiums and more reliance on government allocation, it is bound to encounter its challenges down the line. 

Effects of the Pandemic on HI and SMI 

HI Trust Fund will shoulder the bulk of the pandemic effects on the Medicare Trust Funds. The extent of the damage is not known yet. As the 2020 Medicare Trustees Report states, the trustees cannot accurately give a projection that accounts for the effects of the COVID-19 pandemic at this time.

According to CBO, around two million Medicare participants will need hospitalization due to coronavirus infections during the pandemic. Of this figure, the CBO estimates that 1 million would be in hospitals under Medicare’s inpatient prospective payment system. As a result, the CBO states that the CMS would be spending about $3 billion more than the average in 2020 and 2021.

The SMI Trust Fund will also be indirectly affected. By 2030, Medicare trustees project a 6.3% increase in the percentage of personal and corporate income taxes for financing SMI and a 14.3% increase by 2094.

Effects of the Pandemic on Medicare Participants 

There are several ways through which the pandemic will affect Medicare participants apart from the possibility of death or permanent disability. According to a CMS survey, here are some effects the pandemic has already had on Medicare participants.

  • About 21 participants had to avoid going to the hospital for non-COVID-related issues. 
  • 15% of the participants in the survey said they felt more worried about financial security. 
  • 41% said they had challenges coping with stress. 
  • 38% said they were having challenges maintaining a relationship with their friends and family. 

Medicare participants receiving medical care from their housing also suffered from the following effects:

  • They needed more social service support. 
  • They felt more lonely and depressed. 
  • Those with physical and mental health conditions had to deal with worsened symptoms. 
  • More of the participants resorted to alcohol and drug use/abuse. 
  • The rate of domestic violence rose. 
  • They also experienced a shortage of medical staff and equipment.  

 On the flip side, the pandemic had some positive effects on the participants as well: 

  • Medicare participants don’t have to pay for COVID-19 vaccines, tests, and treatments.
  • They also have a broader coverage of medical services, including telehealth services and hospitalization when required.

Effects of the Pandemic on Physicians, Hospitals and Other Medicare Providers 

Within the first six months of the COVID-19 pandemic, Medicare providers, such as hospitals, experienced the following: 

  • Payments for fee-for-services decreased by 39%, inpatient services by 33%, and physician services by 49%. These figures rose to 96%, 93%, and 95%, respectively, by 1st July.
  • At the end of the sixth month of 2020, cumulative payment deficits ranged from 12% to 16%.
  • There was also a drastic reduction in the need for personal preventive screening and surgical services.

COVID-19 Legislation and Medicare

The bulk of COVID-19 legislation impacted Medicare. In fact, within the first seven months of 2020, over two hundred regulatory changes were made, with about forty-nine more by the eighth day of January 2021. Here are some COVID-related regulatory changes that affected Medicare:

  • Expansion of Medicare coverage for telehealth services 
  • Removal of cost-sharing for vaccination procedures 
  • Increment of Medicare payment fees to providers 
  • Special waivers on certain hospital length-of-stay criteria 
  • More increment of payment fees to physicians
  • Elimination of sequestration slashes for March 2021

These changes were made through the CARES Act and the Consolidated Appropriations Act. The first four changes were made through the CARES Act, while the last two were made through the CAA.

Lasting Effects of the Pandemic on Medicare

Like Social Security beneficiaries, participants of Medicare are people who are more susceptible to COVID-19. People in this category (older citizens who are 65 or older and people suffering from disabilities) might experience medical and financial concerns due to the pandemic.

 Many participants had to pay a lot of money to take care of pre-existing medical conditions. As a result, they were suffering from some monetary challenges even before the pandemic. The pandemic led to some regulatory changes that helped reduce these costs, but the respite will only be short-lived.

 These monetary challenges will only worsen with the increase in the unemployment rate, especially for older members of marginalized communities who received fewer incentives before retirement. They also have fewer Social Security benefits and reduced retirement contributions. The result of all this is that the pandemic will have more permanent effects on Medicare and Medicare participants.

 

Linda Jensen | How to Pay Less Taxes on Your Federal Retirement Income

/by Linda Jensen

LINDA JENSEN- Paying tax on the federal retirement income is a necessity, but there are many ways to ensure that you pay less tax than you have been probably paying till now. If you want to learn how to pay less tax on your federal retirement income, then you must keep reading on. Here we are explaining how you can pay fewer taxes on your social security and TSP income.

The Extension on Filing Federal Retirement Income Taxes

It is a fact that most people file their federal retirement income taxes in April. However many people still prefer filing extensions and have until 16th October to file this year. Another fact is that people who have been paying income taxes may get a nasty surprise when they see the bottom line on the federal income tax return as withholding can be considerably different for retirement income as compared to employment income.

If you have ended up paying more taxes then you need to read on to know how to save taxes the next year. If you are among those people who are yet to retire, you will be glad that you read this article as you will not be paying a large amount of taxes due in the first year of retirement.

The Difference

When you are working in a federal job, you simply file a W-4, and all the vital taxes are withheld from your paycheck. You just set it and forget it. Things change when you retire.

Annuity and Taxes

Most people fill out a W-4P with retirement papers, and the taxes are withheld from the monthly payments. This withholding is usually based on the last W-4 filed when a person was still and employee. It is highly likely that the W-4 covers all the taxes that are due from CSRS or FERS annuity.

Social Security and Taxes

When you consider the social security withholding, things start to get difficult. It is very likely that 85 percent of your social security will be subject to a federal income tax at your rate for the ordinary income. However, some retirees will find that a lesser portion is considered to be taxable. Hence, the higher your income is, the higher would be the percentage of your social security benefit that is eligible for a federal income tax.

It is a fact that social security will not withhold anything from the payments for taxes until you request for the same. The main thing here is to avoid a tax surprise by paying the income tax on the social security as you go. You should ask the social security to withhold taxes from your monthly payments when you apply. In case you are applying for social security income online, you should do it by using the remarks section of the form. Alternatively, you can file a form W-4V after applying for social security.

Another useful advice to save extra tax on your federal retirement income is that you should make quarterly tax payments. These payments are due on January 15, April 15, June 15 or September 15. If you are a bit forgetful or you tend to accidentally spend the money you have set aside for tax purposes, then you should ask the social security to withhold 25 percent of your payment for paying up the federal retirement income taxes.

TSP and Taxes

If you need to know about how your federal retirement income in TSP will be taxed, you should check a booklet that is available on the website of TSP and offers a detailed table that describes the withholding on each kind of withdrawal. As per the TSP statistics, the most common withdrawal is known as substantially equal monthly payments in which withdrawal is withheld as if you were filing jointly, married and claiming three exemptions. It is usually there if the payments are likely to continue for a time span of 10 years.

A CPA expert calculated that you need to be withdrawing more than USD 1,700 per month before TSP starts the withholding process. So, you should increase the amount of withholding by completing withholding portion of TSP withdrawal form.

In case you have begun the distributions already, and you want to have more money withheld then you should file a W-4P. You should also change the withholding on form TSP-73 during the open season as this form is available on TSP website during open season. Like social security, you can also make quarterly estimated tax payments in TSP.

Conclusion:

It is a fact that most people do not like to pay taxes and they like it even less when the taxes are levied on federal retirement income but all of us need to pay them. Many people have no idea how taxes are withheld from retirement sources of revenue like social security and TSP. So the best idea could be to make changes now and avoid a penalty in the future. Talk to a financial expert such as Linda Jensen and learn more about your options.

Linda Jensen is the principal and owner of Asset Care & Preservation Services with offices in Olympia, WA.  Linda began her career with Prudential Preferred in 1994 where she was an agency leader.  She earned the credentials of a financial planner and has been in practice as an investment and insurance professional since that time.  Linda Jensen started her own company in 1997.

Planning for Retirement in Five Years by Ron Raffino

/by Ron Raffino

Tips from Ron Raffino for Those Planning on Retiring in Five Years

retirement benefits

You must have heard that it’s never too late to start planning, but have you heard it’s never too early to start planning? In fact, the earlier you start your retirement planning, the better it will be for you. Retirement planning is no joke as a lot of factors need to be considered carefully. We will advise you take some assistance from your local personnel service center. Since they have your employment records, they are in a position to provide you with personalized assistance.
We all know and understand that health and life insurance are of top most priorities but still, we see a lot of retired personnel without proper coverage. This usually happens because of lack of awareness and lack of knowledge. It must be noted here that in order to carry the coverage forward, one must be covered continuously for five years before retirement.

Help from your employer
You can get all the information you need on the retirement process from your agency. It should be noted here that the agency only provides you with the information. In order to interpret it and get advice on what to do, you should contact your local personnel service center. As they have your employment records, they are in a better position to advise you on such matters.

When to start planning
This is an important question. We hear a lot of employees asking this question – when should I start planning. Well, to be honest, it’s better to start as early as possible. But just in case if you haven’t done it then make sure you start planning at least five years before retirement. We advise you to start planning five years prior to your retirement as you must have insurance coverage for five years immediately before retirement to keep it after retirement.

Keeping your health insurance benefits after you retire
Pay close attention to this part. Following are points that specify the conditions for being eligible to continue your health insurance coverage.

  • You must be covered at the time of retirement.
  • Your coverage must not fall under the category of converted individual policies.
  • The date of issuance of the first annuity check must not be later than 30 days after the retirement.
  • Prior to 5 years of the date of retirement, you must have continuous coverage.

You can also avail the benefits of optional life insurance if at the time of retirement you are eligible to continue your basic coverage, and again if you were continuously covered for a period of 5 years before your retirement date.

Waiver of the requirement for continuing life insurance coverage into retirement

Currently, there is no such provision that allows a retirement employee to bypass the stipulated conditions for continuing life insurance coverage. However, if you do find yourself in such a situation then you always have the chance to migrate to an individual policy.

Review your service history

As someone who is about to retire, it’s always a good idea to review your service history. You can find all the information in the Official Personnel Folder (OPF). The purpose of such a review is to make sure that all your service records are valid and verified. If you encounter a situation where some of the records are missing then you must report it to your employer. Your employer can help you to find the missing records and document them properly. Some employees are required to make retirement contributions. You can enquire about the consequences of payment or nonpayment of such contributions from your employer.

A complication can arise if you haven’t made payment for receiving the military credits (only if you have served in the military). Such payments are to be made before you retire. You can also get advice from the Personnel Officer on waving the military retired pay.

Check your eligibility for Social Security benefits

In order to check for your eligibility to receive social security benefits, you need to visit your local Social Security Office. After you fill and submit the form SSA-7004-PC, you will be provided with a benefit estimate statement. This statement will contain all the information your future eligibility for Social Security benefits and estimates of these benefits at specified dates.

Government Pension Offset

In some cases, it has happened that the social security benefits of a retiring employee’s spouse saw some kind of offset. This mostly happens when the pension of the retired employees is not covered by social security. In such cases, there is no offset on the social security benefits of the retired employee; it happens only to the social security benefits of the retired employee’s spouse. This offset amounts to two third of the federal pension.

Such an offset does not apply universally. There are some exceptions. For example, those employees who are covered by the Federal Employees Retirement System (FERS), Civil Service Retirement System (CSRS) Offset, and those who voluntarily took transfers to the FERS before January 1988, are exempted from the Government Pension Offset.

Windfall Elimination Provision

Windfall Elimination Provision reduces the Primary Insurance Amount (PIA) of a person’s Retirement Insurance Benefits (RIB) or Disability Insurance Benefits (DIB) when that person is eligible or entitled to a pension based on a job which did not contribute to the Social Security Trust Fund. While in effect, it also affects the benefits of others claiming on the same social security record.

The Windfall Elimination Provision does not apply if:

The WEP is applied to certain beneficiaries who are receiving RIB or DIB and who also:

  • The beneficiary becomes entitled to the benefits after 1985
  • The beneficiary also first becomes eligible, after 1985, for a pension based in any way upon earnings from employment that was not covered by social security
  • The beneficiary’s entitlement to this pension has not yet ended (even if not yet claimed)
  • The beneficiary is still alive
  • The beneficiary has not obtained 30 Years of Coverage (YOCs) at the age of 62 years.

Estimating the amount of the Windfall Elimination Provision reduction

At your request, using the form SSA-7004, the Social Security Administration will send you a Personal Earnings and Benefits Statement (PEBES) that will list your earnings from employment covered by Social Security and provide a Social Security benefit estimate assuming retirement at alternative ages, 62, 65, and 70. You should contact your local Social Security office (external link) to determine the effect of the Government Pension Offset and the Windfall Elimination Provision on your Social Security benefits.

Effects on benefits

When the WEP applies, it is used in determining all benefits on the record, both for the primary beneficiary and any auxiliaries. This includes an effect upon the maximum total benefits paid on the record as well. Since the WEP does not apply after the death of the primary beneficiary, it is never used for survivors.

 

More from Ron Raffino:

Ron Raffino Author Page

http://benefitseducationgroup.com – Ron Raffino

Ron Raffino

Nearly Half of Young Americans have Zero Retirement Benefits Savings

/by Admin

The retirement savings of young Americans are not up to the mark. It has been proven again by a survey which found out that nearly half of young Americans have zero retirement benefits savings. Their chances of getting regular income post-retirement are also low and they also don’t trust the social security system. Still, the majority of young Americans believe that they will have ample amount of money in retirement.

retirement benefits

Survey Exposing Zero Retirement Benefits Savings

The survey that revealed the retirement savings problem was conducted by the Black Youth Project at the University of Chicago in association with Associated Press-NORC Center for Public Affairs Research. The survey was conducted via a GenForward poll. It stated that 48 percent of Americans who were between the ages of 18 to 30 have zero retirement benefits savings and they don’t have access to a traditional pension either. Over 4 in 10 respondents between the ages of 25 to 30 have admitted that they have saved nothing for retirement.

Fewer Traditional Pensions

In the survey, it was also revealed that younger Americans won’t be able to access the traditional pensions that were enjoyed by earlier generations. Only 7 percent of the respondents said that they would be getting the rare benefit so that they get a pre-defined monthly amount post retirement.

No Faith in Social Security

The age in which the Americans receive social security is climbing high too. It is up to 67 rather than 66 so young Americans would have to wait longer for it as compared to their parents and grandparents. Young Americans don’t have faith in the social security system. Only 5 percent have admitted to having full confidence in this benefit while 28 percent said that they are somewhat confident.

The Self Confidence

Despite the sad fact that many of the young Americans have zero retirement benefits savings, their confidence in their own abilities is not lacking. A majority of the respondents admitted that they would have enough money they need in retirement and they will not be dependent on others. About 53 to 56 percent of Asian Americans, African Americans, and white Americans are sure that they will have enough money post-retirement. Only the confidence level of the Latinos is not that high. Just 43 percent think that they are either very confident or somewhat confident that they would have enough money to live comfortably in retirement.

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