Tag Archives: Social Security

What Social Security Mistakes Could Reduce Your Retirement Benefits

Social Security will be an important benefit for your retirement plans. As a typical American, it will likely be the foundation of your income in your golden years. Social Security often makes up around 33% of an elderly American’s income. However, many Americans do not fully understand how these benefits work and what the program does for you. If you go into this process unaware, you could fall into some pretty common financial traps. Falling for these traps could permanently reduce your income later on. 3 Mistakes You Should Avoid When Applying for Social Security Claiming benefits before you know how they work. If you do not understand what could impact your Social Security income, you may make poor decisions when attempting to claim benefits. You need to know how your age, work history, and marital status will affect your benefits. For example, retiring before full retirement age (FRA) will…
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How Can I Protect Myself From Social Security Scams?

Did you know that Social Security scams are the number one type of fraud reported to the Federal Trade Commission? These scams often mislead seniors into believing that they need to make cash or gift card payments. They prey on fears that they must make these payments to avoid arrest for Social Security related issues. To avoid becoming a victim of Social Security scams, it is important to understand how these scams work. It is also important to understand what Social Security employees will and will not do when contacting you. How Social Security Scams Work Social Security scams work well because they use fear tactics to convince seniors to take action. These scam artists often call and state that they suspended the Social Security number pending legal action. They then bait individuals into submitting payments to avoid arrest or legal action. According to the Federal Trade Commission, Social Security…
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Are My Social Security Checks Expected to Increase in 2019?

The Social Security Administration recently stated that payments to Social Security and Supplemental Security Income beneficiaries are set to increase for next year. Specifically, the payments are expected to rise 2.8 percent. Why Are My Social Security Checks Increasing? This payment increase is due to an automatic cost-of-living adjustment, also known as COLA. COLA is based on low inflation and dictated by law. It takes effect on December 31 for the country’s 8 million SSI recipients. The COLA is based on the Consumer Price Index for urban wage earners and clerical workers, or CPI-W. This measures different price changes for food, clothing, transportation, housing, medical care, energy, education and recreation. Low-income disabled and elderly people that receive Supplemental Security Income also receive a COLA. In addition to retirees, other Social Security beneficiaries include disabled employees and surviving children and spouses. If you receive SSI, the maximum federal payment will increase…
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Why Don’t More Children Receive Social Security Disability Benefits?

Most people consider the Social Security program as something that supports the elderly. Statistics prove this to be correct. According to the Social Security Administration, from the 62 million people that receive Social Security benefits right now, more than 43 million are retired workers. Children are also entitled to receive Social Security disability benefits under specific circumstances. The main reason that many people are unaware of children’s Social Security benefits is because very few children are eligible to receive them. In general, there are three ways that children can receive these benefits: If their parents are receiving retirement benefits from the program If one or both of their parents become disabled If a parent passes away (survivor benefits) In July 2018, about 1.87 million children of deceased employees received survivor benefits. About 1.51 million children of disabled workers received family disability benefits from the Social Security Administration this past July…
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Why Did the SSA Take Away an Epileptic Woman’s SSDI Benefits?

She used to hold down a full-time factory job before the seizures became too much to handle. Her epileptic condition became uncontrollable, and so this woman from Knoxville, Tennessee was forced to give up her job and claim Social Security disability insurance (SSDI). That was six years ago, and now she lives on her benefits with the help of her sister and her mother. However, something has come up that threatens to change everything and lock her out of the benefits she needs to get by. Why Is an Epileptic Woman Being Denied Her SSDI Benefits? About a year ago, this Knoxville woman’s doctor decided to put her on a new regimen of medications, and the results were miraculous. Since going on the medications, she has been seizure-free. This has allowed her to live a life more normal that she ever thought possible, but it has also caused her a…
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