"I care about our young people, and I wish them great success, because they are our hope for the future, and some day, when my generation retires, they will have to pay us trillions of dollars in social security"     ~Dave Barry

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Some Part D enrollment tips

Social Security  LINKS

RETIREMENT, SOCIAL SECURITY, AND PENSION  RELATED  ISSUES

PLEASE LET US KNOW IF YOU DO NOT FIND WHAT YOU NEED

When to Retire                                               Planning with the Social Security Administration

Consumer Information on Pension Plans              Benefits of various plans.   US Labor Department

Social Security Awaits Bush's Exit

Click here to add SeniorArk to your favorites! Do you really lose 50 cents on the dollar if you retire at 62, and have a good income?

Social Security  TIPS

Most Recent Tip is Last

Beware Social Security e-mail scammers. The Social Security Administration is warning beneficiaries to ignore e-mails purporting to be from the agency. The bogus e-mails notify readers “that someone illegally is using your Social Security number and assuming your identity.” The agency never asks for credit card information, and consumers should never provide a Social Security number unless they know the source. Report suspicious e-mails to the Social Security’s Office of Inspector General at 1-800-269-0271 or www.socialsecurity.gov/oig.

Your Social Security retirement or disability benefits may be reduced

If you work for an employer who does not withhold Social Security taxes from your salary, such as a government agency or an employer in another country, the pension you get based on that work may reduce your Social Security benefits.

The “windfall elimination provision” affects how the amount of your retirement or disability benefits is calculated if you receive a pension from work where Social Security taxes were not taken out of your pay. A modified formula is used to calculate your benefit amount, resulting in a lower Social Security benefit. Details at this site.

Police warn of possible Social Security scam
Friday, September 8, 2006  A woman told Lawrence Police her 75-year-old mother received a suspicious phone call Wednesday evening in which a man said he was authorized by the Social Security Administration to increase her monthly payment by $25. He asked for the name of the woman’s bank, date of birth and Social Security number, but she refused to give the information to him.
Police said the case is a reminder not to divulge personal information to strangers.

Smaller sacrifices now can save Social Security
Charlotte Observer - September 10, 2006The crisis cited by Democrats and Republicans alike is years away, but we cannot afford to wait until it is upon us to find a cure. The longer we wait, the more drastic the cure will have to be. Acting now, the cure can be almost painless.

Never carry your social security card or number in your purse or wallet. Makes it easier for a thief to use it to steal from you.

Test your knowledge about Social Security survivors' benefits. Most of us don't like to talk about death or even think about it. But wouldn't you feel better knowing that, if you were no longer living, Social Security would help take care of your family? Of course, you would. Few people realize that their Social Security survivors' insurance is probably worth more than any life insurance they have through work or a private insurance company.

Study after boomer study paints a similar picture: 69 percent of baby boomers say they will work into retirement, and only 48 percent see retirement as a time to indulge themselves.  While the first baby boomers have not reached 62, a third of people who currently work beyond retirement are only working part time.

Although many people aren't aware of this, Social Security can also provide benefits when someone retires, becomes disabled or dies. A spouse or children may receive benefits based upon the eligibility of the deceased person. Widows and widowers who collect survivor benefits can switch to their own retirement benefits as early as age 62.

The Social Security retirement program has been a basic part of American life since 1940. It's unlike any other income because you can't outlive Social Security benefits and benefits won't lose their value. Social Security can't lose its value because it's always adjusted to keep up with inflation. The amount of your retirement benefits are based on three things: how much time you spent in the workforce, how much money you made and the age you start receiving benefits.

Five useful Social Security Tips:

It's important to understand more than just the basics of Social Security. Besides learning more about the benefits, you can also take measures to ensure you get everything you deserve.

1. Make sure you get full credit - As you read your statement, double-check the years you have worked. If you think there is a mistake, check your own records or contact a former employer for information.

2. Compare figures - Look at the amount of benefits you will receive at age 62 compared to your full retirement age. Consider these figures when you decide the age at which you would like to retire.

3. Know what you will receive - Understand that you don't necessarily get out of Social Security what you put into it. The system places a percentage of your average lifetime earnings that were subject to Social Security tax. And ironically, the less you contribute to the system, the better the investment is and the greater the replacement percentage may be.

4. Don't forget about Medicare - If you're getting Social Security benefits when you turn 65, your Medicare Hospital Benefits start automatically. If you're not getting benefits at that age, you should sign up for Medicare close to your 65th birthday.

5. Research - Visit the Social Security Administration Web site for publications and online resources. You can also apply for benefits online at http://www.ssa.gov.

2008 Social Security COLA: A crisis for many Seniors.

In its annual report released to Congress in April 2007, Social Security's Trustees announced that the Social Security Cost of Living Adjustment (COLA) for 2008 – the annual adjustment provided to seniors each year to help them keep up with inflation – is forecast to be just 1.4 percent, and could be as low as 1.2 percent. See a discussion of how this may be completely offset by Medicare part B premiums. Also see the SeniorArk update as of September 19, 2007. New numbers possibly 1.8% - 2.0%.

The miserable "slight-of-hand" increase in the 2007 Social Security adjustment, 1.2%, is a net DECREASE in benefits for all retirees. By the time we account for the increase in Part B premiums, increase in Part D premiums, increase in Part D  drug cost deductibles, and increase in the size of the doughnut hole, we will experience a net decrease in our standard of living. And then there is the ongoing inflation in the economy.  You will also want to read:

2008 Social Security COLA: A crisis for many Seniors

You should contact your local social security office three months before the month you plan to retire. Processing, and established payment schedules may cause a longer delay in receiving your first check, if you delay.

The U.S. government has several options to fix underfunding of Social Security, including alternative ways of indexing the retirement system to inflation, U.S. Federal Reserve Board Chairman Ben Bernanke said on Thursday, January 18, 2007. Look out Seniors. What he really means is we need to find a LOWER index to determine future Social Security increases. How much lower can it go from the awful 3.3% granted in 2007. Email your senators and representatives.

Social Security and You: Benefit statements are easy to replace
I understand that I should have already received my SSA-1099 so I can complete my income tax return. I must have misplaced it. How can I go about getting another one?

Q: I retired early and my only income has been withdrawals from my Individual Retirement Account, or IRA. I plan to apply for Social Security this year. Will my IRA income reduce my Social Security benefits?

A: No. In calculating your retirement benefits, we count only the wages you earn from a job or your net profit if you're self-employed.

Non-work income such as pensions, annuities, investment income, interest and capital gains are not counted and will not affect your Social Security benefits. To learn more about Social Security benefits, visit Social Security's Web site at www.socialsecurity.gov, or call us toll-free at 1-800-772-1213 (TTY 1-800-325-0778).

Social Security offices nationwide are bracing for the first round of baby boomers to hit retirement age, and officials advocate applying online to avoid possible long lines.
“We have a good Web site,” said Tom Bachmann, the manager of the Mount Airy, NC office of the Social Security Administration. “If they (filers) feel comfortable with it, that's the way to go.” However, waiting in line at a government office and its associated pressures can be avoided almost completely through the computerized alternative. The entire process for filing retirement claims can be done online at www.socialsecurity.gov, except for supplying valid proof of age. Social security officials must actually see a person's birth certificate or a religious record such as a baptismal certificate. A photocopy is not acceptable. Other than that requirement, the entire process can be done via the Web site. Applicants can mail an original document as opposed to physically bringing it to the office. But Bachmann recognizes that some will be uncomfortable taking that route, especially with a birth certificate dating to the mid-1940s. “A lot of people are uncomfortable mailing a document like that,” he said. The Social Security Administration has been trying to work with states to provide its field offices with access to vital statistics, which would eliminate a trip to the office altogether.

Every day this year, about 10,000 baby boomers turn 62. Many will have questions about their Social Security benefits, but few will likely get answers -- at least not quickly. The Social Security Administration's has reduced its staffing by more than 5 percent since 2003, to about 60,000. That means seniors such as Early L. Graham of Raleigh, N.C. have dealt with long hold times and promises of call backs that never come. "I had to call three different numbers before I got anyone on the phone," one caller reports.

Seniors are waiting for your tip here.     Or submit a useful link for the section above.

Social Security in the NEWS

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