June, 2022

Social Security June Newsletter

Social Security Spotlight: Benefits for Children
NARSSA | Social Security Newsletter | June 2022
June 2022 Newsletter


Hi There. Please enjoy reading our June 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!


Catch up with Devin  


There are a lot of myths about Social Security that aren’t going to cause any real harm. But then there are a few myths that can be dangerous because they lead you to take action that’s not optimal. You don’t want to make decisions based on inaccurate assumptions, only to learn the truth too late. In this video Devin Carroll, RSSA covers the 4 myths that lead to bad Social Security decisions.


Top Stories  


Social Security bill would give seniors an extra $2,400 a year. Here’s how it would work.

Source: CBS News


The Social Security Expansion Act was recently introduced. This piece of legislation would boost each recipient’s monthly check by $200. NARSSA’s President & Co-founder Martha Shedden shares more information on this proposed bill with CBS News journalist Aimee Picchi. 


Don’t ignore the bad news in the latest actuarial analysis from Social Security

Source: MarketWatch


While the latest report on the financial status of Social Security may sound like “good news”, in reality it generates some concerns. MarketWatch contributor, Mark Hulbert explains that congress needs to act sooner rather than later. And NARSSA’s President & Co-founder Martha Shedden agrees.


NARSSA Can Help Advisors Improve Yield on Clients’ Social Security Benefits

Source: Advisorpedia


Analyst and reporter, Todd Shriber points out that there are many compelling reasons for advisors to earn the RSSA designation. Social Security is a topic and territory for advisors to engage with current and new clients, providing them with personalized answers with the potential to gain tens to hundreds of thousands of dollars in Social Security income.


Ask Martha  


Question: I’m a widow with an ex-husband. Can I collect from his Social Security?


Martha’s response: Widows and Widowers may be eligible for survivor benefits from a previous marriage; however, the answer is not a simple one. In cases like this it is not always a one size fits all answer. Ex-spousal survivor benefits depend on the age you begin taking them, what your own benefit is, how long you were married, if you have re-married, and many others…Read Martha’s full response or Ask Martha your own question.


Social Security Spotlight: Benefits for Children  


Do 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 – read more below).

Do students qualify for Social Security benefits? If the child is a full-time student (grade 12 and below), they may be entitled to receive benefits. Benefits continue until the child graduates from high-school (grade 12) or until two months after the child turns 19, whichever comes first.

Do children with disabilities qualify for Social Security benefits? If a child with a disability is younger than 18 years old, they may be entitled to benefits just as a child without a disability would. However, if a child is older than 18 years old, but was diagnosed with a disability prior to the age of 22, then the child may be entitled to receive benefits.

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 benefit amount if there are multiple children? Each qualifying child is eligible to receive up to 50 percent (or up to 75 percent if parent is deceased) of the parent’s full benefit. However, there is a family benefit maximum threshold. If the family benefit exceeds the threshold, benefits will be reduced proportionately.


Learn more about Social Security benefits for children.


Case Study of the Month  


Some retirees want to move to a different country in their retirement, and this can sometimes affect collecting their Social Security benefits. Last month, I met with a couple who is planning to move to Mexico after the husband retires and starts collecting benefits. He will be able to collect payments there and will receive a questionnaire every 1-2 years to ensure he’s still eligible to collect. The couple has a large age gap, so we also investigated eligibility to collect survivor benefits! This is different when not living in the US. They must have lived in the US, while in the relationship that the benefits are based on, for more than 5 years. Little known details like this are things that RSSAs can help their clients work through, and why we should always continue learning! Learn more on this topic in SSA pamphlet EN-05-10137.


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, Bob Powell, 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.


Medicare News


9 Medicare Mistakes to Avoid

Source: U.S. News & World Report


Learn the common mistakes people make when signing up for Medicare to ensure you don’t make them too. There are specific Medicare rules and regulations that are important to know.


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.


Advisor Support Program

Are you a financial advisor, CPA, lawyer or NARSSA member with clients that need help with Social Security? Join our Advisor Support Program. We can help your clients take advantage of strategies that may yield hundreds of thousands of dollars in additional lifetime benefits. It’s simple. Enter your client’s information into the secure portal and we’ll provide you with a percentage of the invoice. Learn more.

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