Letter from Social Security. Whaaat?
7 years ago
Featured Answer
Sort by:Oldest
Comments (74)
- 7 years ago
- 7 years ago
Related Discussions
can social security be denied?
Comments (7)When applying for DISABILITY benefits, you agree to report income from work or self-employment and/or a medical improvement in your condition. Your friend may not have fully understood this when he first applied. However, since your friend is over age 62, he MAY be eligible for RETIREMENT (not Disability) benefits. These benefits would be reduced for age since your friend is younger than full retirement age. Have him ask Social Security for more information. If he is indeed overpaid, he has several options- pay back the full amount in one lump sum, spread out the debt by monthly refunds, or file for Reconsideration or Waiver. "Reconsideration" means he disagrees with the facts of the overpayment. If he wants to have the overpayment waived (forgiven), he will have to prove that 1. he did not cause the overpayment AND 2. that it will cause him financial hardship to pay it back. Again, contact Social Security. Visit your local office in person or call 1-800-772-1213 for information and/or an appointment....See MoreSocial Security at 62 - where to deposit funds?
Comments (20)Hi Yoda who uses a ruler, Not being familiar with your system, I can't give any suggestions as to what reasons there may be to have separate bank account for taxable and non-taxable assets. In Canada we have accounts looking toward retirement where deposits are tax-deductible and the income over the years is, as well ... but every dollar coming out is taxable, and, after about age 70, there are minimum amounts required to be withdrawn annually. They must be in different accounts, of course. When I borrow for regular living expenses, consumer loans, which I plan almost never to do, I have one line of credit that I use for that. I was a personal financial consultant for years and recommended to folks that they have 3 - 6 months' worth of income as a financial cushion, available when needed, and in recent volatile times in the economy am more inclined to suggest 9 months' equivalent to a year's worth of income available in case of need, emergency, layoff, or whatever. I didn't always have such myself, which I told a number of clients, having used much of that fund for investments ... but had a credit card which I rarely used, which could be used in case of emergency, or whatever (I was self-employed, so could usually see an equivalent to a "layoff" coming before it happened). I had a line of credit, fully secured by stocks/mutual funds, some of them that I'd purchased with the "emergency fund", at the bank or, preferably, credit union, which I could draw on in an emergency. I would make a loan using that consumer line of credit to pay off the amount owing on the credit card for the emergency, just after the first billing, to avoid paying their high interest rate (about 4 times the rate on the line of credit, or 6 times if it were a store-issued card: I don't have any of them!). Then I'd make extra savings strenuously for a time to pay off the loan on the line of credit. I don't like using someone else's money to live on now ... and having to pay it back, later ... with (non-deductible) interest. Sometimes, after a bad time in the stock market, when things began to improve, I might make a loan to make further investments, and, as the interest paid on most investment loans is deductible, I'd set up a separate line of credit for that use, using the investments that I'd purchased using the "emergency fund" (along with some others, as the financial institution will only loan about half of the value of the security held), so that the interest rate on the loan would be lower. That's a place where I keep my deductible and non-deductible financial issues separate. Good wishes as you plan your retirement .. and implement the plan: I hope that you have no/few unpleasant surprises. Which you can usually reduce by careful planning, preferably ahead of time. ole joyful...See MoreIf you don't want cuts in Medicare & Social Security.......
Comments (16)I worked for the Social Security Administration for over 30 years. Social Security does a hell of a lot of good. I know personally because Medicare pays for my kidney dialysis. If anyone is worried about waste and fraud, you can report it by calling 1 800 772 1213 or going online on www SSA gov and look for the "report fraud" button, leading to the Office of the Inspector General. Examples of fraud would be someone buying or selling Social Security cards, working while disabled (a guy who collects Disability who can cut his lawn and play golf doesn't count), not reporting a death and cashing that person's Social Security checks afterwards, and receiving mothers/father checks for a child under 18 who doesn't have custody are examples. And don't blame Seniors or Social Security employees for the cheaters....See MoreAbout Social Security.....
Comments (39)I think Social Security will be bankrupt pretty soon. As Rosemary pointed out, most people are collecting far more than they ever put in and it can't be sustained. But you also can't shut people off because for a vast majority of seniors, it's their only income. I suspect there will be reform in the future. Not because the government actually cares about grandma and grandpa but because there's a huge portion of the electoral base who will be pretty angry if they lose their benefits or are told there's nothing left. THAT will be the only thing that dictates a change - fear of losing an election. As a disclosure I'll say I'm not talking about anyone in this thread and I'm not angry at people who receive SS. It's the plan and it's unfairness that bothers me. Just general annoyance at having money stolen from me every paycheck under the promise that it will support me in 40 years when I need it. Yeah right. And yes, I do consider it stealing because it's mandatory and there is NO guarantee that it will be available when you're due to collect. The irony is that if it were a private company running this instead of the government, I don't think it would be legal! Imagine the electric company deciding to collect $100 extra from everyone every month. This is a mandatory charge but they say that in another 20 years, you will never have to pay another electric bill. However, there's small print saying that you will only get free electric if there is any money left to cover it, and if the money is gone, you will have to keep paying for your own electric and all of the previous tens of thousands that was collected from you will not be returned. Can you say lawsuit? lol...See More- 7 years ago
- 7 years agolast modified: 7 years ago
- 7 years ago
- 7 years ago
- 7 years ago
- 7 years agolast modified: 7 years ago
- 7 years ago
- 7 years ago
- 7 years ago
- 7 years agolast modified: 7 years ago
- 7 years ago
- 7 years ago
- 7 years agolast modified: 7 years ago
- 7 years ago
- 7 years ago
- 7 years ago
- 7 years agolast modified: 7 years ago
- 7 years agolast modified: 7 years ago
- 7 years ago
- 7 years agolast modified: 7 years ago
- 7 years agolast modified: 7 years ago
- 7 years agolast modified: 7 years ago
- 7 years ago
- 7 years ago
- 7 years ago
- 7 years agolast modified: 7 years ago
- 7 years ago
- 7 years agolast modified: 7 years ago
- 7 years ago
- 7 years ago
- 7 years ago
- 7 years ago
- 7 years ago
- 7 years ago
- 7 years ago
- 7 years ago
- 7 years agolast modified: 7 years ago
- 7 years ago
- 7 years ago
- 7 years ago
Related Stories

HOME TECHHigh-Tech Tips for Securing Your House While You're Away
Prevent burglaries when you're traveling by using the latest gadgets, apps and online services
Full Story
DECORATING GUIDESFrom Queasy Colors to Killer Tables: Your Worst Decorating Mistakes
Houzzers spill the beans about buying blunders, painting problems and DIY disasters
Full Story
SMALL SPACESLife Lessons From 10 Years of Living in 84 Square Feet
Dee Williams was looking for a richer life. She found it by moving into a very tiny house
Full Story
PETSHow to Help Your Dog Be a Good Neighbor
Good fences certainly help, but be sure to introduce your pup to the neighbors and check in from time to time
Full Story
LIFE10 Ways to Cope With Grief During the Holidays
If you are experiencing loss, take it from an experienced griever — life has changed forever, but it does get better
Full Story
HOMES AROUND THE WORLDWorld of Design: 11 Book Lovers and Where They Like to Read
Bibliophiles across the globe reveal their top books and favorite reading spots, from a 2-story library to an artfully curated book nook
Full Story
MOST POPULAR9 Real Ways You Can Help After a House Fire
Suggestions from someone who lost her home to fire — and experienced the staggering generosity of community
Full Story
MOST POPULARContractor Tips: Top 10 Home Remodeling Don'ts
Help your home renovation go smoothly and stay on budget with this wise advice from a pro
Full Story
DECORATING GUIDESImproving a Rental: Great Ideas for the Short and Long Haul
Don't settle for bland or blech just because you rent. Make your home feel more like you with these improvements from minor to major
Full Story
LIFE9 Non-Awkward Ways to Meet Your Neighbors
Get tips on how to finally connect with the people nearby, whether you’re an introvert or a social butterfly
Full Story
maddielee