What You Need To Know In Planning To Receive Your Social Security Benefit & Medicare
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Recently, many of our readers have been asking questions regarding when they should start collecting their social security benefits. So I’ve gathered some videos to help answer some of these questions, below:
To better understand what Social Security is, please click HERE.
To find details or how to sign up for social security benefit, please click HERE.
- To find out how Retirement Benefits work, please click HERE.
Since 2010, Social Security’s cash flow has been negative, meaning that the agency does not collect enough money through taxes to cover what it is paying out. Even though there was still this vast trust fund behind Social Security, they started tapping that fund’s interest. Starting in 2021, they will have to dip into the trust fund itself to cover those benefit payments, and even that pool of cash has an expiration date. Trustees of the fund expect that by 2035 it will not be enough to cover full benefit payments. Due to COVID-19, that date may come years sooner than expected, which has some retirees seriously worried about their future, in the video published on Nov. 17, 2020, “How Social Security Works“, below:
What is the best age to file for Social Security? What factors should you consider when making the decision to claim your Social Security benefits? It can be confusing and Social Security claiming mistakes are common, in the video published on Aug. 12, 2020, “What’s the Best Age to Claim Social Security 62, 66, or 70?” below:
InvestmentNews’ Mary Beth Franklin explains a valuable claiming strategy available to married couples, in the video published on July 10, 2019, “A Strategy for Married Couples to Maximize Benefit“, below:
The calculations for married couples are not as straightforward, so a special calculator at maximizemysocialsecurity.com may be helpful.
Did you know there are over 2,700 rules governing Social Security benefits? File and suspend vs restricted claim… the list goes on! In the video published on Feb. 12, 2019, “Spousal Social Security Claiming Strategies You Need to Know – YMYW podcast ep #208“, below:
In this video we are going to talk about How to maximize Social Security for Married Couples It’s just a fact that married couples have more Social Security options than single people do and with just a little planning, you and your spouse can make maximize your Social Security benefits in a way that is most suitable for you. A couple of things to know before we get started: 1.) There are more options and strategies than we will cover in this video alone. 2.) Coordinating your strategy with your spouse will help you both get the most out of your Social Security Benefits. 3.) It doesn’t always make sense to claim your own Social Security Benefit! 4.) Many couples employ a split strategy because it fits their needs with one taking the benefit earlier and one of them waiting to collect later. The very first thing you should do is either schedule a visit with your local Social Security office or the Social Security Administration Website. What you are looking for is an estimate of benefits for both you and your spouse. These used to be sent out annually after you’ve reached a certain age but this policy was changed a few years ago. The Social Security Administration provides estimates for how much you’ll collect if you start receiving benefits at the earliest opportunity of age 62, your full retirement age (depending on when you were born that will be between 66 and 67), and the maximum age 70. You don’t have to start taking your benefits at any particular age; you and your spouse can start collecting anytime between ages 62 and 70, in the video published on Aug. 30, 2020, “How To Maximize Social Security For Married Couples. Different strategies to get the most for you!” below:
In the video published on Sep. 13, 2019, “Social Security: Marriage, Divorce & Death Benefits“, below:
In the video published on Aug. 16, 2019, “What Widows and Widowers Should Know about Social Security“, below:
Would you be happy with just 70% of the retirement benefits that you worked your whole life to build up? Some people are, but others are unaware that their timing on filing for benefits could cost them thousands. In this video, we’ll discuss how your decision on when to apply for Social Security retirement benefits can impact the amount of your monthly benefit, in the video published on May 15, 2020, “When You Should Apply for Social Security to Maximize Your Benefits!“, below:
- The Supplemental Security Income (SSI) program provides monthly payments to adults and children with a disability or blindness who have income and resources below specific financial limits. SSI payments are also made to people age 65 and older without disabilities who meet the financial qualifications. To find out how SSI works, please click HERE.
- The Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) programs provide assistance to people with disabilities. This page provides detailed information to help you understand what to expect from Social Security during the application process. To find out how SSDI works, please click HERE.
Medicare is our country’s health insurance program for people age 65 or older. Certain people younger than age 65 can qualify for Medicare too, including those with disabilities and those who have permanent kidney failure.
The program helps with the cost of health care, but it does not cover all medical expenses or the cost of most long-term care. You have choices for how you get Medicare coverage. If you choose to have Original Medicare (Part A and Part B) coverage, you can buy a Medicare Supplement Insurance (Medigap) policy from a private insurance company. To find out more about how Medicare works, please click HERE.
In the video published on May 24, 2020, “Medicare Explained: Who’s Eligible for Medicare?” below:
In the video published on April 19, 2021, “Medicare Advantage vs Medicare Supplement Plans (Updated Review and Important Tips)“, below:
In the video published on March 4, 2021, “Is Plan G The Best Medicare Supplement Plan? The Pros and Cons of Plan G“, below:
Medicare Advantage Plans Explained, in the video published on Sep.22, 2019, “Medicare Advantage Plans Explained“, below:
Gathered, written, and posted by Windermere Sun-Susan Sun Nunamaker More about the community at www.WindermereSun.com
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