CBS News “Money Watch” recently aired a segment on the 5 most common misconceptions about Social Security. These misconceptions are: 1.) You must be a U.S. Citizen to receive Social Security benefits. False. If you are a resident alien and have a green card which permits you to live and work in the U.S., you… Continue Reading
Immigrants who receive provisional legal status under President Obama’s new executive orders may be eligible for Social Security and Medicare or Medicaid benefits. Under the President’s plan, U.S. residents can apply for provisional legal status if they have lived in the U.S. for at least 5 years, can pass a criminal background check and have… Continue Reading
If your spouse has already filed for his or her Social Security Retirement Benefit, and you have reached full retirement age (66 for the current crop of baby boomers), you can receive a monthly spousal benefit equal to half of your retired spouse’s full retirement benefit. You can do this yourself without filing for your… Continue Reading
A recent study by researchers at Stanford University and Harvard University has shown that if a private health plan manages to negotiate lower prices with health care providers, they may make up the difference by providing health care to Medicare beneficiaries. The study examined data from more than 300 geographic regions in the U.S., including… Continue Reading
Many individuals take an early retirement, at age 62, the youngest age at which you can currently receive your Social Security retirement benefit, thinking that they can get a better return on their money by investing the amount they receive from Social Security. Most retirement experts do not advise this course of action. First of… Continue Reading
If you work for more than one employer in your career, including both employers that do not withhold Social Security payroll taxes and employers that do withhold SS payroll taxes, the pension you receive from the employer who doesn’t withhold payroll taxes may reduce your overall Social Security Retirement benefits.
Many people do not become aware of the windfall reduction until they apply for their Social Security Retirement benefits and SSA learns that the applicant is also entitled to a “private” pension from a non-withholding employer.