Social Security Administration

2022 - 12 - 16

Post cover — Image courtesy of "Roll Call"

Top tax writers diverge on lame-duck Social Security fix - Roll Call (Roll Call)

Key lawmakers remain at odds over a Social Security fix that cuts benefits for public workers who also get government pensions.

— wrote to Neal and Brady on Wednesday urging them to include a comprehensive fix for the windfall elimination provision and government pension offset in a year-end package, even if it’s short of full repeal. “We just got to grind it out to see if we can’t get this done,” Brady said. “And you know, we’ve spent a lifetime here in Congress to try to get this solution done and provide some relief. “That may be a way to start,” she said. “Together we have an opportunity to provide our teachers, police, firefighters, and others with a real solution that can be agreed to in both the House and the narrowly divided Senate,” Brady said. “The problem with full repeal is that we do not have the national support nor the votes in the U.S. Neal and Brady pledged to advance a fix that wouldn’t worsen the Social Security trust funds’ already flagging finances. It’s unclear whether Neal and Brady can resolve the impasse in time to get legislation into the omnibus that appropriators are trying to pass before Christmas, and whether the Senate would accept their fix. Neal has been wary of holding broader votes on options without the backing to make it through Congress. States that include Social Security as part of public worker retirement plans don’t see the same impact for retirees. 13 letter that future Congresses would have plenty of time to step in with tweaks to the formula before the four-decade transition period ends. Those currently working but slated to see benefit cuts under the current formula could get about $500 a month extra, while current retirees could receive an additional $100 to $150 per month.

Here's How Much Social Security Paid in Benefits to Americans in ... (The Daily Nonpareil)

Supplemental Security Income: $68.5 billion · Federal Disability Insurance: $145 billion · Federal Old-Age and Survivors Insurance: $1.07 trillion · Look for ...

But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. However, about 2 million spouses and more than 675,000 children receive monthly benefits, based on the work history of a Social Security recipient who's still alive. They show how much money the Social Security Administration spent on various types of benefits during the course of the year. Social Security's total expenditures have now started consistently to exceed revenue from payroll taxes and other sources, forcing the program to start using trust fund balances to cover benefits. Social Security expenditures are likely to go up dramatically during fiscal 2023. About 7.57 million people received SSI benefits in the most recent month for which data is available, with an average monthly payment of about $624. Tens of millions of people rely on Social Security for financial assistance. That should take the total numbers considerably higher. This is what pays retired workers their retiree benefits, as well as spousal benefits to workers' spouses and survivor benefits to eligible family members. Designed for low-income individuals, SSI doesn't require a work history for eligibility, and benefits are subject to means testing and limits for income and financial resources. The base amount for SSI in 2022 was $841 per month for single recipients and $1,261 for couples.

Can You Receive Social Security Benefits While You Work? (CNET)

The month you hit your full retirement age you can earn benefits with no earning limits. Mykola Sosiukin / EyeEm via Getty. As you near retirement age, ...

[ SSA's online retirement application](https://www.ssa.gov/retirement) to learn about your own benefits, see if you're eligible, plan for retirement and apply. As long as you continue to work, you will continue paying Social Security taxes on your earnings. The SSA checks your earnings to determine whether your monthly benefits need to be increased. The SSA counts your earnings as the wages you earn from your job or your net earnings if you are self-employed. If you work and are older than the retirement age, you can keep all your benefits with no reductions. If you are under the age of 67, you can still collect benefits but the amount you collect will be significantly reduced based on how far away you are from 67 and how much you are currently earning.

Kotlikoff: Don't Let Social Security Dupe Your Clients Into Claiming ... (ThinkAdvisor)

He is founder and president of Economic Security Planning, a financial planning software firm. The economics-based software is available in consumer and advisor ...

That was exactly the wrong answer. But if they’re the lower earner, they’ll get extra benefits. If they’re the higher earner, they may get nothing. There are problems all over the place, and nobody is addressing them.” Part of what’s going on is psychological. [increase by 10.4%](https://www.thinkadvisor.com/2022/11/21/waiting-to-claim-social-security-can-boost-income-by-10-4-study/) if they simply waited until age 70 to start Social Security benefits. [inflation risk](https://www.thinkadvisor.com/2021/10/19/kotlikoff-u-s-fundamentally-broke-inflation-a-stealth-tax-hike-on-retirees/) factor,” Kotlikoff says. He served on President Ronald Reagan’s Council of Economic Advisers. This means a median loss of “lifetime discretionary spending of $182,370.” THINKADVISOR: A recent study you conducted, “How Much Lifetime Social Security Benefits Are Americans Leaving on the Table?” concluded that “virtually all American workers 45 to 52 should wait” to collect Social Security and that more than 90% “should wait till age 70.” it’s particularly nuts for anybody not to optimize.” But, according to a new study, “ [How Much Lifetime Social Security Benefits Are Americans Leaving on the Table?](https://www.nber.org/papers/w30675)” only 10.2% of Americans do so.

Delaying claiming Social Security beyond 70 (InvestmentNews)

Although delayed retirement credits stop accumulating at age 70, waiting past 70 to claim benefits could shift income into the next tax year.

In January of the following calendar year, your benefit will increase for the credits earned in the year of your 69th birthday. When you claim Social Security at age 70 or later, all of the accumulated delayed retirement credits — 32% in this case — would be paid at once. [ 8.7% COLA](http://www.investmentnews.com/social-security-announces-8-7-cola-for-2023-227492) would increase your benefits by about $260 per month in 2023. Tough luck for those born in January through May (whose benefits would be paid in February through June). Prunier said he likely would remain in the same 22% federal tax bracket in both years, regardless of when he claimed Social Security, and he and his wife should escape the high-income surcharge for Medicare Part B premiums that kick in at $194,000 of joint income next year. Combined income includes adjusted gross income, plus one-half of Social Security benefits (the other half is already included in AGI), plus any tax-exempt income. “My goal in utilizing this claiming strategy is to shift what would otherwise be four months of 2023 Social Security income into January 2024,” he explained. [Fact Sheet for Workers Age 70 and Up](http://www.ssa.gov/myaccount/assets/materials/workers-70andup.pdf) clearly states: “Waiting beyond age 70 will not increase your benefits … “I’m waiting until December 2023 when I turn 70 and four months to claim my Social Security benefits,” Prunier wrote to me in an email. [Apply now.](http://www.ssa.gov/applytoretire)” That income shifting strategy would save him more than $600 in state Usually my weekly columns are inspired by questions from readers concerning their personal retirement planning issues or those of their clients.

Social Security Administration Employee Accused of Fraud and ... (Department of Justice)

DENVER - The U.S. Attorney's Office for the District of Colorado announces Justin Skiff, age 36, of Castle Pines, appeared in U.S District Court today to ...

Money laundering carries a penalty of up to 20 years in prison and a fine of $500,000 or twice the value of the property involved in the transaction. Social Security fraud carries a penalty of up to 5 years in prison and a fine of $250,000. Wire fraud carries a penalty of up to 20 years in prison and a fine of $250,000.

Colorado man accused of stealing $300000 from Social Security ... (KKTV 11 News)

A Castle Pines man appeared in U.S. District Court Thursday facing charges of wire fraud, social security fraud and money laundering.

Wire fraud alone carries a penalty of up to 20 years in prison and a fine of $250,000. [According to a release from the Department of Justice](https://www.justice.gov/usao-co/pr/social-security-administration-employee-accused-fraud-and-money-laundering), 36-year-old Justin Skiff was a claims specialist for the Social Security Administration (SSA) and allegedly used his position to fraudulently obtain money from the SSA. District Court Thursday facing charges of wire fraud, social security fraud and money laundering.