April 17th, 2013|
April 17, 2013
The laws surrounding how Social Security Benefits are distributed are quite complex. These complexities can often lead to citizens becoming confused about the regulations of the program, which can lead to misinformation being spread. An article in The Wall Street Journal recently discussed and put to rest five common misconceptions people have about the way Social Security is distributed.
One of the most common errors is that many believe the amount they will receive in benefits is based off their last ten-years of work. This simply isn’t true. In fact, payments are based on an individual’s best 35-years of work history and are adjusted for inflation rates.
Many also believe they must die before their family can collect their Social Security benefits; however, family members may be eligible to collect benefits at the time the a worker beings receiving benefits.
Another common myth is that if a recipient works and earns more than $15,000 while receiving Social Security, their payments will cease. A person who is over full retirement age can work and collect income at no penalty for up to $15, 120. For every $2 earned after that, and individual only loses $1 of benefits. This means an individual would need to be making around $50,000 to lose their benefits.
The Social Security Attorneys with Fleschner, Stark, Tanoos & Newlin are knowledgeable in the many laws surrounding Social Security and may be able to help if you are considering applying for benefits.
October 19th, 2012|
Given our national retirement program’s handbook of 2,728 rules and countless interpretations, few of us are likely to thoroughly understand Social Security, according to The Christian Science Monitor.
To continue our blog from Wednesday concerning eight Social Security myths, three more myths include the following:
6. If I am divorced, I cannot collect Social security benefits from my ex-spouse. If you do not re-marry, you can collect retirement benefits on your ex-spouse’s record if you were married for at least 10 years.
7. If I am collecting Social Security, I am an obvious target for identity theft scams. Recently, CNN Money reported that identity thieves are targeting seniors by fraudulently rerouting Social Security benefits to their own accounts. Anyone with a Social Security number is at risk for identity theft. Children are even more at risk for getting their Social Security number stolen, according to a Carnegie Mellon University CyLab study. An astounding 10 percent of children surveyed had someone else using their Social Security number.
8. I will be eligible for Medicare as a soon as I collect Social Security. Americans cannot earn Medicare benefits until age 65, but they can collect Social Security as early as 62. Exception: If you collect Social Security Disability, you will get Medicare coverage automatically after two years.
If you or someone you know needs help with disability benefits, contact the disability lawyers at Fleschner, Stark, Tanoos & Newlin.
October 17th, 2012|
According to The Christian Science Monitor, some of the most common myths about Social Security include the following:
1. Social security funds are running out, so I should collect as soon as possible. For each year that you hold off on collecting Social Security after reaching full retirement age –which is typically age 66–you will get an eight percent increase in benefits. So waiting until you are 70 to collect benefits means about a third more income.
2. I will be able to live comfortably on Social Security alone. The average Social Security payment to a retired worker is around $1,234 per month. So unless you’re prepared to supplement Social Security with savings, pension, or extra income, you will not live well on Social Security alone.
3. The more money I make now, the more I will get back later. Social Security’s progressive benefits formula favors low-income workers.
4. Social Security is only for the retired. The program provides benefits for disabled workers of all ages, and it also provides survivor benefits to dependents of workers who pass away.
5. Qualifying for Social Security disability is easy. Some applicants have to wait two years or longer for a resolution of their claim.
We will continue with the other three Social Security myths on Friday’s blog.
If you or someone you know needs help with benefits, contact the disability lawyers at Fleschner, Stark, Tanoos & Newlin.
February 23rd, 2011|
February 23, 2011
A man posted on a Post-Journal readers forum saying the Social Security System is still working just fine the way it is.
He believes it’s a myth that people believe Social Security contributes to the national deficit, and there are many misconceptions about Social Security that younger generations don’t understand.
Do you think the current Social Security system is operating efficiently? What changes do you think need to be made?
If you need help getting Social Security benefits you deserve to get your put your life back on track, the Social Security lawyers at Fleschner, Stark, Tanoos & Newlin can help.