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Things You Need to Do Quickly if You’re Unemployed

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Losing a job is never a good feeling, whether or not you saw it coming ahead of time. However, regardless of why you are no longer employed, it is important that you take action to protect yourself and your family until you find work again. Depending on your age, a job loss may be the perfect time to start thinking about retiring, and collecting Social Security or looking for part-time work. No matter what direction you choose after losing your job, here are some important things you need to do.

File for Unemployment

As we said in Stretch Your Dollars While Between Jobs filing for unemployment should be the first thing you do if you become unemployed through no fault of your own even if you think your unemployment will be short-lived. After all, any extra money you can pick up will be useful while you are unemployed. If you are eligible for Social Security you may want to sign up for that instead. Legal professionals may be able to help with your case. This video explains some factors in choosing when to file for Social Security. It says that if you have the option of filing for Social Security Disability or Social Security retirement benefits you are much better off filing for the disability benefit. This is because disability will be 100% of your benefit while if you are filing early for Social Security your benefit will be reduced.

Alert Your Creditors

If you think there is any possibility that you won’t be able to make the payments on your debts it is important that your creditors know that before you fail to make credit card, car, or other payments. It may be possible to make alternate arrangements to stay current on your debt balances. [Read more…] about Things You Need to Do Quickly if You’re Unemployed

Only 25% Intend to Retire at Retirement Age

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Every two years Gallup does a survey and asks working age adults if they intend to retire once they reach “full retirement age”. This is the age set by the Social Security department for when you qualify for retirement benefits. In years past this was 65 years old, but in an effort to salvage the Social Security system they extended the age. If you were born in 1937 or earlier full retirement age is still 65 but if you were born in 1960 or later full retirement age is 67. And in between, full retirement age gradually increases from 65 to 67. See the Social Security Administration’s Benefit By Year Of Birth chart.

Gallup Survey Results

In the 2017 survey, 25% of the respondents said they plan to retire as soon as they are eligible. And on the other end of the spectrum [Read more…] about Only 25% Intend to Retire at Retirement Age

Don’t Let Your Social Security Claim Be Denied

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Social Security Claim DeniedDo you need to apply for social security disability or retirement benefits? In some cases, these claims are denied. To avoid a social security claim denial, be sure to follow the application instructions exactly. For Disability claims go to https://www.ssa.gov/disabilityssi/

You can log in or create a “my Social Security” account to check the Status of Your Application online.

Your application status shows:

  • Your Re-entry number for pending online benefit application or online appeal that has not been submitted;
  • The date they received your application or appeal;
  • Scheduled Hearing date and time;
  • Current claim or appeal location including the address of the office processing your application; and
  • If a decision has been made.

You cannot check the status of your application online if you do not have a my Social Security account. 

According to Motley Fool, “one-third of disability applications are denied” and they provide 8 Reasons Your Application Might be Denied. The top 2 reasons are:

1. You don’t have enough “working credits” to qualify.

2. You make too much money.

To properly file a claim or appeal a decision, you may need to:
[Read more…] about Don’t Let Your Social Security Claim Be Denied

Social Security Benefits: Planning for Your Future

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Social SecuritySocial Security is the common name for the United States federal government’s Old-Age, Survivors, and Disability Insurance (OASDI). The program guarantees the nation’s most vulnerable citizens can depend on a minimum sustenance and care support. Taxpayers fund Social Security through payroll taxes, self-employment contributions, and IRS investment of these funds into special government trusts. The Social Security Cost of Living Act (COLA) guarantees increases in benefits amounts to account for inflation but in recent years the official inflation rate has been low enough that they have not given Cost of Living increases. Americans become eligible to draw Social Security benefits when they reach age 62 but depending on the year you were born you may not get full benefits until you are 67 (or older). To ensure you will receive your full Social Security benefits when the time comes, you need to begin planning for your future now. The following measures can help you plan for and protect your benefits.  [Read more…] about Social Security Benefits: Planning for Your Future