Social Security Statements are Back

Social Security Statements are Back

Well, it took a while, but Social Security statements are now online, as promised. In addition, starting last February, the Social Security administration started mailing statements out again to workers age 60 and over. I tried signing up for my statement by creating a “My Social Security” account at www.ssa.gov.  For security purposes, you’ll need to take a security quiz that may tax your memory – it sure did take me on a trip down financial memory lane.   You may have seen this kind of security when you sign up for account access where security is needed....
Social Security Administration Stops Sending Paper Statements

Social Security Administration Stops Sen...

For budget reasons, the SSA stopped sending benefit statements in April. This change is anticipated to save $30 million in fiscal year 2011 and $60 million in fiscal year 2012, which begins October 2011. Just over 10 years ago, the Social Security Administration (SSA) began mailing out annual statements of expected Social Security benefits.  You probably remember receiving the black, white, and green statements right before your birthday.  With the statements, you can verify your projected benefit and confirm that your contributions and earnings record were recorded...

The U.S. Budget – What Will It Mea...

Earlier this week, I was fortunate to attend the “Retirement Income Summit” offered by Investment News. Sessions at the Summit included the expected topics: investments, taxes, client behavior, insurance, retirement strategies, etc. One of the sessions I found extremely informative was the Washington Insider’s View, presented by Jamey Delaplane of Davis & Harmon, a D.C. law firm I remember from my early actuarial career as very involved in helping insurers understand and implement tax strategies on behalf of the insurers they worked for and the...
About that Social Security tax reduction…

About that Social Security tax reduction...

Several people have asked me if the reduction in Social Security taxes in 2011 will impact their actual benefit amount. In short, the answer is “no”.  At least, not directly. What’s actually happening is that for the first time ever funds in the government’s GENERAL account are being used to pay into the Social Security trust fund.  And we all know that there are no excess funds in the GENERAL account, so in essence we’re borrowing to pay to add to the Social Security trust fund to the tune of 2% of earned income (up to the maximum for...