Top Stories: Social Security Recipients and Advisor Newsletter

Social Security Spotlight: SSI & SSDI
NARSSA | Social Security Newsletter | July 2023

July 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

We have partnered with organizations across the country to provide Social Security expertise to advisors & clients. You can view our full list of partners and check out our partners’ upcoming events that we will be attending and/or presenting at.

This July, Thomas Drapala & Melissa Warren, from NARSSA’s leadership team, attended the Ms. Medicare conference in Cleveland hosted by Amanda Brewton and Medicare Answers Now. They had a great time connecting with new and familiar faces. Check out photos from this event and past events on our Instagram and LinkedIn pages.

Source: RSSA

Waiving Social Security benefits is an option that allows individuals to decline or give up their benefits voluntarily. It can provide advantages in terms of reducing tax liability and preserving benefits for future use. Read the article.

5 Social Security Calculators to Share With Your Retirement Clients

Source: ThinkAdvisor

ThinkAdvisor’s John Manganaro shares the top Social Security calculators including RSSA Roadmap. Find out why RSSA Roadmap is featured on the list. Read the full story.

Ask Martha

Question: I am full retirement age and have been divorced for more than 10 years. My ex-husband and I have a disabled child (34 year old) that I care for and draws SSDI off of her father who is 70 years old. I have not applied for Social Security benefits, as I was wanting to wait until I turn 70. My question is, can I apply for spousal benefits now and then switch to my benefit at 70? Since I have always made more than my ex, my benefit is higher.

Martha’s response: Thank you for your question about ex-spousal benefits. Unfortunately, you are not able to claim an ex-spousal benefit and later to switch to your own. When you apply and indicate details about an ex-spouse, the Social Security Administration will give you the higher of the two benefits, your own retirement or the ex-spousal. Survivor benefits however are unique. If your ex-husband passes away and the survivor benefit is larger than the benefit you are collecting, you can apply to switch at that time…Read Martha’s full response or Ask Martha your own question.

Listen up: Social Security Podcast

In this episode Martha sits down with Christopher Hensley, President and CEO of Houston First Financial Group, and they discuss his views surrounding how to successfully plan for retirement, how to handle Social Security decisions, and what the future of financial planning may look like in our ever changing world.

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.

Social Security Spotlight: SSI & SSDI

What is SSI? SSI is Supplemental Security Income (not to be confused with Social Security Income). It is a needs-based program administered by the Social Security Administration that provides financial assistance to people with limited income and resources who are disabled, blind, or elderly (age 65 and older).

What is SSDI? SSDI is Social Security Disability Insurance. SSDI is an insurance program that provides benefits to disabled individuals who have a work history and have paid Social Security taxes through their employment.

What is the difference between the two programs? SSI and SSDI are two different programs in the United States that provide financial assistance to individuals with disabilities. While both programs offer support to disabled individuals, they have different eligibility criteria and funding sources.

How does one qualify for SSI or SSDI? SSI eligibility is based on age, disability, and limited income and resources, whereas SSDI eligibility is based on disability and work and earnings history.

Can one qualify for both programs? Yes. Individuals can qualify for both SSI and SSDI simultaneously if they meet the eligibility criteria for both programs. However, the two programs have different application processes and requirements.

Learn more about the programs here.

Case Study of the Month

Robert, a retiree who has been collecting benefits since 2019, received an overpayment notice last month from the SSA. This overpayment is due to a miscalculation of his benefits, and is not due to any fault of Robert’s. The excess payment was about $300 per month, over $10k total.

How can an RSSA help this client?
The first thing to check is to confirm the overpayment and the amount. An RSSA can calculate the correct benefit amount, compare with the payments received, and determine the actual overpayment amount. If incorrect, advise them to file a Request for Reconsideration within 60 days of notice.

If the overpayment is correct, then what?
The next step is to file a Waiver of Overpayment Recovery to try to waive the entire amount. If denied, this may be filed again to negotiate a lower amount. If neither of these are successful, the client can negotiate the amount which is withheld from each check to repay over time.

Medicare & Insurance Agents:

Jumping the market and being able to speak with your target demographic before they reach Medicare age outside of Medicare marketing guidelines will create an endless sales funnel of 10,000 Baby Boomers per day, who are going to be claiming Social Security and Medicare for the next 15 years.

RSSA® is a turn-key Social Security education, technology, marketing, and support program to help your organization build a sales funnel, fill seats at events, and open the door to organic Medicare, Insurance, and Wealth Management sales opportunities.

Read this article: Beyond CMS Guidelines: Leveraging Social Security Optimization to Engage and Assist Clients as a Medicare Professional

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July, 2023