Seniors

Did you know that you have rights to appeal decisions made by the Social Security Administration on your behalf?  It’s true.

Let’s say that you’re being paid something less than you believe you are due. You’ve reached out to them via their toll-free number and you’ve been told what you’re being paid is right… but you are convinced it should be different.

If that scenario sounds familiar it’s because you aren’t alone. As of 2015, nearly 60 million U.S. citizens were paid nearly $900 Billion in benefits… and there were plenty of complaints that the numbers were off.

So the Social Security Administration has created a specific appeals process. Be prepared to spend a little money and time walking through the process but can be worth it… as of the writing of this article, the Social Security Department has publicly declared that if there are mistakes they want to address them.

What you need to know is that there are 4 appeal levels.

Reconsideration

This offers a comprehensive review of your situation by agents at the Social Security Administration who didn’t take part during the past evaluations. They will closely examine all the facts of your situation and why the benefits were set at your current levels. Sometimes, you may have an opportunity to submit additional information.

Administrative Law Judge

Assuming Reconsideration doesn’t go your way, the next step is to go before an Administrative Law Judge. Whenever possible, the Social Security department prefers to have meetings within a 75-mile radius of your location. If that’s a hardship, the case will be heard via an alternate method such as videoconference.  As in the “Reconsideration” stage, the judge has zero prior experience with your case or the original decision that you’re appealing.

The ALJ (Administrative Law Judge) will review the merits of the case. You’ll have the opportunity to bring witnesses and the judge may ask them questions. The judge may also call on experts to help clarify concerns.

Appeals Council

If the hearing before the Administrative Law Judge doesn’t go in your favor, the next step is to bring your case before the Social Security Department’s Appeals Council. Comprised of 3 members, this is the last review that can occur inside the Social Security Administration. They can hear your case, simply make a finding, or refer it back to an Administrative Law Judge for further review.

Federal Court

This is the final stage assuming all other appeal methods have been exhausted. At this point the decision making process is removed from the Social Security Department and placed in the hands of a Federal Court. Lose your case here and you have no more rights to appeal.

Should you be considering having your benefits case reviewed, here are some extra things to remember:

 

• You have 60 days to appeal starting on the date you received the Social Security decision.
• If you miss a deadline, tell the Social Security department why you were late and they may be able to still grant an appeal.
• You can have an attorney to help you organize your case and testimony. The Social Security Department strives to work with your representative. But you can just as easily have a good friend or family member also represent you while the process is internal to the Social Security Department.
• To start an appeal, there is a special form that should be submitted. Simply ask for the form when speaking with a Social Security representative.
• Bear in mind the appeals process can be quite lengthy.

Just in case, here’s a direct link to the Social Security Department’s Request for Reconsideration website page: https://www.ssa.gov/forms/ssa-561.html

And remember that if you are feeling squeezed by a Social Security Department finding, be sure to talk with your financial advisor and independent insurance agents to help you minimize expenses and get the best coverage for your specific situation.

Whether you’ve been out of the workforce for a while due to caregiving duties, or are a retiree who craves the stimulation of daily work and wants to get back in the game, there is a job waiting for you—you just have to find it.

Start by networking with your former coworkers.  Younger subordinates have likely advanced in your absence and may now be in positions where they have an influence on hiring decisions. Reconnect and let them know you’re looking for a way to reenter the workforce. If they don’t know of a suitable opportunity at their current place of employment, they may have valuable connections at other establishments that are hiring.

Consider enlisting professional help. Whether you’ve been away from your chosen field for a few years or more than a decade, a career coach or formal reentry program can provide helpful support as you update your resume, apply for jobs and prepare for interviews. You may also want to connect with your college’s alumni network and any trade associations connected to your field.

Take time to update your skills as well. If you’re unfamiliar with the latest software and other tech used in your field, you’re going to have a difficult time competing with younger jobseekers. You may be able to learn much of what you need through free online tutorials and manuals. However, depending on the position you seek, earning new certifications and taking a few college courses may be necessary.

Prepare yourself for today’s workplace culture. The offices and organizations of today function a bit differently than those of thirty, twenty or even ten years ago. Email, instant messaging and video chat are commonly used communication tools among coworkers. Work-life balance is highly valued, and flexible schedules and remotely work opportunities are often prized. The more you know about these (and other) workplace trends and can demonstrate your comfort with them, the easier it will be for you to land a job.

Consider an internship or temporary job to get your foot in the door.

If you’re finding it difficult to get a new job after your hiatus, an internship or temporary assignment is a great way to prove to potential employers that you have the hard and soft skills required to succeed today despite your time away from the field. In fact, some major companies have developed apprenticeship and internship programs specifically for senior workers.

Less than half of retired Americans are very satisfied in their retirement according to a new study by the Employee Benefit Research Institute. Only 48.6 percent currently report that their retirement has been “very satisfying” (down from 60.5 percent in 1998), while those reporting their experience as “not at all satisfying” has increased to 10.5 percent (from 7.9).

While this downward trend was seen in every economic group, higher retirement satisfaction was still positively correlated with net worth and good health. If you’d like to be among the most satisfied in your golden years, you’ll need an aggressive savings plan as well as a willingness to explore a few of these adventurous suggestions to get more enjoyment out of your retirement.

Make your own excitement. Imagine all the things you can do once you’re no longer obligated to punch a time clock every workday. Forty hours a week is more than enough to write a book, learn a new language, take up an instrument, mentor young professionals, help those less fortunate or pursue any other passions you’ve previously ignored for lack of time.

Reconnect with old friends. Busy lives naturally create distance in all but the closest relationships, and chances are good that you’ve lost touch with a few friends over the years. Now that you’re retired, it’s time to reach out and reestablish those connections. Social media platforms such as LinkedIn and Facebook are great tools for locating old chums. If you don’t know how these sites work, your grandkids will probably enjoy showing you how to use them.

Build a few new friendships as well.Research has shown that a strong network of friendships can help ward off depression, improve health and lead to a longer life. You can meet potential new friends while volunteering for charity, working a part time job, taking a class, exercising at the gym, hiking the local trails, walking in the park or attending community events. Look for senior meet ups all over the world here, or find interesting volunteer opportunities in your area here.

Don’t get too attached to a routine. We all tend to be creatures of habit, and it’s far too easy to exchange the daily work grind for a repetitive post-retirement routine. Unfortunately, doing the same things over and over again, day after day and week after week, can lead to boredom and a decline in overall happiness and satisfaction. Spontaneity is the antidote. You can inject a bit of it into your everyday life by trying out new hobbies, checking out new restaurants, visiting new cities, traveling to new countries, or even doing something as simple as taking a different route home from the grocery store.

Whether you’re still years away from retirement or have already collected your last paycheck, it’s never too late to improve your retirement savings plan. We’re here to help you review investments, explore options, and make certain you get as much satisfaction out of your senior years as possible.

According to TransUnion, one of the nation’s three major credit reporting companies, many seniors undervalue the importance of their credit score after retirement. Their recent survey of more than 1,000 Baby Boomers found that nearly half of them believe this vital number matters less after the age of 70. Though 70 percent agreed that a high credit score is important when refinancing a mortgage, only 62 percent realized it is also important when co-signing a loan. A mere 32 percent understood that their credit score might be considered when they apply for nursing home care or move into a long-term care facility.

If it has been awhile since you purchased a home or car, or bought homeowner’s or auto insurance, you probably haven’t thought much about your credit score in some time. Unfortunately, if you haven’t been making mortgage or auto loan payments, or using your credit cards regularly, it’s very possible your score has declined. In fact, avoiding the use of credit in retirement can actually cause your credit report to become so sparse that you lose your score entirely. This can make it virtually impossible to obtain credit again should you need it.

Because much of your credit score is based on active credit, you should talk to your financial advisor about adding credit utilization to your financial plan. Payment history accounts for 35 percent of a credit score, while the amount you owe counts for 30 percent. The length of your credit history will make up 15 percent of your score, new credit 10 percent, and the types of credit you have in use 10 percent.

If your score has fallen over the years, there are steps you can take to improve it. Your financial advisor may have additional suggestions, but you can start by:

• Asking for a limit increase. Credit cards with low balances and high credit limits can boost your credit score. Periodically ask your credit card issuers to increase your limits.
• Keeping your accounts open. It may be tempting to close accounts you haven’t used in years, but cancelling them will reduce the amount of credit you have available. This can decrease your credit score.
• Checking your credit report. Missed payments, late payments and collections all reduce your credit score. Review your report every year (you can get one for free at annualcreditreport.com) to look for errors. If you notice debt that isn’t yours, you may be a victim of identity theft. And if there are payments reported as late or missing that were actually on time, you can ask the reporting agency to make a correction.

If you’ve avoided credit for so long that you no longer have a credit score at all, you may want to get a secured credit card through your bank. A secured card allows you to deposit money into an account that becomes your line of credit. Using the card regularly and responsibly will help you rebuild your credit history over time.

Full time retirement by the age of65 is no longer the tradition it once was. According to the Employee Benefit Research Institute’s 2016 Retirement Confidence Survey, only 24 percent of workers expect to retire before they’re 65 years old. Twenty-six percent expect to retire at the age of 65, while 37 percent next to wait until later in life before retiring. Six percent say they don’t plan to retire at all.

In many cases—67 percent, in fact—retirees plan to continue to do some work for pay. Their reasons are many and include:

• Want to stay active and involved (82 percent)
• Enjoy working (80 percent)
• Want money to buy extras (57 percent)
• Need money to make ends meet (51 percent)
• Decrease in the value of savings/investments (43 percent)
• Want to keep health insurance or other benefits (32 percent)

Fortunately, if you’re among these seniors who just aren’t ready for full time retirement, you have plenty of options.

Phased Retirement

Some employers allow senior workers to gradually cut back their hours, slowly reducing the number of days per week or hours per day they work. It’s a simple way to ease yourself into retirement over a number of months or even years. Ask your company’s human resources or benefits department for more information on the process. And talk to your financial planner about how to phase in your retirement income as you phase out that regular paycheck.

Part-Time Retirement

Maybe your current job won’t let you cut back your hours. Or perhaps you want to try something totally new. A part-time job may be the answer. You’ll earn extra income, feel more connected to the world around you, and may even learn new skills. Required hours will vary depending on the type of job and employer you choose, but will most likely range between 10 and 30 a week. If you’re collecting Social Security benefits at the time, you’ll want to talk to your financial planner about how part-time work may affect them.

Seasonal Retirement

Let’s say you love to travel to warmer climates during the winter but enjoy your hometown during the summer. As long as your savings and investments are generating adequate retirement income, you can choose to switch from retirement to part- or full-time work on a seasonal basis. Employers that regularly need seasonal workers include parks, summer camps, recreation centers, outdoor pools, ski resorts, campgrounds and other tourist sites, and retail establishments (especially during the holiday shopping season). Again, talk to your financial planner about the effect any earnings will have on the retirement benefits you may be currently collecting.

Mini Retirement

These days, there are few—if any rules—when it comes to retirement. For example, you don’t have to work until you decide you just cannot work anymore before you take some time off to enjoy yourself. If you need more than a two-week vacation to travel, spend time with your family or pursue a hobby, you can take a mini retirement of several months to a year. Talk to your financial planner about the feasibility of dividing your traditional retirement into a number of mini ones instead.

Many Americans are financially unprepared for retirement. According to the Economic Policy Institute’s latest study, nearly 50 percent of working-age families have nothing saved in retirement accounts, and the median amount for the rest is only $5,000. Whether this describes your personal financial situation or not, it makes sense to save money where you can. For those over the age of 55, senior discounts are one way to do so.

1. Ask about senior discounts when shopping for clothing.

Kohl’s offers seniors age 55 and up a 15 percent discount on their purchases every Wednesday. Ross Stores offer seniors a 10 percent discount on Tuesdays. TJ Maxx, Goodwill and Salvation Army Thrift Stores also have senior discount days during the week.

2. Ask about senior discounts at the gym.

Regular exercise can improve your immune system and cardiovascular function as well as help you maintain bone density and lower your risk of diabetes and dementia. SilverSneakers is a no-cost fitness benefit—providing access to fitness classes and equipment at more than 13,000 gym locations across the U.S.—available to seniors with Medicare and some other group health plans.

3. Ask your utility companies about senior discounts.

Some utility providers offer discounted rates for senior customers based on age and income. Contact your gas, electric, water, sewer, phone, cable and Internet providers to find out if discounts are available and what you need to do to be eligible.

4. Ask about senior discounts at the movie theater.

Most big movie theater chains offer senior discounts. For example, visit an AMC Theatre and you can get 30 percent off your ticket price every day. Regal Cinemas offer a 30 percent discount to seniors as well. Some Cinemark and Century Theaters extend 35 percent off to seniors.

5. Ask about senior discounts at any National Park.

Whether you prefer to enjoy the great outdoors from the comfort of your car or like to hike, fish or camp, you can purchase aSenior Pass from the National Park Service for $10. You must be 62 years old or older, but the pass is good for the remainder of your lifetime at any federal recreation site or national park. At some locations, you’ll receive a 50 percent discount on amenity fees charged for facilities and services as well.

6. Ask about senior discounts at the grocery store.

Stock your refrigerator on the first Wednesday of the month and you’ll receive 10 percent off from Kroger if you’re at least 60 years old. Publix offers 5 percent off to seniors 60 and older every Wednesday.

7. Ask about senior discounts when traveling.

Many seniors choose to spend their golden years traveling, and they can save money while doing so. Most cruise lines offer discount rates to travelers who are 55 years old and older. If you prefer to journey by train, Amtrak offers seniors 62 years old and older a 15 percent discount. You can also find discounts on bus and plane travel.