Social Security/Medicare – Intelligent Reverse

Social Security benefits and Supplemental Security Income (SSI) payments increased by 8.7% starting on December 30, 2022.

What is the Best Age to Claim Social Security?

It all depends!

The right age to claim Social Security benefits depends on your individual circumstances. No one size fits all. At Intelligent Reverse we advocate

“If you go into retirement casually you may end up a casualty.” TM Many financial gurus say too many are retiring too early and you should wait until you are 70. On the surface that sounds like good advice, but that may be impractical or even impossible given your circumstances. Can you realistically wait until you are 70? What if you need the money sooner rather later to manage your ordinary daily expenses or to help with a medical emergency? This is an example of where a reverse mortgage may provide you with an optimal solution. Any event, your best strategy is to talk with a Certified Financial Planner (CFP). That is a win-win strategy for you. You and your CFP and figure out when is the best time for you to claim social security or whether a reverse mortgage can help you delay claiming social security and maximizing your benefit.

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What is the Future of Social Security?

At best, the crystal ball is cracked and cloudy! You can find a lot online and many who think they know what the future holds. Here, Intelligent Reverse prefers to refer you to the most direct and credible source, the Social Security Administration.

“The concepts of solvency, sustainability, and budget impact are common in discussions of Social Security but are not well understood. Currently, the Social Security Board of Trustees projects program cost to rise by 2035 so that taxes will be enough to pay for only 75 percent of scheduled benefits. This increase in cost results from population aging, not because we are living longer, but because birth rates dropped from three to two children per woman. Importantly, this shortfall is basically stable after 2035; adjustments to taxes or benefits that offset the effects of the lower birth rate may restore solvency for the Social Security program on a sustainable basis for the foreseeable future. Finally, as Treasury debt securities (trust fund assets) are redeemed in the future, they will just be replaced with public debt. If trust fund assets are exhausted without reform, benefits will necessarily be lowered with no effect on budget deficits.”

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Claiming Options

When claiming Social Security benefits, you have various options:

Early Retirement (Age 62): Reduced benefits, but available earlier.
Full Retirement Age (FRA): Receive full benefits without reductions.
Delayed Retirement (After FRA): Benefits increase if you delay until age 70.
Spousal Benefits: Eligible for up to 50% of spouse's benefits.
File and Suspend/Restrict Strategies: Strategies for couples to maximize benefits.
Consider Health and Financial Situation: Health, life expectancy, and financial needs impact timing.

Evaluate these options based on your circumstances and with advice from a financial expert.

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Survivorship Options

When claiming Social Security benefits as a survivor, your options include:

Survivor Benefits: Available if your spouse or ex-spouse passes away, typically up to 100% of their benefit amount. Learn more
Children's Benefits: Children's benefits are Social Security benefits provided to the dependent children of a deceased, disabled, or retired parent who is entitled to Social Security benefits. Children's benefits can provide crucial financial support for families during times of loss or when a parent becomes disabled or retires. It's essential to understand the eligibility criteria and application process to ensure children receive the benefits they are entitled to under Social Security. Learn more
Mother's and Father's benefits: Social Security benefits available to parents who have lost a spouse or ex-spouse. These benefits provide crucial financial assistance to parents who are responsible for raising children after the death of a spouse . Learn more
Lump-Sum Death Payment: The lump-sum death payment, also known as the "one-time death benefit," is a one-time payment made by the Social Security Administration (SSA) upon the death of a Social Security beneficiary. It's important to note that the lump-sum death payment is separate from survivor benefits, which provide ongoing monthly payments to eligible survivors based on the deceased's work record. The lump-sum payment is a one-time benefit, and eligibility criteria apply . Learn more
Parent’s Benefits: Social Security offers benefits not only to retirees and disabled individuals but also to their eligible family members, including parents. Parent's benefits can provide financial assistance to parents who may have relied on their child's income and support . Learn more

When and how do I report the death of my loved one to Social Security?

It's important to report the death to Social Security as soon as possible to avoid delays or complications in processing benefits. Your funeral home director may be able to help you through this process.

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For more information go directly to the source:
www.ssa.gov

and

https://blog.ssa.gov/social-securitys-top-10-webpages-for-2023/

Medicare Benefits:

Medicare is a federal health insurance program primarily for people who are 65 or older, certain younger individuals with disabilities, and people with End-Stage Renal Disease (ESRD) or Lou Gehrig’s disease (ALS). Medicare provides essential healthcare coverage for millions of Americans, offering a range of options to meet different healthcare needs and preferences. Create a “Learn More” button and link to the following: