Broward woman sentenced after spending late dad’s Social Security money at strip club, Heat games
Terri Lynn Hankerson’s father collected tens of thousands of dollars worth of Social Security benefits from July 2016 to February 2020, according to federal authorities. Problem is — he died in June 2016.
Go-broke dates pushed back for Social Security, Medicare
A stronger-than-expected economic recovery from the pandemic has pushed back the go-broke dates for Social Security and Medicare, but officials warn that the current economic turbulence is putting additional pressures on the bedrock retirement programs.
Retiree checks to rise 1.3% in 2021 amid coronavirus fallout
WASHINGTON – Social Security recipients will get a modest 1.3% cost-of living-increase in 2021, but that might be small comfort amid worries about the coronavirus and its consequences for older people. The economic fallout from the virus has reduced tax collections for Social Security and Medicare, likely worsening their long-term financial condition. The former vice president would raise Social Security taxes by applying the payroll tax to earnings above $400,000 a year. That amount generally increases, so at least some of any additional Social Security raise goes to health care premiums. That prompted Congress to pass recent election-year legislation that limits next year’s premium increase but gradually collects the full amount later on under a repayment mechanism.
Hang up! Government warns of social security scam
The scam involves the Social Security Administration in which you receive an imposter robocall saying your benefits will end. File: LISTEN - FTC Scam RobocallAccording to the FTC:Your Social Security number is not about to be suspended. The real Social Security Administration will never call to threaten your benefits. The real SSA will never tell you to wire money, send cash, or put money on a gift card. The current Social Security scam is the number one scam on the government's radar with nearly 73,000 reports filed in the first six months of 2019.
FTC reports sharp increase in phone scams
Americans have forfeited at least $450 million this way to government impostor scams since 2014, the FTC said and that only counts the victims regulators know about. Government impostors became the number one source of FTC complaints and now account for the lion's share of impostor scams overall. "Toward the fall, we started to see these scams really, really pick up." Thousands of consumers who reported the scam this year told the FTC they lost money. Last week, the FTC, Justice Department, and various states and local authorities brought nearly 100 cases against alleged robocallers.
Social Security & Tax Breaks
Figuring out what you owe can be complicated, here is some information to understand what is taxable under Social Security. Social Security is taxable at three different levels, based upon how much other income you have and your income tax filing status. This is 50% of your household Social Security benefits plus all of your other taxable income, plus any tax-free income. These breakpoints are the same if your filing status is Married Filing Separately and the couple does not live together during the tax year. If your Provisional Income (defined above) is less than the first breakpoint based on your filing status, then none of your Social Security is taxable.