April, 2023

Social Security isn’t going anywhere

Social Security Spotlight: The Future of Social Security
NARSSA | Social Security Newsletter | April 2023
April 2023 Newsletter


Hi there. Please enjoy reading our newsletter filled with news and information on Social Security, retirement, and Medicare. Please reach out at info@rssa.com with any feedback on our newsletters. We are always happy to hear from you!


NARSSA Announcements


NARSSA is a sponsor of the upcoming Medicarians 2023 conference. We are heading to Las Vegas for the event on April 24th to 26th. We will be presenting and we will have a booth. We hope to see you there, please stop by and say hi! Be sure to follow us on social media including Instagram to get an inside look and photos from the event. It’s not too late to register and to receive a FREE ticket to the event.




Top Stories  

Source: RSSA
The Social Security Board of Trustees recently released its annual report, sharing its findings regarding the long-term financial status of the Social Security Trust Funds. According to the report, the combined OASI and DI Trust Funds are projected to become depleted in 2034 with 80 percent of benefits payable at that time. And while that sounds alarming, keep in mind that this is if congress takes no action. Read a summary of the report.
Source: Yahoo
Martha Shedden shares her insight with writer, Heather Taylor on what millennials should know about Social Security. “Social Security will be a major part of their retirement planning,” said Shedden. “Those who understand this and seek out professionals who will keep them informed on the topic and count on it as part of their retirement planning, will be rewarded when they retire.” Read the full story.
Source: RSSA
Preparing for retirement and attaining financial security is not an easy task for anyone, but women tend to face more hardships than men in this area including less time in the workforce, the gender pay gap, longer life expectancy, and more. Social Security can provide women with a strong layer of financial protection if they take advantage of what is available to them. Read now.
Source: RSSA
Social Security is a critical part of retirement planning for millions of Americans. Understanding how the program works, its benefits, and how to maximize your retirement income is essential for a secure financial future. Learn ten important things you should know about Social Security and retirement. Read now.


Catch up with Devin  

There are a few hidden expenses that will often catch retirees off guard and if they aren’t managed properly, have the potential to put someone’s financial security in jeopardy. Retirement is one of those times when every dollar counts and your retirement income plan needs to anticipate a few of these expenses that can pop up. Devin Carroll, RSSA covers the five hidden expenses he sees most often in retirement. Watch the video.


Ask Martha  

Question: Hi Martha, I am 62 years old and recently applied for retirement. My daughter is 9 years old and my wife is 47 years old. I understand that both can collect Social Security benefits. Question is, do they need to apply separately? Can you please advise how to proceed? Thanks.
Martha’s response: Hi there. Thank you for the question. Yes, it sounds like your daughter is eligible for a minor child benefit and your wife is eligible for a child-in-care spousal benefit. The amounts of these are up to 50% of your PIA, the amount you would receive at your FRA. The total received by all three of you will be subject to the family maximum benefit. We recommend that you apply for these benefits by calling your local SSA office to apply over the phone or make an appointment to apply in person…Read Martha’s full response or Ask Martha your own question.


Social Security Spotlight: The Future of Social Security   

Is Social Security going bankrupt? No. While the Trust Funds are expected to become depleted in 2034, there will always be money going into the program via payroll taxes. Stories and headlines suggesting Social Security is going bankrupt are misleading.
What will happen once the Trust Funds run dry? The Social Security program will continue to funded by the taxes paid by current workers in order to pay the current beneficiaries. Social Security is a “pay as you go” program. 
Will benefits be paid in full once the Trust Funds become depleted? Unfortunately, in the unlikely event of congress taking no action, it is estimated that once the Trust Funds run out, only 80 percent of benefits will be payable. 
Is congress going to do something about this? Social Security is a very important and major source of income for many, many Americans. And while the program is not going bankrupt, it definitely needs more resources and financial support. Congress must take action and make changes to establish a strong future for the Social Security program, ensuring it can continue to support all of its future beneficiaries.


Listen up: Social Security Podcast   

In this episode Martha sits down with Bill Arnone, CEO of the National Academy of Social Insurance, and Bill share’s his extensive knowledge about America’s Social Insurance programs (Social Security, Medicare, Unemployment Insurance, etc.).
You can listen to Social Security Answers from the Experts on Spotify, Google, Apple or anywhere you listen to podcasts. You can even watch the live recordings on our YouTube channel. Listen here or watch on YouTube.


Did You Know?


Did you know that when a worker, who is caring for a parent or parents, dies, Social Security benefits may be available to the parents? Survivors benefits provide financial support to eligible individuals who depended on the worker’s income before that worker’s death. Along with the worker’s children and spouses, their dependent parents may also be eligible for a survivors benefit. How much can a parent get? One parent may receive 82.5% of the deceased worker’s full retirement or disability benefit and if there are two parents who will receive benefits, each may receive 75%. There is no reduction of benefits for months before attainment of full retirement age and the parent’s benefit is subject to reduction for the family maximum. Read more about the qualifications for eligibility and details of parent’s benefits here. 


Case Study of the Month  


A new client reached out to get help planning for her benefit based on her ex’s working record. She talked with the SSA and was advised that she was not eligible for the benefit until the ex-husband also had filed for his retirement benefit. Thus, she has not yet filed and just passed her full retirement age (FRA) three months ago. Since she was unsure, she decided to reach out to an RSSA.

Because she has been divorced for over 2 years, she is actually considered independently entitled. Thus, as long as her ex is qualified for benefits (age 62 or older), she may file regardless of whether he has. Additionally, she was able to file for the three months of retroactive benefits back to her FRA, and received this benefit as a lump sum. She maximized her ex-spousal benefit and didn’t miss out on a dime with the help of her Social Security advisor!


Sign up for the RSSA® eLearning program: Get immediate access to the RSSA Roadmap® Social Security software.

The RSSA® program is the only program where you will receive Social Security software, the training to use the software, and the education to become a Social Security expert. This program will teach you how to analyze and provide comprehensive reporting that will help your clients maximize their Social Security benefits. After passing the proctored national exam and earning the RSSA® designation, you’ll be positioned to help clients potentially gain tens or hundreds of thousands of dollars in incremental Social Security income. The knowledge and software training that you will gain by completing the RSSA® course will be meaningful for your practice and your clients as the demand for expert Social Security advice is unprecedented. This training program is approved by the IRS, NASBA, CFP Board, and Broadridge Fi360 Solutions for CE credits. Get Started.


Consult with an RSSA to optimize your benefits  

Most people make a sub-optimal filing decision, losing out on money they are entitled to. An RSSA can help you optimize your Social Security benefits and support you in making the best decisions for your personal situation. Get help now.


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