Medicare and Social Security go-broke dates are pushed back in a 'measure of good news'
The go-broke dates for benefit programs Medicare and Social Security have been pushed back as an improving economy has contributed to changed projected depletion dates, according to the annual Social Security and Medicare trustees report.
Go-broke dates pushed back for Social Security, Medicare
A stronger-than-expected economic recovery from the pandemic has pushed back the go-broke dates for Social Security and Medicare, but officials warn that the current economic turbulence is putting additional pressures on the bedrock retirement programs.
A look at some common misconceptions surrounding Social Security
Despite the fact that Social Security covers just 40% of retirement income, Transamerica Center for Retirement Studies discovered that 24% of workers have no retirement strategy beyond counting on Social Security, while 67% of workers said they donโt have a written retirement plan.
Retiree checks to rise 1.3% in 2021 amid coronavirus fallout
WASHINGTON โ Social Security recipients will get a modest 1.3% cost-of living-increase in 2021, but that might be small comfort amid worries about the coronavirus and its consequences for older people. The economic fallout from the virus has reduced tax collections for Social Security and Medicare, likely worsening their long-term financial condition. The former vice president would raise Social Security taxes by applying the payroll tax to earnings above $400,000 a year. That amount generally increases, so at least some of any additional Social Security raise goes to health care premiums. That prompted Congress to pass recent election-year legislation that limits next yearโs premium increase but gradually collects the full amount later on under a repayment mechanism.
Another round of stimulus payments expected to hit bank accounts no later than next week
Another round of stimulus payments expected to hit bank accounts no later than next weekPublished: April 27, 2020, 6:03 pmRelief is on the way for some people who are still waiting for their $1,200 stimulus check, specifically for those non-filers on Social Security or disability.
Another round of stimulus payments expected to hit bank accounts no later than next week
JACKSONVILLE, Fla. โ Relief is on the way for some people who are still waiting for their $1,200 stimulus check, specifically for those non-filers on Social Security or disability. The next round of money is expected to hit bank accounts no later than next week. If you already receive direct deposit from Social Security, veteran benefits or disability, the Internal Revenue Service now has your information. According to the U.S. Department of the Treasury, Social Security, survivor and disability non-filers will see their payments by May 5, if not sooner. If you are not signed up for direct deposit, stimulus checks have already started to go out.
Seniors in Florida celebrate Social Security's 84th birthday
TALLAHASSEE, Fla. - Implemented in 1935, Social Security distributes hundreds of billions of dollars to senior citizens and people with disabilities throughout the nation every year. Social Security turned 84 on Wedesday. Seniors throughout Florida held birthday celebrations for the program that benefits more than half a million people in the state. Their motto: Cut the cake, not Social Security. More than 578,000 Floridians received nearly $325 million through Social Security in 2017 alone.
FTC reports sharp increase in phone scams
Americans have forfeited at least $450 million this way to government impostor scams since 2014, the FTC said and that only counts the victims regulators know about. Government impostors became the number one source of FTC complaints and now account for the lion's share of impostor scams overall. "Toward the fall, we started to see these scams really, really pick up." Thousands of consumers who reported the scam this year told the FTC they lost money. Last week, the FTC, Justice Department, and various states and local authorities brought nearly 100 cases against alleged robocallers.
Woman charged with fraudulent use of Social Security number, ID theft
JACKSONVILLE, Fla. โ A woman has been indicted on charges of fraudulent use of a Social Security number and aggravated identity theft, according to the U.S. Attorney's Office for the Middle District of Florida. Prosecutors said Elizabeth Farina-Torres, 42, an "undocumented alein" who is a citizen of the Dominican Republic, has been charged with five counts of fraudulent use of a Social Security number and five counts of aggravated identity theft. In about 2008, Farina-Torres began using a Social Security number belonging to a U.S. citizen with a similar name and the same date of birth, according to court documents. Hospital records showed that the person who had used the Social Security number was Farina-Torres. The Clay County Sheriff's Office learned during the investigation that Farina-Torres had used the victim's Social Security number at an Orange Park rental furniture store in April 2015.
Fernandina Beach police offer tips to avoid Medicare scams
By April 2019, Medicare cards will no longer show Social Security numbers, the Fernandina Beach Police Department said Monday. Hang up if someone calls, claiming to be from Medicare, asking for a Social Security number or any bank information. Medicare wonโt call you and ask these questions. Having your Social Security number removed from your Medicare card helps fight medical identity theft and protect your medical and financial information. For more on the new changes to your Medicare card, visit Centers for Medicare & Medicaid Services.
Social Security & Tax Breaks
Figuring out what you owe can be complicated, here is some information to understand what is taxable under Social Security. Social Security is taxable at three different levels, based upon how much other income you have and your income tax filing status. This is 50% of your household Social Security benefits plus all of your other taxable income, plus any tax-free income. These breakpoints are the same if your filing status is Married Filing Separately and the couple does not live together during the tax year. If your Provisional Income (defined above) is less than the first breakpoint based on your filing status, then none of your Social Security is taxable.