January, 2022

Social Security January Newsletter

Social Security Spotlight: Family Benefits
NARSSA | Social Security Newsletter | January 2022
January 2022 Newsletter


NARSSA Announcements


NARSSA Partners With NAPFA: NARSSA has announced a partnership with the National Association of Personal Financial Advisors (NAPFA). NAPFA is the country’s leading professional association of fee-only, fiduciary financial advisors. NARSSA and NAPFA will be collaborating on several initiatives to promote Social Security education to NAPFA’s members. Read the press release here.


RSSA On The Radio: The RSSA® credential is now being promoted on WABC Radio in New York City and the tri-state area. Be sure to tune in to hear us during WABC radio shows including Rita Cosby, Bill O’Reilly, Larry Kudlow and more. And don’t miss the ‘RSSA.com Social Security Minute’ by Devin Carroll each Thursday. Listen here.


Catch up with Devin  


Should you keep paying FICA payroll taxes after filing for Social Security? Watch this clip from the The Devin Carroll call-in show. Watch now.


Top Stories  


Three things to know about Social Security taxes just in time for tax season

Source: RSSA


The 2022 tax filing season officially begins on Monday, January 24th. As you prepare to file your taxes, here are three important things to know about Social Security and taxation.


10 Things Every Working Person Should Know About Social Security

Source: Yahoo Finance


Reporter Cynthia Meason asks Martha Shedden to share her top 10 things future retirees should know about Social Security. Read to see what Social Security rules are important to know and to keep in mind when planning for retirement.


Social Security Pension Rules

Source: TheStreet


In the third of a multi-part webinar series, Martha Shedden explains the Social Security rules for pensions, including the Government Pension Offset and the Windfall Elimination Provision.


Social Security’s cost-of-living adjustments spark debate about the appropriate measurement used

Source: CNBC


The Social Security Cost of Living Adjustment for 2022 is 5.9 percent. While this COLA is one of the highest we have seen in decades, it still trails the current increased inflation figure of 7 percent as measured by the Consumer Price Index. There are new proposals to seek change in how the COLA is calculated.


Ask Martha  


Question: My wife recently passed away. Is there anything I need to do with the Social Security Administration?


Martha’s Response: In most cases, a funeral home will report a death to the Social Security Administration. You should provide the funeral home with your husband’s Social Security number. You cannot report a death or apply for survivor’s benefits online. You should call 1-800-772-1213 to speak with Social Security directly and ask any questions you may have…Read the full response or ask Martha your own question.


Social Security Spotlight: Family Benefits


How does marriage impact benefits? Marriage will not change your retirement benefit, but your spouse may be eligible to collect spousal benefits based on your earnings record. Collecting a spousal benefit will not have an impact on the other spouse’s retirement benefit amount. Remarriage does not change your retirement benefit either. However, if you were collecting a spousal benefit prior to the remarriage, you will no longer be able to collect off of your ex-spouse.

Can children qualify for Social Security benefits? Yes, children may be eligible to receive Social Security benefits. When a parent receives Social Security retirement or disability benefits, their child may also receive benefits. Also, when a parent dies, their child may receive benefits. The child can be a biological child, an adopted child, or a stepchild. To qualify for benefits, the child must be unmarried and younger than 18 (or is a student or is disabled).

What is the benefit amount for a child? A qualifying child may receive up to 50 percent of the parent’s full benefit or up to 75 percent of the parent’s full benefit if the parent is deceased.

What is the family maximum benefit? The family maximum benefit is the maximum monthly amount a family can collect from Social Security based on the earnings record of one family member. There is a special calculation used to compute the family maximum benefit. The total amount you and your family can receive is usually about 150 to 180 percent of your full retirement benefit.

Learn more about family benefits.


Case Study of the Month  


I recently worked with a couple. Both individuals are 64 years old, but only the husband is eligible for retirement benefits. They wanted to know whether the wife should collect the spousal benefit at its maximum value when she turns her FRA or if she should delay collection in order to maximize the survivor benefit. This was a case that proves a software tool is exceptionally helpful. Life expectancy is the main consideration in this calculation and calculating the breakeven ages by hand can be cumbersome. This couple is healthy and expecting a long life, so their best option is for both of them to begin collecting two months before the husband’s 69th birthday. The increase in his benefit outweighs her delay after less than 6 years of collecting. Not only do they get to collect more in total benefits, but also this decision locks in a higher survivor benefit!


Listen up: Podcasts by the RSSA Team  

Social Security: Answers From The Experts

Each week, Martha Shedden meets with financial experts to discuss important issues on Social Security and retirement planning. Her guests include Mary Beth Franklin, Larry Kotlikoff, and more. Listen now.


The Devin Carroll Show

The Devin Carroll Show sponsored by NARSSA is a caller-driven show that helps you simplify the complicated Social Security rules so you can get every dollar in benefits you deserve. Listen now.



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.


Train to become a Social Security expert  

Are you a financial or state-licensed professional? Download our free white paper and discover the benefits of becoming a Social Security expert and offering Social Security advisory services to your clients. Ready to get started with our self-study program? Sign up now.


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