This podcast covers some of the myths and misunderstandings about Social Security, such as information about enrolling in Medicare, the raiding of the trust funds and the solvency issue. Also, how the Cost of Living Adjustment is determined and how it is affected by the rise in Medicare premiums is discussed. The conversation continues with a brief reference to Social Security and income tax and concludes with reasons to be approved for a new Social Security number.
This recording presents the viewpoints of the AMAC Foundation’s Social Security Advisory Staff, trained and accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). NSSA and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government. To request additional information, contact our Advisory Staff at 888-750-2622, or email us at SSAdvisor@AmacFoundation.org.
All of the Senior cannot afford to live on Social Security because it pays very little and seniors are being force to return to work
Jocelyn:
Thank you for your comments. We appreciate your concerns and will include them in our discussions with AMAC, Inc. regarding their work on reform proposals for Social Security. One of the main areas of AMAC’s focus is its “Social Security Guarantee” legislative framework proposal, which includes provisions for additional support for those with lower earnings. Keep an eye on the AMAC.us website for progress on this critical issue.
Gerry Hafer
AMAC Foundation, Inc.
Social Security is broken I rather work then retired
Jocelyn: Thanks for your additional comment. As we noted last month in response, one of the main areas of AMAC’s focus is its “Social Security Guarantee” legislative framework proposal, which includes provisions that would improve benefits for lower earners and would enable the program to continue delivering promised benefits for generations to come. I wouldn’t agree that Social Security is “broken,” but rather that it’s in need of reform to deal with the demographic changes that have developed over the past few decades. AMAC is working on it and is hopeful of seeing some progress in the 117th Congress. Keep an eye on the AMAC.us website for progress on this critical issue, and check out the “Social Security Guarantee” on their website.
Gerry Hafer
AMAC Foundation, Inc.
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
My mother is in hospice care. Should she pass away before her next SS check does it need to be return?
Wendella:
We wish you well during this tying time. In response to your question, here are the official rules from SSA:
If the deceased was receiving Social Security benefits, you must return the benefit received for the month of death and any later months. For example, if the person died in July, you must return the benefits paid in August. How you return the benefits depends on how the deceased received benefits: For funds received by direct deposit, contact the bank or other financial institution. Request that any funds received for the month of death or later be returned to Social Security. Benefits received by check must be returned to Social Security as soon as possible. Do not cash any checks received for the month in which the person dies or later.
Also, take note that you do not need to return the check received in the month of death…that payment was actually earned the preceding month, so that would remain in the estate.
Thanks for contacting us and, again, we wish you well.
Gerry Hafer
AMAC Foundation Social Security Advisory Service
888-750-2622
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.
That already is starting to happen. In fiscal 2018, expenditures exceeded revenue (including interest on investments) for the first time since 1982. Social Security took in $912 billion in fiscal 2018 and spent $991 billion. The difference – $79 billion – came from repayment of interest on those Treasury notes. Some conservative policy analysts point to that payment as evidence that Social Security is a cause of deficits, since the $79 billion payment came from general revenue.
Andrew.
Thanks for your feedback. Although Social Security was projected to run a deficit in 2018, that did not actually happen. According to the 2019 Report (on 2018 results) by the Trustees of Social Security “The total cost of the program in 2018 was $1,000 billion. Total income was $1,003 billion, which consisted of $920 billion in non-interest income and $83 billion in interest earnings. Asset reserves held in special issue U.S. Treasury securities grew from $2,892 billion at the beginning of the year to $2,895 billion at the end of the year.” That same report forecasted that Social Security would run a deficit in 2019, which did not happen. The year 2019 again saw more total Social Security income than expenditures (with interest included), resulting in SS reserves growing to $2,897 billion. That same report projected that 2020 would see SS run a deficit. That (again) did not happen as 2020 SS total income, according to the latest SS Trustees Report was $1,118 billion vs. expenses of $1,107 billion, with the Trust Fund reserves growing to $2,908 billion. The latest report from Social Security’s Trustees now predicts that program cost will exceed revenue in 2021. In any case, Social Security will, indeed, run at a deficit soon, which means that Congress must act soon to restore the program to long term solvency.
Russell Gloor
National Social Security Advisor
The AMAC Foundation
Good day…I am 68, collecting ss, working full time. Am I still expected to pay into ss while collecting from it?
Brian
Social Security is a pay as you go system. So, yes, you will continue paying into Social Security and Medicare as long as you continue to work. As you continue to work, Social Security recalculates your benefit every year. If your current earnings should surpass any of the current highest 35 years used to determine the amount of your benefit, your benefit amount will be increased to account for it. This happens automatically and Social Security will send you a letter notifying you.
You may contact us by emailing ssadvisor@amacfoundation.org or calling (888)750-2622.
Sharon Kleczka, Social Security Advisor
AMAC Foundation
http://www.AmacFoundation.org
CONFIDENTIALITY NOTICE: The contents of this message, including any attachments, are confidential and are intended solely for the use of the person or entity to whom the message was addressed. If you are not the intended recipient of this message, please be advised that any dissemination, distribution, forwarding, printing, copying, or use of the contents of this message, and any attached documentation, is strictly prohibited. If you received this message in error, please notify the sender. Please also permanently delete all copies of the original message and any attached documentation. The opinions and interpretations expressed in this message are the viewpoints of the message’s author, a trained advisor accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). The author, the NSSA, and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government.