Money

When you give money to a charity, does it go where you want it to? How can you know if your donation is getting in the right hands? Our legal expert has advice to help direct your charitable giving. ...

Have you been appointed the guardian of an older adult, or do you think you may soon assume that role? A local elder care law firm outlines what you should know and do when assuming this important job. ...

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. ...

In the 21st Century, more women work, pay Social Security taxes, and earn credit toward monthly retirement income than at any other time in our nation’s history. Yet, on average, women face greater economic challenges than men in retirement. 

Nearly 55 percent of the people receiving Social Security benefits are women. Women generally live longer than men, while often having lower lifetime earnings. And women usually reach retirement with smaller pensions and other assets compared to men. These are three key reasons why Social Security is vitally important to women. 

If you’ve worked and paid taxes into the Social Security system for at least 10 years and have earned a minimum of 40 work credits, you may be eligible for your own benefits. Once you reach age 62, you may be eligible for your own Social Security benefit whether you’re married or not and whether your spouse collects Social Security or not. If you’re eligible and apply for benefits on more than one work record, you generally receive the higher benefit amount.

The sooner you start planning for retirement, the better off you’ll be. We have specific information for women at socialsecurity.gov/people/women. Email or post this link to friends and family you love.

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If you're updating your estate plans — or just starting to create a plan — you may be confused by some of the terms. For example, what's the difference between a will and a trust? If you have a large or complicated estate, do you need to create a trust? Or does a will do the job? Read about these common terms and how they can affect your estate planning. ...

Sooner is definitely better when it comes to identifying and reporting problems with your earnings record. As time passes, you may no longer have easy access to past tax documents, and some employers may no longer exist or be able to provide past payroll information. ...

Unless you already have Medicare, you may not know exactly what it is or what it covers. We get it; why understand something that doesn't affect you? But now may be a good time to learn about this health insurance program to find out how to best utilize your benefits when you need them. ...

 

 

Social Security and Supplemental Security Income (SSI) benefits for nearly 69 million Americans will increase 1.6 percent in 2020, the Social Security Administration announced recently.

The 1.6 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 63 million Social Security beneficiaries in January 2020.  Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2019.  (Note: some people receive both Social Security and SSI benefits).  The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.

Some other adjustments that take effect in January of each year are based on the increase in average wages.  Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $137,700 from $132,900.

Social Security and SSI beneficiaries are normally notified by mail in early December about their new benefit amount.  Most people who receive Social Security payments will be able to view their COLA notice online through their my Social Security account.  People may create or access their my Social Security account online at socialsecurity.gov/myaccount.

Information about Medicare changes for 2020, when announced, will be available at medicare.gov.  For Social Security beneficiaries receiving Medicare, Social Security will not be able to compute their new benefit amount until after the Medicare premium amounts for 2020 are announced.  Final 2020 benefit amounts will be communicated to beneficiaries in December through the mailed COLA notice and my Social Security’s Message Center.

The Social Security Act provides for how the COLA is calculated.  To read more, please visit socialsecurity.gov/cola.

 

 

 

 

This press release was produced and disseminated at U.S. taxpayer expense.

 

 

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