President Biden has a number of legislative priorities that he will push for during the next two years, and Social Security reform is one of them. People on one side of the spectrum will look at the proposed changes favorably, but those at the top may not share their opinion. Minimum Benefit Increase Your Social Security benefit is based on the 35 years during which you earned the most amount of money. There is a maximum amount that can be taxed for Social Security purposes, and in 2021, the … [Read more...] about Biden Administration Eyes Social Security Reform
Retirement Planning
SECURE Act 2.0 Could Trigger Big Retirement Plan Changes
Individual retirement accounts are used by most Americans to prepare for their senior years, and they are also passed along to beneficiaries. As elder law and estate planning attorneys, we keep a finger on the pulse of legislative statutes that impact the IRA guidelines. The SECURE Act was enacted on December 20, 2019, and it went into effect in 2020. Now, a bipartisan piece of legislation that is being dubbed SECURE Act 2.0 has been introduced into the House. We will look at the proposed … [Read more...] about SECURE Act 2.0 Could Trigger Big Retirement Plan Changes
Medicare Costs Updated for 2021
As elder law attorneys, we keep a finger on the pulse of matters that are important to senior citizens. Clearly, Medicare is an important piece to the puzzle, and when you are planning for retirement, you should be fully cognizant of the out-of-pocket costs. Each year, there are updates to the relevant figures. The changes for 2021 are now available, and will share them in this post. Retirement Credits to Qualify for Medicare Some people assume that you automatically qualify for Medicare … [Read more...] about Medicare Costs Updated for 2021
Can I Work and Collect Social Security?
You should fully understand the Social Security parameters when you are looking ahead toward your retirement years, because you will have decisions to make. We were going to provide some important details in this post, but first, we will take a quick look at the way that you qualify. When you work and pay those annoying FICA or self-employment taxes, you get something back for your contributions eventually. You earn retirement credits when you pay these taxes, and in 2020, you get one credit … [Read more...] about Can I Work and Collect Social Security?
SSA: Beneficiaries Will Get COLA in 2021
The Social Security Administration has released some updated figures for 2021, and we will take a look at them in this post. Medicare should be releasing their changes in the near future, and we will pass along that information as soon as it becomes available. Cost Of Living Adjustment (COLA) Prices tend to go up year after year, and the Social Security Administration (SSA) acknowledges this fact of life. The Department of Labor maintains the Consumer Price Index to keep a finger on the pulse … [Read more...] about SSA: Beneficiaries Will Get COLA in 2021
How Much Do Seniors Need to Save for Healthcare Costs During Retirement?
Hartford Medicaid lawyers can provide assistance to seniors in qualifying for Medicaid coverage. Medicaid can provide payments for nursing home care in situations when a nursing home is not covered by Medicare or any other private insurance. Medicaid can also help seniors to pay for Medicare premiums and some co-insurance costs that Medicare does not pay for. Qualifying for Medicaid can be vitally important because getting healthcare as a senior, and paying for nursing home care, can be … [Read more...] about How Much Do Seniors Need to Save for Healthcare Costs During Retirement?
Social Security: When, How Much & Why
The Social Security program will probably be a very important source of income for you when you attain senior citizen status. In this blog post, we will provide you with some very useful information about the program. Eligibility Age First, we will look at the age of eligibility for Social Security coverage. In many cases, the government can make things more complicated than they probably should be, and this enters the picture when it comes to the eligibility age. There is no one age of … [Read more...] about Social Security: When, How Much & Why
How Early Can I Start to Collect a Social Security Benefit?
People often want gratification as soon as they can possibly get it, but in many cases, waiting can provide better results. This enters the picture when it comes to the submission of your Social Security application. There are those who can't wait to start receiving a benefit, and they want to know how soon they can get it. To provide a straightforward answer, if you have earned at least 40 retirement credits while you have been working, you can submit your application for your Social Security … [Read more...] about How Early Can I Start to Collect a Social Security Benefit?
Do I Have to Withdraw Money From My IRA?
You contribute into an individual retirement account to set aside resources for your senior years. The contributions may accumulate over decades, and each step of the way, you really don't know where you will stand when you attain senior citizen status. If you are successful financially, when you decide that it is time to retire, you may come to the realization that you will never need the assets that you have in your IRA. At this point, you may wonder about the estate planning … [Read more...] about Do I Have to Withdraw Money From My IRA?
Can I Work When I’m On Social Security?
When you are working throughout your life, you pay a tax that can seem like a nuisance. It carries these initials: FICA. Though this can seem like money down the drain, in fact, if you live long enough you do get something for your contributions. As you are paying these taxes, you are earning retirement credits that can provide you with eligibility for Social Security and Medicare. It is relatively easy to earn the maximum amount of credits that you are allowed to accumulate in a calendar … [Read more...] about Can I Work When I’m On Social Security?
