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Archive for the ‘Social Security’ Category

Social Security COLA for 2020 is 1.6%

Social Security and Supplemental Security Income (SSI) benefits for nearly 69 million Americans will increase 1.6 percent in 2020. The earnings limit for workers who are younger than “full” retirement age (age 66 for people born in 1943 through 1954) will increase to $18,240. The earnings limit for people turning 66 in 2020 will increase to $48,600. There is no limit on earnings for workers who are “full” retirement age or older for the entire year. Read more about the COLA, tax, benefit, and earning amounts for 2020 (pdf file). SOURCE/MORE: SOCIAL SECURITY ADMINISTRATION For a complete list of upcoming…

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Raising the Minimum Wage to $15 Could Add Over $100,000 to Social Security Benefits for Many Workers

More than doubling the federal minimum wage is quite the controversial proposal currently sitting in Congress, but there’s no debate about one facet of the concept: doing so would boost Americans’ retirement savings. Source/more: Market Watch   For a complete list of upcoming seminars, visit our website at www.davidwingate.com. Peace of mind is only a call or click away! For an Initial Consultation call Estate and Elder Planning by David Wingate at (301) 663-9230 or visit www.davidwingate.com David Wingate is an estate planning and elder law attorney at Estate and Elder Planning by David Wingate. The Estate and Elder Planning…

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Statistically, This Is the Worst Age to Take Social Security Benefits

Seniors will make a lot of important decisions, but few, if any, have as much bearing as deciding when to begin taking their Social Security retirement benefit. Source/more: Yahoo News/Motley Fool Read the full report. Related: Six Social Security Calculators That Can Help You Decide When to Claim For a complete list of upcoming seminars, visit our website at www.davidwingate.com. Peace of mind is only a call or click away! For an Initial Consultation call Estate and Elder Planning by David Wingate at (301) 663-9230 or visit www.davidwingate.com David Wingate is an estate planning and elder law attorney at Estate…

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What Is the Social Security COLA for 2020?

Kiplinger is forecasting a 1.6 percent cost-of-living adjustment for Social Security recipients next year. Full Story     For a complete list of upcoming seminars, visit our website at www.davidwingate.com. Peace of mind is only a call or click away! For an Initial Consultation call Estate and Elder Planning by David Wingate at (301) 663-9230 or visit www.davidwingate.com David Wingate is an estate planning and elder law attorney at Estate and Elder Planning by David Wingate. The Estate and Elder Planning office services clients with powers of attorneys, living wills, Wills, Trusts, Medicaid and asset protection. The Elder Law office…

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GOP Lawmakers Offer Paid Parental Leave Legislation Linked to Social Security

A group of Republicans has introduced legislation that would allow people to pull forward some of their Social Security benefits to use for paid parental leave — the latest effort from Republicans on paid leave in recent weeks. Source/more: The Hill   For a complete list of upcoming seminars, visit our website at www.davidwingate.com. Peace of mind is only a call or click away! For an Initial Consultation call Estate and Elder Planning by David Wingate at (301) 663-9230 or visit www.davidwingate.com David Wingate is an estate planning and elder law attorney at Estate and Elder Planning by David Wingate….

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How Does Contingent Work Affect SSDI Benefits?

Some studies have found that contingent workers — including independent contractors, consultants, and those in temporary, on-call, and “gig economy” jobs — make up an increasing share of the labor force. How does this group of workers interact with Social Security Disability Insurance (SSDI)? This project uses the Health and Retirement Study linked to administrative data on SSDI applications and earnings to answer this question. Source/more: Center for Retirement Research   For a complete list of upcoming seminars, visit our website at www.davidwingate.com. Peace of mind is only a call or click away! For an Initial Consultation call Estate and…

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Social Security ‘break-even’ calculations can be misleading

While you can collect starting at age 62, experts generally recommend you wait as long as you can to receive benefits. “Breakeven” is key to keep in mind. Watch out for certain blind spots that can mislead you. It generally pays to wait to claim Social Security retirement benefits. That’s because the longer you delay — up until age 70 — the larger the monthly check you will receive. One key calculation to keep in mind, though, in deciding when to take benefits, is “breakeven,” or the point at which the amount you receive if you claim later equals the…

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Social Security Disability Benefits (SSDI)

Disability benefits are available to qualified recipients under two programs, Supplemental Security Income (SSI) and Social Security Disability Income (SSDI).   SSI is a means-tested program for people with disabilities who have very limited means, but SSDI is an insurance program that is available to qualified workers with disabilities regardless of their resources.  As of November 2014, some 10.9 million disabled workers and their dependents were receiving SSDI benefits from Social Security. SSDI pays cash benefits to people who are unable to work for a year or more because of a disability. Benefits continue until you are able to work again…

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Determining Your Social Security Eligibility and Estimated Benefits

You can find out how many quarters of coverage you have accumulated and what your estimated benefit will be at the time of retirement by requesting Social Security Statement SSA-7004 (formerly known as the Personal Earnings and Benefit Estimate Statement) from the Social Security Administration (SSA). You can request a copy by mail or online by visiting the SSA Web site or watch for one in the mail; they are sent out annually three months before your birthday. There is no charge for this service, and in addition to your quarters of coverage the statement will provide your earnings reported…

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Is Social Security Taxable?

Although Social Security retirement benefits alone are generally not taxable, people with even a modest amount of income in addition to their Social Security payments may pay taxes on their benefits. If you file a federal tax return as an individual and your “combined income” — calculated by adding one-half of your Social Security benefit to other income, including nontaxable interest income — is between $25,000 and $34,000, up to 50 percent of your benefits may be considered taxable. If your combined income is above $34,000, up to 85 percent of your benefits may be subject to income tax. If…

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