Benefits Archives - Page 21 of 27 - DR News

Social Security March 2024 Payment Schedule and Retirement Benefits Explained

Montgomery, Alabama – The Social Security Administration (SSA) plays a crucial role in providing financial protection for millions of Americans through its retirement, disability, survivor, and family payment programs. These programs, including Retirement Insurance (RI), Survivors Insurance (SI), and Disability Insurance (DI), offer vital support during challenging life circumstances and contribute to reducing income inequality. Financed through payroll taxes, the programs aim to provide a safety net for vulnerable communities, ensuring financial security for retirees, …

Maximizing Social Security Benefits: When Is the Best Time to Claim?

DEARBORN, Michigan – A reader recently reached out with a question regarding Social Security benefits. Turning 68 and working part-time, the reader earned $28,000 last year and estimates earning $36,000 to $38,000 this year. Her husband is already collecting his Social Security, having earned $25,000 last year. Seeking guidance, she wonders if she should apply for her benefits now or wait until she turns 70, as suggested by a financial planner. As with any decision …

Retirees at Risk: New Study Reveals Shocking Lack of Knowledge on Social Security Benefits

ORLANDO, FLORIDA – U.S. retirees are facing potential financial pitfalls as a study reveals that a shocking 78% of Americans aged 55 to 65 lack essential knowledge about Social Security benefits. According to the study conducted by a financial planning consultant, this lack of understanding puts retirees at risk of making “tragic mistakes” in their retirement planning. The survey found that nearly 80% of Americans approaching retirement or already retired struggled to answer 13 basic …

IBM’s Groundbreaking Pension Program Unveils Change in Retirement Benefits for Employees as part of the New Retirement Structure

While pensions have become increasingly rare in the private sector, IBM has made headlines with its new pension program, offering a defined-benefit plan for its employees. This move has sparked discussions about the evolving landscape of retirement benefits and the obligations of companies to their workers. The reintroduction of pension plans has raised questions about the effectiveness of existing retirement structures and the potential impact on employees. In the past, defined-benefit pension plans were widespread, …

West Virginia Lawmakers Consider Phased Elimination of State Income Tax on Social Security Benefits

Charleston, West Virginia – The House Finance Committee has made progress in moving forward with Governor Jim Justice’s proposal to eliminate the state income tax on Social Security benefits for middle and higher income West Virginians. However, lawmakers are proceeding cautiously, opting to phase out the tax over three years instead of implementing an immediate elimination that would cut an estimated $37 million out of state revenue. Committee chairman Vernon Criss (R, Wood) expressed concerns …

Retirement: 3 Things to Know about Social Security Benefits Before You Retire Early

Atlanta, GA – If you’re considering early retirement, understanding the implications of claiming Social Security benefits early is crucial. Making the right choice about when to claim benefits can significantly impact your retirement income. Before making any decisions, it’s important to be aware of three key factors that can affect your Social Security benefits. Firstly, claiming benefits before reaching full retirement age will result in a lower benefit amount. While some may be able to …

Maximizing Your Spousal Benefits After a Divorce: Requirements and Timing

Chicago, Illinois – Many individuals in Chicago receive Social Security benefits based on their own work history. However, there is an option for those who may instead claim retirement checks based on their spouse’s work record. These benefits, known as spousal benefits, allow individuals to receive as much as half of the full benefit owed to their husband or wife. Spousal benefits may be particularly advantageous for individuals whose spouses have earned more than them. …

Sentenced: PA Man Posed as Dead Father to Steal Social Security Benefits

BRODHEADSVILLE, PA – A Pennsylvania man, Timothy Gritman, was sentenced to five years in prison this week for concealing his father’s death and continuing to collect his deceased father’s social security benefits and pension. Gritman, 56, of Brodheadsville, also faced an additional three years of supervised release following his prison sentence, as announced by the U.S. Attorney’s Office for the Eastern District of Pennsylvania. Prosecutors revealed that Gritman’s father, Ralph Gritman, was 79 years old …