You May Be In Jeopardy of Losing Your Social Security Disability Insurance
In a proposal to the Office of Management and Budget (OMB), the Social Security Administration (SSA) recommended making it harder for older workers to receive Social Security Disability Insurance (SSDI) benefits. After a review of the Agency's Financial Report for Fiscal Year 2020, Michelle A. King (CFO, SSA) "The auditors identified a new significant deficiency concerning internal control over disability program monitoring." The proposal may attempt to gain internal monitoring controls that will ultimately prevent as many as 500,000 older Americans from receiving SSDI benefits. Whether the SSA can slip this proposal through the regulatory process before President-Elect Biden's inauguration ... Read More
Social Security Myths Debunked
On average, more than half of Americans apply for social security before reaching their full retirement age. According to NerdWallet, more than 30 percent of those apply for benefits at 62 years of age. Americans file early for benefits even though researchers claim it would be better to wait to claim their social security benefits. It DOES matter when you opt-in to take your social security benefit. Between the age of 62 and full retirement, your benefits increase by about 7 percent each year and additionally 8 percent each year between your full retirement age and 70. These percentages reflect ... Read More
Physical Challenges That Come with Aging In Place
According to AARP the goal of 3 out of 4 Americas ages 50 plus is aging in place. These seniors and near seniors are willing to employ alternative solutions to facilitate this. The alternatives include home sharing (32%), building an additional or accessory dwelling unit (31%) and locating into villages that provide services which enable aging in place (56%). These communities become a source of support and engagement for residents and give a sense of grounding through memories of a long time home environment. Seniors who want to reside in a community (aka, age in place) rather than seek residential ... Read More
Do Social Security and Medicare Programs Have Enough Money?
Over 10,000 baby boomers are turning 65 years old every single day according to the American Association for Retired Persons (AARP). The deluge of aging Americans and the increase in longevity in the already 65 plus population are the main reasons why the Social Security and Medicare programs are expected to have financial insolvency issues in the coming decades. Unsurprisingly, the vast majority of baby boomers agree that it is critical to preserve Social Security benefits even if it requires an increase in taxes paid into the system by working Americans. Payroll taxes by far account for the majority of ... Read More
Family Caregiving Meeting Can Solve a lot of Problems
A family caregiving meeting is an essential tool when dealing with the care of an aging loved one. These meetings are beneficial for helping to keep all family members abreast of decisions that need to be made, changes in diagnosis or prognosis, and help to ensure that all family members feel that they have a voice. Family meetings can also help to keep caregiving responsibilities from falling solely on the shoulders of one family member. In addition, family caregiving meetings can foster cooperation among family members, ensure transparency and lessen the stress associated with caring for an aging loved one. ... Read More
Do You Know How a Certified Specialist in Estate Planning, Trust and Probate Law Can Help You?
A Certified Specialist in Estate Planning, Trust and Probate Law that focuses on elder law can help you and your family plan for the future. Elder law encompasses a wide range of legal matters affecting an older or disabled person. Issues related to Conservatorship, retirement, health care, including Durable Powers of Attorney for Financial Purposes, Advance Health Care Directives, Long-Term Care estate planning, Social Security, Medicare and Medi-Cal, and other relevant matters to aging all fall under the umbrella of elder law. An older family member who legally prepares for their aging process helps their family members by addressing day ... Read More
Things To Watch For Before Signing That Nursing-Home Contract
Suppose you have a loved one that can no longer make decisions for themselves, and they now need nursing-home care. You are stressed and anxious. The nursing home puts a sixty-page, single-spaced contract in front of you. You wish you could flip straight to the last page and sign then and there, just to get it over with. Do not do this. You could be agreeing to pay, out of your own pocket, many thousands of dollars for your mother’s care by unwittingly executing a "personal guarantee". Try to get your mother admitted, and then, before you sign the contract, ... Read More
Social Security Funding is Now At Risk
The US Social Security Administrations funding trusts are known as the Old-Age and Survivors Insurance (OASI) Trust Fund and the Disability Insurance (DI) Trust Fund. In their 2019 annual report to Congress, the Board of Trustees released some startling detail about projected insolvency for the Social Security Program by the year 2035. The Social Security Administration (SSA) has been dipping into its "trust fund" to meet scheduled benefit payouts. Social Security program costs continue to exceed non-interest income. The OASI has no authority to borrow money, and during the COVID-19 pandemic, the American workforce is severely reduced. Now there are ... Read More
Understanding California’s 2020 Aging-Related Bills
According to the State of Reform website, senior Americans in California are rapidly increasing in number. So much so that California legislators in 2019 lobbied for and Governor Newsom signed into effect an Executive Order. This order directs the Secretary of State for California Health and Human Services Agency (CCHS) to develop a "Master Plan for Aging." Population estimates project the state's population over the age of 65 will balloon to 8.6 million by the year 2030. This number is an increase of 4 million, nearly double that of the current 65 and older population. The group State of Reform, ... Read More
