February, 2024

Is 62 the earliest you qualify for benefits? Not necessarily.

Social Security Spotlight: Full Retirement Age
RSSA Newsletter | February 2024


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


🎙️ RSSA Announcements  


Last week, we proudly unveiled the RSSA Roadmap Social Security Tax Calculator, a valuable addition to the RSSA eLearning and software platform. Specifically engineered to enhance the Social Security planning process, this tool provides future retirees with a method to calculate the tax implications of their Social Security benefits. Read the press release.


Top Stories  

7 Things The Government Must Do to Protect Benefits
Source: Go Banking Rates

RSSA President & Co-Founder, Martha Shedden shares her thoughts with journalist Nicole Spector on what the government can do to protect Social Security. Read the story.

Ten States that Tax Social Security
Source: RSSA

It is officially tax season. If you reside in one of these states, it’s crucial to factor in this potential taxation when planning your retirement and filing for Social Security. Read the story.


💬 Ask Martha  

Question: Hi Martha, I am turning 64 and retired. My wife is 53. We have two adopted children 11 & 9 yrs old. Can they receive Social Security benefits?
Martha’s response: Yes, when you start collecting Social Security retirement benefits, your minor children are entitled to benefits until age 18, or 19 if still in high school. Your younger (than age 62) spouse is entitled to a child(ren)-in-care spousal benefit while still caring for minor children (under age 16). These dependent benefits are all based on your earnings record and limited to 50% of your primary insurance amount. The total paid, including your benefit, is limited to the Family Maximum Benefit…Read the full response.

🎧 Podcast   

RSSA Financial Professional Shares Social Security Expertise Stories
In this archived episode of Social Security: Answers from the Experts, Martha Shedden sits down with Brian Keith Moon and they talk about his experience, and knowledge, as an accomplished RSSA qualified financial advisor. Listen to the episode or watch the recording on YouTube.

💡 Social Security Spotlight: Full Retirement Age  

What is Full Retirement Age (FRA)? FRA is the age at which an individual is eligible to receive their full retirement benefits from the Social Security Administration. FRA is determined by birth year. Individuals born between 1943 and 1954 have an FRA of 66. For those born between 1955 to 1960, FRA gradually increases up to 67. And for those born in 1960 or later, FRA is age 67.

How does FRA affect the amount of benefits received? If an individual chooses to start receiving benefits at their Full Retirement Age, they will receive the full amount of benefits to which they are entitled. If they choose to start receiving benefits before their FRA, the amount of benefits will be reduced. And if they choose to delay receiving their benefits (the latest, age 70), their benefit will be increased.

When is the earliest I can receive Social Security benefits? Social Security retirement beneficiaries and their spouses can qualify for benefits at age 62. However, there are other Social Security benefits with their own rules. Widow(er)s may qualify for survivor benefits as early as age 60 or potentially 50 if they are disabled. Financially dependent parents may qualify for survivor benefits at age 62. Disabled workers may qualify for benefits at any age. And children may qualify for benefits at any age as well. Keep in mind, while you may qualify to collect these benefits early, it may reduce your benefit depending on your FRA.

Will Full Retirement Age be increased? The FRA has been increased over time as a result of new legislation. And it may continue to go up. Increasing FRA is a potential solution to help protect the solvency of the Social Security program. 


🔎 Case Study of the Month  

Eve is 56 and has been living and working in Japan for the past 20 years. She qualifies for the work-based Japanese pension (EPI). She was born in the US, where she started her career and worked enough to qualify for US Social Security benefits.

Will she be able to collect both the Japanese benefit and US benefit?
Yes, she can collect both benefits, but the Windfall Elimination Provision, or WEP, will reduce her US Social Security benefits once she is collecting both benefits.

Can Eve receive her US Social Security payments while living in Japan?
Yes, she can receive payments while living in Japan. The SSA has a “Payments Abroad Screening Tool” which can be used to determine whether payments can be made to various countries.


🗓️ Events

Medicarians: We look forward to attending Medicarians 2024 in Las Vegas. Medicarians is the home of the product creators, care providers, distributors, venture investors, and startups helping people live longer, better lives both physically, financially, and mentally. We are excited to network and learn from 2,500+ across the senior health, wealth, and agetech ecosystem. Register now and save.
MedicareCon: We are eager to sponsor and attend MedicareCon, the go-to event for Medicare agents who want to succeed in the industry. This 3-day conference is tailored for forward-thinking trailblazers and entrepreneurs. Use RSSA25 for a 25% discount.

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