November, 2022

Social Security: Working While Collecting Rules

Social Security Spotlight: Social Security Eligibility
NARSSA | Social Security Newsletter | November 2022
November 2022 Newsletter


Hi there. Please enjoy reading our newsletter filled with news and information on Social Security, retirement, and Medicare. The RSSA team wishes you a happy Thanksgiving. We are grateful for our RSSA members, clients, partners and community.


NARSSA Announcements  


Martha Shedden’s book has been released and is now available to purchase. Avoiding Social Insecurity: The Retirement You Desire, The Social Security You’ve Earned is filled with information to help people avoid costly mistakes. In addition to Martha’s insights, the book contains interviews with experts in a wide range of areas. The book even reached #1 new release on Amazon in two categories: Retirement Planning and Wealth Management. Check it out now.


The NARSSA leadership team recently attended the National Reverse Mortgage Lenders Association’s (NRMLA) 2022 Annual Meeting in Atlanta. Thomas Drapala presented at the event and our team enjoyed connecting with many new people. Visit RSSA’s Instagram to view photos from this event and past events. And be sure to follow our Instagram account for the latest updates!


Catch up with Devin  

In this video, Devin Carroll, RSSA covers the new 2023 rules that apply if you want to work while collecting Social Security benefits. He answers some big questions including: Does the Social Security Administration Look at Single or Joint Income? What happens to benefits that are withheld if you go over the earnings limit? Will the earnings limit affect spousal or children’s benefits? And more. Watch the video.


Top Stories  


Social Security just raised your 2023 Taxes by $818!

Source: RSSA


If you earn more than $160,200, you will pay $818 more in payroll taxes in 2023. Additionally, your employer will also pay $818 more in payroll taxes in 2023. This is the largest dollar increase ever by $4,500! It’s also the highest percentage increase in 40 years!


3 Keys To Claiming Social Security Wisely

Source: Forbes


Writer Richard Eisenberg shares three important things to know about claiming Social Security. In the article, he explains that hiring an expert, such as a member of the National Association of Registered Social Security Analysts, can be helpful in making the right decisions.


How to Get a Guaranteed Retirement Spending Rate of 4.3%

Source: Barron’s


“Given this uncertainty, Social Security becomes an even more important piece of the retirement finance puzzle than it was before. That in turn means it’s crucial to dispel the many myths about Social Security that have scared many retirees and near-retirees—and a new book helps to do just that. It’s written by Martha Shedden, co-founder and president of the National Association of Registered Social Security Analysts…”


Ask Martha  

Question: I am currently widowed. I am still working, but would like to know if I retired at full retirement age and remarried a person that is not of retirement age, how it would impact Social Security income both now and in the future?
Martha’s response: Re-marriage and Social Security can be complicated. You have many choices to make and benefits that can be collected such as your own retirement benefit, survivors benefit from late spouse, benefits from your new spouse, etc. You will have many options and should have an optimal strategy to plan accordingly. The biggest factor would be to make sure you get married at, at least age 60 or later or you would lose eligibility to your late spouses’ survivor benefit…Read Martha’s full response or Ask Martha your own question.


Social Security Spotlight: Eligibility  

How do I qualify for Social Security benefits? First, you must either be a U.S. citizen or lawfully living in the United States. Then, you must have earned a minimum of 40 “credits” to qualify for Social Security benefits. The amount of earnings required for one credit in 2022 is $1,510. The credit may only be earned from a job that pays Social Security payroll taxes. You cannot earn more than 4 credits in one year and therefore, you must work a minimum of 10 years in order to earn those 40 credits. Last, you must be a certain age to collect benefits.

How can I check my work and earnings history? You can access your personal earnings record by visiting your mySocialSecurity account. It is important that you take a look at the information and make sure the details are accurate because your earnings history has a direct impact on the amount of benefits you are entitled to. Contact the Social Security Administration if you need to correct your earnings record. Your mySocialSecurity account will also provide you with an estimate of your future benefits.

When am I eligible to receive my full benefit? You are eligible to receive your full benefit at your Full Retirement Age (FRA). If you choose to claim your benefit earlier than your FRA, your monthly payment will be reduced. If you choose to claim your benefit after your FRA, your monthly payment will be increased. Your FRA is dependent on the year you were born.



Listen up: Social Security Podcast   

In this episode Martha sits down with Alicia Munnell and they discuss the major issues facing Social Security and retirees at the moment. Alicia H. Munnell is the Peter F. Drucker Professor of Management Sciences at Boston College’s Carroll School of Management. She also serves as the director of the Center for Retirement Research at Boston College. With Alicia’s extensive knowledge on these issues this is certainly an episode you’ll want to listen to.
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 With Tom

Social Security with Tom is our newest series. Each episode in this series will feature different Social Security topics, strategies, client questions and much more to help you optimize your Social Security. This epiosde, Tom explains how Social Security benefits are calculated. Watch now and subscribe to our YouTube channel here.


Case Study of the Month  


I recently worked with a woman who is eligible for three benefits: survivor benefits from an ex-husband, spousal benefits from her second ex-husband, and her own retirement benefit. She is turning 60 in a few months. Her income is from rental properties and doesn’t count toward the earnings limits, so she is eligible to start collecting survivor benefits at a reduced rate. This wouldn’t always be advisable, but some of the factors to consider include the relative amounts of each of the three PIAs which she could collect on, her life expectancy, and the life expectancy of her ex-husband. Because her deceased ex-husband’s PIA is lower than the other ex-spousal PIA, it makes sense to collect survivor benefits now. Then she can switch to her own retirement benefit and ex-spousal benefits at her FRA. Without help from a professional, she may have missed out on over $100k by not optimizing her benefit strategy!


Medicare Update  


The Medicare Open Enrollment window is still open. However, it closes on December 7, 2022. Don’t forget to take the time to compare plan options and determine if changes need to be made in order to meet your needs in 2023. Learn more.


RSSA Roadmap® Social Security Optimization Software

Social Security planning and advisory are now streamlined into a simple solution for advisors to help their clients. RSSA Roadmap® is designed to answer the one question that all clients ask: “When should I file?”. RSSA Roadmap® Software is included in NARSSA membership for both Associate and Registered members. RSSA Roadmap® is also available as a standalone purchase for professional advisors and as an enterprise solution for firms. Learn more.


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.


RSSA Back Office

Are you a financial advisor, insurance professional, tax professional, lawyer or NARSSA member with clients that need help optimizing their Social Security? Work with an experienced partner to outsource your Social Security planning. Our team of expert Social Security advisors will help your clients take advantage of strategies that may yield hundreds of thousands of dollars in additional lifetime benefits. Learn more.

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