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Index
Cover
Title Page
Dedication
Copyright
Contents
Introduction
Part 1: Welcome to Social Security
1 What Is Social Security?
The Third Rail
The History of Social Security
Why Social Security Was Created
Who Governs Social Security?
Changes to Social Security
An Introduction to Social Security Disability
Disability Programs
How Eligibility for Social Security Disability Is Determined
What Social Security Means to You
Understanding Your Benefits
Social Security’s Role in Your Retirement
The Three Age Categories
2 Protecting Your Number and Card
The Importance of Protecting Your Number
Avoiding Identity Theft
Has Your Identity Been Stolen?
Replacing a Lost or Stolen Card
Requesting a New Social Security Number
How to Qualify for a New Number
Documents Required
Changing Your Name on Your Card
3 How Social Security Works
Is It Really Your Money?
Who Pays into Social Security?
Who Doesn’t Pay into Social Security?
FICA
What If You’re Self-Employed?
Earning Work Credits Toward Future Benefits
4 Qualifying and Calculating Your Benefits
Benefits for Retirees, Disabled, Children, and Survivors
The Formula for Calculating Retirement Benefits
Maximizing Spousal Benefits
The “File and Suspend” Strategy
What Are Survivors Benefits?
The One-Time Death Benefit
How Are Disability Benefits Calculated?
Social Security Disability Insurance (SSDI)
How Benefits Can Change
Death of a Breadwinner
Difference in Benefits Depending on When You File
Benefits of Postponing Until Age
Earnings Caps for Those Taking Early Retirement
Part 2: Filing for Social Security
5 Record Keeping
Determining Your Earnings
Setting Up Your Social Security Account
Keeping Tabs on Your Earnings
Online Social Security Calculators
The Windfall Elimination Provision
Government Pension Offset (GPO)
Ensuring Your Earnings Record Is Accurate
How to Correct Errors
6 When to File
The Minimum Age You Can Apply
Wage Caps on Early Retirement
The Benefits of Waiting Until Full Retirement Age
The Benefits of Postponing Benefits Until Age 70
Your Life Expectancy Factor
Life Expectancy Calculator
Retirement Estimator
Family Considerations
When Can a Spouse File?
The Impact of a Spouse Reaching Full Retirement Age
File and Suspend Strategy
Survivor’s Strategy
Filing for Spousal Benefits If You’re Divorced
Children’s Benefits
How to Apply for Social Security
What to Expect in the Online Application
The Next Step–Awaiting the Decision
What If Your Application Is Denied or You Disagree?
Qualifying at Age 65 Under Disability
Eligibility Requirements for Disability over
Social Security’s Blue Book of Impairments
Medical-Vocational Allowance
The “Worn-Out Worker” Rule
7 Filing for Benefits Before Reaching Full Retirement Age
Making the Decision
What Is Your Full Retirement Age?
Pros and Cons of Taking Benefits Early
Health Considerations
Retiring Without Enough Saved
Considerations If You’re Still Working
Annual Income Caps
Determining Your Break-Even Point
Spousal Privileges
What Are Spousal Benefits?
How to Qualify
File and Suspend Strategy
8 Filing at Full Retirement Age or Beyond
Pluses and Minuses of Filing at Full Retirement Age
Determining Your Full Retirement Age
Determining Your Life Expectancy
Other Longevity Factors
No More Income Caps
Strategies to Help You Increase Your Benefits
Should You Wait to Take Social Security at 70?
Why Everyone Should Take Their Benefits by Age
The Advantage of Delaying Benefits Until Age
It All Depends on Life Expectancy
Filing Details
Filing by Yourself
Having a Financial Advisor Present
Part 3: Benefits for All
9 Applying for Disability Benefits
Three Ways to Apply
Social Security Disability Insurance (SSDI)
Definition and Duration of Disability
The Blue Book’s List of Impairments
Earning the Required Credits
Qualifying for Disability as a Family Member
Citizenship or Residency Requirements
Income or Resource Limits
Eligibility for Supplemental Security Income (SSI)
What Is the Definition of Being Disabled?
Duration of Disability Requirements
Income Limits
Resource Limits
Citizenship and Residency Requirements
The Application Process
Documenting Your Symptoms
Necessary Information and Documents
Field Office Observations
Processing Your Application
The Impact of Other Disability Payments on Social Security Benefits
How the SSA Makes Its Decision
Receiving Benefits
Disability Benefit Payments
Receiving Medicare Benefits After 24 Months
Returning to Work
Ticket to Work Program
Ticket to Hire Program
10 Filing an Appeal with Social Security
When and How to File an Appeal
Appealing a Disability Claim Denial
Appealing Incorrect Retirement Benefits
The Request for Reconsideration
Requesting a Hearing
The Appeals Council Review
Federal Court
Will Your Benefits Continue During the Appeal Process?
Your Right to Representation
How to Find a Representative
How to Find a Lawyer to Help with Your Appeal
Deciding If You Need an Attorney
11 Special Circumstances
Social Security and Divorce
How Benefits Are Affected by Divorce
Criteria for Collecting Ex-Spousal Benefits
How Much Will an Unmarried Divorced Spouse Receive?
Applying for Benefits Based on an Ex-Spouse’s Work Record
Social Security and the Death of a Spouse
Survivors Benefits
How to Apply for Survivors Benefits
Calculating What Survivors Benefits You’re Due
Maximum Family Amount
Government Pension Offset
Applying for the One-Time $255 Death Benefit
If You Are Living Outside the United States
Incarceration
12 Family Benefits
Dependents and Spouse Benefits
Who’s in the Family
Relationship to the Retired or Disabled
Age Qualifications
Maximum Family Benefits
How a Spouse Can File for Auxiliary Benefits
Filing for Disability Benefits for Dependents
How Can a Spouse Receive Disability Benefits?
Reasons for Denying Spousal Benefits
Do You Have Parental Responsibility?
Other Issues Involving Family Benefits
Same-Sex Couples
How a Child’s Benefits Change with Age
Caring for Sick Children or Relatives
The Family and Medical Leave Act (FMLA)
Benefits for Severe Medical Conditions
13 Medicare
Medicare Basics
Signing Up for Medicare
Defining Medicare Parts A, B, C, and D
What Parts Should I Enroll In?
Choosing the Correct Coverage
The Cost of Medicare
What Is Medigap?
Medigap vs. Part C Medicare Advantage
What Medigap Doesn’t Cover
How Medicare Works
The Donut Hole
Open Enrollment Period
Conditions Covered by Basic Medicare Parts A and B
Qualifying for Medicare Before Age 65 Under Disability
Social Security Disability Insurance (SSDI) Benefits
Family Members for Those Approved for SSDI
Railroad Retirement Disability Board (RRDB) Benefits
End-Stage Renal Disease (ESRD) or ALS
14 Medicaid: Medical Assistance for the Financially Challenged
What Does Medicaid Cover?
How to Apply for Medicaid
Medicaid Requirements
How Does Medicaid Compare to Medicare?
Medicaid Benefits
Financial Help for Medicare Part D
Additional Help with Prescription Drug Costs
State-Run Financial Assistance
Paying for Part A and Part B Medicare Premiums
Covering Other Costs
Part 4: Living with Social Security
15 Taxes and Social Security
Determining If Your Benefits Are Taxable
It All Depends on Your Total Income
Calculating Your Adjusted Gross Income
When Your Combined Income Isn’t Taxed
Do You Want Voluntary Withholding?
What If You Earned Nontaxed 1099 Income?
Withholding Taxes
Requesting the Withholding of Federal Taxes
State Taxes
16 Making the Most of Social Security
When That’s All There Is
There Is Help out There for You!
How to Save on Food
Transportation
Additional Ways to Reduce Expenses
Property Tax Relief for Seniors
Health-Care Cost Help
Housing Help
Strategies to Stretch Your Social Security Benefits
Downsizing Within Your Community
Relocating to Another State
Relocating to Another Country
Living Frugally
Exploring Available Discounts and Free Goods or Services.
17 Remaining in, or Returning to, the Workforce
The Aging of the American Workforce
How Does Continuing to Work Affect Your Benefits?.
The Impact of Working on Retirement Benefits
Disability Benefits and Work
Survivors Benefits and Work
How Increased Earnings May Impact Your Retirement Benefits
What If You’re Self-Employed?
Does It Matter Whether You Work Full-Time?
Other Factors and Strategies That Affect Your Benefits
The Windfall Elimination Provision
Suspending Your Benefits
Paying Back Benefits
Part 5: Safeguarding Your Future
18 How Will You Spend the Rest of Your Life?
Taking Stock
Creating Your Bucket List
Are You Going to Outlive Your Money?
Taking Inventory of Assets, Savings, and Investments
Developing a Budget
How Much Money Is Going Out?
Determining How Much Is Coming In
Projecting Future Health-Care Costs
Evaluating Health and Medical Costs
Consider Long-Term Care Insurance
Will You Have Enough to Live On?
How Will You Cover the Shortfall?
19 What the Future Holds for Social Security
Will Social Security Survive?
Raising the Retirement Age
Raising Funds by Increasing the Earnings Base
Will the Government Ever Cut Benefits?
Debates over Privatizing Social Security
Rethinking the Third Rail of Politics
20 Taking Control of Your Financial Future
Start Saving Now, Whatever Your Age
Savings Options
Living in Retirement Longer Than You Work
Contribute to Employer 401(k) Plans
Putting Money into an IRA
Finding a Financial Advisor for Your Investments
Ways to Cut Expenses
Do You Really Need 1,000 Cable Channels?
Consider an Electric or Hybrid Car
Pay Off Credit Card Debt
Grow Your Own Vegetables
Downsize by Moving to a Smaller House
Manage Your Credit Rating
The Miracle of Compounding
Turning Around Your Reversals of Fortune
Appendix
A Glossary
B Social Security Decision Tree
C Resources
About the Author
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