National Credit Union Agency website:
www.ncua.gov
Are you afraid about the Internet and its potential risk?
The F.B.I has a website: " LooksTooGoodToBeTrue.com". It was developed to arm you with information so you don't fall victim to these Internet scam artists. Education, good judgment, and a healthy dose of skepticism are the best defenses against becoming a victim. Remember, if it looks too good to be true, it probably is!
Are you concerned with the credibility of your financial advisor?
Use the links below to research licensed professionals in your area.
Better Business Bureau
FINRA
PA Insurance Department
- Home Page
- Enforcement Records
Disclaimer: First Senior Financial Group, and its independent representatives, are not affiliated with any government agencies included in the above websites. The links above are available to you for educational purposes only
No Medicare, No Social Security?
In a stunning mid-March decision, Federal Judge Rosemary Collyer ruled that senior citizens cannot opt out of Medicare without also declining their Social Security benefits. In making her ruling, Judge Collyer reasoned that because Medicare is reserved only for those taxpayers who are entitled to Social Security, a decision to refuse Medicare must also be construed as a decision to "forgo the source of that entitlement, i.e. Social Security Retirement benefits." Interesting logic.
Of course, such a practice would have the effect of forcing seniors to forfeit all monies they have dutifully contributed to the Social Security system in the form of payroll taxes. In Forced Into Medicare , The Wall Street Journal provides the back-story and connects it up to today's controversy over so-called "Obama-care."
LOWERING PRESCRIPTION DRUG COSTS
The National Council on Aging offers information on charitable programs that can help with prescription drug costs. You can find benefit programs that can help you pay for prescription drugs, utility bills, meals, health care and other needs. The below website is the nations most comprehensive web-based service to screen for benefits programs for seniors with limited income and resources.
www.benefitscheckup.org
Centers for Medicare & Medicaid Services, Medicare & You, 2011 Handbook The following website is the official U.S. handbook on Medicare. It is a summary of Medicare benefits, coverage options, rights and protections, and answers to the most frequently asked questions about Medicare.
www.medicare.gov PDF
Disclaimer: First Senior Financial Group, and its independent representatives, are not affiliated with any government and charitable agencies included in the above websites. The links above are available to you for educational purposes only.
Crash Proof Your Love for Your Spouse
With 3 Legal Documents No Retiree Should Be Without
Will (Click to view page)
Durable Powers of Attorney (Click to view page)
Health Directives/Living Wills - Click the state you live in to view this form's page
Pennsylvania
New Jersey
Delaware
Decisions a new widow should make
Also, the following link provides a form to assist you in Crash Proofing Your Love by collecting all your financial data in one place:
Financial Data Form
4 THINGS TO BOOST YOUR SOCIAL SECURITY BENEFITS
The History of Taxes and your Social Security Benefits
Social Security Act was signed by President Franklin D. Roosevelt on August 14, 1935. Did President Roosevelt promise that Social Security payments would never be taxed? Myth: President Roosevelt promised that the annuity payments to the retirees would never be taxed as income:
Originally, Social Security benefits were not taxable income. This was not, however, a provision of the law, nor anything that President Roosevelt did or could have "promised." It was the result of a series of administrative rulings issued by the Treasury Department in the early years of the program.
In 1983 Congress changed the law by specifically authorizing the taxation of Social Security benefits. This was part of the 1983 Amendments, and this law overrode the earlier administrative rulings from the Treasury Department. (according to Social Security Administration website)
President Roosevelt died in 1945. As stated above, Social Security benefits were not taxed until 1983 when Ronald Reagan was President. The current tax thresholds, according to IRS Publication 915, are below: "Generally, up to 50% of your benefits will be taxable. However, up to 85% of your benefits can be taxable if either of the following situations applies to you.
The total of one-half of your benefits and all your other income is more than $34,000 ($44,000 if you are married filing jointly). You are married filing separately and lived with your spouse at any time during 2010." 1.Wait to collect
Applies to married couples who have a significant difference in earnings. On average, most Americans dip into social security benefits as early as 62 that is a big mistake! You should collect benefits after 70 years of age. For every year you delay collection, between 62 and 70, your benefit can bump between 7 and 8 percent. 2. File and suspend
Applies to married couples who have a significant difference in earnings. When the higher-earning spouse reaches retirement, he/she can apply for social security benefits and can immediately suspend them. Write "suspend benefits" in the Remarks section of the application. Since the higher-earning spouse has filed for benefits, the lower-earning spouse can receive a spousal benefit. The spousal benefit can be equal to up to ½ of the higher earning spouses benefit. The higher earning spouse can continue working or can withdraw funds from other retirement accounts, and can delay his social security benefits. The delay means a larger benefit later, which can be up to about 1/3 larger if the higher earning spouse waits until 70. 3. Double-dip
Applies to married couples and at least one spouse that has reached the full retirement age of 66 years of age. At full retirement age, a spouse has the choice to collect either his/her own benefit or their spouses benefit. To take advantage of the double-dip, when you reach full retirement age (66) select spousal benefits and collect while your own benefits accumulate in value. When you reach 70, change from spousal to personal social security benefits. 4. Take a do-over
You can withdraw your original Social Security claim, for example a claim you filed at age 62, and reapply = a do-over. The law only allows a retiree 12 months from the date of the original claim to change their mind and take the do-over. Social Security requires that you pay back, interest free, all of the benefits you received before you can withdraw your original Social Security claim and reapply. ___________________________________________________________________________________________
How to Tell When an Aging Parent or Spouse May Need Assistance to Stay Safe and Comfortable at Home
Its often up to the adult children of aging parents to look for the signs that their elderly loved one needs help at home!
10 Look-and-See Signs of Aging:
1.Look in refrigerator, freezer and drawers. Has food spoiled because mom cant get to the grocery store? Does she have difficulty cleaning tight, cluttered places?
2. Look over the grocery list. Has your loved ones declining health prompted her to purchase more convenience and junk foods, and neglect proper nutrition? Is she losing weight?
3.Look on top of furniture and countertops. Are dust and dirt signs that household tasks are becoming more difficult for your parents?
4. Look up at fans and ceilings. Has the inability to lift her arms and climb stepstools prevented your loved one from cleaning soot and grime from high places? Caution your senior not to climb.
5.Look down at floors and stairways. Have shaky hands spilled drinks and food, soiling vinyl, wood, carpets and walkways? Are frayed carpets, throw rugs, objects and furniture creating tripping hazards? Does dads bad knee put him at greater risk on cracked sidewalks and with broken stair rails?
6.Look under beds and sofas. Is your senior having difficulty organizing old newspapers, books and magazines, which are creating a fire hazard?
7.Look through the mail. Is moms dementia causing her to forget to pay bills and answer correspondence?
8. Look below bathroom and kitchen sinks. Is poor eyesight making it difficult for your elderly relative to read medication labels and to properly store cleaning materials? Is he forgetting to refill medications and to take them on schedule? Check the refill date against the number of pills in the bottle to help determine if your loved one is taking medication regularly. Or call the pharmacy.
9. Look at your seniors appearance. Is clothing dirty and unkempt, and is your loved one neglecting personal hygiene?
10. Look to your parents neighbors and other close friends to find out about their daily routine. Are your seniors at home more, watching television and avoiding stimulating conversation and companionship?
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Veteran's Benefits
If your spouse is an honorably discharged Veteran, you may be eligible for certain benefits, such as:
• Lump sum burial expense
• Allowance for a private cemetery plot
• Headstone or grave marker
• Disability benefits for surviving spouse and dependant children
For more information, call the Department of Veterans' Affairs at:
1-800-669-8477 or go to www.va.gov
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5 Legal Documents No Retiree Should Be Without
For more information, please contact our Retirement Phase Attorneys at 1-800-722-9728
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* First Senior Financial Group is not a law firm nor is licensed to give legal advice
