Frequently Asked Questions
Does Social Security Save $300 Million Per Year By Rounding Down Benefits?
Social Security routinely rounds down the benefit amounts paid to the next lowest full dollar amount – even if the original amount would have included more than 50 cents. For example, if they calculate that your benefit is $685.90, you only get $685. But as there are 90 cents, most people would round it up, [...]
What is your current age?
2008 Most Popular Baby Names
After reigning for more than 12 years, Emma is now only third on a list of America’s most popular names for girls. Jacob remains number one when it comes to the most popular U.S. boy names.
The first 5 most popular names for girls are: Emma, Isabella, Emily, Madison, and Ava. As for the most popular [...]
Home Owners and Supplemental Security Income (SSI)
Senior Citizen: Is it true that a person can own a home and still be eligible for Supplemental Security Income, SSI benefits?
Social Security Representative: The SSI program used to be, you know, referred to as old age assistance and programs like that and what we have is that Supplemental Security Income, for individuals who are [...]
Will this extra money affect my SSI benefits?
Senior Citizen: I get Supplemental Security Income. My brother recently died and left me the money and he had a savings account. Will this extra money affect my SSI benefits? Will my SSI payments stop?
Social Security Representative: I was thinking a little bit about this while I was planning to give the answer. What I [...]
Should I retire at age 62 or 63?
Senior Citizen: If I start my retirement benefits at age 63, is the amount I would get the same as age 62?
Social Security Representative: I like to use this question here because the answer is something that most people should just kind of understand, but sometimes people get pension systems mixed up. Social [...]
When is the best time to retire?
Tom Hess: In the past, our agency would try to make some economic decisions with our clients, and so when I look back over my career with Social Security, over the last 30 years, I’ve been doing comparisons for the people that I’ve talked to, and I would compare… well, you know if your benefits [...]
How does Social Security know how much a person has earned?
Tom Hess: This one, we leave up to the clients and IRS. The company of the client sends in the W2s every year. The client, if they are self employed, they fill out a tax return, and they submit that to the IRS. So whether it comes in by W2 by a self-employment tax [...]
How long does a person need to work to become eligible for retirement benefits?
Ken Hess: I like to review this question with people just so they get a real good idea that it doesn’t take that long to be vested for their retirement. I like to use the word “vested” because once a person has 10 years of work – it doesn’t haven’t to be all in one [...]
