Roy and I read probably 10 news articles a day and listen to several webinars a week to keep up to date with news in the Social Security world. Social Security laws are very complicated and we owe it to our readers to keep up to date. We would like to caution you about the things you read on the internet…. some of it is true and some is not…. heard of the term FAKE NEWS……well, we see that as well. In this article we are going to highlight some of the latest news that might interest out readers.
- Social Security paper statements are AGAIN becoming a thing of the past. Only individuals who are 60 and over, who aren’t receiving benefits and who don’t have a MY SOCIAL SECURITY account online will get paper statements. This measure will net a reduction in processing costs of about $11.3 million in 2017.
- You can be both a widow and a surviving divorced spouse. Lots of rules and regulations, but if single and of filing age, you need to determine which benefit, at what time, is best for you.
- Unpaid student loan debt can lead to a smaller Social Security check or Disability benefit. In 2015, the government reduced Social Security checks for 173,000 Americans, up 380% from 2002.
- The Earnings Limitations test will increase in 2017 to $16,920 per year and in the year you reach Full Retirement Age that limit will increase to $44,880 for the year or $3,740 per month. So, you can work and collect Social Security, but you need to be very aware of these thresholds.
Most readers know that collecting Social Security benefits before Full Retirement Age can lead to a temporary reduction in retirement benefits. But, did you know that it can also reduce payments to family members – such as spouse or minor dependent children – who collect benefits on your record?
- Your Social Security benefits are not tax-free. Maybe people don’t have to pay tax on their Social Security benefits, however, if you have significant taxable income in addition to your Social Security benefits, up to 85% of your benefits could be subject to tax.
We are planning Social Security education seminars in the Corinth, MS area in February and March of 2017. Please watch for further details or call for dates and times. Roy and Diane Thompson are both National Social Security Advisors and Roy is a former CPA of 40 years. Their guidance and direction will make a difference for you and your family. You may contact Pillars LLC on our website at www.pillarsllc.com or email at firstname.lastname@example.org or simply give us a call at 601-954-0699. We are located in Corinth, MS but assist clients throughout the United States.