NARSSA has partnered with Devin Carroll, the major online influencer for Social Security education to the consumer. They will be collaborating on several strategic initiatives…Read more

 

 

 

 

 

 

 

The Social Security Board of Trustees released its annual report. Read its findings regarding the long-term financial status of the Social Security Trust Funds.

 

 

Martha Shedden, NARSSA’s co-founder, shares with MarketWatch 10 statements she often hears regarding Social Security. Discover if each statement is true or false.

 

Source: Financial Advisor Magazine

FA Magazine asks Martha Shedden to contribute her thoughts on the Trustee Report. Martha believes that congress needs to and will take action to ensure that benefits do not get reduced.

 

 

Martha Shedden speaks with MarketWatch and explains why she thinks that you don’t need to be overly worried. She encourages all generations, young and old, to care about what happens to the program.

 

 

Question: I am soon to be 65 in September. I am drawing disability. I met with a Social Security agent in 2019 and asked if I could apply for Survivor’s benefits, because my husband died in 2012. He told me I could not have both disability and Survivor’s Benefits. Is that true?

 

Response: If you are currently collecting a disability benefit, you may be eligible to switch to a survivor benefit if it is higher than your disability benefit. However, you are not able to collect both together…

 

 

 

What is an earnings record? The Social Security Administration has a written record of all your earnings under your name and Social Security number. This record will be used to calculate your future benefits.

How can I check my work history and earnings record? You can access your personal earnings record by visiting your mySocialSecurity account. If you don’t have an account, you can create one for free at ssa.gov. You may also receive a Social Security statement in the mail which will include your earnings history.

Why is it important that your earnings record is accurate? It is important that you take a look at the information on your record and make sure the details are accurate because your earnings history has a direct impact on the amount of benefits you (and your family members) are entitled to.

How will my work history impact my future benefits? One of the eligibility requirements for Social Security benefits is having a minimum of 40 work “credits” to qualify for Social Security benefits. The amount of earnings required for one credit in 2021 is $1,470. 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. Additionally, your benefits will be calculated using the highest 35 years of your earnings.

What should I do if I find an error on my record? Contact the Social Security Administration if you need to correct your earnings record.

Learn how to correct your earnings record here.

 

 

I recently worked with a client couple. The wife didn’t qualify for her own Social Security benefits because she didn’t have enough quarters of coverage and would not be expected to in the future. She did however have a significant non-covered pension. My clients were unfamiliar with the GPO (Government Pension Offset). This rule potentially eliminates a Spousal Benefit and potentially a Survivor Benefit in the future. In this case, the GPO eliminated the wife’s spousal benefit, but understanding the rules and timing created an opportunity to collect a spousal benefit prior to starting distributions from the pension. As a result, the wife will be able to receive a spousal benefit by delaying pension distributions and her pension amount will increase as well. My clients were grateful to know their options and the financial impacts to their retirement income.