Registered Social Security Analyst RSSA | Social Security Newsletter | September 2020
September 2020 Newsletter
Thanks for reading our September newsletter. It is jam-packed with Social Security, Medicare, and retirement news and information. Scroll down to see what’s included.
Top Stories
Surprise! Expanding Social Security And Medicare Can Help Older Workers Forbes
“The COVID-19 pandemic and recession has exposed the weaknesses of our broken retirement system even more than before. We need to fundamentally address these issues to make sure older workers have a secure retirement in good times or bad times…”
“As the COVID-19 pandemic hit our country, the beginning projections for the 2021 COLA were not looking good. It was rumored that 2021 would be one of those years with a 0% COLA. However, those projections were based on the deflation our country was witnessing in the early stages of the pandemic…”
The Social Security Administration Should Start Mailing Statements Again — Here’s Why The Motley Fool
“The consequences of not mailing statements goes beyond just inconveniencing people or potentially leading to workers not correcting errors in their earnings history. According to the Center, research has shown that receiving a Social Security statement not only increases the likelihood that younger people will work, but also…”
Claiming Social Security Retirement Benefits? Don’t Let These Myths Trip You Up CNBC
“For most Americans, deciding when to claim Social Security retirement benefits will be one of the biggest financial decisions they ever make. But the difference between the right or wrong decision can be costly…”
This month’s featured question: Once you begin collecting Social Security benefits, can the amount increase or decrease?
Martha’s response: Unless there are major, immediate changes to the Social Security rules, it can only increase. In fact, it can increase in several ways…
How do I qualify for Social Security benefits? First, you must either be a U.S. citizen or lawfully living in the United States. Then, you must have earned a minimum of 40 “credits” to qualify for Social Security benefits. The amount of earnings required for one credit in 2020 is $1,410. The credit may only be earned from a job that pays Social Security payroll taxes. You cannot earn more than 4 credits in one year and therefore, you must work a minimum of 10 years in order to earn those 40 credits. Last, you must be a certain age to collect benefits.
How can I check my work and earnings history? You can access your personal earnings record by visiting your mySocialSecurity account. It is important that you take a look at the information and make sure the details are accurate because your earnings history has a direct impact on the amount of benefits you are entitled to. Contact the Social Security Administration if you need to correct your earnings record. Your mySocialSecurity account will also provide you with an estimate of your future benefits.
When am I eligible to receive my full benefit? You are eligible to receive your full benefit at your Full Retirement Age (FRA). If you choose to claim your benefit earlier than your FRA, your monthly payment will be reduced. If you choose to claim your benefit after your FRA, your monthly payment will be increased. Your FRA is dependent on the year you were born.
In Case You Missed It: A Retirement Planning Webinar
Watch the recording of a webinar covering Social Security, Medicare, and reverse mortgages. RSSA’s founder, Martha Shedden, was one of the three expert speakers. After registering to watch, use the password to access the recording. Password: ZzV1W5+@ Enjoy!
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Most people don’t make optimal filing decisions and therefore, lose out on money they are entitled to. A RSSA® can help you maximize your Social Security benefits and support you in making the best decisions for your particular situation. Request your free, no-obligation consultation with a Social Security expert today.
Our mission is to help Americans get the maximum Social Security income they are entitled to, enabling them to enjoy their lives more fully.
RSSA is administered by NARSSA, the National Association of Registered Social Security Analysts. NARSSA provides a comprehensive online platform for professionals to gain Social Security knowledge and earn the RSSA credential.
