Building Legacies that Last Estate Planning and Elder Law

Do You Know What You Need to Know About Social Security?

Old-couple[1]Many people rely on the information provided by the Social Security Administration to learn about their Social Security options and benefits. A recent government study suggests that they might not be getting all the information they need.

For decades the vast majority of Americans have made decisions about their Social Security benefits by asking experts about their options. The Social Security Administration has claims specialists whose job it is to provide all the important information so Americans can make informed decisions about how much they will receive and when they should start claiming those benefits.

However, a study conducted by the GAO alarmingly suggests that Americans who rely on the SSA for information are not always getting what they need to know.

This was recently reported by the Motley Fool in "6 Key Facts Social Security Doesn't Always Tell Retirees."

Americans are not always getting important information such as how the age at which they first claim Social Security benefits affects the amount of their benefits, how the amount of benefits is based on lifetime employment income, whether they are eligible for spousal benefits, and how their benefits might be taxed.

While it is to be hoped that the GAO report will lead to better information being provided by the Social Security Administration, that should not be counted on.

It is a good idea for people with questions about Social Security to seek out the advice of an elder law attorney to make sure they get all the information needed to make an informed decision.

Reference: Motley Fool (Sept. 26, 2016) "6 Key Facts Social Security Doesn't Always Tell Retirees."

 

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