What is Full Retirement Age? Why is it Important? How is Full Retirement Age Changing in 2017? Were you born after January 1, 1955? If so, you should be aware that the Social Security Full Retirement Age is increasing starting this year. This impacts your benefits – and not in a good way. Full retirement […]
Medicare and Social Security Changes in the New Budget Act
The recently passed “Bipartisan Budget Act of 2015” raises the debt ceiling and avoids a costly government default until 2017. It also includes several provisions that will impact recipients of Medicare and Social Security. This article addresses those impacts. Medicare Part B Premiums and Deductibles Adjusted The Budget Act reduces a huge increase in Medicare […]
No Social Security Increase Next Year – But Your Medicare Part B Costs Will Go Up
[Update: The Medicare Part B premium and deductible increases discussed in the article below have been modified by the “Bipartisan Budget Act of 2015.” See my blog post Medicare and Social Security Changes in New Budget Act for more information. JM] The Social Security Administration has announced that there will be no automatic increase in monthly […]
Anniversaries for Landmark Programs
This summer sees the anniversaries of several of America’s most important social welfare programs. While these programs have not eliminated poverty and inequality they do limit impoverishment and deprivation and create opportunity and a better life for tens of millions of Americans each year. Happy anniversary to Social Security, Medicare, Medicaid and the American’s […]
Social Security Payments to Increase 1.7%
The Social Security Administration has announced that payments to retired and disabled beneficiaries will increase by 1.7% in 2015. This inflation adjustment is intended to offset the higher costs-of-living encountered by beneficiaries. The increase is effective in January 2015. Social Security is the major source of income for most of the elderly. The Social Security […]
Social Security Resumes Mailing Benefit Statements
On September 15, 2014 Social Security announced that it will resume mailing benefit statements to workers. The statements will be mailed periodically, with most workers receiving a statement every five years. Their statement provides workers with information on their Social Security benefits including estimates of their future monthly retirement, disability, and survivor’s benefits. It contains […]
Your Medicare Card: Understanding your ID number
I once had a retired friend ask me what the letter means on his Medicare card. His is an “A” which appears after his Social Security number. It is on his Medicare card but not on his Social Security card. His wife’s Medicare card has a different letter on it – a “B”. Even more […]