Category Archives: Social Security Benefits
Why Won’t IRS and Social Security Administration Like My Power of Attorney?
The IRS and the Social Security Administration (SSA) don’t recognize traditional powers of attorneys (POAs). Forbes’s recent article entitled “Two Times When Your Power of Attorney Isn’t Going to Work” explains why. The IRS says that you must use Form 2848, “Power of Attorney and Declaration of Representative” to allow anyone to act on… Read More »
Senior Taxes, Money, and Retirement in a Biden Administration
The advent of a Biden Administration could bring significant changes to the current landscape for older Americans. Biden has outlined what he would like to accomplish for older Americans, and this post is intended to summarize some of those plans. Social Security benefits may become secure again. The Trump proposed payroll tax cut and… Read More »
What Changes are Happening to Social Security in 2021?
The Social Security program undergoes a number of changes every year. Fox News’s recent article entitled “7 changes to Social Security in 2021” looks at the updates unveiled by the Social Security Administration (SSA) last week. More money. The SSA recently announced a 1.3% COLA for the upcoming year. That means an extra $20… Read More »
The Wrong Power of Attorney Could Lead to a Bad Outcome
There are two different types of advance directives, and they have very different purposes, as explained in the article that asks “Does your estate plan use the right type of Power of Attorney for you?” from Next Avenue. Less than a third of retirees have a financial power of attorney, according to a study… Read More »
Caring for a Loved One from a Distance
Trying to coordinate care from a distance becomes a challenge for many, especially since as many as 80% of caregivers are working. Add COVID-19 into the mix, and the situation becomes even more difficult, reports the article “When your parent is far away and you are trying to care for them” from the Pittsburgh… Read More »
What Needs to Happen after a Spouse Dies?
Making funeral arrangements, paying medical bills and closing down accounts are just the start of the tasks that a surviving spouse must take charge of, advises the recent article “Checklist for Handling the Death of a Spouse” from U.S. News & World Report. It can be overwhelming, especially with the intense emotions that come… Read More »
Legislation to Prevent Medicare Mistake Penalties Making Progress
More older workers are remaining in the workplace. In 2016, about 60% of 65-year-olds were receiving Social Security benefits, compared to 92% in 2002. Consumer advocates expect that change to result in a growing number of older people making expensive mistakes, when they enroll in basic Medicare, says the article “Bipartisan bill to prevent… Read More »
When Social Security Makes the Most Sense
There’s an unfortunate tendency to focus on how to get the most out of Social Security in total benefits, but that’s not always the right approach to determine when to apply for Social Security. Everyone has the same eight-year window—from age 62 to 70—when they can start applying for benefits, as explained in the… Read More »
How Does Social Security Benefits Work in My Estate Planning?
A financial power of attorney (POA) is a critical element of an estate plan. This document makes certain that a person you named takes care of your finances, when you are unable. Part of managing your finances is coordinating your Social Security benefits—whether you already are getting them or will apply for them down… Read More »
Medicare Patients Be Wary of COVID-19 Scams!
It’s still not easy to get tested for COVID-19 in many states, so it’s not surprising to learn that scammers are exploiting the shortage. They’re especially preying on the elderly. Money Talks News’ recent article entitled “Are You on Medicare? Beware Coronavirus Scammers” reports that scammers use stolen personal data to commit Medicare fraud… Read More »