We will end this week's discussion on SOCIAL SECURITY public policy weaving in my personal experiences as an aging baby boomer heading into retirement----all while being HIT and made impossible to find employment---you know, all those growing long-term unemployed. Those WINNING in employment today are often those US 99% of WE THE PEOPLE left unemployed most of last several decades, so they will not accumulate enough CREDITS to access much if any SOCIAL SECURITY at all.
This article shows what looks to be a STANDARD procedure with all data stat collection-----these wage stats are being ESTIMATED just as WATER BILL stats ----so, we will now find what was straight forward SS and MEDICARE data entry now being made a COMPLEX FINANCIAL INSTRUMENT---
Global banking 1% can at this point create WINNERS AND LOSERS by entering any work history they want. They can use STATISTICAL MODELING which determines monthly SS payments which favor one group or another in attaining retirement money.
So, this article tells us to watch weekly or monthly entrance of wage information on SS payment site---but, as I am finding today, we must watch how these FORMULAS used to calculate monthly payments at the time of retirement are used.
What to Do When Social Security Benefits Are Wrong
In cases of overpayment or underpayment, here's how to get things fixed
by Stan Hinden
If you receive an overpayment notice from Social Security, you have 60 days from the date you received the notice to file an appeal.
En español | Q. Friends tell me that sometimes their Social Security payments are larger than they expect. And sometimes they're smaller. Why does this happen, and what can people do about it?
A. Good questions and very timely, too. The Social Security Administration (SSA) works hard to deliver benefit payments to almost 60 million people each month, but it's not always possible to maintain complete accuracy.
Mispayments have a lot of causes: human error at Social Security offices, computer malfunctions and rules that require that payments continue while reductions are being appealed. But many errors occur because people fail to inform Social Security of "life changes" such as a rise in income or the death of a family member—events that can affect the amount of a benefit. If changes are not reported on time, months of incorrect payment can result, along with the eventual hassle of sorting it out.
The programs where overpayments are most common include disability and Supplemental Security Income (SSI), which helps the aged, the blind and disabled people with very few assets.
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Q. If Social Security overpays you, do you have to return the money?
A. Generally, yes.
Q. How does it get the money back?
A. Typically, it withholds some or all of the monthly payments that you would normally receive until the debt is settled. It also has authority to seize wages or income tax refunds. Social Security folks can be tough, but they will also consult with you to work out a repayment plan that you can afford. In some cases, they can forgive debts if you weren't responsible for the overpayment and can show that you don't have the money to repay it.
Compassion is at work in these waivers, but so is budgetary sense. In some cases, going after small repayments can cost the agency more in staff and legal costs than it collects. For instance, Social Security has estimated that from fiscal 2008 to fiscal 2013, it spent $323 million going after small overpayments and got back $109.4 million. In other words, SSA spent $213.6 million more than it received.
Q. What happens when Social Security discovers an overpayment?
A. It will mail you a notice telling you why it thinks you have been overpaid, and what your options are to repay the debt. The notice will explain your appeal rights. If you don't agree that you've been overpaid, you can appeal by filing Form SSA-561, by calling Social Security or by visiting a Social Security office. You have 60 days from the date you receive the overpayment notice to file your appeal.
If you believe you should not have to pay back the money, you can request a waiver by filing Form SSA-632. You'll have to demonstrate that the overpayment was not your fault and would be a financial hardship to pay back. Social Security will decide whether to grant you a waiver.
Q. Do we have any idea how much overpayments cost the agency?
A. In June 2015, Social Security's inspector general reported that the agency had overpaid people on disability by an estimated $16.8 billion over a 10-year period. About $8.1 billion of that sum had been recovered, the agency said.
Almost a quarter of reviewed overpayments involved medical improvement cases where people may appeal SSA efforts to cut off their benefits. Under SSA rules, the agency is required to continue benefits while the appeal is in progress.
In fiscal 2014, the agency says, it collected $3.32 billion in overpayments involving a variety of benefit types.
Q. Given this history of overpayments, what is Social Security doing to prevent future payment errors?
A. Among the efforts: It conducts medical and work-related reviews to determine if people who receive disability benefits are still disabled and still eligible for payments. Similar reviews take place in the SSI program. Approximately 99.8 percent of retirement, survivor and disability Social Security benefits were free of overpayment in fiscal year 2013, according to a Social Security spokesman.
Q. What about underpayments?
A. They happen, though it's rare. Social Security claims that in fiscal 2013, 99.9 percent of all benefits had no underpayments. Often underpayments involve errors in your earnings history, the year-by-year listing in Social Security's computers of how much you made over your career. Your benefit is based on these numbers, and generally speaking, higher pay equals a higher benefit.
Ordinarily you can't correct your earnings if more than three years, three months and 15 days have passed since the end of the taxable year in which the wages were paid.
But exceptions may be made, for example, if:
Q. What can I do to prevent incorrect payments from happening in the first place?
A. The main thing is to keep alert to "life changes" that will affect the benefit you're due and tell Social Security. For a list of these changes, see "What You Need to Know When You Get Retirement or Survivors Benefits."
Also, it's a good idea to keep an eye on your bank account. If a benefit payment suddenly changes, seeming too high or too low, get in touch with Social Security and ask why.
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Here is what we call FAKE NEWS. If I calculate my SS retirement using all these CREDIT parameters I would retire with a relatively livable senior year monthly check. I am not trying to live the life I lived as a young and mid-life PROFESSIONAL----I simply want to maintain a US standard quality of life.
What I am finding is this-----when you calculate how many years you work------you need 35 years they say to meet the perfect MODEL----then you need to look at HIGHS and LOWS in wage payments. I have almost 35 years with almost ALL HIGH wage payments. You factor in years of partial work years finding a few that together add to meeting that 35 year total. The adjustments for inflation-----the cap on high-wage earnings together create all kinds of STAT INFORMATION which can easily be manipulated---any changes can place a person in a much lower level of monthly payments.
THAT IS WHAT HAS BEEN HAPPENING MORE RECENTLY SINCE OBAMA-ERA OUTSOURCED THE SOCIAL SECURITY COMPUTER RUNNING THESE CALCULATIONS.
Without coincidence global hedge fund JOHNS HOPKINS was tapped to use its SUPER-DUPER BIG DEAD HEAD to make these SS calculations.
There is an element of global 5% freemason/Greek players as SS winners with our 99% WE THE PEOPLE as SS losers.
REMEMBER, GLOBAL BANKING MEDIA ARE TELLING US SOCIAL SECURITY TRUST WILL GO BANKRUPT IN 2032------2036 OR WHENEVER GLOBAL 1% SAYS.
When we are planning for retirement thinking we will live until 80 years----that 20 years of SS will end in 2032----2036. That is why BEN STEIN is telling us we need PERSONAL SAVINGS.
'Other Factors that Contribute to Low Average Retirement Savings
Hewitt Associates
Here’s another look at the same issue. Hewitt Associates estimates that the average projected post-retirement income replacement needed among employees of large U.S. employers is 126 percent of final pay, a level only about 19 percent of employees are expected to satisfy. Why 126%?
Because they realistically factor in the impact of inflation and health care costs, two costs for which most retirees have overlooked the magnitude.
If we assume that the average person earns $40,000 annually, he would need about $50,000 in retirement income, requiring an average retirement savings of $833,000 (not taking into account any social security income).
In fact, according to Hewitt, about 67 percent of the more than 1.8 million employees of 72 large U.S. employers tracked, are expected to have accumulated less than 80 percent of their projected needs at age 65.
It’s clear that we will see many more individuals working well into their 70's just to pay their bills and put food on the table. Unless savings rates make a big change, average retirement savings by retirement date will be too low.
Ben Stein
ben stein
Economist and humorist Ben Stein set out to answer the question, 'Why won't the baby boomers save?' According to Stein, the average baby boomer needs to save about $400,000 to have sufficient interest income to make up the difference between Social Security and what he or she needs for retirement'.
Our ability to access FULL RETIREMENT PAYMENTS is GAMED----just as our US pension system ---making SS a complex financial instrument during OBAMA---THOSE DASTARDLY CLINTON NEO-LIBERALS and neo-cons are literally STEALING our SS AND MEDICARE TRUST savings.
Average Retirement Savings by Age – How Do You Compare?
Posted on October 12, 2018 by bobrichards
Overview of Average Retirement Savings by Age
About half of those approaching retirement have no retirement savings. This group is the same as the 47% of Americans who pay no income tax. So we have about half of Americans, that sadly, don’t matter economically. They don’t earn much, they don’t save and they live paycheck to paycheck or Social Security check to Social Security check. Average retirement savings by age or otherwise = $0.
This group comprises the major ingredient in the recipe for retirement disaster. They are totally reliant on a Social Security Trust Fund that gets smaller every day.
It’s important to keep this in mind when looking at average retirement savings by age of American workers. This group of people with no savings weighs heavily on the statistics. When included in averages, this group helps paint an unrealistically negative picture of retirement savings by age in America. When possible, I attempt to separate this group and provide data for those people who do contribute to the national economy.
However, even when this group of non-savers is removed, the average retirement savings by age of a typical worker is not rosy.
When possible, it is better to use median rather than average as “average” savings is distorted by the haves, the wealthy families. Median, you will recall, is the number in the middle—half of the people have saved more and half have saved less. Alternatively, average sums all the amounts saved and divides by the number of people. So you can see how a few billionaires can distort the data.
Note that the data gathered and displayed in this post differs depending on which statistical source is consulted. But they all show the same general trend which you can use as a scorecard for your own savings efforts.
The data is based on surveys done or models constructed by government and economic institutions and may not be representative. And these surveys make some strange assumptions. For example, some measure retirement savings as money in defined benefit and defined contribution plans (e.g. various 401 plans), and IRAs. But if you have $100,000 in a bank account, that is not counted as “retirement savings.” This author finds that rigid classification distorting and where possible, I show you figures on average net worth (i.e. wealth) by age.
For example, some measure average retirement savings as money in defined benefit and defined contribution plans (e.g. various 401 plans), and IRAs. But if you have personal savings of $100,000 in a bank account, that is not counted as “retirement savings.” This author finds that rigid classification distorting and where possible, I show you figures on average net worth (i.e. wealth) by age.
Also, consider that an individual with a specified amount of savings is actually richer if part of a couple. A single person or couple pay only one rent, one utility bill, etc. These surveys cited below do not consider this issue.
Federal Reserve Board Panel Survey of Consumer Finances
For those ages 55-64, the group on the cusp of retirement, median net worth fell from $192,000 to $166,000 in the period 2010 to 2013 (the most recent study year). Even though the data for more recent years after 2013 is not yet formally available, Forbes says that the average net worth has increased.
While the decline from 2010 to 2013 may be due to the great recession, this group has little time to recover before retirement. And when we say “net worth” we mean everything the family owns minus debts. In the table below, you can see the net worth for all age groups. As expected, the amount varies upwards with age.
Interestingly, families get “richer” after retirement. Many people hold a notion that retirees use up their capital, but so far, that is not so.
Net Worth by Age (thousands of dollars)
Age of head of family20102013Change
Less than 351010.44
35-4445.246.73
45-54126.3105.3-17
55-64192.3165.9-14
65-74221.5232.15
Age 75+232.3194.8-16
The table above shows household wealth (I use wealth and net worth interchangeably). Other sources report data per individual.
I focus first on net worth because almost any asset can be a retirement asset and qualifies as a measurement of average retirement savings by age. For example, one can sell their home and move into an apartment and convert home equity to their retirement fund. However, the amount earmarked as retirement savings for this group is a median of $10,000-$20,000.
If we skip those with no savings and measure only those with retirement savings, the numbers look better with median retirement saving by age of $106,113:
Economic Policy Institute (EPI)
Average Retirement Savings by AgeThe first chart shows median retirement savings by age for everybody—whether they have any retirement savings (IRA, 401k, etc.) or not. It includes both those who say they do have savings and the half of respondents who say they have no retirement savings.
When we look at everyone en masse, you can see from the chart below that people have saved almost nothing, regardless of age.
But it does not make sense to include the people who report they indeed have saved nothing -- about half of Americans. Here is the same chart, a breakdown of average retirement savings by age, but we exclude those with no savings. Note that for some odd reason, the EPI uses median in the above chart (the best measure) and mean in the chart below. Using the mean makes the data appear better than reality.
And the chart below shows us everyone with the difference between mean (distorted by the by the wealthy) and median (a better measure).
You can see that the mean retirement account balance for all families is $95,776 but the median is a significantly smaller $11,228.
Employee Benefit Research Institute – Retirement Confidence Survey 2013
Average Retirement Savings by AgeThis study offers more granularity. Rather than displaying the mean or median, it displays the distribution of the amount saved by age group. For example, the table below shows that of those age 35-44, 37% have saved less than $1,000, and 15% have saved $250,000 or more.
This study defines retirement savings in an odd way, eliminating the amount in defined benefit plans (a significant source of retirement income for those who have defined benefit plans) and primary residence. This measurement of retirement savings strikes the author as odd and possibly meaningless.
Do Underestimates of Retirement Needs Lead to Low Retirement Savings?A possible explanation for anemic average retirement savings by age could be the amount savers believe they will need in retirement. The same EBRI study illustrates how much people believe they need.
About half of this surveyed think that less than $500,000 will be sufficient. Let’s compare the difference between expectations and reality.
Let’s use the rule of thumb in financial planning that your retirement nest egg can stand withdrawals of 4% annually, adjusted annually for inflation, and last for life. (Get a more accurate estimate using our retirement calculator).
So 4% x $500,000 is $20,000 in today’s dollars. Add in the $16,176 average social security benefit for a total income of $36,176.
We need to also account for potential use of home equity in retirement and other assets not typically included as retirement assets in various surveys. Might that add another 20% to retirement income for a total around $43,000? While that seems like a comfortable amount for living on a beach in Mexico, it does not seem adequate for living in the US, especially in a metropolitan area, to say nothing of money for travel.
Is it possible that the anemic retirement savings rate is due to the underestimate of the amount people really need?
Here’s another look at the same issue. Hewitt Associates estimates that the average projected post-retirement income replacement needed among employees of large U.S. employers is 126 percent of final pay, a level only about 19 percent of employees are expected to satisfy. Why 126%?
Because they realistically factor in the impact of inflation and health care costs, two costs for which most retirees have overlooked the magnitude.
If we assume that the average person earns $40,000 annually, he would need about $50,000 in retirement income, requiring an average retirement savings of $833,000 (not taking into account any social security income).
In fact, according to Hewitt, about 67 percent of the more than 1.8 million employees of 72 large U.S. employers tracked, are expected to have accumulated less than 80 percent of their projected needs at age 65.
It’s clear that we will see many more individuals working well into their 70's just to pay their bills and put food on the table. Unless savings rates make a big change, average retirement savings by retirement date will be too low.
Ben Stein
Economist and humorist Ben Stein set out to answer the question, 'Why won't the baby boomers save?' According to Stein, the average baby boomer needs to save about $400,000 to have sufficient interest income to make up the difference between Social Security and what he or she needs for retirement.
Yet the average retirement savings of baby boomers has saved only $50,000—or $110,000 if you include equity in their homes. He calls this paltry figure a crisis in the making.
Humorously exploring the question of how we got to this point, Stein suggested a number of possible causes for low average retirement savings. First, he suggests, baby boomers have 'always had it too good.'
Never having lived through economic hard times, they lack the discipline to save. He also proposes a Freudian explanation: the false sense that mommy and daddy—or the government—will always bail them out if they get in trouble. A third possibility draws on the theories of behavioral psychologist B.F. Skinner: saving offers no immediate gratification, while spending provides immediate positive reinforcement such as a flat-panel plasma TV set or a new car. The final theory suggests that baby boomers feel compelled 'to obey the media consumer spending machine.'
Whatever the cause, Stein concludes, many baby boomers in retirement will have to cut their standard of living drastically, while others will simply run out of money. The baby boomers may actually have saved more than the previous generation of Americans, but because fewer of them have pension plans, they are worse off. In other words, because baby boomers must save on their own whereas their parents largely had company pension plans, this generation's average retirement savings rate is lower.
No matter who you listen to and what statistics are used, the savings of baby boomers isn't adequate.
Comparison -- Average Retirement Savings by Generation
Here is some data that measures average retirement savings by age using generational classifications. There are notable differences in retirement savings habits and outlook among baby boomers, Gen-Xers and millennials.
The Transamerica Retirement Survey reports these observations from their survey of 4000+ workers: Baby Boomer workers (81 percent) are most likely to be saving for retirement through their employer’s plan and/or outside of work, followed by Generation X (77 percent) and Millennials (68 percent). This is as expected. As boomers are closest to retirement with the fewest years to “D-Day”(and a third are already in retired), we would expect them to be the most active savers.
But unexpectedly, retirement confidence is highest among Millennials (63 percent) and Baby Boomers (61 percent) and notably lower among Generation X workers (54 percent). Millennials are optimistic even though they are burdened by $1 trillion+ of student debt and have a lower standard of living than the other cohorts. They also have a more dismal retirement future:
Against the odds. Millennials maintain their retirement optimism. They have the most realistic outlook on how much it takes to retire and how long they need to save. Workers across generations believe that they will need to have saved $1 million (median) to feel financially secure when they retire. Millennials (33 percent) are more likely than Generation X (30 percent) or Baby Boomers (27 percent) to believe they will need to have saved $2 million or more. Among those saving for retirement, Millennials started at a younger age (median age 23) compared to Generation X (median age 28) and Baby Boomers (median age 34).
Average Retirement Savings by Gender
Women Worse off than MenFinancial Finesse estimates a 26% lower amounts saved by women than men. And they are 27% more likely than males to have no retirement savings.
Men are also likely to have larger savings balances at the higher end. Men are twice as likely as women to have savings balances of $200,000 or more.
It’s somewhat obvious this gender gap would exist as the pay difference is far from closed. If men earn more, they can save more. The 2015 U.S. Census Bureau data that shows women earned $0.79 for every dollar men earned in full-time positions.
Additionally, men don’t have a multi-year absence from the workforce as many women do to raise children. And the absence occurs early in one’s career. It’s those early dollars that have more years to compound and are worth the most at retirement age.
Silver lining
Bankrate maintains a financial security index. One component addresses retirement savings rates. Recently, as the unemployment rate has dropped and there has been an uptick in wage rates, retirement savings rates have improved.
Additionally, a rising stock market has a positive impact. When one looks at their 401k balance getting larger, it’s an incentive to add more to the retirement pot.
It just makes sense that a strong economy helps people prepare for their future.
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MOTLEY FOOL is a FAKE NEWS global banking media outlet so watch for what is not true. This plan of lowering current SS retirees' monthly payments by quite a bit is tied to this 40% figure. If I take my FULL RETIREMENT monthly payment and reduce by 40% I get what I receive as DISABILITY. Right now, DISABILITY is being used to replace WORKMENS' COMP-----SOCIAL SERVICES BENEFITS-----as all safety nets are dismantled and eliminated anyone falling into hard times will lose those SS benefits.
Here is where global banking 1% are lying, cheating, and trying to steal our US 99% WE THE PEOPLE SS retirement. This has just recently hit these several years so SS retirees from over a decade ago may not have dealt with all these MANIPULATIONS as today's retirees are.
My case of Social Security DISABILITY was necessary. This disability period could be one year---three years-----five years et al. What I am finding in my case is this----even though my SS CREDIT RATING for monthly payments at FULL RETIREMENT are relatively HIGH----my DISABILITY payments set that monthly funding as LOW almost as it could go. As if I spent these several decades working for minimum wage. Now, one receiving DISABILITY does not expect to receive FULL benefit payments---so, that low payment was not BAD.
What is BAD ---is that anyone going onto DISABILITY---or any employment supplement program is being said to set that SS FULL retirement amount to THAT LOW DISABILITY rate for the rest of their lives. Even if one goes onto DISABILITY for only a few years-----that LOW rate will be FULL RETIREMENT rate in future.
REMEMBER, SSI-------is a SEPARATE PROGRAM from SS and is not funded by SS TRUST----it is a SEPARATE TRUST so, anyone on SSI DISABILITY are not drawing down those funds from FULL RETIREMENT SOCIAL SECURITY PAYMENTS.
I should still be able to decide to retire at 62---66---70 and expect to receive monthly payments calculated from that FULL RETIREMENT AGE-----that is not what CALCULATIONS ARE SHOWING.
'What Is SSI?
Supplemental Security Income is a program that is strictly need-based, according to income and assets, and is funded by general fund taxes (not from the Social Security trust fund). SSI is called a "means-tested program," meaning it has nothing to do with work history, but strictly with financial need. To meet the SSI income requirements, you must have less than $2,000 in assets (or $3,000 for a couple) and a very limited income'.
Because I have been on SS DISABILITY I am told that really low monthly payment has now become my FULL RETIREMENT ---AGE 66 payment. It will not change---and that is NOT TRUE. It is these kinds of calculation manipulations in statistical models which has global banking FAKE NEWS media telling our US 99% WE THE PEOPLE we did not save enough for RETIREMENT.
Here's How Much the Average Baby Boomer Will Receive From Social Security Over a LifetimeIt may not seem like much, but it's probably more than enough to keep most boomers out of poverty during retirement.Sean Williams
(TMFUltraLong)
Feb 12, 2018 at 8:21AMSocial Security is probably the most important social program for seniors. Though it covers the disabled and survivors of deceased workers as well, it's instrumental in keeping millions of retired workers above the poverty line.
According to an analysis from the Center for Budget and Policy Priorities, monthly payouts from Social Security keep 22.1 million Americans out of poverty. Of these 22.1 million beneficiaries, almost 15.1 million are retired workers aged 65 and up. In fact, the Social Security Administration (SSA) notes that 62% of retired workers lean on their monthly stipend to account for at least half of their income. It's simply that important.
The four factors that determine your Social Security benefit Of course, what seniors ultimately receive each from Social Security each month depends on four factors:
Your birth year plays a role in determining your full retirement age, or the age at which the SSA deems you eligible to receive 100% of your retirement benefit. All seniors and working Americans have a full retirement age that ranges from 65 to 67, depending on birth year.
Lastly, when you claim matters. If you enroll for benefits at any point before reaching your full retirement age, you'll be accepting a permanent reduction in what you'll be paid of up to 30%, depending on your birth year. Similarly, waiting until after your full retirement age to begin receiving a stipend can increase your payout by as much as 32% over what you'd receive at full retirement age.
The average baby boomer can expect to receive this much from Social Security over a lifetime The decision of when to take benefits looms particularly large for baby boomers, who are traditionally defined as being born between 1946 and 1964. A 2016 survey from the Insured Retirement Institute finds that 59% of boomers expect Social Security to be a "major" form of income during their retirements, up from just 43% in 2014.
So, how much can the average-earning baby boomer expect from Social Security? To get that answer, we'll turn to a 2015 report (links opens a PDF) from the Urban Institute detailing the estimated lifetime benefits received and taxes paid for seniors aged 65 at five-year intervals.
For our example, we'll be focusing on the estimates from the year 2020, because that's when boomers born in 1955 will turning 65 -- and it also happens to be right in the middle of the baby boomer birth range.
According to the Urban Institute estimates, a single man with average earnings of $47,800 in 2015 dollars can expect to receive $304,000 in lifetime Social Security benefits. A single woman with the same average earnings ($47,800 in 2015 dollars) can expect to receive $332,000. Remember, women have a longer life expectancy than men, hence the difference in average lifetime payout. If we bridge the gap and average the two, a middle-class boomer can expect to receive approximately $318,000 in lifetime Social Security payments. Since SSA data shows that the average 65-year-old lives about 20 years, we're looking at an average payout of $1,371 a month. That may not seem like much, but it should be enough to keep millions of boomers out of poverty.
Two simple ways boomers can boost their payoutsThen again, it's not as if baby boomers don't have tools to improve their lifetime payout.
For instance, baby boomers' most important tool is choice. By waiting as long as possible to claim benefits, boomers will allow their payout to grow by approximately 8% per year. Though eligible beneficiaries can begin receiving a payout as early as age 62, they have incentive to wait. For each year a worker holds off on enrolling for benefits, the payout grows, up until age 70. All things being equal (i.e., work and earnings history, and birth year), a worker claiming at age 70 can earn 76% more a month than a worker claiming at age 62.
Naturally, claiming at or after your full retirement age takes some consideration. If you're in good health, or if you have insufficient retirement savings, then waiting longer to claim a higher monthly benefit, or perhaps working a few more years, makes a lot of sense. However, if you're not in good health, waiting to claim probably won't help you maximize your lifetime payout.
Second, baby boomers have access to a Social Security do-over if they regret claiming early. Form SSA-521, officially the "Request for Withdrawal of Application," allows retirees to undo their claim within 12 months of first receiving benefits. This is a particularly useful mulligan for seniors who've struggled to generate income but recently landed a well-paying job. The catch is that you'll have to pay back every cent you've received from the SSA, along with any payouts that have been made to a spouse or children based on your earnings history. However, if you meet these requirements, your claim can be undone, and your payout will once again grow until age 70.
Though Social Security isn't designed to be a primary income source, it has the capacity to keep a majority of well-prepared boomers out of poverty during retirement.
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'The balances in the Trust Fund are projected to be depleted either by 2036 or 2032
Social Security and Medicare Contributions'
We are given TWO MESSAGES------first, we should expect around $300,000 in total SS benefits for life. SS monthly calculation FORMULAS are being geared towards this number. In the past, seniors collected a set amount for as long as they lived.
Second, we are told SOCIAL SECURITY TRUST will last until only 2032----2036 when today's retirees have only received a dozen or so years of monthly payments----NOT the twenty years we all plan to receive. Below we see where someone earning $47,800 should only expect to receive $332,000 in total payments. What happens in 2032 as SS is depleted? SS calculations cut even lower than today.
At the same time, OBAMA and now TRUMP are lowering payroll tax contribution per citizen which means that end of life retirement SS savings will be LOWER.
This is why today global banking FAKE NEWS media is telling US 99% WE THE PEOPLE we will WORK UNTIL WE DROP.
'If we bridge the gap and average the two, a middle-class boomer can expect to receive approximately $318,000 in lifetime Social Security payments'.
'The average baby boomer can expect to receive this much from Social Security over a lifetime
The decision of when to take benefits looms particularly large for baby boomers, who are traditionally defined as being born between 1946 and 1964. A 2016 survey from the Insured Retirement Institute finds that 59% of boomers expect Social Security to be a "major" form of income during their retirements, up from just 43% in 2014.
So, how much can the average-earning baby boomer expect from Social Security? To get that answer, we'll turn to a 2015 report (links opens a PDF) from the Urban Institute detailing the estimated lifetime benefits received and taxes paid for seniors aged 65 at five-year intervals.
For our example, we'll be focusing on the estimates from the year 2020, because that's when boomers born in 1955 will turning 65 -- and it also happens to be right in the middle of the baby boomer birth range.
According to the Urban Institute estimates, a single man with average earnings of $47,800 in 2015 dollars can expect to receive $304,000 in lifetime Social Security benefits. A single woman with the same average earnings ($47,800 in 2015 dollars) can expect to receive $332,000. Remember, women have a longer life expectancy than men, hence the difference in average lifetime payout. If we bridge the gap and average the two, a middle-class boomer can expect to receive approximately $318,000 in lifetime Social Security payments. Since SSA data shows that the average 65-year-old lives about 20 years, we're looking at an average payout of $1,371 a month. That may not seem like much, but it should be enough to keep millions of boomers out of poverty'.
The balances in the Trust Fund are projected to be depleted either by 2036 or 2032
Social Security and Medicare Contributions
2019 $60,000
Social Security: $ 7,440
Medicare: 1,740
Total: $ 9,180
Employee's Half: $ 4,590
Social Security and Medicare Contributions
2019 $20,000
Social Security: $ 2,480
Medicare: 580
Total: $ 3,060
Employee's Half: $ 1,530
*********************************************************
It cut payroll taxes by 2 percent
It is primarily funded through a dedicated payroll tax. During 2015, total benefits of $897 billion were paid out versus $920 billion in income, a $23 billion annual surplus.
October 1997 – The Democratic president, Bill Clinton, and the Republican Speaker of the House, Newt Gingrich, reached a secret agreement to reform Social Security. The agreement required both the President and the Speaker to forge a centrist coalition by persuading moderate members of Congress from their respective parties to compromise.
'December 2011 – Democratic President Obama's National Commission on Fiscal Responsibility and Reform proposed the "Bowles-Simpson" plan for making the system solvent.
It combined increases in the Social Security payroll tax and reductions in benefits, starting several years in the future. It would have reduced benefits for upper-income workers while raising them for those with lifetime earnings averaging less than $11,000 a year. Republicans rejected the tax increases and Democrats rejected benefit cuts. A powerful network of elderly and liberal organizations and union workers also fought any changes'
'If you’re employed, you pay Social Security tax (6.2%) as the employee, and your employer also pays the same rate of tax (6.2%); again, if you’re self-employed, you pay both portions'.
The balances in the Trust Fund are projected to be depleted either by 2036
Social Security and Medicare Contributions
2019 $60,000
Social Security: $ 7,440
Medicare: 1,740
Total: $ 9,180
Employee's Half: $ 4,590
Social Security and Medicare Contributions
2019 $20,000
Social Security: $ 2,480
Medicare: 580
Total: $ 3,060
Employee's Half: $ 1,530
'Social Security Office CLINTON SC 29325 - SSI, Benefits ...
ssofficelocations.org/south-carolina/clinton/...
If you suddenly become unemployed, you could qualify to receive Social Security disability benefits. The disability application process can take several months or years. The local Clinton, South Carolina Social Security Office can provide more information about filing for SSDI. Clinton, South Carolina Social Security Disability Benefits'
Disability Insurance Trust Fund
Office of the Chief Actuary
Beneficiary data
Trust fund data
The Disability Insurance Trust Fund is a separate account in the United States Treasury. A fixed proportion (dependent on the allocation of tax rates by trust fund) of the taxes received under the Federal Insurance Contributions Act and the Self-Employment Contributions Act are deposited in the fund to the extent that such taxes are not needed immediately to pay expenses. Taxes are deposited in the fund on every business day.
The trust fund provides automatic spending authority to pay monthly benefits to disabled-worker beneficiaries and their spouses and children. With such spending authority, the Social Security Administration does not need to periodically request money from the Congress to pay benefits.
Funds not withdrawn for current expenses (benefits, the financial interchange with the Railroad Retirement program, and administrative expenses) are invested in interest-bearing Federal securities, as required by law; the interest earned is also deposited in the trust fund.
The Disability Insurance (DI) Trust Fund was created with passage of the Social Security Act Amendments of 1956. DI became effective on January 1, 1957.
The Board of Trustees currently consists of 6 members, 4 of whom automatically serve by virtue of their positions in the Federal Government. These 4 are the
Secretary of the Treasury (the Managing Trustee),
Secretary of Labor,
Secretary of Health and Human Services, and
Commissioner of Social Security
The other 2 members are appointed by the President, and confirmed by the Senate, as required by the "Social Security Amendments of 1983." These 2 members serve 4-year terms.
______________________________________
'How to Appeal a Social Security Decision
Related Book
Social Security For Dummies, 3rd EditionBy Jonathan Peterson
Part of Social Security For Dummies Cheat Sheet'
Today's complexities with SOCIAL SECURITY payments being made a COMPLEX FINANCIAL INSTRUMENT in statistical modeling calculations mean no one source of HOW-TO navigate this structure which use to be automatic and equal for all US citizens cannot be addressed by OUR CITIZENS' OVERSIGHT MARYLAND. We simply educate as to what policy goals are and what they should be----the goals of MOVING FORWARD SOCIAL SECURITY is to see 99% of retiring citizens get as little as global 1% can get away with.
My case of FULL RETIREMENT SOCIAL SECURITY and today's LOW DISABILITY payment is this-------that LOW payment should have been calculated using my HIGH CREDIT RATINGS -----rather than receiving the lowest of payments I should have been receiving HIGHER DISABILITY payments which then would be reflected in my REAL FULL retirement.
I will be heading to SOCIAL SECURITY COURT to ask judges why a very low DISABILITY payment is now becoming the highest MONTHLY PAYMENT when I retire ---even at age 66---FULL RETIREMENT.
These arbitrary assignments of people on DISABILITY ----the poorest receiving $700---most receiving 1400-----I started at $1100. Everyone will be effected by this as MOVING FORWARD creates more and more unemployment-----people shuttled to these DISABILITY programs replacing unemployment-----
HOW DO WE GET A FIRST WORLD DEVELOPED NATION WITH HIGH QUALITY OF LIFE DOWN TO THIRD WORLD WAGES----WELL, $700 A MONTH IS NOT FAR FROM WHAT THAT.
The policy of BASIC INCOME is just what is MOVING FORWARD with our senior retirement payments----we are told BASIC INCOME will start at paying everyone $2000 a month------we educate this will create the platform for taking all US citizens down to $200-----300 a month.
THIS IS WHAT THESE SS RETIREMENT MANIPULATIONS ARE MOVING TOWARDS.
Social Security Cases
Cases by Nature of Suit
Cases by Circuit
Cases by State
Cases filed
Cases 1 - 10 of 254,545
RSS Feed | View as table
Triste v. Commissioner of Social Security
Filed: August 30, 2019 as 1:2019at00626
Defendant: Commissioner of Social Security
Plaintiff: Deborah Triste
Cause Of Action: Social Security Benefits
Court: Ninth Circuit › California › US District Court for the Eastern District of California
Type: Social Security › Social Security: SSID Tit. XVI
Hayes v. Saul
Filed: August 30, 2019 as 1:2019cv00627
Defendant: Andrew Saul
Plaintiff: Brandon Hayes
Cause Of Action: Review of HHS Decision (SSID)
Court: Eleventh Circuit › Alabama › US District Court for the Middle District of Alabama
Type: Social Security › Social Security: SSID Tit. XIV
Kreklow, Vickie v. Saul, Andrew
Filed: August 30, 2019 as 3:2019cv00708
Plaintiff: Vickie L. Kreklow
Defendant: Andrew M. Saul
Cause Of Action: Review of HHS Decision (SSID)
Court: Seventh Circuit › Wisconsin › US District Court for the Western District of Wisconsin
Type: Social Security › Social Security: RSI Tax Suits
Olivas v. Saul
Filed: August 30, 2019 as 3:2019cv05490
Plaintiff: Teresa Olivas
Defendant: Andrew M Saul
Cause Of Action: Review of HHS Decision (SSID)
Court: Ninth Circuit › California › US District Court for the Northern District of California
Type: Social Security › Social Security: SSID Tit. XIV
Saucedo v. Social Security Administration
Filed: August 30, 2019 as 5:2019cv05483
Plaintiff: Gustavo Saucedo
Defendant: Social Security Administration
Cause Of Action: Review of HHS Decision (SSID)
Court: Ninth Circuit › California › US District Court for the Northern District of California
Type: Social Security › Social Security: SSID Tit. XIV
DiMatteo v. Saul
Filed: August 30, 2019 as 3:2019cv01654
Defendant: Andrew Saul
Plaintiff: Anastasia DiMatteo
Cause Of Action: Social Security Benefits
Court: Ninth Circuit › California › US District Court for the Southern District of California
Type: Social Security › Social Security: DIWC/DIWW
ROBERSON v. COMMISSIONER OF SOCIAL SECURITY
Filed: August 30, 2019 as 5:2019cv00350
Not Yet Classified: SOCIAL SECURITY ADMINISTRATION (NOTICE)
Plaintiff: ERNEST ROBERSON
Defendant: COMMISSIONER OF SOCIAL SECURITY
Cause Of Action: Review of HHS Decision (DIWC)
Court: Eleventh Circuit › Georgia › US District Court for the Middle District of Georgia
Type: Social Security › Social Security: DIWC/DIWW
Barrett v. Saul
Filed: August 30, 2019 as 2:2019cv07536
Plaintiff: Erica Barrett
Defendant: Andrew Saul
Cause Of Action: Review of HHS Decision (SSID)
Court: Ninth Circuit › California › US District Court for the Central District of California
Type: Social Security › Social Security: SSID Tit. XIV
Ibrahim v. Saul
Filed: August 30, 2019 as 8:2019cv01669
Defendant: Andrew Saul
Plaintiff: Nahed B Ibrahim
Cause Of Action: Denial Social Security Benefits
Court: Ninth Circuit › California › US District Court for the Central District of California
Type: Social Security › Social Security: SSID Tit. XIV
Surman v. Commissioner of Social Security Administration
Filed: August 30, 2019 as 8:2019cv01670
Plaintiff: Mr. Jeffrey H Surman
Defendant: Commissioner of Social Security Administration
Cause Of Action: Review of HHS Decision (DIWC)
Court: Ninth Circuit › California › US District Court for the Central District of California
Type: Social Security › Social Security: DIWC/DIWW
********************************************************
How to Appeal a Social Security Decision
Related Book
Social Security For Dummies, 3rd Edition By Jonathan Peterson
Part of Social Security For Dummies Cheat Sheet
Copyright © 2018 AARP. All rights reserved.
If you’ve applied for Social Security disability benefits and you’ve been denied, don’t give up. You can challenge a benefits decision by Social Security — you just have to take certain steps in a certain order.
Keep in mind that the time clock starts ticking as soon as you receive an adverse decision on your application. At that point, you have 60 days to begin the appeal. (The 60-day time frame generally applies for each step of the appeals process.)
You can start your appeal online (go to www.ssa.gov/disabilityssi and click on “Appeal a Decision,”), over the phone (by calling 800-772-1213 or TTY 800-325-0778), or at your local Social Security office (go to www.ssa.gov and click “Contact Us,” and then click “Find an Office.”.
Most challenges to Social Security decisions involve disability benefits. But the appeals process exists to settle other benefits disputes as well. An appeal may go through four stages if it isn’t resolved along the way:
As we head to SOCIAL SECURITY COURT to allow a judge to explain my starting DISABILITY payment amount vs how much I can receive at FULL RETIREMENT-----I will move away from the idea of retiring at 62-----
This is the problem--we have discussed in detail how UNEMPLOYMENT FIGURES are FAKE DATA--------we see people being circulated through 3 sets of jobs-----we see immigrant labor taking many jobs not listed on employment data and we see more and more and more of our US 99% WE THE PEOPLE in anything other than FULL EMPLOYMENT---ergo, these folks will not meet SS eligibility requirements.
As NOSY NEIGHBORS AND THE GANG with illegal surveillance and VIDEO PORN are allowed to access PUBLIC SURVEILLANCE----telling people I am BAD------don't talk to her-------WE SEE HER NAKED-----my prospects for getting a job at this point is NIL----which has been the problem since 2008 economic crash. With our PUBLIC SURVEILLANCE system being allowed to be HACKED by groups advocating for their OWN employment over my employment for example----DEMONIZING perfectly good people---LIKE ME-------to keep me out of the job market ends with people like me unable to access FULL RETIREMENT. It just so happens I made the 35 year----majority of HIGH WAGE stats BEFORE I was 'HIT' INTO DISABILITY. Remember, HITTING is simply a FATWA -----being aimed at this population group and that population.
ME-----I AM TROUBLE WITH A BIG 'T' BECAUSE I AM A REAL LEFT SOCIAL PROGRESSIVE LIBERAL DEMOCRAT-------THE GOOD GUYS
Being HIT into submission forcing people to become GROUP SPEAK AND CHATTERERS to get employment or retirement-----is what MOVING FORWARD ONE WORLD for only the global 1% looks like.
STANFORD TOTAL PRISON MODEL turning GOOD people into EVIL people----if you do not make that TURN-----you will be HIT and impoverished---maybe made into a PORN FILM with identity theft----
The Number of Long-Term Unemployed Continued To Grow in November
Published:
Fri, Dec 2nd 2016 @ 11:32 am EST by Eric Ruark
“Total nonfarm payroll employment increased by 178,000” in November 2016, according to the Bureau of Labor Statistics. This number is generally reported as the number of new jobs added to the U.S. economy in a given month, though we pointed out in October how this is misleading when not put in the context of how much the working-age population grew during the same time.
The estimated 178,000 increase surpassed Wall Street’s projected 175,000, though only negligibly. However, the working-age population increased by 219,000, and the number of people employed in November only rose by 160,000. Meanwhile, the size of the labor force – those working or actively looking for work – shrank considerably, by 226,000.
The number of unemployed did decrease significantly, dropping by 387,000. This caused the unemployment rate to drop to “its lowest level since August 2007.”
But if the working-age population grew more than the number of newly employed, and most of those who were unemployed in October did not find work in November, how did the unemployment rate go down? Because almost 450,000 people dropped out of the U.S. labor force entirely, which means they no longer count as “officially unemployed” even if they do want a job.
The labor participation rate – the percentage of the working-age population who are in the labor force – remains at a forty-year low, where it has been stuck for over two years. Where once a decline in the unemployment rate was a good economic indicator, since 2009 it has been more likely a sign that the number of chronically unemployed Americans is increasing.
Bureau of Labor Statistics
Oct. 2016
Nov. 2016
Change
Working-age Population
254.32 million
254.54 million
219,000
Labor Force (employed and officially unemployed)
159.71 million
159.49 million
-226,000
Labor Participation Rate
62.8%
62.7%
-0.1%
Employed
151.93 million
152.09 million
160,000
Unemployed
7.79 million
7.40 million
-387,000
Not in the Labor Force
94.61 million
95.06
446,000
The number of 18- to 64-year-olds not in the labor force in November was 48.97 million, 51.8% of the total.
This article shows what looks to be a STANDARD procedure with all data stat collection-----these wage stats are being ESTIMATED just as WATER BILL stats ----so, we will now find what was straight forward SS and MEDICARE data entry now being made a COMPLEX FINANCIAL INSTRUMENT---
Global banking 1% can at this point create WINNERS AND LOSERS by entering any work history they want. They can use STATISTICAL MODELING which determines monthly SS payments which favor one group or another in attaining retirement money.
So, this article tells us to watch weekly or monthly entrance of wage information on SS payment site---but, as I am finding today, we must watch how these FORMULAS used to calculate monthly payments at the time of retirement are used.
What to Do When Social Security Benefits Are Wrong
In cases of overpayment or underpayment, here's how to get things fixed
by Stan Hinden
If you receive an overpayment notice from Social Security, you have 60 days from the date you received the notice to file an appeal.
En español | Q. Friends tell me that sometimes their Social Security payments are larger than they expect. And sometimes they're smaller. Why does this happen, and what can people do about it?
A. Good questions and very timely, too. The Social Security Administration (SSA) works hard to deliver benefit payments to almost 60 million people each month, but it's not always possible to maintain complete accuracy.
Mispayments have a lot of causes: human error at Social Security offices, computer malfunctions and rules that require that payments continue while reductions are being appealed. But many errors occur because people fail to inform Social Security of "life changes" such as a rise in income or the death of a family member—events that can affect the amount of a benefit. If changes are not reported on time, months of incorrect payment can result, along with the eventual hassle of sorting it out.
The programs where overpayments are most common include disability and Supplemental Security Income (SSI), which helps the aged, the blind and disabled people with very few assets.
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Q. If Social Security overpays you, do you have to return the money?
A. Generally, yes.
Q. How does it get the money back?
A. Typically, it withholds some or all of the monthly payments that you would normally receive until the debt is settled. It also has authority to seize wages or income tax refunds. Social Security folks can be tough, but they will also consult with you to work out a repayment plan that you can afford. In some cases, they can forgive debts if you weren't responsible for the overpayment and can show that you don't have the money to repay it.
Compassion is at work in these waivers, but so is budgetary sense. In some cases, going after small repayments can cost the agency more in staff and legal costs than it collects. For instance, Social Security has estimated that from fiscal 2008 to fiscal 2013, it spent $323 million going after small overpayments and got back $109.4 million. In other words, SSA spent $213.6 million more than it received.
Q. What happens when Social Security discovers an overpayment?
A. It will mail you a notice telling you why it thinks you have been overpaid, and what your options are to repay the debt. The notice will explain your appeal rights. If you don't agree that you've been overpaid, you can appeal by filing Form SSA-561, by calling Social Security or by visiting a Social Security office. You have 60 days from the date you receive the overpayment notice to file your appeal.
If you believe you should not have to pay back the money, you can request a waiver by filing Form SSA-632. You'll have to demonstrate that the overpayment was not your fault and would be a financial hardship to pay back. Social Security will decide whether to grant you a waiver.
Q. Do we have any idea how much overpayments cost the agency?
A. In June 2015, Social Security's inspector general reported that the agency had overpaid people on disability by an estimated $16.8 billion over a 10-year period. About $8.1 billion of that sum had been recovered, the agency said.
Almost a quarter of reviewed overpayments involved medical improvement cases where people may appeal SSA efforts to cut off their benefits. Under SSA rules, the agency is required to continue benefits while the appeal is in progress.
In fiscal 2014, the agency says, it collected $3.32 billion in overpayments involving a variety of benefit types.
Q. Given this history of overpayments, what is Social Security doing to prevent future payment errors?
A. Among the efforts: It conducts medical and work-related reviews to determine if people who receive disability benefits are still disabled and still eligible for payments. Similar reviews take place in the SSI program. Approximately 99.8 percent of retirement, survivor and disability Social Security benefits were free of overpayment in fiscal year 2013, according to a Social Security spokesman.
Q. What about underpayments?
A. They happen, though it's rare. Social Security claims that in fiscal 2013, 99.9 percent of all benefits had no underpayments. Often underpayments involve errors in your earnings history, the year-by-year listing in Social Security's computers of how much you made over your career. Your benefit is based on these numbers, and generally speaking, higher pay equals a higher benefit.
Ordinarily you can't correct your earnings if more than three years, three months and 15 days have passed since the end of the taxable year in which the wages were paid.
But exceptions may be made, for example, if:
- You have evidence, such as IRS tax returns, that wages didn't make it onto your Social Security work record.
- Errors were due to omissions of wages from employer reports.
- Wages reported by your employer as paid to you are not shown in Social Security records.
Q. What can I do to prevent incorrect payments from happening in the first place?
A. The main thing is to keep alert to "life changes" that will affect the benefit you're due and tell Social Security. For a list of these changes, see "What You Need to Know When You Get Retirement or Survivors Benefits."
Also, it's a good idea to keep an eye on your bank account. If a benefit payment suddenly changes, seeming too high or too low, get in touch with Social Security and ask why.
_____________________________________________
Here is what we call FAKE NEWS. If I calculate my SS retirement using all these CREDIT parameters I would retire with a relatively livable senior year monthly check. I am not trying to live the life I lived as a young and mid-life PROFESSIONAL----I simply want to maintain a US standard quality of life.
What I am finding is this-----when you calculate how many years you work------you need 35 years they say to meet the perfect MODEL----then you need to look at HIGHS and LOWS in wage payments. I have almost 35 years with almost ALL HIGH wage payments. You factor in years of partial work years finding a few that together add to meeting that 35 year total. The adjustments for inflation-----the cap on high-wage earnings together create all kinds of STAT INFORMATION which can easily be manipulated---any changes can place a person in a much lower level of monthly payments.
THAT IS WHAT HAS BEEN HAPPENING MORE RECENTLY SINCE OBAMA-ERA OUTSOURCED THE SOCIAL SECURITY COMPUTER RUNNING THESE CALCULATIONS.
Without coincidence global hedge fund JOHNS HOPKINS was tapped to use its SUPER-DUPER BIG DEAD HEAD to make these SS calculations.
There is an element of global 5% freemason/Greek players as SS winners with our 99% WE THE PEOPLE as SS losers.
REMEMBER, GLOBAL BANKING MEDIA ARE TELLING US SOCIAL SECURITY TRUST WILL GO BANKRUPT IN 2032------2036 OR WHENEVER GLOBAL 1% SAYS.
When we are planning for retirement thinking we will live until 80 years----that 20 years of SS will end in 2032----2036. That is why BEN STEIN is telling us we need PERSONAL SAVINGS.
'Other Factors that Contribute to Low Average Retirement Savings
Hewitt Associates
Here’s another look at the same issue. Hewitt Associates estimates that the average projected post-retirement income replacement needed among employees of large U.S. employers is 126 percent of final pay, a level only about 19 percent of employees are expected to satisfy. Why 126%?
Because they realistically factor in the impact of inflation and health care costs, two costs for which most retirees have overlooked the magnitude.
If we assume that the average person earns $40,000 annually, he would need about $50,000 in retirement income, requiring an average retirement savings of $833,000 (not taking into account any social security income).
In fact, according to Hewitt, about 67 percent of the more than 1.8 million employees of 72 large U.S. employers tracked, are expected to have accumulated less than 80 percent of their projected needs at age 65.
It’s clear that we will see many more individuals working well into their 70's just to pay their bills and put food on the table. Unless savings rates make a big change, average retirement savings by retirement date will be too low.
Ben Stein
ben stein
Economist and humorist Ben Stein set out to answer the question, 'Why won't the baby boomers save?' According to Stein, the average baby boomer needs to save about $400,000 to have sufficient interest income to make up the difference between Social Security and what he or she needs for retirement'.
Our ability to access FULL RETIREMENT PAYMENTS is GAMED----just as our US pension system ---making SS a complex financial instrument during OBAMA---THOSE DASTARDLY CLINTON NEO-LIBERALS and neo-cons are literally STEALING our SS AND MEDICARE TRUST savings.
Average Retirement Savings by Age – How Do You Compare?
Posted on October 12, 2018 by bobrichards
Overview of Average Retirement Savings by Age
About half of those approaching retirement have no retirement savings. This group is the same as the 47% of Americans who pay no income tax. So we have about half of Americans, that sadly, don’t matter economically. They don’t earn much, they don’t save and they live paycheck to paycheck or Social Security check to Social Security check. Average retirement savings by age or otherwise = $0.
This group comprises the major ingredient in the recipe for retirement disaster. They are totally reliant on a Social Security Trust Fund that gets smaller every day.
It’s important to keep this in mind when looking at average retirement savings by age of American workers. This group of people with no savings weighs heavily on the statistics. When included in averages, this group helps paint an unrealistically negative picture of retirement savings by age in America. When possible, I attempt to separate this group and provide data for those people who do contribute to the national economy.
However, even when this group of non-savers is removed, the average retirement savings by age of a typical worker is not rosy.
When possible, it is better to use median rather than average as “average” savings is distorted by the haves, the wealthy families. Median, you will recall, is the number in the middle—half of the people have saved more and half have saved less. Alternatively, average sums all the amounts saved and divides by the number of people. So you can see how a few billionaires can distort the data.
Note that the data gathered and displayed in this post differs depending on which statistical source is consulted. But they all show the same general trend which you can use as a scorecard for your own savings efforts.
The data is based on surveys done or models constructed by government and economic institutions and may not be representative. And these surveys make some strange assumptions. For example, some measure retirement savings as money in defined benefit and defined contribution plans (e.g. various 401 plans), and IRAs. But if you have $100,000 in a bank account, that is not counted as “retirement savings.” This author finds that rigid classification distorting and where possible, I show you figures on average net worth (i.e. wealth) by age.
For example, some measure average retirement savings as money in defined benefit and defined contribution plans (e.g. various 401 plans), and IRAs. But if you have personal savings of $100,000 in a bank account, that is not counted as “retirement savings.” This author finds that rigid classification distorting and where possible, I show you figures on average net worth (i.e. wealth) by age.
Also, consider that an individual with a specified amount of savings is actually richer if part of a couple. A single person or couple pay only one rent, one utility bill, etc. These surveys cited below do not consider this issue.
Federal Reserve Board Panel Survey of Consumer Finances
For those ages 55-64, the group on the cusp of retirement, median net worth fell from $192,000 to $166,000 in the period 2010 to 2013 (the most recent study year). Even though the data for more recent years after 2013 is not yet formally available, Forbes says that the average net worth has increased.
While the decline from 2010 to 2013 may be due to the great recession, this group has little time to recover before retirement. And when we say “net worth” we mean everything the family owns minus debts. In the table below, you can see the net worth for all age groups. As expected, the amount varies upwards with age.
Interestingly, families get “richer” after retirement. Many people hold a notion that retirees use up their capital, but so far, that is not so.
Net Worth by Age (thousands of dollars)
Age of head of family20102013Change
Less than 351010.44
35-4445.246.73
45-54126.3105.3-17
55-64192.3165.9-14
65-74221.5232.15
Age 75+232.3194.8-16
The table above shows household wealth (I use wealth and net worth interchangeably). Other sources report data per individual.
I focus first on net worth because almost any asset can be a retirement asset and qualifies as a measurement of average retirement savings by age. For example, one can sell their home and move into an apartment and convert home equity to their retirement fund. However, the amount earmarked as retirement savings for this group is a median of $10,000-$20,000.
If we skip those with no savings and measure only those with retirement savings, the numbers look better with median retirement saving by age of $106,113:
Economic Policy Institute (EPI)
Average Retirement Savings by AgeThe first chart shows median retirement savings by age for everybody—whether they have any retirement savings (IRA, 401k, etc.) or not. It includes both those who say they do have savings and the half of respondents who say they have no retirement savings.
When we look at everyone en masse, you can see from the chart below that people have saved almost nothing, regardless of age.
But it does not make sense to include the people who report they indeed have saved nothing -- about half of Americans. Here is the same chart, a breakdown of average retirement savings by age, but we exclude those with no savings. Note that for some odd reason, the EPI uses median in the above chart (the best measure) and mean in the chart below. Using the mean makes the data appear better than reality.
And the chart below shows us everyone with the difference between mean (distorted by the by the wealthy) and median (a better measure).
You can see that the mean retirement account balance for all families is $95,776 but the median is a significantly smaller $11,228.
Employee Benefit Research Institute – Retirement Confidence Survey 2013
Average Retirement Savings by AgeThis study offers more granularity. Rather than displaying the mean or median, it displays the distribution of the amount saved by age group. For example, the table below shows that of those age 35-44, 37% have saved less than $1,000, and 15% have saved $250,000 or more.
This study defines retirement savings in an odd way, eliminating the amount in defined benefit plans (a significant source of retirement income for those who have defined benefit plans) and primary residence. This measurement of retirement savings strikes the author as odd and possibly meaningless.
Do Underestimates of Retirement Needs Lead to Low Retirement Savings?A possible explanation for anemic average retirement savings by age could be the amount savers believe they will need in retirement. The same EBRI study illustrates how much people believe they need.
About half of this surveyed think that less than $500,000 will be sufficient. Let’s compare the difference between expectations and reality.
Let’s use the rule of thumb in financial planning that your retirement nest egg can stand withdrawals of 4% annually, adjusted annually for inflation, and last for life. (Get a more accurate estimate using our retirement calculator).
So 4% x $500,000 is $20,000 in today’s dollars. Add in the $16,176 average social security benefit for a total income of $36,176.
We need to also account for potential use of home equity in retirement and other assets not typically included as retirement assets in various surveys. Might that add another 20% to retirement income for a total around $43,000? While that seems like a comfortable amount for living on a beach in Mexico, it does not seem adequate for living in the US, especially in a metropolitan area, to say nothing of money for travel.
Is it possible that the anemic retirement savings rate is due to the underestimate of the amount people really need?
Here’s another look at the same issue. Hewitt Associates estimates that the average projected post-retirement income replacement needed among employees of large U.S. employers is 126 percent of final pay, a level only about 19 percent of employees are expected to satisfy. Why 126%?
Because they realistically factor in the impact of inflation and health care costs, two costs for which most retirees have overlooked the magnitude.
If we assume that the average person earns $40,000 annually, he would need about $50,000 in retirement income, requiring an average retirement savings of $833,000 (not taking into account any social security income).
In fact, according to Hewitt, about 67 percent of the more than 1.8 million employees of 72 large U.S. employers tracked, are expected to have accumulated less than 80 percent of their projected needs at age 65.
It’s clear that we will see many more individuals working well into their 70's just to pay their bills and put food on the table. Unless savings rates make a big change, average retirement savings by retirement date will be too low.
Ben Stein
Economist and humorist Ben Stein set out to answer the question, 'Why won't the baby boomers save?' According to Stein, the average baby boomer needs to save about $400,000 to have sufficient interest income to make up the difference between Social Security and what he or she needs for retirement.
Yet the average retirement savings of baby boomers has saved only $50,000—or $110,000 if you include equity in their homes. He calls this paltry figure a crisis in the making.
Humorously exploring the question of how we got to this point, Stein suggested a number of possible causes for low average retirement savings. First, he suggests, baby boomers have 'always had it too good.'
Never having lived through economic hard times, they lack the discipline to save. He also proposes a Freudian explanation: the false sense that mommy and daddy—or the government—will always bail them out if they get in trouble. A third possibility draws on the theories of behavioral psychologist B.F. Skinner: saving offers no immediate gratification, while spending provides immediate positive reinforcement such as a flat-panel plasma TV set or a new car. The final theory suggests that baby boomers feel compelled 'to obey the media consumer spending machine.'
Whatever the cause, Stein concludes, many baby boomers in retirement will have to cut their standard of living drastically, while others will simply run out of money. The baby boomers may actually have saved more than the previous generation of Americans, but because fewer of them have pension plans, they are worse off. In other words, because baby boomers must save on their own whereas their parents largely had company pension plans, this generation's average retirement savings rate is lower.
No matter who you listen to and what statistics are used, the savings of baby boomers isn't adequate.
Comparison -- Average Retirement Savings by Generation
Here is some data that measures average retirement savings by age using generational classifications. There are notable differences in retirement savings habits and outlook among baby boomers, Gen-Xers and millennials.
The Transamerica Retirement Survey reports these observations from their survey of 4000+ workers: Baby Boomer workers (81 percent) are most likely to be saving for retirement through their employer’s plan and/or outside of work, followed by Generation X (77 percent) and Millennials (68 percent). This is as expected. As boomers are closest to retirement with the fewest years to “D-Day”(and a third are already in retired), we would expect them to be the most active savers.
But unexpectedly, retirement confidence is highest among Millennials (63 percent) and Baby Boomers (61 percent) and notably lower among Generation X workers (54 percent). Millennials are optimistic even though they are burdened by $1 trillion+ of student debt and have a lower standard of living than the other cohorts. They also have a more dismal retirement future:
- Social security will be running out of funds by 2045, if not already dry
- Technology such as robotics displaces workers without advanced education at an increasing pace (how many truck drivers will we need if trucks are self-driving)?
- Technology and outsourcing drive down wages, giving Millenials the worst standard of living since WWII.
Against the odds. Millennials maintain their retirement optimism. They have the most realistic outlook on how much it takes to retire and how long they need to save. Workers across generations believe that they will need to have saved $1 million (median) to feel financially secure when they retire. Millennials (33 percent) are more likely than Generation X (30 percent) or Baby Boomers (27 percent) to believe they will need to have saved $2 million or more. Among those saving for retirement, Millennials started at a younger age (median age 23) compared to Generation X (median age 28) and Baby Boomers (median age 34).
Average Retirement Savings by Gender
Women Worse off than MenFinancial Finesse estimates a 26% lower amounts saved by women than men. And they are 27% more likely than males to have no retirement savings.
Men are also likely to have larger savings balances at the higher end. Men are twice as likely as women to have savings balances of $200,000 or more.
It’s somewhat obvious this gender gap would exist as the pay difference is far from closed. If men earn more, they can save more. The 2015 U.S. Census Bureau data that shows women earned $0.79 for every dollar men earned in full-time positions.
Additionally, men don’t have a multi-year absence from the workforce as many women do to raise children. And the absence occurs early in one’s career. It’s those early dollars that have more years to compound and are worth the most at retirement age.
Silver lining
Bankrate maintains a financial security index. One component addresses retirement savings rates. Recently, as the unemployment rate has dropped and there has been an uptick in wage rates, retirement savings rates have improved.
Additionally, a rising stock market has a positive impact. When one looks at their 401k balance getting larger, it’s an incentive to add more to the retirement pot.
It just makes sense that a strong economy helps people prepare for their future.
_____________________________________________
MOTLEY FOOL is a FAKE NEWS global banking media outlet so watch for what is not true. This plan of lowering current SS retirees' monthly payments by quite a bit is tied to this 40% figure. If I take my FULL RETIREMENT monthly payment and reduce by 40% I get what I receive as DISABILITY. Right now, DISABILITY is being used to replace WORKMENS' COMP-----SOCIAL SERVICES BENEFITS-----as all safety nets are dismantled and eliminated anyone falling into hard times will lose those SS benefits.
Here is where global banking 1% are lying, cheating, and trying to steal our US 99% WE THE PEOPLE SS retirement. This has just recently hit these several years so SS retirees from over a decade ago may not have dealt with all these MANIPULATIONS as today's retirees are.
My case of Social Security DISABILITY was necessary. This disability period could be one year---three years-----five years et al. What I am finding in my case is this----even though my SS CREDIT RATING for monthly payments at FULL RETIREMENT are relatively HIGH----my DISABILITY payments set that monthly funding as LOW almost as it could go. As if I spent these several decades working for minimum wage. Now, one receiving DISABILITY does not expect to receive FULL benefit payments---so, that low payment was not BAD.
What is BAD ---is that anyone going onto DISABILITY---or any employment supplement program is being said to set that SS FULL retirement amount to THAT LOW DISABILITY rate for the rest of their lives. Even if one goes onto DISABILITY for only a few years-----that LOW rate will be FULL RETIREMENT rate in future.
REMEMBER, SSI-------is a SEPARATE PROGRAM from SS and is not funded by SS TRUST----it is a SEPARATE TRUST so, anyone on SSI DISABILITY are not drawing down those funds from FULL RETIREMENT SOCIAL SECURITY PAYMENTS.
I should still be able to decide to retire at 62---66---70 and expect to receive monthly payments calculated from that FULL RETIREMENT AGE-----that is not what CALCULATIONS ARE SHOWING.
'What Is SSI?
Supplemental Security Income is a program that is strictly need-based, according to income and assets, and is funded by general fund taxes (not from the Social Security trust fund). SSI is called a "means-tested program," meaning it has nothing to do with work history, but strictly with financial need. To meet the SSI income requirements, you must have less than $2,000 in assets (or $3,000 for a couple) and a very limited income'.
Because I have been on SS DISABILITY I am told that really low monthly payment has now become my FULL RETIREMENT ---AGE 66 payment. It will not change---and that is NOT TRUE. It is these kinds of calculation manipulations in statistical models which has global banking FAKE NEWS media telling our US 99% WE THE PEOPLE we did not save enough for RETIREMENT.
Here's How Much the Average Baby Boomer Will Receive From Social Security Over a LifetimeIt may not seem like much, but it's probably more than enough to keep most boomers out of poverty during retirement.Sean Williams
(TMFUltraLong)
Feb 12, 2018 at 8:21AMSocial Security is probably the most important social program for seniors. Though it covers the disabled and survivors of deceased workers as well, it's instrumental in keeping millions of retired workers above the poverty line.
According to an analysis from the Center for Budget and Policy Priorities, monthly payouts from Social Security keep 22.1 million Americans out of poverty. Of these 22.1 million beneficiaries, almost 15.1 million are retired workers aged 65 and up. In fact, the Social Security Administration (SSA) notes that 62% of retired workers lean on their monthly stipend to account for at least half of their income. It's simply that important.
The four factors that determine your Social Security benefit Of course, what seniors ultimately receive each from Social Security each month depends on four factors:
- Their work history.
- Their earnings history.
- Their birth year.
- Their claiming age.
Your birth year plays a role in determining your full retirement age, or the age at which the SSA deems you eligible to receive 100% of your retirement benefit. All seniors and working Americans have a full retirement age that ranges from 65 to 67, depending on birth year.
Lastly, when you claim matters. If you enroll for benefits at any point before reaching your full retirement age, you'll be accepting a permanent reduction in what you'll be paid of up to 30%, depending on your birth year. Similarly, waiting until after your full retirement age to begin receiving a stipend can increase your payout by as much as 32% over what you'd receive at full retirement age.
The average baby boomer can expect to receive this much from Social Security over a lifetime The decision of when to take benefits looms particularly large for baby boomers, who are traditionally defined as being born between 1946 and 1964. A 2016 survey from the Insured Retirement Institute finds that 59% of boomers expect Social Security to be a "major" form of income during their retirements, up from just 43% in 2014.
So, how much can the average-earning baby boomer expect from Social Security? To get that answer, we'll turn to a 2015 report (links opens a PDF) from the Urban Institute detailing the estimated lifetime benefits received and taxes paid for seniors aged 65 at five-year intervals.
For our example, we'll be focusing on the estimates from the year 2020, because that's when boomers born in 1955 will turning 65 -- and it also happens to be right in the middle of the baby boomer birth range.
According to the Urban Institute estimates, a single man with average earnings of $47,800 in 2015 dollars can expect to receive $304,000 in lifetime Social Security benefits. A single woman with the same average earnings ($47,800 in 2015 dollars) can expect to receive $332,000. Remember, women have a longer life expectancy than men, hence the difference in average lifetime payout. If we bridge the gap and average the two, a middle-class boomer can expect to receive approximately $318,000 in lifetime Social Security payments. Since SSA data shows that the average 65-year-old lives about 20 years, we're looking at an average payout of $1,371 a month. That may not seem like much, but it should be enough to keep millions of boomers out of poverty.
Two simple ways boomers can boost their payoutsThen again, it's not as if baby boomers don't have tools to improve their lifetime payout.
For instance, baby boomers' most important tool is choice. By waiting as long as possible to claim benefits, boomers will allow their payout to grow by approximately 8% per year. Though eligible beneficiaries can begin receiving a payout as early as age 62, they have incentive to wait. For each year a worker holds off on enrolling for benefits, the payout grows, up until age 70. All things being equal (i.e., work and earnings history, and birth year), a worker claiming at age 70 can earn 76% more a month than a worker claiming at age 62.
Naturally, claiming at or after your full retirement age takes some consideration. If you're in good health, or if you have insufficient retirement savings, then waiting longer to claim a higher monthly benefit, or perhaps working a few more years, makes a lot of sense. However, if you're not in good health, waiting to claim probably won't help you maximize your lifetime payout.
Second, baby boomers have access to a Social Security do-over if they regret claiming early. Form SSA-521, officially the "Request for Withdrawal of Application," allows retirees to undo their claim within 12 months of first receiving benefits. This is a particularly useful mulligan for seniors who've struggled to generate income but recently landed a well-paying job. The catch is that you'll have to pay back every cent you've received from the SSA, along with any payouts that have been made to a spouse or children based on your earnings history. However, if you meet these requirements, your claim can be undone, and your payout will once again grow until age 70.
Though Social Security isn't designed to be a primary income source, it has the capacity to keep a majority of well-prepared boomers out of poverty during retirement.
Something big just happened
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_____________________________________________
'The balances in the Trust Fund are projected to be depleted either by 2036 or 2032
Social Security and Medicare Contributions'
We are given TWO MESSAGES------first, we should expect around $300,000 in total SS benefits for life. SS monthly calculation FORMULAS are being geared towards this number. In the past, seniors collected a set amount for as long as they lived.
Second, we are told SOCIAL SECURITY TRUST will last until only 2032----2036 when today's retirees have only received a dozen or so years of monthly payments----NOT the twenty years we all plan to receive. Below we see where someone earning $47,800 should only expect to receive $332,000 in total payments. What happens in 2032 as SS is depleted? SS calculations cut even lower than today.
At the same time, OBAMA and now TRUMP are lowering payroll tax contribution per citizen which means that end of life retirement SS savings will be LOWER.
This is why today global banking FAKE NEWS media is telling US 99% WE THE PEOPLE we will WORK UNTIL WE DROP.
'If we bridge the gap and average the two, a middle-class boomer can expect to receive approximately $318,000 in lifetime Social Security payments'.
'The average baby boomer can expect to receive this much from Social Security over a lifetime
The decision of when to take benefits looms particularly large for baby boomers, who are traditionally defined as being born between 1946 and 1964. A 2016 survey from the Insured Retirement Institute finds that 59% of boomers expect Social Security to be a "major" form of income during their retirements, up from just 43% in 2014.
So, how much can the average-earning baby boomer expect from Social Security? To get that answer, we'll turn to a 2015 report (links opens a PDF) from the Urban Institute detailing the estimated lifetime benefits received and taxes paid for seniors aged 65 at five-year intervals.
For our example, we'll be focusing on the estimates from the year 2020, because that's when boomers born in 1955 will turning 65 -- and it also happens to be right in the middle of the baby boomer birth range.
According to the Urban Institute estimates, a single man with average earnings of $47,800 in 2015 dollars can expect to receive $304,000 in lifetime Social Security benefits. A single woman with the same average earnings ($47,800 in 2015 dollars) can expect to receive $332,000. Remember, women have a longer life expectancy than men, hence the difference in average lifetime payout. If we bridge the gap and average the two, a middle-class boomer can expect to receive approximately $318,000 in lifetime Social Security payments. Since SSA data shows that the average 65-year-old lives about 20 years, we're looking at an average payout of $1,371 a month. That may not seem like much, but it should be enough to keep millions of boomers out of poverty'.
The balances in the Trust Fund are projected to be depleted either by 2036 or 2032
Social Security and Medicare Contributions
2019 $60,000
Social Security: $ 7,440
Medicare: 1,740
Total: $ 9,180
Employee's Half: $ 4,590
Social Security and Medicare Contributions
2019 $20,000
Social Security: $ 2,480
Medicare: 580
Total: $ 3,060
Employee's Half: $ 1,530
*********************************************************
It cut payroll taxes by 2 percent
It is primarily funded through a dedicated payroll tax. During 2015, total benefits of $897 billion were paid out versus $920 billion in income, a $23 billion annual surplus.
October 1997 – The Democratic president, Bill Clinton, and the Republican Speaker of the House, Newt Gingrich, reached a secret agreement to reform Social Security. The agreement required both the President and the Speaker to forge a centrist coalition by persuading moderate members of Congress from their respective parties to compromise.
'December 2011 – Democratic President Obama's National Commission on Fiscal Responsibility and Reform proposed the "Bowles-Simpson" plan for making the system solvent.
It combined increases in the Social Security payroll tax and reductions in benefits, starting several years in the future. It would have reduced benefits for upper-income workers while raising them for those with lifetime earnings averaging less than $11,000 a year. Republicans rejected the tax increases and Democrats rejected benefit cuts. A powerful network of elderly and liberal organizations and union workers also fought any changes'
'If you’re employed, you pay Social Security tax (6.2%) as the employee, and your employer also pays the same rate of tax (6.2%); again, if you’re self-employed, you pay both portions'.
The balances in the Trust Fund are projected to be depleted either by 2036
Social Security and Medicare Contributions
2019 $60,000
Social Security: $ 7,440
Medicare: 1,740
Total: $ 9,180
Employee's Half: $ 4,590
Social Security and Medicare Contributions
2019 $20,000
Social Security: $ 2,480
Medicare: 580
Total: $ 3,060
Employee's Half: $ 1,530
'Social Security Office CLINTON SC 29325 - SSI, Benefits ...
ssofficelocations.org/south-carolina/clinton/...
If you suddenly become unemployed, you could qualify to receive Social Security disability benefits. The disability application process can take several months or years. The local Clinton, South Carolina Social Security Office can provide more information about filing for SSDI. Clinton, South Carolina Social Security Disability Benefits'
Disability Insurance Trust Fund
Office of the Chief Actuary
Beneficiary data
Trust fund data
The Disability Insurance Trust Fund is a separate account in the United States Treasury. A fixed proportion (dependent on the allocation of tax rates by trust fund) of the taxes received under the Federal Insurance Contributions Act and the Self-Employment Contributions Act are deposited in the fund to the extent that such taxes are not needed immediately to pay expenses. Taxes are deposited in the fund on every business day.
The trust fund provides automatic spending authority to pay monthly benefits to disabled-worker beneficiaries and their spouses and children. With such spending authority, the Social Security Administration does not need to periodically request money from the Congress to pay benefits.
Funds not withdrawn for current expenses (benefits, the financial interchange with the Railroad Retirement program, and administrative expenses) are invested in interest-bearing Federal securities, as required by law; the interest earned is also deposited in the trust fund.
The Disability Insurance (DI) Trust Fund was created with passage of the Social Security Act Amendments of 1956. DI became effective on January 1, 1957.
The Board of Trustees currently consists of 6 members, 4 of whom automatically serve by virtue of their positions in the Federal Government. These 4 are the
Secretary of the Treasury (the Managing Trustee),
Secretary of Labor,
Secretary of Health and Human Services, and
Commissioner of Social Security
The other 2 members are appointed by the President, and confirmed by the Senate, as required by the "Social Security Amendments of 1983." These 2 members serve 4-year terms.
______________________________________
'How to Appeal a Social Security Decision
Related Book
Social Security For Dummies, 3rd EditionBy Jonathan Peterson
Part of Social Security For Dummies Cheat Sheet'
Today's complexities with SOCIAL SECURITY payments being made a COMPLEX FINANCIAL INSTRUMENT in statistical modeling calculations mean no one source of HOW-TO navigate this structure which use to be automatic and equal for all US citizens cannot be addressed by OUR CITIZENS' OVERSIGHT MARYLAND. We simply educate as to what policy goals are and what they should be----the goals of MOVING FORWARD SOCIAL SECURITY is to see 99% of retiring citizens get as little as global 1% can get away with.
My case of FULL RETIREMENT SOCIAL SECURITY and today's LOW DISABILITY payment is this-------that LOW payment should have been calculated using my HIGH CREDIT RATINGS -----rather than receiving the lowest of payments I should have been receiving HIGHER DISABILITY payments which then would be reflected in my REAL FULL retirement.
I will be heading to SOCIAL SECURITY COURT to ask judges why a very low DISABILITY payment is now becoming the highest MONTHLY PAYMENT when I retire ---even at age 66---FULL RETIREMENT.
These arbitrary assignments of people on DISABILITY ----the poorest receiving $700---most receiving 1400-----I started at $1100. Everyone will be effected by this as MOVING FORWARD creates more and more unemployment-----people shuttled to these DISABILITY programs replacing unemployment-----
HOW DO WE GET A FIRST WORLD DEVELOPED NATION WITH HIGH QUALITY OF LIFE DOWN TO THIRD WORLD WAGES----WELL, $700 A MONTH IS NOT FAR FROM WHAT THAT.
The policy of BASIC INCOME is just what is MOVING FORWARD with our senior retirement payments----we are told BASIC INCOME will start at paying everyone $2000 a month------we educate this will create the platform for taking all US citizens down to $200-----300 a month.
THIS IS WHAT THESE SS RETIREMENT MANIPULATIONS ARE MOVING TOWARDS.
Social Security Cases
Cases by Nature of Suit
- Black Lung Cases
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Cases by Circuit
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Cases by State
- Alabama
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Cases filed
Cases 1 - 10 of 254,545
RSS Feed | View as table
Triste v. Commissioner of Social Security
Filed: August 30, 2019 as 1:2019at00626
Defendant: Commissioner of Social Security
Plaintiff: Deborah Triste
Cause Of Action: Social Security Benefits
Court: Ninth Circuit › California › US District Court for the Eastern District of California
Type: Social Security › Social Security: SSID Tit. XVI
Hayes v. Saul
Filed: August 30, 2019 as 1:2019cv00627
Defendant: Andrew Saul
Plaintiff: Brandon Hayes
Cause Of Action: Review of HHS Decision (SSID)
Court: Eleventh Circuit › Alabama › US District Court for the Middle District of Alabama
Type: Social Security › Social Security: SSID Tit. XIV
Kreklow, Vickie v. Saul, Andrew
Filed: August 30, 2019 as 3:2019cv00708
Plaintiff: Vickie L. Kreklow
Defendant: Andrew M. Saul
Cause Of Action: Review of HHS Decision (SSID)
Court: Seventh Circuit › Wisconsin › US District Court for the Western District of Wisconsin
Type: Social Security › Social Security: RSI Tax Suits
Olivas v. Saul
Filed: August 30, 2019 as 3:2019cv05490
Plaintiff: Teresa Olivas
Defendant: Andrew M Saul
Cause Of Action: Review of HHS Decision (SSID)
Court: Ninth Circuit › California › US District Court for the Northern District of California
Type: Social Security › Social Security: SSID Tit. XIV
Saucedo v. Social Security Administration
Filed: August 30, 2019 as 5:2019cv05483
Plaintiff: Gustavo Saucedo
Defendant: Social Security Administration
Cause Of Action: Review of HHS Decision (SSID)
Court: Ninth Circuit › California › US District Court for the Northern District of California
Type: Social Security › Social Security: SSID Tit. XIV
DiMatteo v. Saul
Filed: August 30, 2019 as 3:2019cv01654
Defendant: Andrew Saul
Plaintiff: Anastasia DiMatteo
Cause Of Action: Social Security Benefits
Court: Ninth Circuit › California › US District Court for the Southern District of California
Type: Social Security › Social Security: DIWC/DIWW
ROBERSON v. COMMISSIONER OF SOCIAL SECURITY
Filed: August 30, 2019 as 5:2019cv00350
Not Yet Classified: SOCIAL SECURITY ADMINISTRATION (NOTICE)
Plaintiff: ERNEST ROBERSON
Defendant: COMMISSIONER OF SOCIAL SECURITY
Cause Of Action: Review of HHS Decision (DIWC)
Court: Eleventh Circuit › Georgia › US District Court for the Middle District of Georgia
Type: Social Security › Social Security: DIWC/DIWW
Barrett v. Saul
Filed: August 30, 2019 as 2:2019cv07536
Plaintiff: Erica Barrett
Defendant: Andrew Saul
Cause Of Action: Review of HHS Decision (SSID)
Court: Ninth Circuit › California › US District Court for the Central District of California
Type: Social Security › Social Security: SSID Tit. XIV
Ibrahim v. Saul
Filed: August 30, 2019 as 8:2019cv01669
Defendant: Andrew Saul
Plaintiff: Nahed B Ibrahim
Cause Of Action: Denial Social Security Benefits
Court: Ninth Circuit › California › US District Court for the Central District of California
Type: Social Security › Social Security: SSID Tit. XIV
Surman v. Commissioner of Social Security Administration
Filed: August 30, 2019 as 8:2019cv01670
Plaintiff: Mr. Jeffrey H Surman
Defendant: Commissioner of Social Security Administration
Cause Of Action: Review of HHS Decision (DIWC)
Court: Ninth Circuit › California › US District Court for the Central District of California
Type: Social Security › Social Security: DIWC/DIWW
********************************************************
How to Appeal a Social Security Decision
Related Book
Social Security For Dummies, 3rd Edition By Jonathan Peterson
Part of Social Security For Dummies Cheat Sheet
Copyright © 2018 AARP. All rights reserved.
If you’ve applied for Social Security disability benefits and you’ve been denied, don’t give up. You can challenge a benefits decision by Social Security — you just have to take certain steps in a certain order.
Keep in mind that the time clock starts ticking as soon as you receive an adverse decision on your application. At that point, you have 60 days to begin the appeal. (The 60-day time frame generally applies for each step of the appeals process.)
You can start your appeal online (go to www.ssa.gov/disabilityssi and click on “Appeal a Decision,”), over the phone (by calling 800-772-1213 or TTY 800-325-0778), or at your local Social Security office (go to www.ssa.gov and click “Contact Us,” and then click “Find an Office.”.
Most challenges to Social Security decisions involve disability benefits. But the appeals process exists to settle other benefits disputes as well. An appeal may go through four stages if it isn’t resolved along the way:
- Request for reconsideration: At this stage, you don’t actually show up in person anywhere. You just file a request for reconsideration (the form is available at www.ssa.gov/online/ssa-561.pdf) if your initial application is turned down.
Such requests don’t have a very good chance of success, but they are required in most places if you want to proceed to the next phase, where you have better odds of prevailing.
Note: Residents of the following places may skip reconsideration and go straight to Step 2: Alaska, Alabama, Colorado, Louisiana, Michigan, Missouri, New Hampshire, New York, Pennsylvania, and parts of the Los Angeles metropolitan area. (Check with your local field office to be sure.) - Administrative law judge hearing: This stage is when you make your case before the administrative official who has the power to rule in your favor. This is your best shot in the appeals process to win. The judge looks at your case without taking into account the prior ruling, and it may be the first time you’ll be face to face with the decision maker.
You may want to hire a lawyer or other representative who understands the Social Security appeals process and can make your case.
To request a hearing before a judge, print the form at www.ssa.gov/online/ha-501.pdf, sign it, and mail it to your local Social Security office. - Appeals Council: This group of administrative appeals judges is the top level of review inside the Social Security Administration. They may choose to review your challenge, not to review it, or to send it back to an administrative law judge, perhaps with a recommendation that helps your case. At this point, though, most cases are rejected. Nonetheless, you must go through this administrative step if you want to appeal your case in federal court.
To request a review by the Appeals Council, print the form at www.ssa.gov/online/ha-520.pdf and follow the instructions at www.ssa.gov/online/ha-520.html. - Federal court review: When you’ve exhausted your options inside the Social Security Administration, the next step is to sue in federal court. This process can take many months. You won’t testify, but your attorney may argue with his government opponent before the judge. If you lose in federal district court, you can appeal to the appropriate U.S. court of appeals.
As we head to SOCIAL SECURITY COURT to allow a judge to explain my starting DISABILITY payment amount vs how much I can receive at FULL RETIREMENT-----I will move away from the idea of retiring at 62-----
This is the problem--we have discussed in detail how UNEMPLOYMENT FIGURES are FAKE DATA--------we see people being circulated through 3 sets of jobs-----we see immigrant labor taking many jobs not listed on employment data and we see more and more and more of our US 99% WE THE PEOPLE in anything other than FULL EMPLOYMENT---ergo, these folks will not meet SS eligibility requirements.
As NOSY NEIGHBORS AND THE GANG with illegal surveillance and VIDEO PORN are allowed to access PUBLIC SURVEILLANCE----telling people I am BAD------don't talk to her-------WE SEE HER NAKED-----my prospects for getting a job at this point is NIL----which has been the problem since 2008 economic crash. With our PUBLIC SURVEILLANCE system being allowed to be HACKED by groups advocating for their OWN employment over my employment for example----DEMONIZING perfectly good people---LIKE ME-------to keep me out of the job market ends with people like me unable to access FULL RETIREMENT. It just so happens I made the 35 year----majority of HIGH WAGE stats BEFORE I was 'HIT' INTO DISABILITY. Remember, HITTING is simply a FATWA -----being aimed at this population group and that population.
ME-----I AM TROUBLE WITH A BIG 'T' BECAUSE I AM A REAL LEFT SOCIAL PROGRESSIVE LIBERAL DEMOCRAT-------THE GOOD GUYS
Being HIT into submission forcing people to become GROUP SPEAK AND CHATTERERS to get employment or retirement-----is what MOVING FORWARD ONE WORLD for only the global 1% looks like.
STANFORD TOTAL PRISON MODEL turning GOOD people into EVIL people----if you do not make that TURN-----you will be HIT and impoverished---maybe made into a PORN FILM with identity theft----
The Number of Long-Term Unemployed Continued To Grow in November
Published:
Fri, Dec 2nd 2016 @ 11:32 am EST by Eric Ruark
“Total nonfarm payroll employment increased by 178,000” in November 2016, according to the Bureau of Labor Statistics. This number is generally reported as the number of new jobs added to the U.S. economy in a given month, though we pointed out in October how this is misleading when not put in the context of how much the working-age population grew during the same time.
The estimated 178,000 increase surpassed Wall Street’s projected 175,000, though only negligibly. However, the working-age population increased by 219,000, and the number of people employed in November only rose by 160,000. Meanwhile, the size of the labor force – those working or actively looking for work – shrank considerably, by 226,000.
The number of unemployed did decrease significantly, dropping by 387,000. This caused the unemployment rate to drop to “its lowest level since August 2007.”
But if the working-age population grew more than the number of newly employed, and most of those who were unemployed in October did not find work in November, how did the unemployment rate go down? Because almost 450,000 people dropped out of the U.S. labor force entirely, which means they no longer count as “officially unemployed” even if they do want a job.
The labor participation rate – the percentage of the working-age population who are in the labor force – remains at a forty-year low, where it has been stuck for over two years. Where once a decline in the unemployment rate was a good economic indicator, since 2009 it has been more likely a sign that the number of chronically unemployed Americans is increasing.
Bureau of Labor Statistics
Oct. 2016
Nov. 2016
Change
Working-age Population
254.32 million
254.54 million
219,000
Labor Force (employed and officially unemployed)
159.71 million
159.49 million
-226,000
Labor Participation Rate
62.8%
62.7%
-0.1%
Employed
151.93 million
152.09 million
160,000
Unemployed
7.79 million
7.40 million
-387,000
Not in the Labor Force
94.61 million
95.06
446,000
The number of 18- to 64-year-olds not in the labor force in November was 48.97 million, 51.8% of the total.
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