Based on the "intermediate" assumptions in this year's report, the Social Security Administration is projecting that the cost-of-living adjustment (COLA), which will be announced in the fall of 2020, will be 2.3%. This COLA would apply to benefits starting in January 2021. Most Americans will eventually receive Social Security and Medicare benefits. Each year, the Trustees of the Social Security and Medicare Trust Funds release lengthy reports to Congress that assess the health of these … [Read more...]
Understanding Your Paycheck
“It's exciting to earn your first paycheck, but you should know that the information on the pay stub or online statement could be important to you as well.” Congratulations! You've just landed a new job. Here are some important things to be aware of before you receive your first paycheck. When will I receive my paycheck? How often will you be paid? Typically, your payday will depend on the company you work for and which state you work in. You might be paid on a weekly, bi-weekly, … [Read more...]
Social Security May Offer a Lifetime of Protection
Social Security is much more than a retirement program. Most Americans are protected by the Old-Age, Survivors, and Disability Insurance (OASDI) program — the official name of Social Security — from birth through old age. Here are four times in your life when Social Security might matter to you or the people you care about. A Wide Safety Net Current Social Security beneficiaries Source: Social Security Administration, 2019 When You Start Your … [Read more...]
Social Security and Medicare
Full Retirement Age If you were born in 1942 or earlier, you are already eligible for full Social Security benefits. The following chart will guide you in determining your full retirement age... Read More... Social Security & Medicare … [Read more...]
The Future of Social Security and Medicare: Here’s What Trustees Are Projecting
“Based on the "intermediate" assumptions in this year's report, the Social Security Administration is projecting that the cost-of-living adjustment (COLA), announced in the fall of 2019, will be 1.8%. This COLA would apply to benefits starting in January 2020.” Most Americans will eventually receive Social Security and Medicare benefits. Each year, the Trustees of the Social Security and Medicare Trust Funds release lengthy reports to Congress that assess the health of these important … [Read more...]
How do I replace my Social Security card?
Chances are, you probably have your Social Security number memorized, so you may not have had to use your card in a while. However, there are times when you may be required to show your actual card, such as when you start a new job or need to access certain government services. Fortunately, replacing a lost or stolen card is a relatively easy process. In order to obtain a new card, you need to prove your citizenship or lawful noncitizen status, and your age and identity from a list … [Read more...]
Quiz: Social Security Survivor Benefits
Did you know that Social Security may pay benefits to your eligible family members when you die, helping to make their financial life easier? Take this quiz to learn more. Questions 1. What percentage of Social Security beneficiaries receive survivor benefits? a. 5% b. 10% c. 15% 2. Your child may be able to receive survivor benefits based on your Social Security earnings record if he or she is: a. Unmarried and under age 18 (19 if still in high school) b. Married and in … [Read more...]
Quiz: Can You Answer These Social Security Benefit Questions?
Most people will receive Social Security benefits at some point in their lifetimes, but how much do you know about this important source of income? Take this quiz to learn more. Questions 1. Can you receive retirement and disability benefits from Social Security at the same time? a. Yes b. No 2. If your ex-spouse receives benefits based on your earnings record, your benefit will be reduced by how much? a. Reduced by 30% b. Reduced by 40% c. Reduced by 50% d. Your benefit will not be … [Read more...]
Will a government pension reduce my Social Security benefits?
If you earned a government pension from a job not subject to Social Security tax withholding ("noncovered employment") and are also eligible for Social Security benefits through a job where Social Security taxes were withheld, two provisions might reduce your benefits: the windfall elimination provision (WEP) and the government pension offset (GPO). The WEP affects how a worker's Social Security benefit is calculated. If you're subject to the WEP, your benefit is calculated using a modified … [Read more...]
How does working affect Social Security retirement benefits?
If you're thinking about working as long as possible to increase your retirement savings, you may be wondering whether you can receive Social Security retirement benefits while you're still employed. The answer is yes. But depending on your age, earnings from work may affect the amount of your Social Security benefit. If you're younger than full retirement age and make more than the annual earnings limit ($17,040 in 2018), part of your benefits will be withheld, reducing the amount you … [Read more...]
