What Happens When There is No Money Left?

Presented by Mark Phillips

Money is not the root cause of any degree of happiness we may enjoy, and yet having some sure can help make many of the challenges of life less annoying if we know how best to use it. That acknowledged, what does broke look like?

For so many in America who lived longer than they thought they would or planned for, who faced bigger challenges later in life than they imagined, or who in one way or another found themselves with no more cash until the next Social Security check arrives, life can be very restricted, solitary, and even humiliating.

One account I found most poignantly told is that of William McPherson as it appeared in The Week recently.

Click to read: When your money is all gone

Excerpted from an article that appeared in the fall 2014 issue of The Hedgehog Review, published by the University of Virginia

The Great Switch to Paperless Benefits

Presented by Mark Phillips

Besides the April 15^th deadline, Uncle Sam has another deadline for recipients of Social Security payments, Veterans Affairs and other government programs. The government has been making a push for almost three years and encouraging recipients to sign up by March 1, 2013, to receive their benefits electronically (read: direct deposit) versus paper check. 

There are still several million retirees and other recipients who haven’t made the switch yet.  To learn more about the benefits of electronic payments (i.e. identity theft), click below to view the full article.

The Great Switch to Paperless Benefits

Social Security Update

Social Security Changes Statement Policy

On October 1, 2012, the Social Security Administration (SSA) took the following actions:

• Suspended all paper mailings of Social Security Statements, including mailings to people 60 and older and individuals age 25
  
• Suspended all on-request mailings and instructed SSA personnel to discontinue the distribution of the Form SSA-7004 to request a Statement

REMINDER: The SSA launched online statements earlier this year that all individuals should be able to access through MySocialSecurity.

We encourage you to use this opportunity to reach out to your clients who are approaching retirement to discuss this new development. A broad announcement from the SSA may not be made.

These changes were made due to the current budget situation. Prior to this change, workers and former workers age 60 or older who were not receiving benefits were sent Statements about three months prior to their birthdays. Additionally, workers who were approaching their 25th birthday were sent Statements about three months prior to their birthdays.

In the absence of Statements, you should download an Online Statement at MySocialSecurity at least annually. This online statement will provide the benefit estimates needed to run the Social Security Optimizer which aids us in creating an appropriate collection strategy for you as a planning client.

Social Security Update: Statements Resumed

Social Security Administration Resumes Statements for Those 60 and Older

Effective February 15, 2012, the Social Security Administration resumed mailing paper Social Security Statements to individuals who are age 60 and above. You remain unable to request statements online or over the phone.

As a reminder, you can visit the "Retirement Estimator" at the Social Security Administration website to view your estimated retirement benefits. If you would like to audit your earnings history, reach out to the Social Security Administration and request an SEQY (Summary Earnings Query).