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TheĀ Benefits Blog

The Benefits Blog provides expert insights, updates, and strategies on Social Security and Medicare, tailored for financial professionals looking to enhance their knowledge and better serve their clients. Stay informed with the latest developments and tips to maximize benefits for your clients.

Claiming Social Security Benefits After a January Death hey marc! social security benefits Feb 22, 2024

Had a quick question I was hoping you could help me with. A client of mine unexpectedly passed away in the middle of January. I just spoke with her husband who claims he didn’t receive her SS check for the month of January. This seemed a bit odd to me as she only just passed in the middle...

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Tax Implications of COLA Increases on Social Security Benefits cola hey marc! Feb 16, 2024

I just wanted to get your take on the potential tax impact on the COLA increase related to people being taxed more and how that could we impact distributions from their investment portfolios etc. question can you give me some commentary on the impacts of this change? 50% versus 85%.

The annual...

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How to Correct Missing Social Security Earnings hey marc! medicare missing earnings Feb 09, 2024

I have an individual who turned 65 in January and was trying to sign up for Medicare Part A. He has 38 credits but realized his 1986 earnings are not presented on the statement from the SSA. He cannot locate his records – W2, tax return, etc. Do you know how to correct a statement that is...

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Current Processing Time for SSA-44 Forms hey marc! Feb 07, 2024

What is the processing time with SSA on SSA 44 right now?

The processing time for SSA-44 forms, which are handled by local Social Security offices, can vary significantly depending on the office and the individual handling your request. Some offices may process these forms more quickly than...

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Is the Spousal Benefit Boost Automatic When My Spouse Files for Social Security? full retirement age (fra) hey marc! primary insurance amount (pia) spousal benefit boost spousal benefits Feb 05, 2024

Quick question on the spousal boost.  Let’s say wife has a PIA of $1,000 and husband has a PIA of $3,000. Both are same age — wife starts at 62 and husband starts at FRA. My understanding is that when the husband turns on his SSB, the spousal boost happens automatically, but I...

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Understanding Social Security Benefits for Individuals Turning Full Retirement Age full retirement age (fra) hey marc! primary insurance amount (pia) Feb 01, 2024

I have an individual that will turn 66 on February 13.  She will reach FRA in August.  If she starts taking SS in August or September, will her benefits be reduced, since she will start in the month of or later of reaching FRA?  I am reading some conflicting reports relating to...

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Are Widowā€™s Benefits Reduced for Earnings If Claimed Before FRA? full retirement age (fra) hey marc! survivor benefit widow benefit Jan 26, 2024

If a client starts the SS widow benefit before her FRA and continues to work, is the benefit reduced for earnings over the limit?

Yes, if a client begins receiving Social Security widow benefits before reaching her Full Retirement Age (FRA) and continues to work, her benefits are indeed subject...

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Impact of Remarriage and GPO on Survivor Benefits government pension offset (gpo) hey marc! survivor benefit widow benefit windfall elimination provision (wep) Jan 26, 2024

Can you clarify for me. 65 female is drawing survivor benefit from her deceased husband. She remarried after age 60 to a man that has non covered pension and when he retired he included survivor benefit for her on his pension. Will GPO apply to her current survivor benefit from deceased husband...

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Updated 2024 Earnings Requirement for Social Security Credits hey marc! Jan 18, 2024

What is the updated figure to earn a SS credit in 2024? 

Yes, the amount required to earn a Social Security credit in 2024 has increased. In 2024, you need to earn $1,730 to earn one Social Security credit. This is up from $1,640 in 2023.

If you haven't already, it's a good idea to check...

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Can a Divorced Spouse Switch from Spousal Benefits to Her Own at Full Retirement Age? deemed filing ex-spousal benefit full retirement age (fra) hey marc! spousal benefits Jan 18, 2024

I have a client who is going to be 65 in Jan. She’s divorced and no longer speaks to her ex. He’s an immigrant, but has worked long enough to get SS and is a little older.  He is already receiving his benefit. Let’s say his benefit is $1,000 per month and she’s...

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