Posts by Ken Marks
Proposed 2015 Budget Aims to Eliminate Certain Social Security Strategies
There is a major change to Social Security regulations in the proposed 2015 budget by President Obama, which, if enacted, would eliminate popular Social Security claiming strategies that have significantly increased the size of people’s benefits.Although it does not mention the strategies by name, it does say it is aimed at “duplicative or excessive benefit…
Read MoreDisabled Veterans To Receive Expedited Claim Benefits
The Social Security Administration announced that it would be processing applications for veterans with a rating of 100% Permanent and Total disability much faster. This is great news for the many disabled veterans who have had trouble getting their disability payments. Social Security plans on treating these veteran’s application as high priority, and swiftly making…
Read More“Cabinets Filled with IOUs”: What Remains of the Social Security Trust
With all the talk about budgets and deficits, the inclusion of Social Security in these debates confuses quite a few people, since it’s thought to be a “stand alone “ program that pays for itself. This perspective, however, is quite wrong. Social Security started off as a “pay-as-you-go” system, in which current workers paid for…
Read MoreFrances Perkins: Social Security’s Unsung Hero
As we celebrate Women’s History, we should remember Frances Perkins contribution to the nation. She was the first woman cabinet member in U.S. history, and served as Secretary of Labor under President Franklin Roosevelt. She is credited by many historians as being the architect behind FDR’s New Deal program. She was also primarily responsible for…
Read MoreTreasury Secretary Questioned About Impending Bankruptcy of the SSDIP
This week, during a hearing of the Ways and Means Committee on the President’s Fiscal Year 2015, Tom Reed questioned the Treasury Secretary Jack Lew on the insolvency and impending bankruptcy of the Social Security Disability Insurance Program (SSDIP). Reed was concerned Secretary Lew did not address or mention the forthcoming insolvency of the SSDIP,…
Read MoreNew Company Aims To Help Retirees Make the Most of Benefits
A recently released survey shows that a large percentage of people over 55 claim to be pretty confident about their decision-making in regards to benefit claims. According to the same survey, however, only 5% of those people could answer crucial questions about Social Security. This survey was financed by Financial Engines, which offers strategy advice…
Read MoreFour Ways to Make The Most of Your Social Security Benefits
Without Social Security benefits, many seniors would be living well below the poverty level. Although it was never meant to be a main source of income, more than 90% of people over 65 receive Social Security benefits, and nearly one in five married retirees and one in two unmarried retirees rely on it for the…
Read MoreSocial Security Administration Denies WWII Vet Benefits
Robina Asti, a 92-year old World War II veteran is fighting the Social Security Administration, who, following her husband’s death, have denied her survivor benefits. The SSA says that she was a male at the time of the marriage, which nulls the marriage. Asti married Norwood Patton, her long-term partner, in 2004 in New York.…
Read MoreDemocrats Urge Against Budget Cuts In Letter to Obama
Sixteen Democratic senators wrote to President Obama telling him that they don’t want to see budget cuts to Social Security, Medicare, or Medicaid in his annual budget. In last year’s budget, Obama proposed changing the way the government calculates inflation. This would have reduced retirement benefits as well as increased some taxes. The budget had…
Read More4 Pressing Questions About Social Security Income and Taxes Answered
1. Are Social Security benefits subject to federal income tax?This will depend on your total income, because the more you make, the more taxes you pay on your benefit. If you file as an individual and your combined income – your adjusted gross income plus one-half of your Social Security benefits- is below $25K you…
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