When it comes to Social Security benefits, it’s very important to know the facts. And if you are approaching retirement, it’s vital to thoroughly plan how to claim your Social Security benefits. As more investors become increasingly aware of Social Security claiming strategies, they find it’s not enough to simply decide when to take Social Security benefits, but also how to claim. Navigating the Social Security waters can be a daunting task.

Good news!

You are not alone when it comes to making these critical decisions. Using powerful software, we analyze your unique situation and guide you on how to leverage all of the rules of Social Security to your advantage. We provide a detailed report showing your optimal claiming strategy and recommend the best solution to maximize your benefits.

Medicare

Social Security beneficiaries receiving benefits that are based on their own disability are eligible for Medicare benefits beginning in the 25th month of entitlement. Medicare was established in the 1965 Amendments to the Social Security Act, providing medical benefits to complement Social Security benefits. When the amendments were implemented in 1966, most persons aged 65 or older were covered by Medicare. In 1972, legislation was passed extending Medicare benefits to disabled workers, beginning in 1973, after a 24-monthwaiting period. Medicare is funded mainly through the HI portion of the Social Security tax (1.45 percent of payroll from the worker and the same from the employer); additional sources of funding include general revenues, premiums, and a portion of the taxes collected on Social Security benefits

WEP & GPO (Federal Employees)

GPO - The Government Pension Offset is a Social Security provision that penalizes individuals who apply for Social Security spousal or survivor benefits, if they themselves worked for a state or local government in non-SS-covered employment and are entitled to a government pension from that employment.  Once they receive that benefit, their earned Social Security spousal or survivor benefits will be reduced by two-thirds of their non-SS-covered pension.

WEP - The  Windfall Elimination Provision affects individuals who have held a job that paid into Social Security in addition to a position that did not pay into Soc Sec.  It impacts recipients of a pension for a position that did not qualify for Social Security benefits. If you do not have 30 years of “substantial income” in Social Security covered work, the WEP formula will significantly reduce your benefit.