June, 2023

The Best Social Security Calculator

Social Security Spotlight: Representative Payees
NARSSA | Social Security Newsletter | June 2023
June 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!


Top Stories  

Source: Social Security Intelligence
Devin Carroll shares the different options for Social Security and retirement planning calculators. He explains, “Selecting the best calculator for Social Security retirement planning depends on your specific needs and the level of customization and detail you desire. Out of all of these options, my personal favorite is the RSSA Roadmap because it includes free live help from a ​​Registered Social Security Analyst…”  Read the story and find out why RSSA Roadmap is his favorite.
“Social Security is complex and confusing, consisting of more than 2,700 rules. Considering the intricacies in this area, it is easy to make a mistake that could be costly for the client. The advisor and the client have one chance to get Social Security right. A professional who is a Registered Social Security Analyst would be valuable to your team.” Read the full article.
Did you know that returning to work after Full Retirement Age could increase your Social Security benefits? But beware of tax considerations. Read now.


Ask Martha  

Question: I have been divorced from my second husband for 10 years now and have not remarried. He, however, remarried two years ago. When I’m able to draw Social Security Retirement benefits in 10 years, can I still draw off his record or will I only be able to draw what I’ve paid in during the years? Also, if he should die before me I was told that I could draw his full Social Security Retirement benefit if I have never remarried. Was wondering how true that was as well. Thank you!
Martha’s response: Hi there, Very good questions! If you were married for more than 10 years, you are eligible for an ex-spousal benefit. It does not matter if he has remarried. Since you have been divorced for over two years, you are “independently entitled” to apply for and collect those benefits even if he has not started collecting his retirement benefit. If he passes away you would be eligible for a survivor benefit, if you do not remarry prior to age 60. The amount of that benefit depends on several factors…Read Martha’s full response or Ask Martha your own question.


Listen up: Social Security Podcast   

In this episode Martha sits down with Corey Metzman, Chief Operating Officer and co-founder at Chapter, a technology-driven Medicare advisory organization that empowers older Americans to navigate Medicare. Listen as Corey gives a thorough breakdown of many issues surrounding Medicare, including tips and useful information if you are on Medicare or soon will be.
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: Representative Payees  

What is a representative payee? A representative payee is an individual who manages the payments and benefits on behalf of a beneficiary (Social Security or Supplemental Security Income beneficiary).
Why would someone need a payee? There are many reasons why a beneficiary would need a payee to manage their benefits such as being a minor or suffering from dementia.The Social Security Administration does not recognize Power of Attorneys (POA) and therefore the designated payee takes on the responsibility of managing this individual’s benefits.

How is one appointed as a payee? The Social Security Administration (SSA) provides beneficiaries with the ability to choose up to 3 designated payees in advance. The beneficiary will need to rank these 3 designated payees in order. If the first payee is unable to act as payee, the next payee on the list will be asked and so on. If a beneficiary needs a representative payee and is unable to choose one, the SSA will appoint someone. The SSA usually appoints a family member or friend as payee but if that option is unavailable, a qualified organization may be appointed.

What are payees responsible for? Payees are responsible for managing the payments on behalf of the beneficiary. Payees are responsible for keeping track of payments and how the payments are spent and/or saved. Payees may use the benefits to pay for essential items and services as well as personal items for the beneficiary. The payee may not use or spend the beneficiary’s payments for his/her own benefit in any way. Annual Representative Payee Reports are no longer required for certain payees. However, all payees should keep records as the SSA may request this information at any given time.


Case Study of the Month  

Joann, a retired woman with a PIA of $1,800, is 62 and needs help with her filing decision. She was divorced many years ago from her husband of 15 years, who has been a lifetime high earner, over the maximum taxable limit for Social Security. Her ex has many serious health issues now, and is 67. She and her current husband married last year, and they have similar PIAs and ages.

Is Joann eligible for benefits from both her ex and current spouse?
Yes – she is eligible for both spousal and survivor benefits from her current husband, and only survivor benefits from her ex.

Should she file for retirement benefits now, or wait and let them grow?
Given these limited details, she should file for retirement benefits now. This would allow more years to collect her own (reduced) benefit. If her husband has filed, she would also receive spousal benefits. Survivor benefits from her ex will likely be available in a few years, and this is her highest available benefit. She will file for those when available and at their maximum value.


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Watch Thomas Drapala’s Recent Presentation About This Opportunity


Our Partners

We are excited to share that NARSSA has partnered with Bobby Brock Insurance, The Premier Agency, C2 Financial, and Kellogg Insurance Marketing. For a complete list of NARSSA’s partners, check them out here.


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