Financial Planning

There are certain questions regarding Social Security that keep coming up. Here are a few, along with the answers to help you take the next step in your decision-making. ...

Social Security understands that unexpected changes may occur after you begin receiving retirement benefits. If you change your mind, you may be able to withdraw your Social Security claim and reapply at a future date. ...

If you have an IRA and want your spouse to be its beneficiary, you have to specifically name your spouse as a beneficiary. If you have a 401(k) and want your spouse to be the beneficiary, you should still fill out a beneficiary designation form, naming your spouse. ...

As long as the beneficiary never receives cash directly from the trust, his eligibility for government benefits will not be compromised. The funds from the trust can be used for services and programs that government benefits don’t pay for but that enhance the loved one’s quality of life, such as transportation, classes, hobbies, and vacations. ...

While the house may not need to be sold in order to qualify for Medicaid, state Medicaid agencies will likely place a lien on any real estate owned by a Medicaid beneficiary during his or her life. The state cannot impose a lien if a spouse, a disabled or blind child, a child under age 21, or a sibling with an equity interest in the house is living in the house. ...

Be on the lookout for the Nov./Dec. 2019 issue of Northeast Ohio Boomer & Beyond magazine, rolling out to newsstands and mailboxes November 15-22.

This festive issue will become your go-to guide for traditional and offbeat places to go and things to do as family and friends gather together for the holidays. You’ll also be inspired by our Volunteer Salute to ordinary people in our midst who do extraordinary things with their gifts of time and talent for others. Lively articles about food, films, photographs, Boomer lingo, grandparenting, health, finances and more will make great conversation starters, as well.

You can read the digital version right here and now: https://issuu.com/northeastohioparent/docs/boomernovdec2019

Find a free copy of the glossy print magazine at your neighborhood Marc’s Store, Discount Drug Mart, Giant Eagle, library or over 700 other outlets. Or sign up below to get the magazine mailed directly to your door. Either way, you’ll enjoy pages of motivating stories that will help you enjoy Better Living After 50, right here in Northeast Ohio!

Subscribe! It’s FREE

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You can get Social Security retirement or survivors benefits and work at the same time. But if you’re younger than full retirement age and earn more than certain amounts, your benefits will be reduced, although not dollar for dollar. Your benefits may increase when you reach full retirement age. Check the Social Security guidelines so there are no surprises. ...

 

Time is one of our most valuable commodities. That’s why at Social Security, we are constantly improving our online resources to make doing business with us easier and faster.

With a My Social Security account, those receiving benefits can change their address and direct deposit information; get proof of their benefits; and request replacement documents, like a Medicare card. If you aren’t currently getting benefits, you can check your earnings record, get estimates of your future benefits, and view your Social Security Statement. In many states, you can even request a replacement Social Security card online. See everything you can do with a My Social Security account and open one today and at socialsecurity.gov.

You don’t need a My Social Security account to:

Select or change the way you receive information from Social Security if you are blind or visually impaired at socialsecurity.gov/people/blind.

Block electronic and automated telephone access to your personal information at socialsecurity.gov/blockaccess. 

Apply for extra help with your Medicare prescription drug plan costs at socialsecurity.gov/extrahelp.

Be sure to share my Social Security with friends and family. By freeing up their time, they may plan on spending more of their valuable time with the people they love.   

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