Did You Know That:
1. Failing to sign up for Medicare when you turn 65 could result in a 10% penalty added to your monthly Part B premium?
2. If you are paying into Social Security, you gain access to survivors insurance? Planning for survivors could be an integral aspect of your financial plan since it can provide supplemental income to a widow, widower and children.
3. While some individuals do pay taxes on their Social Security benefits, most do not? According to the Social Security website, less than 1/3 of current beneficiaries pay taxes on their benefits. Furthermore, many states and local authorities do not tax Social Security benefits.
4. Even if your wife/husband does not have enough work history to qualify for Social Security or Medicare, she/he can still receive benefits at full retirement age?
5. Money withdrawn from your IRA or pension or other investments will not be considered earnings by the Social Security Administration, so they will not affect the amount of Social Security benefits you receive?
6. Returning to work after receiving benefits-even on a part-time basis-may increase your benefit amount?
7. Creditors (credit card, mortgage, and auto loan companies) cannot garnish your Social Security benefits to pay off debts?
Schedule a Free Consultation
When you are ready to learn more about how Social Security could impact your retirement plans, schedule a free consultation online or call 845.463.3366. We can help make sure you know everything necessary before you begin receiving benefits.
Protective Life refers to Protective Life Insurance Company and its affiliates, including Protective Life & Annuity Insurance Company. PRISM offered by Protective Life Insurance Company in all states except New York and in New York by Protective Life & Annuity Insurance Company. Both companies located in Birmingham, AL.
This brochure contains educational information about the Social Security program and is not intended to promote any products or services offered by Protective Life.
These materials contain information regarding the availability of and details surrounding the Social Security and Medicare programs. The information represents only our current understanding of Social Security and Medicare in general and should not be considered legal or tax advice by consumers. Details of the Social Security and Medicare programs are subject to change at any time. Neither Protective Life nor its representatives offer legal or tax advice. Consumers should consult with their tax or legal advisor regarding their individual situations before making any legal or tax-related decisions.