The Social Security Administration recently put the kibosh on a technique some retirees were using to boost their monthly benefits. But even though that loophole is essentially closed, experts say there are still plenty of ways households can legally maximize the amount of income they receive from Social Security. — MarketWatchThe risky strategy of the Social Security “do-over,” is no longer available, under new rules issued by the Social Security Administration in December. Few people took advantage of this loop hole, but here is basically how it worked: You claim benefits at an early age, and then years later repay…
In contrast to the five-step determination process for Social Security claims that requires a determination that a claimant is not earning more than substantial gainful activity ($1,000 per month for non-blind individuals in 2010 and 2011), has a severe impairment that significantly limits the ability to do work, and either meets or equals a “listed” impairment or has a “residual functional impairment” that prevents the individual from performing prior work or any other work in the national economy, eligibility for VDC benefits uses a two-step process. First, a claimant must prove that he or she is a military veteran and…
The Social Security Administration last week announced that there will be no cost of living adjustment (COLA) for Social Security recipients again next year. Social Security and SSI benefits are adjusted annually to reflect increases, if any, in the cost of living as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), prepared by the Bureau of Labor of Statistics. Since the BLS determined that there was no increase in this index from the third quarter of 2008 through the third quarter of 2010, there can be no increase in the COLA for 2011. There…
The report also found that allowing current contributors to divert funds out of the general Social Security fund into private accounts will “exacerbate the shortfall in revenues for current and future retirees as well as for current and future recipients of disability and survivors insurance.”
Social Security played a major role raising millions of seniors out of poverty, but the big gains last year are due to a series of one-time events that won’t be repeated.
President Barack Obama lobbied for another $250 when it became clear seniors would not get an increase in 2011. However, Congress took up the issue, but Senate Republicans, along with 12 Democrats and independent Sen. Joe Lieberman of Connecticut, voted down the second bonus payment.
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