Just hours until final October $4,555 payment drops - see full schedule (2024)

25th Oct 2023, 13:00By Matthew Aquino

Statistics on retirement savings

More statistics from the survey:

• Nearly 35 percent said they were significantly behind where they needed to be
• Almost 20 percent said their savings were somewhat behind
• About 20 percent said they were “right on track”
• A further 8 percent said they were “slightly ahead” of where they should be
• More than 7 percent said their savings were “significantly ahead” of where they needed to be
• A further 10 percent said they don’t know where they stand

25th Oct 2023, 12:30By Matthew Aquino

You may owe Social Security taxes

Your benefit statementor the SSA-1099 form can be used to find out if your benefits are subject to tax.

This form is generally mailed each year in January to people who receiveSocial Securitybenefits.

It shows the total amount of benefits you received from Social Security in the previous year so you know how muchSocial Security incometo report to the IRS on your tax return.

25th Oct 2023, 12:00By Matthew Aquino

Remaining Social Security payments for the year

The following dates are the remaining scheduled payments for 2023:

• October
  • October 25 (Birthdays between 21st and 31st)
• November
  • November 18 (Birthdays between 1st-10th)
  • November 15 (Birthdays between 11th and 20th)
  • November 22 (Birthdays between 21st and 31st)
• December
  • December 13 (Birthdays between 1st-10th)
  • December 20 (Birthdays between 11th and 20th)
  • December 27 (Birthdays between 21st and 31st)

25th Oct 2023, 11:30By Matthew Aquino

Inflation hit record-high rates in 2022

This past year was one of the highestinflationrates in history.

Below is a compiled list of inflation rates for the past 10 years, according to theUS Inflation Calculator,

• 2013 – 1.5
• 2014 – 1.6
• 2015 – 0.1
• 2016 – 1.3
• 2017 – 2.1
• 2018 – 2.4
• 2019 – 1.8
• 2020 – 1.2
• 2021 – 4.7
• 2022 – 8.0

25th Oct 2023, 11:00By Matthew Aquino

Work credits do you need to claim SSDI,continued

You must earn $6,040 to get the maximum four credits for the year.

Additionally, you could earn more credits during your lifetime than the minimum number you need but those extra credits won’t increase your benefit amount.

Just note that the average earnings over your working years determine how much your monthly payment will be when you receive benefits – not your number of credits.

According toSocial Security, the agency cannot pay benefits to you if you don’t have enough credits.

25th Oct 2023, 10:30By Matthew Aquino

Work credits do you need to claim SSDI

In order to receive money fromSocial Securityprograms, specifically Social Security Disability Insurance (SSDI), you must obtain 40 work credits.

Credits are based on your total wages and self-employment income each year.

Your earnings and work history will then determine your eligibility for SSDI or your family’s eligibility for survivor benefits when you die.

Workers and taxpayers may only earn up to four credits per year.

According to theSocial Security Administration, the number of earnings it takes to earn one credit may change with each year.

This year, workers received one credit for every $1,510 earned.

BENEFIT SUPPORT How Americans can get up to $1,800 a month to help with disabilities

25th Oct 2023, 10:00By Matthew Aquino

CPI-W, explained

This kind ofCPIis used by theSocial SecurityAdministration to determine inflation and apply cost-of-living adjustments to Social Security andSupplemental Security Income.

The Bureau of Labor Statistics utilizes the same processes to compute CPI-W as it does for CPI, but with elements that impact specific demographics.

25th Oct 2023, 09:30By Matthew Aquino

CPI, explained

Companies may use theConsumer Price Index, or CPI, to decide how much to modify compensation owing to inflation.

One of the most often used measures for measuring inflation is the Consumer Price Index.

25th Oct 2023, 09:00By Matthew Aquino

Breaking down CPI-E

The CPI-E is a weighted average of price changes for the same set of item strata as the CPI-U and CPI-W, taken from the same sample of urban regions.

Retail establishments in theCPIare chosen for pricing based on data from a separate survey of all metropolitan residents.

INTEREST-ING What is inflation and what is the latest US rate?

25th Oct 2023, 08:30By Matthew Aquino

How to know if you’re being scammed

Scammers may try to threaten you with arrest if you do not pay a supposed fee or fine.

Scammershave also sent pictures of fabricated government badges, use false identification numbers, and mail using fakeSocial SecurityAdministration letterhead.

“The Social Security Administration will never tell someone to wire money, buy gift cards or pay with cryptocurrency,” said Gail Ennis, inspector general at the Social Security Administration.

“If anyone does ask you that, you know it’s a scam.”

25th Oct 2023, 08:00By Matthew Aquino

More on scammers

The acting commissioner of theSocial SecurityAdministration Kilolo Kijakazi saidscammers use fearin order to get people to act without thinking, during a press call in March.

Fraudsters use a number of tricks to try to gain important personal information such as your Social Security number or bank account details.

25th Oct 2023, 07:30By Matthew Aquino

Statistics on Social Security scams

There were more than 568,000 reports ofSocial Security-relatedscamattempts in 2021, which amounted to over $63.6million in losses to the victims, according to the agency.

It has already received thousands ofSocial Security-related scamcomplaints this year.

Many more incidents possibly go unreported due to shame or embarrassment, government officials say.

25th Oct 2023, 07:00By Matthew Aquino

Reporting a scam

If you suspect an email you got from theSocial SecurityAdministration may be fraudulent, you’re urged to avoid responding or clicking on any links in the message.

The SSA said you should report the email by forwarding it to the US Computer Emergency Readiness Team (US-CERT) atphishing-report@us-cert.gov.

STRANGER DANGER Urgent warning not to share your Social Security number - when it's safe

25th Oct 2023, 06:30By Matthew Aquino

Avoiding Social Security scams

TheSocial SecurityAdministration said Americans can avoid fraudulent calls and internet “phishing” schemes by not revealing personal information, clicking malicious links, or opening suspicious attachments.

The agency said most emails from Social Security will come from a “.gov” email address.

If an email address does not end in “.gov”, use caution before opening attachments or clicking on pictures or links.

You can learn more about how to protect your personal information andonline account on the administration’ssecurity webpage.

25th Oct 2023, 06:00By Matthew Aquino

COLA provision in 1975

In 1975, Congress adopted a COLA provision that provided automatic yearly COLAs based on the annual increase in the CPI-W.

Prior to 1975, Congress enacted special legislation to boostSocial Security payouts.

COLAs in 1975 were calculated using the rise in the CPI-W from the second to the first quarter of 1974.

They were based on increases in the CPI-W from the previous year’s first quarter to the current year’s first quarter from 1976 to 1983; since then, COLAs have been based on the CPI-W from the previous year’s third quarter to the current year’s third quarter.

25th Oct 2023, 05:30By Matthew Aquino

Social Security wage limit, continued

For people who reached full retirement age in 2020, the earnings cap increased to $48,600, and the penalty is reduced to $1 withheld for every $3 earned above the maximum, perUS News.

Your benefit will be adjusted after you reach full retirement age, taking into account your withheld benefit and ongoing wages.

After you reach full retirement age, you can earn any amount you choose without being subject toSocial Securitywithholding.

25th Oct 2023, 05:00By Matthew Aquino

Social Security wage limit

You can work and collect benefits fromSocial Securityat the same time.

If you haven’t reached full retirement age, though, half of all of your Social Security benefits may be withheld temporarily.

In 2020, Social Security beneficiaries under the age of full retirement can earn up to $18,240 before losing one dollar of benefits for every $2 earned over the limit, according toU.S. News.

25th Oct 2023, 04:30By Matthew Aquino

What you need when applying for child’s benefits

When youapply for benefitsfor your child, it’s important to have certain documents:

• Child’s birth certificate or other proof of birth or adoption.
• Parent’s and child’s Social Security numbers
• If you’re applying for survivor benefits for the child, proof of the parent’s death is needed.
• If you’re applying for benefits for a child with a disability, medical evidence to prove the child’s disability is needed.

Any additional documents will be requested by the Social Security representative assisting the applicant.

25th Oct 2023, 04:00By Matthew Aquino

Eligibility for child benefits

To be qualified, the child must have:

• A parent who is retired or has a disability
• A parent who is entitled toSocial Securitybenefits.
• A parent who died after having worked long enough in a job where they paid Social Security taxes.

The child has to be under 18 years old, unmarried, and a full-time student at an elementary or secondary school (grade 12 or below).

25th Oct 2023, 03:30By Matthew Aquino

Social Security benefits available for children

In 2021, an average of$2.8billionwas paid monthly to 4million children whose parents (one or both) were retired, deceased, or disabled.

These benefits provided necessities and assistance for children to complete their education.

Social security strives to stabilize a family’s financial future after a family member develops a disability or dies.

YOU'RE KIDDING Millions of kids can get Social Security and SSI benefits worth up to $3,796

25th Oct 2023, 03:00By Matthew Aquino

Three parts of Medicare

According to theMedicarewebsite, those parts include:

• Medicare Part A, which covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care
• Medicare Part B, which covers certain doctors’ services, outpatient care, medical supplies, and preventive services
• Medicare Part D, which covers the cost of prescription drugs as well as shots/vaccines

25th Oct 2023, 02:30By Matthew Aquino

What to know about Medicare

Medicare, not to be confused withMedicaid, is a national federal health insurance program.

The program began in 1965 under theSocial SecurityAdministration and has since been administered by the Centers for Medicare and Medicaid Services.

While the program is designed for people 65 and over, those who are younger can qualify if they have certain disabilities.

Those who have End-Stage Renal Disease also qualify no matter what age.

25th Oct 2023, 02:00By Matthew Aquino

Where Social Security funds are used

TheSocial SecurityAdministration (SSA) uses your taxes to pay people who are getting benefits right now.

Any unused money goes to the Social Security trust fund, which pays monthly benefits to you and your family when you start receiving retirement benefits.

25th Oct 2023, 01:30By Matthew Aquino

When to notify the SSA – Unable to manage funds

Sometimes, people who receiveSocial Securitybenefits are not able to handle their own financial affairs.

In those cases, the SSA will conduct a careful investigation, and then appoint a relative, friend, or another individual or organization to handle their Social Security matters.

All in all, when any of these events happen, you should notify the SSA immediately.

When you delay or fail to notify the government agency, there can be consequences, such as a delay in your monthly benefit check or errors on your earnings record.

If you have experienced more than one life-changing event and your income has gone down, you should contact the SSA at
1–800–772–1213 to have your monthly benefit adjusted.

25th Oct 2023, 01:00By Matthew Aquino

When to notify the SSA – Beneficiary death

If the deceased was receivingSocial Securitybenefits,you must return the benefit received for the month of death and any later months.

For instance, if the person dies in September, you must return the benefits paid in October.