Tag Archives: Social Security

Social Security Website and Recommended Review of Your Social Security Statement – Confirm those Credits

We wanted to give a shout out to the Social Security Website. Over the last few years we have continued to be impressed with their improvements.

Since we are here, it is a good time to remind everyone to go check your Social Security Records to make sure they have received proof of your income for the last few years. There is a 3 year window to get your credits added to your statement, otherwise they may be lost…

Social Security Web Page

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Use this link to find out the maximum full retirement age benefit – $2788/Month

How about find how remarrying will affect your benefits? Here is the answer!

If I retire early, will my benefits be reduced ? Just need 40 Credits! Here is the link to the calculator page to get a more precise estimate.

All answers were found on the site above… Well done guys !

Have a Great “Social Security Handy Website” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com

April 2018 Podcast Video, Financial Planning and Capital Market Update – By John Kvale

Hello and Welcome to our April 2018 Financial Planning and Capital Market Update!

If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast format.

April 2018 Video

Financial Planning Tip (s) –

With Tax season finally over, here we mentioned how it seemed to never end…but we digress…

It appears the Cyber Thieves are back at it again, and have a new technique involving Social Security. Here in our Social Cyber Post, we discuss just how they are doing this.Cyber Attack

Bottom line, if you see something suspicious, be sure to notify the appropriate agency.

Capital Market Comments

Early Discussions of the Interest Rate Yield Curve – Rates

This is going to be fun …. In the first of a multi-part series here, we discuss the basics of the yield curve.

Bottom line, at its most basic level the yield curve should go upward and outward just as our home made chart below (the starting point for our discussion.)

 

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Have a Great Day! Talk to you at the end of May!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com

Cyber Thief Update – We have some good news – Clever new tactic to watch out

The last several years marked double digit cyber invasive events through us and our friends and clients at the start of the year, peaking at tax time. Topping out at a new high last year with 12 invasive events.

This year we’re happy to announce that total threats were low single digits.

However, we did hear of a unique new trick from the tricksters worth noting.

The Social Security TrickCyber Attack

This year through our peer study groups we heard of one of the most clever Cyber tactics in recent memory. This Cyber attack involves signing up for your Social Security, but not being you, and depositing your Social Security into someone else’s account.

Bottom line if you receive ANYTHING from the Social Security thanking you for commencing your services for whatever reason, check into it may be fraudulent …. likely is if you have not had any interaction with the Social Security Administration!

Wish the thieves spent as much time working productive as they do destructively … the world would be a better place…… but we digress!

Have a Great Less Social Security Cyber Attacks Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com

IRMAA Letter, Worse than a “Dear John”, but WE have Solutions!

Last week we discussed the coming big article in our Q1 2018 Newsletter concerning the new Medicare Tiers and Means Testing. In that article we discuss the income levels that will trigger higher premiums.

If you have been targeted of higher means, you will receive an IRMAA letter! You have been IRMAATized

IRMAA Letter

Short for Income Related Monthly Adjustment Amount –

Definition – You have been Mean’s Tested and the Social Security Administration (SSA) is asking you to pay more for Medicare Premiums.

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The SSA is likely looking at your income from two years ago.

Good News- There is a solution if this is an unusual income amount or you have had a life changing event. This SSA Form 44 from the SSA is what you will need.

Life Changing Events According to SSA:

  • Marriage
  • Divorce/Annulment
  • Death of Your Spouse
  • Work Stoppage
  • Work Reduction
  • Loss of Income-Producing Property
  • Loss of Pension Income
  • Employer Settlement Payment

There are literally check boxes with these subjects in it. Of course life has curve balls that may not allow you to “Check the Box” … We have had continued success with folks going to the SSA office and presenting their case directly to the agent.

We would suggest the timely but productive visit if there is anything out of the ordinary with your proving of “Life Changing Event”!

Bring Proof

“ I understand that signing this form does not constitute a request for SSA to use a more recent tax year information unless it is accompanied by:

  • Evidence that I have had the life-changing event indicated on this form;
  • A copy of my Federal tax return; or
  • Other evidence of the more recent tax year’s modified adjusted gross income”

This information is stated just before a signature section on the SSA Form. Heed the warning and bring whatever proof in order to speed processing.

There you have it … many more options to correct the situation than a “Dear John” letter!

Have a Great “Non IRMAATized” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com

October 2017 Podcast Video, Financial Planning and Capital Market Update- By John Kvale

Here is our October 2017 Monthly review. If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast format.

Enjoy!

October 2017 Video

Break In – D Magazine Honors – Best Wealth Managers

We are super happy to be honored in D Magazines Best Financial Planner and Wealth Managers Award !!

Thanks so much and congratulations to our fellow recipients.

9-27-17 FINAL DMAG Spread

11th Consecutive Honor – John Kvale Best Individual Financial Planner

The 11th consecutive D Magazine best Financial Planner award was also in this edition and we are super happy to announce, John received his 11th consecutive nomination!DmagLogo

Wow and again thanks to our fellow recipients!

Financial Planning Tip(s)-

Social Security Increase

Don’t smirk at 2%, every penny counts! With a CPI (Consumer Price Index) increase of 2% year over year, the Social Security Administration passed the good news on earlier this month. Take that 2% increase and run!

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Capital Market Comments

Rates are Slowly Ticking Up

After much silence on interest rates, we have taken notice of recent movement as the global economy begins to pick up steam … Overseas seems to really be getting their act together.

10-24-17 10 Year Treasury

Consumer Sentiment Also Higher

The University of Michigan Consumer Sentiment hit a post “Great Recession” high this month.

With two thirds of our US Economy being based on consumer consumption, this bodes well for the Economy.

10-13-17 Consumer Sentiment

See you at the end of November, which also features our very special Blooper Thanksgiving Video from a few years ago!

Happy Fall Season!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com

Social Security Raise in 2018 is 2% NICE!

The Social Security Administration announced late last week the COLA (Cost of living adjustment) based not he CPI, Consumer Price Index (see graph below) would be a 2% increase.

Here is a great fact sheet link

Three Important Numbers

2% – The increase in ALL Social Security benefits for 2018

$128,700 – The phase out level of Social Security withholdings – Medicare 3% does not phase out anymore

$17,040 – The maximum amount of employment related income you can earn AND draw Social Security early without facing a dollar for dollar tax above this amount

The CPI – Consumer Price Index

The Consumer Price Index (CPI) (to be exact, it is the CPI-W for clerical workers and wage earners- it looks exactly the same) is the basic index living adjustments for Social Security (and many other instruments) are used.

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As you can see the line is generally up, but there are years that no adjustment is made!

Happy 2% raise next year!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
http://www.jkfinancialinc.com
http://www.street-cents.com

No Social Security/Pension Cost of Living Adjustment Increase for 2016

On October 15, 2015 the Social Security administration formally announced that there will be no Cost of Living Adjustment for 2016.

No Cost of Living Adjustment

The Cost of Living Adjustment (COLA) for Social Security and most other pension plans is based on the Consumer Price Index (CPI). Recall this is part of what Janet Yellen and her friends at the latest Federal Open Market Committee (FOMC) said was too low for their comfort and was used as one reason they did not increase rates.

 

CPI 1 year trailing 9-2015

 

Here is a good graph of the components of CPI, by Bonddad

 

CPI Components CO bonddad 2012

 

Believe it or not, the long term average of CPI is 2.75% – We are no where near that today !

Have a Great Day!

John A. Kvale CFA, CFP

http://www.jkfinancialinc.com
http://www.street-cents.com
8222 Douglas Ave # 590
Dallas, TX 75225