Liens Section 1917(a) of the Social Security Act (the Act) allows, but does not require, States to impose liens on the property of a Medicaid beneficiary under certain circumstances. More specifically, liens are permitted in two instances prior to a beneficiary’s death: 1) when there has been a court judgment that benefits were incorrectly paid; or 2) when the lien is imposed against the real property of an individual a. who is an inpatient in a nursing facility, intermediate care facility for the mentally retarded, or other medical institution, if the individual is required to spend for medical care all…
In this article, MarketWatch’s Robert Powell takes on the problems and the hype surrounding Social Security and Medicare, as well as what they mean to you. The article first moves to cut through the media-created frenzy and outline some of the reasons why the situation isn’t so bad and that it’s important not to panic (you may also want to read a related article on retirement fears, also from MarketWatch: http://www.marketwatch.com/story/dont-let-fear-ruin-your-retirement-2011-05-23.) A few of the tips: continue working at least until your full retirement age, or to age 70 if possible, keep your skills up to date, and be sure…
Who knew that question would even be asked, let alone become so politically charged? The popular media today frightens people with blaring headlines that Social Security is bankrupt, and you are unlikely to receive a dime … countered by reassuring comments that the system has a multi-trillion-dollar surplus. So – which is it? Is Social Security a pipe dream, a shell game, a bankrupt program from which you will never receive benefit? Or is it a social safety net for those whose working years are over? A recent Morningstar article tries to answer those questions, and provides insight as to…
If you’re not already familiar with the Social Security's website, it may be time to start. You may already know that you can go online to get an application to replace your Social Security card, apply for Medicare, retirement or disability benefits, even search popular baby names. While all those online services may be helpful, a new addition to the website may become essential. The government is working to provide your yearly earnings statement online by the end of this year, and forego the massive mailings. The statements, mailed to 150 million people each year, show a projection of your…
This phase occurs during the final years of the accumulation phase and should begin when you reach 50 years old or are 15 years away from retiring, whichever happens first. Now is the time to get your plan in place, making sure your finances are lined up correctly for retirement day so nothing will be left to chance. If you work for a company with a benefits specialist, arrange an appointment to become informed about the various ways you can convert your employer retirement savings into a stream of income or an IRA. Give yourself time to learn the ropes…
The first stage of the retirment planning is the period when you first enter the workforce and begin setting aside funds for later in your life and ends when you actually retire. A consideration in choosing an employer should be the amount they will contribute to your retirement savings and if they have a pension plan. Sign up for the 401(k), 403(b), or 457(b) plan if offered and contribute the maximum allowed as soon as you start working. In 2007, less than 32 percent of workers under age 35 participated in plans when they were offered at work, according to…
An article discussing the complexities of late-in-life divorces (noting that divorce is increasingly common in these age groups) by centering on three mistakes that must be avoided. The article is tax and social security sensitive, discussing 401(k)’s and advising trusts and other estate planning techniques. The three mistakes they relate, by their titles, are “ignoring taxes on retirement funds”, “overvaluing alimony, undervaluing Social Security”, and “forgetting about the kids” states SmartMoney.
This MarketWatch article tackles the common subject of delaying Social Security, the benefits that arise from doing so, and the possible problems to avoid, but it does so in more depth. Also see a recent article from the WSJ digital Network on the same subject.
“The first thing that you have to realize, according to [Michael] Kitces, is that you never get a net negative for working and collecting Social Security. ‘If you work and you bring additional earned income into the household, there is more money there,’ he said. ‘You don’t get to keep all of it, Uncle Sam will take a piece, and you may impact a couple other parts of the retirement pie as well, but it’s never a net negative’” from MarketWatch (March 21, 2011) This article offers a densely packed discussion on the tax implications that arise from working into…
If yours was among the roughly 50 percent of marriages that ended in divorce, you may want to brush up on the Social Security rules involving spousal and survivor benefits. Why? Because mistakes can be quite costly. The LA Times recently offered a brief primer, highlighting the primary issues that could affect divorced people in their retirement years. The Basics. If you were married for at least 10 years to someone who paid into the Social Security system, you are entitled to a spousal benefit, even if you are divorced from that person. Spousal benefits, if claimed at your full…
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