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5 Social Security Claiming Options for Couples
Source: AARP

This story covers the departure of the “file and suspend” method and outlines five other options couples can consider. As an expert in Social Security and claiming strategies, Martha Shedden is featured throughout the article and she shares her insight on the Spousal benefit switch strategy. Read the story.

“60 Minutes” Exposes Social Security Overpayment Issues: What’s Being Done?
Source: TheStreet

RSSA President, Martha Shedden contributes this story to TheStreet. She addresses the “60 Minutes” TV news segment regarding Social Security overpayments. She explains why overpayments occur, she shares tips to avoid them, and she explains what the SSA is doing about them. Read the story.

Claim Social Security Early And Invest, Or Wait For Benefits?
Source: Investor’s Business Daily

Morey Stettner’s story discusses the key decision of when one should begin collecting Social Security. There are many factors at play. Martha Shedden shares her wisdom regarding one of those factors, life expectancy. She explains that “you might live longer than you think.” Read the story.

Projected COLA for 2025: How it’s calculated — and what it means for your retirement
Source: AOL

This story covers the ins and outs of the Social Security COLA, Cost of Living Adjustment. Martha Shedden is quoted stating, “The COLA applied to beneficiaries’ checks starting in January of 2025 will be calculated and announced in October of 2024.” Read the story.

Question: My wife will be able to start her minimal Social Security benefits January 2025. If she does so can she switch to spousal benefits when she reaches full retirement age? And will those spousal benefits remain 50 percent of my FRA benefits or be reduced because of her earlier start?

Martha’s response: This is a common question, but you have a sense of the correct answer. If you have not started collecting yet and she files at age 62, she will receive her own decreased retirement benefit. If you have already started collecting, she will receive her own retirement benefit amount plus a “top off” spousal benefit amount. She cannot choose one benefit or the other; she will not really switch between benefits. The spousal benefit percentage is reduced if that benefit begins earlier than FRA…Read the full response.

Ask Martha your own question.

Health And Financial Wellbeing Are Connected – Learn About The Triple Tax Advantage Of Health Savings Accounts

In this archived episode of Social Security: Answers from the Experts, Martha Shedden sits down with Kevin Robertson and they breakdown everything you need to know about Health Savings Accounts (HSAs), and how this type of account can give you tax savings and come in handy for future health costs that you’re sure to face.

Listen to the episode or watch the recording on YouTube.

What are disability benefits? Social Security disability benefits are benefits paid to disabled workers and their dependent beneficiaries. Just like Social Security retirement benefits, FICA (Federal Insurance Contributions Act) taxes also cover the cost of Social Security disability benefits. FICA taxes are payroll deductions paid by you and your employer.

What are the eligibility requirements for disability benefits? To be eligible to receive disability benefits, a worker must meet two eligibility requirements: work requirements and medical requirements. More information below.

What are the work requirements to receive disability benefits? To be eligible to receive disability benefits, a worker must have enough “substantial lifetime work” in order to be insured. Substantial lifetime work means that the worker has 1.5 to 10+ years of work paying into the Social Security system (6 to 40+ work credits). Most people will need the 10+ years of work or 40+ credits, but younger workers may qualify with less work credits. In addition to substantial lifetime work, the worker must also meet the criteria for “recent work” in covered employment (paying FICA taxes) prior to onset of the disability. Recent work refers to the required recent employment paying into the system and the amount needed is based on the age of disability onset.

What are the medical requirements to receive disability benefits? The Social Security program has a very “strict” definition of disability, and it may be different from other disability programs. Even many people with common medical conditions such as cancer or psychiatric disorders will not be approved for benefits. To be eligible for Social Security disability benefits, the worker must be unable to work due to a medical condition that is expected to last a minimum of one year or result in death. To meet this definition, the medical condition must be severe enough that you cannot do the work you did before and cannot adjust to other work due to the condition.

Learn more about disability benefits.

NAIFA Congressional Conference: We just wrapped up two fantastic days in Washington DC proudly standing with NAIFA in supporting better financial protection and literacy. We joined hundreds of professionals advocating for essential policies that ensure everyone has access to reliable financial advice. It was exciting to meet with our Senators and Representatives and the conference was inspiring! Check out photos from the event on our Instagram. 

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Disclaimer: The National Association of Registered Social Security Analysts, Ltd. has no affiliation with the Social Security Administration or any other government agency. The Social Security information provided in this email and on the website does not and is not intended to constitute financial advice. All information, content, and materials available in this email and on this site are for general informational purposes only.