Trying to help parents with their finances can be frustrating. We may see clearly what we think our parents should do, yet they may refuse. When it comes to parents and their money, adult children need to tread lightly. Parents may resent their children’s interference. They may fear they will lose their independence. We need […]
When you are managing the finances for a parent who receives Social Security benefits, you may need to become her “Representative Payee.” Social Security does not recognize guardianships, conservatorships or powers of attorneys. If you handle your family member’s money with one of these documents and you need to manage her Social Security benefits, you […]
More than 95 percent of Americans aged 65 and older depend on Medicare for their health insurance coverage. With over 55 million people utilizing Medicare, you would think it would be simple to navigate. But, it is not. “There can be little about Medicare that is automatic or clear or, especially in the midst of […]
When we think of Social Security, most of us think, “Retirement!” Did you know Social Security taxes fund three programs? 1. Retirement benefits – provide a lifetime monthly income for retired workers who worked and paid Social Security taxes at least 40 quarters (ten years). The earliest you can apply for benefits is age 62, […]
Many people think, when they pay Social Security taxes, the government holds their money in a personal retirement account for them. This is not so. Social Security is a “pay-as-you-go” social insurance program. Payroll taxes paid by today’s workers and their employers are used to pay the people currently receiving benefits. When today’s workers retire, […]
Social Security, the social insurance program that helps millions of Americans, turned 80 years-old last month. President Franklin D. Roosevelt signed the Social Security Act into law on August 14, 1935. I had two serendipitous experiences this summer which brought to life the conditions leading to the creation of Social Security. First, I visited the Franklin […]
Effective March 1, 2013, Social Security benefits will no longer be paid with paper checks. Beneficiaries currently receiving checks will need to switch to electronic payments by either direct deposit into a bank account or by the Direct Express® Debit MasterCard® program.