Category: Retirement

LGBTQ spouses became eligible for the same Social Security family benefits as heterosexual spouses after the Supreme Court’s Obergefell ruling in 2015 recognized marriage equality for same-sex couples.

But those conditions remained to bar many LGBTQ partners from getting married and establishing eligibility for Social Security survivor benefits in the event of their partner’s passing because of pre-Obergefell state legislation.

That changed toward the end of last year when the Social Security Administration (SSA) passed new regulations that will make many older LGBTQ individuals eligible for survivor benefits and the financial security those payments can give in their later years.

Peter Renn, a senior counsel at the civil rights organization Lambda Legal, which brought two class-action lawsuits that resulted in the revisions, said, “It’s no exaggeration to suggest that this development is seismic in nature.” The daily lives of thousands of same-sex survivors who were unfairly denied the benefits they paid will be significantly improved.

The Nine-Month Marriage Rule

In most cases, surviving spouses who are aged 60 years or older and have been legally wed for at least nine months at the time of their spouse’s death are qualified for benefits based on the deceased spouse’s earnings. Depending on how old they are, survivors may be able to get between 71.5% and 100% of the Social Security benefits of the person who died.

Many LGBTQ survivors could not get benefits due to Obergefell’s strict interpretation of those requirements because of state marriage prohibitions that the Supreme Court had ruled illegal.

The senior vice president for litigation at the AARP Foundation, William Alvarado Rivera, says, “The Social Security Administration recently issued a categorical ruling in which it stated, ‘Sorry, you must be married for nine months; it’s too bad that doing so was against the law in your state.’”

Same-sex partners may now be eligible for survivor benefit payments under the new policy if they can demonstrate that they meet either of the following requirements:

• If state law hadn’t stopped them from getting married at the time of their partner’s passing, they would have been wedded.

• If state law hadn’t stopped them from being married earlier, they would have been wedded for a more extended time before the spouse’s death.

The SSA states that it will consider “all the available evidence” that prevented a couple from getting married or remaining married long enough to qualify for survivor benefits before one of the partners passed away when weighing such claims.

Legal Difficulties

In 2018, Lambda Legal filed two lawsuits opposing the SSA’s post-Obergefell survivor benefit rules application: one on behalf of Michael Ely. Michael’s husband and partner of 43 years passed away seven months after their state, Arizona, legalized marriage equality, and one on behalf of Helen Thornton, a resident of Washington who lost her 27-year spouse to cancer in 2006—six years before to the passing of a law allowing same-sex unions in their state.

The group contended that because discriminatory state laws prevented the plaintiffs from being married, they shouldn’t be denied survivor benefits. In judgments from 2020, many U.S. district courts concurred. The Trump administration appealed those rulings, but the SSA ended the appeals in November 2021 and developed standards for evaluating benefit applications from LGBTQ survivors.

The SSA urges anyone who believes they could be eligible to get in touch with the organization immediately. You cannot apply for the benefits online. You can do so by calling 800-772-1213.

You can also ask Social Security to reevaluate a rejected claim owing to outdated state legislation that prevented you from becoming married. In this case, you might be eligible for retroactive compensation.

According to Renn, there are probably tens of thousands of people still unaware that they can be eligible for survivor payments, especially those who were never able to marry their loved ones. He said, “Given how long marriage prejudice has existed, the number of people who stand to benefit is astounding.”

Information That Social Security Will Require for Same-Sex Survivor Benefits

Those who were prohibited from marrying same-sex partners by state laws before the Supreme Court’s Obergefell ruling may be subject to the following questions from the Social Security Administration to establish their eligibility for survivor benefits.

1. For how long were you two a couple?
2. Did you jointly own property?
3. Were you jointly responsible for looking out for one another?
4. Did you raise any children from previous relationships or have children together?
5. Would you have gotten married sooner or later if you weren’t forbidden from getting married?
6. Before same-sex marriage became legal, was there a formal recognition of the relationship through a ceremony or another means?
7. Did your partner leave you anything in a will?
8. Was the deceased’s life insurance or retirement account set up with you as the beneficiary?
9. Were same-sex unions illegal in the state where your wedding took place until fewer than nine months before the passing of your dead spouse?
10. Did you decide against getting married before your spouse passed away for any other reasons besides the state’s ban on same-sex unions?
11. If state law had allowed you to wed sooner, is there any other available proof of when you would have done so?

Contact Information:
Email: [email protected]
Phone: 2129517376

Bio:
M. Dutton and Associates is a full-service financial firm. We have been in business for over 30 years serving our community. Through comprehensive objective driven planning, we provide you with the research, analysis, and available options needed to guide you in implementing a sound plan for your retirement. We are committed to helping you achieve your goals. Visit us at MarvinDutton.com . Tel. 212-951-7376: email: [email protected].

When you retire, healthcare may become your single largest recurrent cost. That’s especially true if your home is paid off by the time your career ends.

That’s why it’s critical to understand what to expect from Medicare when the time comes to begin receiving coverage. However, according to new Fidelity research, older Americans aged 58 to 76 lack a critical understanding of Medicare coverage and enrollment. And this might lead to a world of financial hardship.

Closing a Huge Knowledge Gap

When Fidelity questioned Baby Boomers about when Medicare enrollment starts, 57% said age 62. While seniors can join Social Security at that age, Medicare eligibility doesn’t start until age 65.

Early retirees may face difficulties if they’re unaware of this. If you decide to quit the workforce at age 62, assuming you’ll be covered by Medicare, only to find out that you won’t be for another three years, you may struggle to afford a new health plan.

Moreover, 41% of Baby Boomers polled by Fidelity claimed Medicare has out-of-pocket spending restrictions. However, enrolling in a Medigap plan is the only method to reduce out-of-pocket expenses (supplemental insurance). If you don’t know, you might be on the hook for a slew of medical bills you can’t afford.

Finally, 40% of Baby Boomers believe Medicare pays the cost of nursing home care. That’s incorrect. When it comes to healing from an injury or treating an actual sickness, Medicare will cover the cost of a stay in a skilled nursing facility. However, Medicare won’t cover custodial care or assistance with daily living. Long-term care insurance is required to obtain this coverage.

Don’t Set Yourself Up For Financial Stress

Not understanding how Medicare works might put you in a situation where you’re ill-equipped to cover your future healthcare costs, which is something you should avoid. And you may do so by spending some time researching Medicare before you decide to retire.

At the same time, it’s a good idea to set aside money for future healthcare costs, and a health savings account (HSA) is a smart way to do so. HSA funds never expire, so you may contribute to them during your working years, invest the money you don’t need right away, and carry a comfortable balance into retirement.

You may have heard that an HSA cannot be used to cover Medicare expenditures, but that’s not true. While you cannot contribute to an HSA once enrolled in Medicare, you can withdraw funds to cover Medicare deductibles and copays.

In fact, while you’re researching Medicare, you should also learn more about HSAs. Knowing such information may motivate you to make wise decisions that will help you to cover your future healthcare bills with less worry.

Contact Information:
Email: [email protected]
Phone: 2129517376

Bio:
M. Dutton and Associates is a full-service financial firm. We have been in business for over 30 years serving our community. Through comprehensive objective driven planning, we provide you with the research, analysis, and available options needed to guide you in implementing a sound plan for your retirement. We are committed to helping you achieve your goals. Visit us at MarvinDutton.com . Tel. 212-951-7376: email: [email protected].

A novel method has been devised to better aid senior folks all over the world who are enrolled in Medicare in monitoring what occurs during their medical appointments.

This method was created to help track what takes place. In addition, it can assist in the investigation and prevention of fraudulent activity concerning Medicare.
My Health Care Tracker is a tool provided by Senior Medicare Patrol to its customers. This tool walks Medicare beneficiaries through the process of comparing the treatments, examinations, and medical supplies they receive to what was invoiced for those expenses on their Medicare bills. Senior Medicare Patrol is the company that offers this tool to its customers.

My Health Care Devices are anti-fraud technologies made openly accessible to participants by the SMP system. My Health Care Trackers provide the services, including a location for individuals to document the health care goods and services they have gotten as well as make remarks regarding their visits, directions on how to match the health care treatments, testing, and hospital equipment products that are reported in the trackers to what was invoiced on the beneficiaries’ Medicare statements.

This may result in the beneficiary owing a lower total amount and could reveal whether or not a medical identity has been stolen. When individuals checking their Medicare statements look for and report errors, they are helping to safeguard the Healthcare system for future generations.

Medicare fraud can be committed not only against the government but also against senior persons who are enrolled in the programs, as stated by Seth Boffeli, an adviser for the AARP Fraud Watch Network. He noted that the most efficient way to protect oneself from falling prey to scams was to act as one’s own private investigator and investigate any suspicious activity.

Boffeli noted that identifying fraudulent activity at an early stage is extremely important since not only does it help customers save money, but it may also have implications for getting treatment in the future. He went on to say that Medicare beneficiaries can protect themselves from fraud by taking a few simple precautions.
Boffeli suggested that patients seek advice from their primary care physicians before offering their Medicare data or consenting to an exam or handset that Medicare will pay for. Boffeli said that it was just essential when you’re offering out your Medicare data or consenting to an exam or a machine that Medicare will be paying for.

The Fraud Watch Network of the AARP provides advice papers on more than 70 different types of fraud that target elderly people. My Health Care Tracker also provides details on the state insurance help program. These programs offer Medicare-eligible people, as well as their families and caregivers, reputable local advice, and assistance.

Contact Information:
Email: [email protected]
Phone: 2129517376

Bio:
M. Dutton and Associates is a full-service financial firm. We have been in business for over 30 years serving our community. Through comprehensive objective driven planning, we provide you with the research, analysis, and available options needed to guide you in implementing a sound plan for your retirement. We are committed to helping you achieve your goals. Visit us at MarvinDutton.com . Tel. 212-951-7376: email: [email protected].

According to a study conducted by Bank of America, while they are superior at making investment decisions, the rate at which women make investments remains low compared to their male counterparts. Time and time again, the data proves the advantage of women in self-control, conducting research, and even determining risk aversion when it comes to investing. With only 46% of women feeling as though they have a small degree of influence over investing, it’s no wonder they are held back by obstacles. What are some of these roadblocks, and how are younger women pioneering future generations toward an open conversation about finances?

Financial freedom is dependent upon both short-term and long-term financial planning and the confidence to progress in that direction. Long-term finances happen to be one of the biggest issues faced by women of today. Up to 94% of women feel they will become solely responsible for finances within their lifetime, with only 28% of said women feeling empowered enough to succeed. Among the women within this study, 44% struggle to pay down debt, with other issues including emergency funds, retirement savings, and the ability to build wealth.

When it comes to financial independence, though, just 47% of women recognized paying off debt as the cornerstone of financial freedom. Additional concerns include unexpected expenses, funding education for future generations, and caring for aging parents. Putting money away for retirement is another concern for men and women alike, with over 40% of women feeling uncertain about enjoying a comfortable retirement. Unfortunately, most women beginning to reach retirement age have already resigned themself to relying solely upon a fixed income through Social Security benefits.

As pioneers toward open conversations regarding finances and investing, younger women may be the key to changing the course of history for themselves and future women. Women between the ages of 22 to 39 feel more comfortable conversing over finances with others, such as financial advisors, than their aging counterparts. Could this be the cause behind upwards of 65% of younger women freely willing to discuss new investment opportunities, whereas 59% are more confident in requesting raises throughout the workplace?

This isn’t just a problem in the United States, but a worldwide struggle for women alike. Words such as “male-dominated,” “patronizing,” and “untrustworthy” are just a few of the more prominent phrases used by women with a strong aversion to the stock market. Shockingly enough, although most of the women who participated in another British-based study were solely responsible for the majority of the household finances, not one had ever invested in stocks. Ultimately, more than one-third of the women who chose to participate in either study noted the availability of a trustworthy source for financial advice could mean a world of difference.

Contact Information:
Email: [email protected]
Phone: 2129517376

Bio:
M. Dutton and Associates is a full-service financial firm. We have been in business for over 30 years serving our community. Through comprehensive objective driven planning, we provide you with the research, analysis, and available options needed to guide you in implementing a sound plan for your retirement. We are committed to helping you achieve your goals. Visit us at MarvinDutton.com . Tel. 212-951-7376: email: [email protected].