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|Issue: # 26||September 2010|
Welcome to the twenty-sixth edition of our newsletter.
These monthly newsletters are designed to show you how not to gamble with your or your patients/clients Social Security Disability and/or SSI benefits. We also provide you with information on Special Needs Planning.
You may have been added to our e-mail newsletter mailing list if you have been in contact with Sheri R. Abrams, Attorney at Law or the Law Firm of Needham Mitnick & Pollack PLC.
You may unsubscribe by clicking on the link at the end of this e-mail.
|Social Security Set to Eliminate Retirement Benefit Pay-Back Option|
As was reported in the August 29,
2010 Washington Post, a little-known strategy that allows Social Security recipients to boost their income by repaying retirement benefits received in earlier years and then claiming a bigger monthly retirement check based
on their greater age may soon disappear.
The Social Security Administration (SSA) is moving to eliminate this do-over strategy. If Social Security gets its way, the rule could take effect within months. If you or someone you know might benefit from the payback strategy, now is the time to consider it and come to a decision. Putting it off could mean letting the government make the decision for you - by eliminating the opportunity.
Retirees can collect Social Security benefits as early as age 62, but monthly payments are reduced by 25 percent compared with what they could receive at full retirement age, which is 66 for those who claim benefits this year. Those who are willing to wait past age 66 can boost their benefits by 8 percent for every year they delay, up to age 70, increasing annual benefits to 132 percent of their base amount.
In 2007, about 500 people - out of more than 37 million retirees and their dependents receiving benefits - took advantage of the payback option. By 2009, the number had nearly doubled as more retirees learned how they could repay their benefits, interest- and penalty-free, and restart them at a higher level. As a bonus, those who repay benefits can claim a tax credit or a tax deduction - whichever results in a bigger tax break - for any income taxes paid on the benefits as they received them.
If you or your client needs help making this decision, please call the law firm of Needham Mitnick & Pollack, PLC at (703) 536-7778 to make an appointment with Attorney Sheri Abrams to discuss the options.
Why is my Medicare Part B Premium More than my Neighbors Part B Premium?|
Beneficiaries who currently have the
Social Security Administration (SSA) withhold their Part B premium and have
incomes of $85,000 or less (or $170,000 or less for joint filers), pay
$96.40 for their Part B premium.|
For all others, the standard
Medicare Part B monthly premium is $110.50. If your income is above
$85,000 (single) or $170,000 (married couple), then your Medicare Part B
premium may be higher than $110.50 per month.
Beneficiaries who currently have the part B premium withheld from their Social
Security benefit will pay $96.40.
New Part B beneficiaries will pay $110.50.
Beneficiaries who in the past did not have their Part B premium withheld from
their Social Security benefit will pay $110.50.
Higher-income beneficiaries pay $110.50 plus an additional amount, based on the
income-related monthly adjustment amount (IRMAA).
|Press Release: Sheri Abrams' New Book "Don't Gamble With Your Social Security Disability Benefits--What Every Virginia Resident Needs To Know To Win A Social Security Disability Case" Is Now Available!|
For more information please click here
to see our Press Release.
You can also download a free copy of the book at our websites:
|OUR OFFICE LOCATION|
The law firm of Needham Mitnick & Pollack, PLC, is located at:
400 S. Maple Avenue
Falls Church, VA 22046
This is in downtown Falls Church and the office has plenty of free and accessible parking.
If you know of someone who could use my legal services or any of the other members of the law firm of Needham Mitnick & Pollack, PLC please forward to him/her this e-mail newsletter or give him/her our telephone number: (703) 536-7778.
We provide legal services in the areas of Social Security Disability Law , Elder Law, Wills and Trusts, Probate, Trust Administration, Powers of Attorney, Advance Medical Directives, Guardianships, Long Term Care Planning, Disability Planning, Medicaid Eligibility, Veterans Benefits and Special Needs Trusts.
If you, or someone you know, is involved with an educational event or support group that would benefit from a presentation on Social Security Disability Law , Elder Law, Wills and Trusts, Probate, Trust Administration, Powers of Attorney, Advance Medical Directives, Guardianships, Long Term Care Planning, Disability Planning, Medicaid Eligibility, Veterans Benefits or Special Needs Trusts, please call us at (703) 536-7778.