MedicareCard

Medicare Legislation Anniversary

Tomorrow is the 51st anniversary of Medicare legislation.   On July 30, 1965, President Lyndon B. Johnson signed Medicare into law to provide health insurance for the elderly.  The Medicare legislation was signed in Independence, Missouri, in the presence of Harry S. Truman who opened the fight for such legislation in a message to Congress in…
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RetirePlanner

Average SSA Retirement Amount & MyRA

Social Security was never intended to provide your complete retirement income. Financial experts say you need 70-80 percent of your pre-retirement income for a comfortable retirement. Since Social Security replaces only about 40 percent of pre-retirement income for the average worker, having pensions, savings, and investments are important. To illustrate this, the average, individual, Social…
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Vol_Tax_page

Changing Your Voluntary Tax Withholding

Q: How do I change the amount of taxes withheld from my Social Security benefit? A: Taxes are not routinely withheld from Social Security benefits but you can request, change or end voluntary Federal tax withholding by completing IRS Form W-4V, Voluntary Withholding Request, and returning it to your local SSA office. Voluntary withholding is…
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Money2

Is Social Security Retirement Prorated?

Q: If starting retirement at age 62, is Social Security prorated for the days that I am 62? A: Social Security benefits are not prorated. You are either eligible for the complete month or not at all. For retirement, you must be at least age 62 through the entire month to receive benefits for that month. A…
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TrusteesReport2016

2016 OASDI Trustees Report – Financial Operations

Today I am continuing with information from the Social Security Board of Trustees annual report on the long-term financial status of the Social Security Trust Funds. There are two separate Social Security trust funds, the Old-Age and Survivors Insurance (OASI) fund, and Disability Insurance (DI) fund. While by law these are separate, overall fund information…
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