Fong Law Group

How Secure Is Social Security?

For years people have been worried about Social Security’s future, but what is the actual outlook? According to the federal government, unless Congress acts to intervene, Social Security shortfalls are expected beginning in 2035.   

Social Security retirement benefits are financed primarily through dedicated payroll taxes paid by workers and their employers, with employees and employers splitting the tax equally. Employers pay 6.2 percent of an employee's income into the Social Security system, and the employee kicks in the same. Self-employed individuals pay the entire 12.4 percent Social Security payroll tax. This money is put into a trust fund that is used to pay retiree benefits. 

The trustees of the Social Security trust fund have reported that if Congress doesn’t take action, the fund’s balance will reach zero in 2035. This is because more people are retiring than are working, so the program is paying out more in benefits than it is taking in. Additionally, seniors are living longer, so they receive benefits for a longer period of time. 

Once the fund runs out of money, it does not mean that benefits stop altogether. Instead, retirees’ benefits would be cut. According to the trustees’ projections, the fund’s income would be sufficient to pay retirees 77 percent of their total benefit. 

Congress can act to shore up Social Security before this happens. Some ideas include eliminating the cap on benefits. Right now, workers only pay Social Security tax on the first $137,700 of income (in 2020). That amount can be increased, so that higher-earning workers pay more in taxes. The Social Security tax or the retirement age could also be increased.

Social Security is immensely popular and lawmakers are unlikely to allow steep benefit cuts to take place. The last time the program was in financial trouble and received a major overhaul was in 1983, when President Ronald Reagan and congressional Democrats struck a deal to increase taxes and gradually raise the retirement age from 65 to 67.

For more information about a the potential Social Security shortfall, click here and here.

Medicare Premiums to Increase By Almost $10 a Month in 2020

After small or no increases the past couple of years, Medicare’s Part B premium will rise sharply in 2020. The basic monthly premium will increase $9.10, from $135.50 a month to $144.60. 

The Centers for Medicare and Medicaid Services (CMS) announced the premium increase on November 8, 2019. Not everyone will pay the whole increase, however. Due to a "hold harmless" rule around 70 percent of Medicare recipients' premiums will not increase more than Social Security benefits, and Social Security benefits are increasing only 1.6 percent in 2020. This “hold harmless” provision does not apply to about 30 percent of Medicare beneficiaries: those enrolled in Medicare but who are not yet receiving Social Security, new Medicare beneficiaries, seniors earning more than $87,000 a year, and "dual eligibles" who get both Medicare and Medicaid benefits.

Meanwhile, the Part B deductible will go from $185 to $198 in 2020, while the Part A deductible will go up by $44, to $1,408. For beneficiaries receiving skilled care in a nursing home, Medicare's coinsurance for days 21-100 will increase from $170.50 to $176. Medicare coverage ends after day 100. CMS attributed the sudden steep rise in Part B premiums and deductibles on the increased costs of physician-administered drugs.

Here are all the new Medicare payment figures:

• Part B premium: $144.60 (was $135.50)
• Part B deductible: $198 (was $185)
• Part A deductible: $1,408 (was $1,364)
• Co-payment for hospital stay days 61-90: $352/day (was $341)
• Co-payment for hospital stay days 91 and beyond: $704/day (was $682)
• Skilled nursing facility co-payment, days 21-100: $176/day (was $170.50)

So-called "Medigap" policies can cover some of these costs.

Premiums for higher-income beneficiaries ($87,000 and above) are as follows: 

• Individuals with annual incomes between $87,000 and $109,000 and married couples with annual incomes between $174,000 and $218,000 will pay a monthly premium of $202.40.
• Individuals with annual incomes between $109,000 and $136,000 and married couples with annual incomes between $218,000 and $272,000 will pay a monthly premium of $289.20.
• Individuals with annual incomes between $136,000 and $163,000 and married couples with annual incomes between $272,000 and $326,000 will pay a monthly premium of $376.00.
• Individuals with annual incomes above $163,000 and less than $500,000 and married couples with annual incomes above $326,000 and less than $750,000 will pay a monthly premium of $462.70.
• Individuals with annual incomes above $500,000 and married couples with annual incomes above $750,000 will pay a monthly premium of $491.60.

Rates differ for beneficiaries who are married but file a separate tax return from their spouse. Those with incomes greater than $87,000 and less than $413,000 will pay a monthly premium of $462.70. Those with incomes greater than $413,000 will pay a monthly premium of $491.60.

The Social Security Administration uses the income reported two years ago to determine a Part B beneficiary's premiums. So the income reported on a beneficiary's 2018 tax return is used to determine whether the beneficiary must pay a higher monthly Part B premium in 2020. Income is calculated by taking a beneficiary's adjusted gross income and adding back in some normally excluded income, such as tax-exempt interest, U.S. savings bond interest used to pay tuition, and certain income from foreign sources. This is called modified adjusted gross income (MAGI). If a beneficiary's MAGI decreased significantly in the past two years, she may request that information from more recent years be used to calculate the premium. You can also request to reverse a surcharge if your income changes.

Those who enroll in Meidcare Advantage plans may have different cost-sharing arrangements. CMS estimates that the Medicare Advantage  average monthly premium will decrease by 14 percent in 2020, from an average of $26.87 in 2019 to $23 in 2020.

For Medicare’s press release announcing the new premium and deductible amounts, click here.

The 2020 Social Security Increase Will Be Smaller than 2019's

The Social Security Administration has announced a 1.6 percent increase in benefits in 2020, nearly half of last year's change. The small rise has advocates questioning whether the government is using the proper method to calculate the cost of living for older Americans and those with disabilities.

Cost-of-living increases are tied to the consumer price index, and a modest upturn in inflation rates and gas prices means Social Security recipients will get only a small boost in 2020. The 1.6 percent increase is lower than last year’s 2.8 percent rise and the 2 percent increase in 2018. The average monthly benefit of $1,479 in 2019 will go up by $24 a month to $1,503 a month for an individual beneficiary, or $288 yearly. 

The cost-of-living change also affects the maximum amount of earnings subject to the Social Security tax, which will grow from $132,900 to $137,700. 

For 2020, the monthly federal Supplemental Security Income (SSI) payment standard will be $783 for an individual and $1,175 for a couple.

The smaller increase may mean that additional income will be entirely eaten up by higher Medicare Part B premiums. The standard monthly premium for Meidcare Part B enrollees is forecast to rise $8.80 a month to $144.30. According to USA Today, advocates are questioning the method used to calculate cost-of-living increases. The Bureau of Labor Statistics uses the Consumer Price Index for Urban Wage Earners and Clerical Workers to set the inflation rate. This method looks at prices for gasoline, electronics, and other items that younger workers rely on. The advocates suggest using a different index (the Consumer Price Index for Elderly) that puts greater emphasis on medical and housing expenses. 

Most beneficiaries will be able to find out their cost-of-living adjustment online by logging on to my Social Security in December 2019. While you will still receive your increase notice by mail, in the future you will be able to choose whether to receive your notice online instead of on paper.

For more on the 2020 Social Security benefit levels, click here.

Medicare Premiums to Increase By Almost $10 a Month in 2020

After small or no increases the past couple of years, Medicare’s Part B premium will rise sharply in 2020. The basic monthly premium will increase $9.10, from $135.50 a month to $144.60. 

The Centers for Medicare and Medicaid Services (CMS) announced the premium increase on November 8, 2019. Not everyone will pay the whole increase, however. Due to a "hold harmless" rule around 70 percent of Medicare recipients' premiums will not increase more than Social Security benefits, and Social Security benefits are increasing only 1.6 percent in 2020. This “hold harmless” provision does not apply to about 30 percent of Medicare beneficiaries: those enrolled in Medicare but who are not yet receiving Social Security, new Medicare beneficiaries, seniors earning more than $87,000 a year, and "dual eligibles" who get both Medicare and Medicaid benefits.

Meanwhile, the Part B deductible will go from $185 to $198 in 2020, while the Part A deductible will go up by $44, to $1,408. For beneficiaries receiving skilled care in a nursing home, Medicare's coinsurance for days 21-100 will increase from $170.50 to $176. Medicare coverage ends after day 100. (For more information about Medicare's nursing home coverage, click here.) CMS attributed the sudden steep rise in Part B premiums and deductibles on the increased costs of physician-administered drugs.

Here are all the new Medicare payment figures:

• Part B premium: $144.60 (was $135.50)
• Part B deductible: $198 (was $185)
• Part A deductible: $1,408 (was $1,364)
• Co-payment for hospital stay days 61-90: $352/day (was $341)
• Co-payment for hospital stay days 91 and beyond: $704/day (was $682)
• Skilled nursing facility co-payment, days 21-100: $176/day (was $170.50)

So-called "Medigap" policies can cover some of these costs. For more information about Medigap, click here.

Premiums for higher-income beneficiaries ($87,000 and above) are as follows: 

• Individuals with annual incomes between $87,000 and $109,000 and married couples with annual incomes between $174,000 and $218,000 will pay a monthly premium of $202.40.
• Individuals with annual incomes between $109,000 and $136,000 and married couples with annual incomes between $218,000 and $272,000 will pay a monthly premium of $289.20.
• Individuals with annual incomes between $136,000 and $163,000 and married couples with annual incomes between $272,000 and $326,000 will pay a monthly premium of $376.00.
• Individuals with annual incomes above $163,000 and less than $500,000 and married couples with annual incomes above $326,000 and less than $750,000 will pay a monthly premium of $462.70.
• Individuals with annual incomes above $500,000 and married couples with annual incomes above $750,000 will pay a monthly premium of $491.60.

Rates differ for beneficiaries who are married but file a separate tax return from their spouse. Those with incomes greater than $87,000 and less than $413,000 will pay a monthly premium of $462.70. Those with incomes greater than $413,000 will pay a monthly premium of $491.60.

The Social Security Administration uses the income reported two years ago to determine a Part B beneficiary's premiums. So the income reported on a beneficiary's 2018 tax return is used to determine whether the beneficiary must pay a higher monthly Part B premium in 2020. Income is calculated by taking a beneficiary's adjusted gross income and adding back in some normally excluded income, such as tax-exempt interest, U.S. savings bond interest used to pay tuition, and certain income from foreign sources. This is called modified adjusted gross income (MAGI). If a beneficiary's MAGI decreased significantly in the past two years, she may request that information from more recent years be used to calculate the premium. You can also request to reverse a surcharge if your income changes.

Those who enroll in Medicare Advantage plans may have different cost-sharing arrangements. CMS estimates that the Medicare Advantage average monthly premium will decrease by 14 percent in 2020, from an average of $26.87 in 2019 to $23 in 2020.

For Medicare’s press release announcing the new premium and deductible amounts, click here.  

For more about Medicare, click here.  

Most Are Taking Social Security at the Wrong Time

A new report finds that almost no retirees are making financially optimal decisions about when to take Social Security and are losing out on more than $100,000 per household in the process. The average Social Security recipient would receive 9 percent more income in retirement if they made the financially optimal decision.

When claiming Social Security, you have three options: You may begin taking benefits between age 62 and your full retirement age, you can wait until your full retirement age, or you can delay benefits and take them anytime up until you reach age 70. If you take Social Security between age 62 and your full retirement age, your benefits will be reduced to account for the longer period you will be paid. If you delay taking retirement, depending on when you were born, your eventual benefit will increase by 6 to 8 percent for every year that you delay, in addition to any cost-of-living increases. 

The new report , conducted by United Income, an online investment management and financial planning firm, found that only 4 percent of retirees make the financially optimal decision about when to claim Social Security. Nearly all of the retirees not optimizing their benefits are claiming benefits too early. The study found that 57 percent of retirees would build more wealth if they waited to claim until age 70. However, currently more than 70 percent of retirees claim benefits before their full retirement age. Claiming before full retirement is the financially best option for only 6.5 percent of retirees, according to United Income. 

The consequences of claiming Social Security too early can be big. The report found that collecting benefits at the wrong time causes retirees to collectively lose $3.4 trillion in potential income (an average of $111,000 per household). The report also estimates that elderly poverty could be cut in half if retirees claimed benefits at the financially optimal time. 

One reason most people do not optimize Social Security is because waiting to collect benefits means their overall wealth may fall during their 60s and 70s. They also may not be aware that collecting benefits before full retirement age means that their benefits will be permanently reduced. According to the report’s authors, policy changes are necessary to get retirees to wait to claim benefits. The report recommends that early claiming be made the exception and reserved for those who have a demonstrable need to collect early. Another recommendation is to change the label on early retirement and call it the "minimum benefit age."

Maximizing Social Security Survivor's Benefits 取得社會安全遺屬最大的利益 (中英對照)

Social Security survivor's benefits provide a safety net to widows and widowers. But to get the most out of the benefit, you need to know the right time to claim. 

While you can claim survivor's benefits as early as age 60, if you claim benefits before your full retirement age, your benefits will be permanently reduced. If you claim benefits at your full retirement age, you will receive 100 percent of your spouse's benefit or, if your spouse died before collecting benefits, 100 percent of what your spouse's benefit would have been at full retirement age. Unlike with retirement benefits, delaying survivor's benefits longer than your full retirement age will not increase the benefit. If you delay taking retirement benefits past your full retirement age, depending on when you were born your benefit will increase by 6 to 8 percent for every year that you delay up to age 70, in addition to any cost of living increases.

You cannot take both retirement benefits and survivor's benefits at the same time. When deciding which one to take, you need to compare the two benefits to see which is higher. In some cases, the decision is easy—one benefit is clearly much higher than the other. In other situations, the decision can be a little more complicated and you may want to take your survivor's benefit before switching to your retirement benefit. 

To determine the best strategy, you will need to look at your retirement benefit at your full retirement age as well as at age 70 and compare that to your survivor's benefit. If your retirement benefit at age 70 will be larger than your survivor's benefit, it may make sense to claim your survivor's benefit at your full retirement age. You can then let your retirement benefit continue to grow and switch to the retirement benefit at age 70. 

Example: A widow has the option of taking full retirement benefits of $2,000/month or survivor's benefits of $2,100/month. She can take the survivor's benefits and let her retirement benefits continue to grow. When she reaches age 70, her retirement benefit will be approximately $2,480/month, and she can switch to retirement benefits. Depending on the widow's life expectancy, this strategy may make sense even if the survivor's benefit is smaller than the retirement benefit to begin with. 

Keep in mind that divorced spouses are also entitled to survivor's benefits if they were married for at least 10 years. If you remarry before age 60, you are not entitled to survivor's benefits, but remarriage after age 60 does not affect benefits. In the case of remarriage, you may need to factor in the new spouse's spousal benefit when figuring out the best way to maximize benefits. 

社會安全遺屬福利為寡婦和鰥夫提供安全網。但是為了充分利用這些福利，您需要知道申請的正確時間。

雖然您可以在60歲之前申請遺屬福利，但如果您在退休年齡之前領取福利金，您的福利將永久地減少。如果您在完全退休年齡領取福利金，您將獲得配偶所有的福利，或者如果您的配偶在領取福利金之前去世，您將拿到配偶在完全退休時的全部福利。與退休福利不同，延遲申請遺屬福利的時間到完全退休年齡後並不會增加福利。如果您延遲領取您的退休福利到您的完全退休年齡後，根據您出生的時間，不包括每年生活指數的調整，您延遲到70歲時每年福利將增加6%至8%。

您不能同時享受退休福利和遺屬福利。在決定取哪一種時，您要比較一下兩種之中哪一種收益比較高。在某些情況下，很容易就可以決定 –其中 一個利益顯然比另一個好得多。在其他情況下，可能會稍微複雜一些，您可能希望先獲得遺屬福利，後才是退休福利。

要確定最佳策略，您需要查看您在完全退休年齡時和70歲時的退休福利，並將之與遺屬福利進行比較。如果您在70歲時的退休福利金額大於您的遺屬福利金，那麼在您的完全退休年齡申請您的遺屬福利可能更合理。然後，您可以讓您的退休福利金繼續增長，並在70歲時轉為退休福利。

示例：一名寡婦可以選擇每月2,000美元的全額退休福利或每月2,100美元的遺屬福利。她可以獲得遺屬福利同時讓她的退休福利金繼續增長。當她達到70歲時，她的退休福利將約為每月2,480美元，她可以轉為退休福利。根據寡婦的預期壽命，即使遺屬福利小於退休福利，這種策略也可能更合理。

請緊記，如果離婚配偶結婚超過10年，他們也有權享有遺屬福利。如果您在60歲之前再婚，您無權享有遺屬福利，但60歲以後再婚不會影響福利。在再婚的情況下，您可能需要考慮新配偶的配偶福利，同時找出最大利益的最佳方法。

Social Security Scams Keep Going 社會保障詐騙仍繼續下去 (中英對照)

“The Social Security scam is circulating once again, and officials want to stop it from claiming more victims.”

It seems like scammers have become more aggressive and a frightening tone has gotten more than one otherwise sensible person embroiled in them. Crooks are calling and telling people that their Social Security numbers have been suspended, and that they need the number and the person’s bank account information to issue a refund, says KKTV’s report “Social Security officials hope to combat scam.”

In addition to the aggressive angry voice, is the fact that the caller ID has been “spoofed” or made to appear that the person is actually calling from the Social Security Administration or another government agency.

Nancy Berryhill, Acting Commissioner of the Social Security Administration, advises people to be very cautious and not to provide anyone with information like their Social Security number or bank account information to unknown people, either on the phone or over the Internet.

The SSA has launched a public service campaign warning about these calls, in the hope that consumers will realize that the SSA never makes threatening phone calls and never asks for gift cards in payment. The campaign is being run in conjunction with the Office of the Inspector General.

The scamming calls are nationwide. The message is clear: if you get this kind of a phone call, hang up.

While the SSA does occasionally call people, it’s usually someone who is working with the agency on an on-going matter, so that the call and the agent making the call is not a stranger.

Berryhill advises people that if they are contacted by someone claiming to be from the Social Security Administration or the Office of the Inspector General, they should get the person’s name, their phone number and then hang up. If the same person calls again, hang up. It is more than likely to be a thief.

Contact the local Social Security office and find out if a call has been made to you. Never provide a caller with your Social Security number.

Some of the crooks are able to get information about people, including part of their Social Security numbers, and they call stating that they are asking only to verify the entire Social Security number. Again, if someone from Social Security was really calling, they would have that information and would not need it to be verified.

Reference: KKTV (March 22, 2019) “Social Security officials hope to combat scam”

“社會保障騙局再次流傳，官員們希望能阻止以免有更多的受害者。”

騙子似乎變得更進取，而且用恐嚇的語氣令不少精明的人落入陷阱。 KKTV的報告稱“Social Security officials hope to combat scam.”，騙子打電話告訴人們他們的社會安全號碼已被暫停，他們需要號碼和個人的銀行賬戶資料才能退款。

除了咄咄逼人的憤怒語氣之外，來電顯示本身已經是騙局 ,來電顯示顯示該人是從社會安全局或其他政府機構打來的。

社會保障管理局代理專員Nancy Berryhill建議人們要非常謹慎，不要通過電話或互聯網向任何人提供社會安全號碼或銀行賬戶資料等信息給來歷不明的人。

對於這些電話SSA已經發出了公共事務活動警告，希望消費者能明白到SSA從未打過威脅電話，也從不會要求支付禮品卡。而該活動正在與監管局合作進行。

詐騙是全國性的。訊息很明確：如果你接到這種電話，請掛斷電話。

雖然SSA偶爾會打電話給人，但通常是致電給與當局正在打交道的人，因此致電的人並不是陌生人。

Berryhill建議,如果有人聲稱是來自社會保障局或監管局的人，他們應該取得該人的姓名，電話號碼，然後掛斷電話。如果同一個人再次打來，請掛斷電話。它很可能是一個詐騙者。

聯繫當地社會保障局，了解他們是否曾經致電給您。切勿向來電者提供您的社會安全號碼。

一些騙子能夠獲得有關資料，包括社會安全號碼的一部分，他們打電話說他們只要核實整個社會安全號碼。如果來自社會保障部門的人真正打來時，他們已經有您的社會安全號碼，並不需要核實號碼。

參考: KKTV (March 22, 2019) “Social Security officials hope to combat scam”

Social Security Scams Keep Going 社會保障詐騙仍繼續下去 (中英對照)

“The Social Security scam is circulating once again, and officials want to stop it from claiming more victims.”

It seems like scammers have become more aggressive and a frightening tone has gotten more than one otherwise sensible person embroiled in them. Crooks are calling and telling people that their Social Security numbers have been suspended, and that they need the number and the person’s bank account information to issue a refund, says KKTV’s report “Social Security officials hope to combat scam.”

In addition to the aggressive angry voice, is the fact that the caller ID has been “spoofed” or made to appear that the person is actually calling from the Social Security Administration or another government agency.

Nancy Berryhill, Acting Commissioner of the Social Security Administration, advises people to be very cautious and not to provide anyone with information like their Social Security number or bank account information to unknown people, either on the phone or over the Internet.

The SSA has launched a public service campaign warning about these calls, in the hope that consumers will realize that the SSA never makes threatening phone calls and never asks for gift cards in payment. The campaign is being run in conjunction with the Office of the Inspector General.

The scamming calls are nationwide. The message is clear: if you get this kind of a phone call, hang up.

While the SSA does occasionally call people, it’s usually someone who is working with the agency on an on-going matter, so that the call and the agent making the call is not a stranger.

Berryhill advises people that if they are contacted by someone claiming to be from the Social Security Administration or the Office of the Inspector General, they should get the person’s name, their phone number and then hang up. If the same person calls again, hang up. It is more than likely to be a thief.

Contact the local Social Security office and find out if a call has been made to you. Never provide a caller with your Social Security number.

Some of the crooks are able to get information about people, including part of their Social Security numbers, and they call stating that they are asking only to verify the entire Social Security number. Again, if someone from Social Security was really calling, they would have that information and would not need it to be verified.

Reference: KKTV (March 22, 2019) “Social Security officials hope to combat scam”

“社會保障騙局再次流傳，官員們希望能阻止以免有更多的受害者。”

騙子似乎變得更進取，而且用恐嚇的語氣令不少精明的人落入陷阱。 KKTV的報告稱“Social Security officials hope to combat scam.”，騙子打電話告訴人們他們的社會安全號碼已被暫停，他們需要號碼和個人的銀行賬戶資料才能退款。

除了咄咄逼人的憤怒語氣之外，來電顯示本身已經是騙局 ,來電顯示顯示該人是從社會安全局或其他政府機構打來的。

社會保障管理局代理專員Nancy Berryhill建議人們要非常謹慎，不要通過電話或互聯網向任何人提供社會安全號碼或銀行賬戶資料等信息給來歷不明的人。

對於這些電話SSA已經發出了公共事務活動警告，希望消費者能明白到SSA從未打過威脅電話，也從不會要求支付禮品卡。而該活動正在與監管局合作進行。

詐騙是全國性的。訊息很明確：如果你接到這種電話，請掛斷電話。

雖然SSA偶爾會打電話給人，但通常是致電給與當局正在打交道的人，因此致電的人並不是陌生人。

Berryhill建議,如果有人聲稱是來自社會保障局或監管局的人，他們應該取得該人的姓名，電話號碼，然後掛斷電話。如果同一個人再次打來，請掛斷電話。它很可能是一個詐騙者。

聯繫當地社會保障局，了解他們是否曾經致電給您。切勿向來電者提供您的社會安全號碼。

一些騙子能夠獲得有關資料，包括社會安全號碼的一部分，他們打電話說他們只要核實整個社會安全號碼。如果來自社會保障部門的人真正打來時，他們已經有您的社會安全號碼，並不需要核實號碼。

參考: KKTV (March 22, 2019) “Social Security officials hope to combat scam”

Social Security Scammers are Good at Scaring Victims 社會保障詐騙者擅長嚇唬受害者 (中英對照)

“The stories being spun by scammers are getting more outlandish. Ketti Bingen discovered this after a recent caller told her there was a warrant out for her arrest.”

No wonder these scams work: the people behind them have just enough information about their victims to put a good scare into them. Last year, complaints about Social Security scams took a giant jump upwards: the Federal Trade Commission reported complaints went up by 1000%, according to Fox 6 Now’s news story “‘The people who are calling have some pretty good tricks up their sleeve:’ Social security scam calls spiking.”

Ketti Bingen received a phone call telling her that someone had found a car by the side of the road somewhere in Texas that was registered in her name. They told her there was blood on the car, and when they went to the address the car was registered to, they found a massive number of illegal drugs.

The caller had the last four digits of her Social Security number. They wanted her to divulge her name and date of birth. The caller advised her to file for a new Social Security number. Lucky for her, she knew enough to hang up.

Not all Americans are that smart. In 2017, the Federal Trade Commission heard from 3,200 people who were taken hook, line, and sinker–to the tune of $210,000 each in this scam. In 2018, 35,000 people were fooled. The total loss: $10 million.

The Wisconsin Consumer Protection agency and agencies across the country repeat the message: the Social Security Administration does not call and demand money from people. It never makes threats, warns of an impending arrest or demands that people send gift cards.

If the Social Security Administration wants to reach out to people, they do so by mail.

Another reason people fall prey to these phone scams is that the caller IDs on their phones appear to be coming from the government agencies. However, that is also a scam. It is not relatively easy to “spoof” a phone number, or make it appear that the number the scammer is calling from has a different caller ID number.

If you are worried about someone calling your home claiming to be from the Social Security Administration, you can call the Social Security Administration’s dedicated fraud bureau. You can request confidentiality when you call, if you are concerned about safety.

Reference: Fox 6 Now (Jan. 27, 2019) “‘The people who are calling have some pretty good tricks up their sleeve:’ Social security scam calls spiking”

“詐騙者編造的故事越來越古怪。Ketti Bingen最近接到一個來電告訴她有逮捕令後才發現這一點。"

難怪這些詐騙工作：在他們背後的人有足夠關於受害者的資料，以便他們能成功地恐嚇受害者。去年，關於社會保障騙局的投訴大幅上升：聯邦貿易委員會報告有關投訴增加了1000％，根據Fox 6 Now新聞報導“‘The people who are calling have some pretty good tricks up their sleeve:’ Social security scam calls spiking”

Ketti Bingen接到一個電話，告訴她有人在德州的某個地方找到了一輛以她名字登記的車。他們告訴她車上有血跡及他們在車上發現了大量非法毒品。

來電者有她的社會安全號碼的最後四位數字。他們希望她透露她的姓名和出生日期。來電者建議她申請一個新的社會安全號碼。幸運的是，她知道這是詐騙所以便掛斷電話。

但並非所有美國人都那麼聰明。 2017年，聯邦貿易委員會收到3,200人完完全全地被騙, 而每個騙局平均騙得210,000美元。 2018年，共有35,000人被騙。總損失為1000萬美元。

威斯康星州消費者保護機構和全國各地的機構再重申：社會保障管理局不會致電並要求任何人提供資金。更永不會威脅，警告將逮捕或要求送禮品卡。

如果社會保障管理局希望與人聯繫，他們會通過郵件聯繫。

這些人成為這些詐騙電話的犧牲品的另一個原因是他們手機上的來電顯示似是來自政府機構。然而，這也是一個騙局。 要識別“詐騙”電話號碼或者看起來是詐騙號碼並不容易。

如果您擔心某人致電您家而自稱是來自社會保障管理局，您可以致電社會保障管理局專門處理詐騙的行政部門。如果您擔心安全問題，可以在打電話時要求保密。

參考: Fox 6 Now (Jan. 27, 2019) “‘The people who are calling have some pretty good tricks up their sleeve:’ Social security scam calls spiking”

How Am I Going to Have Enough Money to Retire?

“How much do you need to save? How much can you really afford to put away and still live the life you deserve today? How does anyone make it work?”

It can be very overwhelming to save for retirement. How are you expected to take care of your responsibilities to your family, enjoy life and put away enough to have an enjoyable retirement that might last 10, 20 or even 30 years? That’s the question posed in the Twin Cities Pioneer Press article, “Your Money: Helping you live in the moment and plan for the future.”

The question is asked frequently by people at all ages and stages of their lives. Here are some tips on how you can use comprehensive financial planning — by looking at a variety of retirement income savings methods and income strategies — to make the most of retirement savings. Some of them may not apply now, but you’ll need to know about them in the future, like Social Security.

Do you have a retirement savings strategy? Not everyone takes advantage of the 401(k)s, 403(b)s and IRAs that are available. Some of these retirement accounts come through an employer, and a traditional IRA can be set up on your own. If you work for a company that offers the option of having a Roth IRA and you’re just starting your career, it could be a great option. You pay taxes on contributions now, when your income may be lower, but when you take distributions, you won’t pay income tax on them. There are no required distributions for a Roth IRA — other retirement accounts require a certain amount of yearly withdrawals. If you are in a high-income tax bracket, the Roth IRA is not for you.

Social Security strategies make a big difference in retirement income. Deciding when to take benefits is complicated. However, it is well worth the effort. It could be a difference of thousands of dollars over time. Realize that the later you start taking benefits, up until your 70^th birthday, the greater the benefits will be. Your Full Retirement Age or FRA is currently age 66 for Americans born between 1943–1954, and a few months older for those born later. You can apply for benefits as early as age 62, but you’ll get a reduced benefit — as much as 25%!

What about a Roth conversion? For some people, enhancing their retirement savings by moving existing savings into accounts that offer better tax advantages, adds up nicely for current and future tax brackets. A Roth conversion is when you pay the tax on all or a portion of a traditional IRA and move it into a Roth IRA, where it continues growing. If you have owned the account for at least five years, you can then take withdrawals out tax free, once you turn 59½. Note that this is a complicated decision that must be made in conjunction with all of your other retirement and investment funds.

Planning for retirement income is just that: planning. The alternative — winging it and hoping for the best — rarely works out. The earlier you begin planning for your retirement, the more likely it is that you’ll enjoy this phase of your life.

Reference: Twin Cities Pioneer Press (Jan. 26, 2019) “Your Money: Helping you live in the moment and plan for the future”