Oct 13, 2017

Federal COLA for 2018 Announced

"...Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 66 million Americans will increase 2.0 percent in 2018, the Social Security Administration announced today.

The 2.0 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 61 million Social Security beneficiaries in January 2018.

Increased payments to more than 8 million SSI beneficiaries will begin on December 29, 2017.

(Note: some people receive both Social Security and SSI benefits) The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics...."

Source: SSA.gov

Oct 10, 2017

Social Security Checks Could Get a Boost in 2018

"...Hurricanes Harvey and Irma caused a lot of hardship, but there may be a silver lining for seniors: The storms could end up giving retirees a few extra dollars in their Social Security checks next year.

Harvey shut down major refineries in the Gulf Coast to force up the price of gasoline. And auto prices rose as many people sought to replace cars and trucks damaged by flooding in Texas and Florida.

By triggering higher inflation in August and September, the storms may have boosted the expected increase in benefits in 2018 by the most in six years.

The annual COLA, or cost-of-living adjustment, could be as much as 2% versus the 1.6% to 1.8% increase that seemed likely a few months ago..."

Read more at Market Watch

Oct 9, 2017

4 Things Women Should Know About Social Security

"...Social Security provides vital income to millions of senior men and women.

But if you're of the latter persuasion, it's especially crucial that you understand how to get the most out of this key program.

Here are just a few things women need to know about Social Security...."

Read more at The Motely Fool

Sep 28, 2017

How to Protect your Social Security Account

"...The massive Equifax data breach has exposed 143 million Social Security Numbers. Armed with those nine digits, an identity thief can go online and take control of your Social Security account and have your benefits sent to them.

Pam Dixon, executive director of the World Privacy Forum, says there is a way to protect yourself.

"The Social Security Administration has a really good online system that allows you to watch your Social Security information like a hawk,” she said.

Open a my Social Security account and you will block the crooks from creating an account in your name...."

Read more at KomoNews.com

Sep 26, 2017

Social Security Program For Those With Dementia

"...If your parent or another loved one has dementia, how can you ensure those Social Security benefits be managed properly? Turns out, the Social Security Administration has a little-known program to help.

Congress first authorized Social Security to deal with this problem in 1939, giving the agency authority to appoint what are called “representative payees” for beneficiaries incapable of managing the income; the payees are not government employees.

Once a Representative Payee is designated, that person is required to decide how to spend a beneficiary’s Social Security income and to keep records of that spending...

“Representative Payee can be a wonderful tool particularly for a person whose assets are only Social Security benefits,” says Marit Anne Peterson, program director at the Minnesota Elder Justice Center in St. Paul, Minn.

Most of the 5.5 million participants in Social Security’s Representative Payee Program are children and disabled adults, but roughly 500,000 beneficiaries in retirement also have representative payees...."

Read more at Forbes
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