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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.

Understanding Survivor Benefits and Filing Options for Widows at Age 60 hey marc! survivor benefit Sep 18, 2023

It’s good to have some social security support for our client base and you guys certainly seem to know the stuff.  I wanted to reach out about a client situation.  The client is younger, but their father passed away years ago (dad was more than 10 years older than mom) and mom is...

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Impact of PERA on Social Security Benefits government pension offset (gpo) hey marc! public employees' retirement association (pera) windfall elimination provision (wep) Aug 31, 2023

Chloe worked for the state and gets PERA.  Her Social Security report says she would get $746/mo benefit at age 62.   John will get $,2011/mo at age 62.  When we run Social Security Timing, the suggested timing is for John to take his social security at age 70 and Chloe as...

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Impact of Post-Retirement Earnings on Social Security Benefits earning limits full retirement age (fra) hey marc! Aug 23, 2023

I have a question for you. As you know, my Social Security payments are starting this month (about $3,500/month).  I am considering retiring from my job with the county and being re-hired, hopefully at the same rate I make now, about $85,000/year. If I am re-hired, would that affect the...

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Filing for Retirement Benefits While Awaiting SSDI Approval hey marc! social security disability insurance (ssdi) Aug 23, 2023

We have a client who filed for SSDI and is waiting on the application.  I wasn’t sure, but she can file for retirement benefits while waiting correct?  And then if she’s approved, they will bump her up to the higher SSDI benefit, correct?

Yes, a client who is age 62 or older...

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Planning Social Security Benefits for a Terminal Illness with Special Needs Children hey marc! social security disability survivor benefit Aug 16, 2023

Client is roughly 40 and has a (likely terminal) cancer diagnosis. They are planning to work for another couple of years and then go on disability (private). She wants me to run a plan where she anticipates passing away in the next 5-7 years. She is married (husband doesn’t work currently...

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Earnings Test Impact on Social Security Benefits for Late-Year Filers earnings test hey marc! Aug 16, 2023

I have a client, Larry, looking to retire this August at age 65 and will earn 50K in 2023.  If he files for his own benefits Dec 2023 age 65.4 and gets his first check in Jan 2024, will he be subject to the earnings test for the Dec amount being that the first check doesn’t come until...

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Resolving Social Security Number Issues: What to Do When SSA Has No Record hey marc! social security card Aug 16, 2023

Hello, I am having an issue with Social Security, they say that my SS number is not correct and that they have no record of me. I have been to the office on numerous occasions with as much documentation as I have, and they always send me back for more. The most recent time they asked for my...

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Earnings Test Rules for Widows with Different FRA Dates for Retirement and Survivor Benefits full retirement age (fra) hey marc! widow benefit Aug 10, 2023

If a widow has her FRA for retirement benefits and FRA for survivor benefits in the same calendar year, then she must use the latter of the two (FRA for retirement benefits) for purposes of the earnings test. 

When a widow reaches her Full Retirement Age (FRA) for both retirement benefits...

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Do You Still Pay Medicare Taxes While on Medicare? fica hey marc! medicare social security benefits Aug 03, 2023

This was a question I had never had before and was hoping you know the answer. I had a client ask me if they will still have Medicare taxes deducted from their paycheck once they are on Medicare.

Yes, your client will still have Medicare taxes deducted from their paycheck even after enrolling in...

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How Pensions and PTO Affect the Earnings Test for Retiring Teachers hey marc! Jul 14, 2023

For a teacher that is about to retire, are pension payments calculated as income? What about if they are cashing out PTO (Paid Time off they did not take)

The pension is not counted as income for the earnings test but the PTO does count.  It would count in the last month worked so they can...

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