Recently in Social Security Category
Seems that articles have been appearing with increasing frequency, outlining the rules for filing for Social Security Benefits. If you haven't checked them lately, it's worth looking into, even if you aren't ready to retire in the near future.
The basics are that you can file for partial benefits when you reach the age of 62. Depending on when you were born, you can file for full benefits when you are 65, 66, or 67.
Many people wonder whether they should consider filing for partial benefits, or wait to file for full benefits. You need to know which rules apply to you in order to know your options.
We've included links to a story in the Burlington Free Press, and here's a link to the official Social Security benefit calculator.
From the Burlington Free Press
Burlington Free Press.com | Living
From the National Academy of Social Insurance (NASI):
NASI has released a report that includes comparison of the value of Social Security to equivalent private insurance policies, focusing on groups that are at higher risk of having inadequate funds. The report consolidates information from 12 organizations, funded by the Ford Foundation.
The press release has the highlights. If you have ever wondered what it would cost to have your own Social Security insurance, here it is.
National Academy of Social Insurance - Publications
"WASHINGTON, DC - For most Americans, the value of their Social Security is the biggest accumulation of dollars they will take into retirement. In fact, for two-thirds of recipients over the age of 65, Social Security is more than half of their income during retirement, according to a new report released today by the non-partisan National Academy of Social Insurance (NASI)."
"WASHINGTON, DC - For most Americans, the value of their Social Security is the biggest accumulation of dollars they will take into retirement. In fact, for two-thirds of recipients over the age of 65, Social Security is more than half of their income during retirement, according to a new report released today by the non-partisan National Academy of Social Insurance (NASI)."
MediaMatters.org draws attention to a report on The Situation Room, where the storyline is based on the assumption that Social Security will run out in 2041, contrary to government reports that refute that claim. The story goes on with reporting on how various Presidential Candidates will address the issue.
Is it spin, or just bad reporting on CNN's part? It's one thing for a television "news" show with a particular point of view to spin a story the way they want, using unsubstantiated fears as a pivot to leverage opinion. Hopefully,most of us can see those shows and "news reports" for what they really are, but what is this?
We seriously doubt whether "Everybody knows" and "Voter's know" would never qualify as substantiation for a story in any journalism course.
It doesn't help the dialogue and certainly doesn't serve the public interest for our news outlets to crank out stories that aren't supported by facts they can cite. It's called "fact checking" and it used to be a requisite part of reporting.
Take a look at the video linked on the mediamatters.org page.
It's not like there aren't some real issues that need to be addressed in terms of the viability of Social Security and it's funding, but the scare tactic that it's going to run out of funds and that everyone knows that to be true is simply unprofessional for someone who thinks of themselves as a journalist.
Media Matters - CNN's Chernoff falsely claimed Social Security
will "be out of money in 2041"
http://mediamatters.org/items/200801230001?f=h_latestwill "be out of money in 2041"
Kentucky Senator Johnny Ray Turner has filed a Senate Resolution to amend Title II of the Social Security Act, to repeal provisions that limit or reduce benefits for public sector employees that receive pension or social security benefits that come from employment outside of their government employment. Teachers, in particular, are affected by this.
Should Government worker benefits be reduced because they worked additional jobs to augment their income?
From - WKYT - WYMT News 57 Mountain News Homepage
"The National Education Association estimates that 300,000 individuals are losing an average of $3,600 a year due to the Government Pension
Offset provision.
Turner said the Windfall Elimination provision impacts the teaching profession because people are less likely to leave other careers in which they earn Social Security benefits to become educators.
The Government Pension Offset and Windfall Elimination provisions have the severest effect on widowed lower-income women who have worked hard for years and can least afford reduced benefits."
If you used information on a 1099-SSA form, and have already filed your return, you should file an amended return when you receive an updated 1099-SSA. The revised forms are in the mail.
From SmartPros.com
"The incorrect data was contained on some 1099-SSA forms sent out earlier this month, said Mark Lassiter, spokesman for the agency in Baltimore.
The 1099s are sent to all persons who receive Social Security benefits, reporting how much they received during the year. That information is needed to fill out income tax returns. The Internal Revenue Servicereceives copies of the 1099s, which are matched to returns by computer.
Corrected forms will be sent to all affected Social Security recipients and to the IRS by the end of the month, Lassiter said. Because corrected information is on the way, he said the Social Security Administration decided not to tell the public about the mistake until asked about it by a reporter."
USA Today is running a week-long series of articles of interest to new retirees. Today's article is a Q&A on several topics regarding decisions on when to take retirement benefits, including questions about spousal and dependent benefits.
It's hard to find anyone that says the system will remain as it is now with no changes. The question is what changes are being advocated, who is behind the proposals, what segment of the population is going to be compromised and why.
The article on whether the benefits of boomers are at risk is an interesting read in itself, but so are the comments.
Medical News Today reports that a study done by the American Institutes for Research indicates that policy changes are required to bolster the security of programs which aid lower income seniors. Policy changes that don't rely on reduction of benefits or reliance on privatization are recommended. The article points out that even seniors with the benefit of 401k plans can be at risk of decline should market conditions reduce the value of their securities and that a health crisis can overwhelm the finances of those with modest means.
The arguments for and against privatization as a solution to both Social Security and Health Care issues has many facets, and one of the most serious questions is whether individuals have the means to take advantage of plans that propose to provide incentives for private solutions. For many, and especially those who do not have employer provided health insurance, the cost of private plans is greater than their income will allow, even with incentives and subsidies. When they can afford them, the deductibles and limited coverage leaves them with bills they can ill afford if even the most minor of health issues arise. And remember, the lowest cost policies provide only the most basic coverage. Many services and fees are not covered.
Many studies cite health care issues as the primary cause of financial breakdown. The costs of modern health care can be staggering. Any plan, government or private, must take into account the ability of those covered to stay covered, or it's not adequate, and not really a plan at all.
You learn something every day. We had no idea how the Social Security Disability Claim process worked, but if this is what we have to look forward to when dealing with a claim, we're unhappy to find out.
We picked up this story on Denial at the Hearing Level
from Propeller.com
Do you have a story about Social Security Disability?
Another entry in a series that links to material posted on the web sites of the candidates.
What Does Mike Gravel Say?
The Gravel2008 site has a page that addresses a wide range of issues, including Health Care and Social Security.
http://www.gravel2008.us/issues
These links may change over time, and the candidates may provide more information. We'll post current links when we find them.
