October, 2021

Social Security October Newsletter

Social Security Spotlight: Medicare Basics
NARSSA | Social Security Newsletter | October 2021
October 2021 Newsletter



NARSSA Announcements
NARSSA Announces Partnership with the Financial Planning Association
NARSSA and FPA will work on several initiatives to help educate FPA members on Social Security, including access to the RSSA course. The collaboration will also include Social Security insights and education delivered through webinars, workshops, contributed articles to FPA’s Journal of Financial Planning, blogs, and more….Read more
Martha Shedden Releases Social Security: Answers From The Experts Podcast
Martha Shedden has started Social Security: Answers From The Experts, a podcast that aims to help educate soon-to-be retirees and financial professionals about important Social Security decisions and other important issues related to retirement planning. Each week, she interviews experts in the field including Mary Beth Franklin and Dave Freitag….Read more
Catch Up With Devin
Social Security, Just Print the Money?
Devin addresses why printing money doesn’t fix the problem of funding Social Security.
2022: Social Security Changes
Devin covers the cost of living adjustment, the earnings limit, the maximum taxable wage base, and a few other pertinent changes coming next year.
Top Stories
Source: RSSA
The Social Security Administration just announced the 2022 Social Security Cost of Living Adjustment (COLA) and it is a whopping 5.9 percent. Beginning January 2022, more than 64 million Social Security beneficiaries will receive a 5.9% increase in their Social Security benefits. Read about the impact this COLA will have on retirees and workers.
Source: CNBC
Martha Shedden, NARSSA’s co-founder, shares with CNBC some of the most important mistakes to avoid when filing for Social Security. One common mistake is not planning as a couple. Martha emphasizes, “maximize the higher earner’s benefit whenever possible.”
Source: Financial Advisor Magazine

Martha Shedden contributes her thoughts on the future of Social Security to FA Magazine. Martha says there are many possible solutions, but “it’s just going to take that shock of the possibility that benefits will be reduced to get lawmakers to act.”

Source: CNBC
CNBC asks Martha Shedden what she thinks about the possibility of a payroll tax increase to save Social Security. She says, “the cumulative effect of 176 million people paying a tiny bit more would have a big impact.”
Source: Newsday
NARSSA’s co-founder, Michael Rosedale, offers his opinion on how congress can extend the longevity of the Social Security program. He encourages bipartisan support on a solution that will save the program.
Source: RSSA
The Senate passed a resolution honoring the effort and re-confirmed October as the designated National Retirement Security Month. Learn more about the purpose and goals of the month here.
Ask Martha
Question: I was married to my husband for 17 years and then divorced, can I draw my ex-husband benefit since his is higher than mine?
Response: Yes, you may be eligible to collect benefits based on your ex-spouse’s earnings if you were married at least 10 years, are currently single, your ex-spouse is collecting retirement benefits, and you are 62 or older. If you have been divorced for at least 2 years, you are “independently entitled’ and eligible to collect ex-spousal benefits even if you ex is not yet collecting retirement benefits. The maximum ex-spousal amount you are eligible to receive is 50 percent of your ex-spouse’s full retirement age (FRA) benefit, but…
Social Security Spotlight: Medicare Basics
What is Medicare? Medicare is our country’s health insurance program for people who are 65 or older. It also covers younger people who receive Social Security disability benefits and people who may be suffering from specific fatal illnesses. Just like most insurance policies, Medicare does not cover all medical costs.

Is Medicare the same as Medicaid? No. Medicaid is a separate state-run program that provides hospital and medical coverage for people with low income. Each state has its own rules for Medicaid eligibility.

How is Medicare related to Social Security? Although Medicare is run by the Centers for Medicare & Medicaid, individuals must apply for coverage through the Social Security Administration. And just like Social Security, a portion of payroll taxes paid by workers and their employers are contributed to Medicare.

When is one eligible for Medicare benefits? For most people, eligibility begins at age 65. If you are eligible at 65, your initial enrollment period begins three months before your 65th birthday (including the month you turn 65) and ends three months after that birthday.

In our next newsletter, we will go more into depth about Medicare. In the meantime, you can learn more about Medicare here.

Case Study of the Month
I worked with a client last month and the the Widow’s Cap applied to her situation. This cap, also known as the Widow’s Limit or the RIB-LIM (Retirement Income Benefit Limit), applies to widow(er)s who will claim a Survivor Benefit and the deceased spouse filed for benefits prior to age 64 ½. Many people are unfamiliar with this rule. This cap limits the Survivor Benefit to the larger of the actual benefit of the deceased or 82.5% of the deceased’s Full Retirement Age benefit. Spouses affected by this rule, such as my client, don’t need to wait until Full Retirement Age to get the highest eligible benefit because once the surviving spouse reaches age 62 and 4 months, they have achieved the maximum Survivor Benefit they could be entitled to, and any Survivor Benefit not taken at that time will be lost!  This rule can be confusing, which is why my client was grateful to have consulted with me.
If you want help making the best Social Security decisions for you and your loved ones, work with a Registered Social Security Analyst.
Listen Up: Podcasts By Our RSSA Team
Social Security: Answers from the experts
Each week, host Martha Shedden meets with financial experts to discuss important issues on Social Security and retirement planning. Her first episode with FPA President, Skip Schweiss, aired on October 6th. And last week’s episode featured Chris Farrell. 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 Update
Medicare Open Enrollment period began on Friday October 15, 2021 and closes on December 7, 2021. Learn about preparing for your 2022 selections here.


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. Request a consultation today. 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 sign up for our self-study program? Sign up now.








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