Social Security 2017

SOCIAL SECURITY 2017

The Future of Social Security | Expenses & Medicaid | Age & Income Social Security Benefits & Programs | Survivor Benefits | Hospice Care An advertising supplement of the Lewiston Tribune and Moscow-Pullman Daily News

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The future of Social Security

Kirk Larson | Social Security Washington Public Affairs Specialist

Social Security Board of Trustees Annual Report

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ecently, the Social Security Board of Trustees released its annual report to Congress presenting the financial status of the Social Security trust funds for the short term and over the next 75 years. The combined asset reserves of the Old-Age and Survivors Insurance, and Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2034 with 77 percent of benefits payable at that time.

The projected actuarial deficit over the 75-year long-range period is 2.83 percent of taxable payroll.

In the 2017 Annual Report to Congress, the Trustees announced:

“It is time for the public to engage in the important national conversation about how to keep Social Security strong,” said Nancy A. Berryhill, Acting Commissioner of Social Security. “People understand the value of their earned Social Security benefits and the importance of keeping the program secure for the future.”

The asset reserves of the combined OASDI Trust Funds increased by $35 billion in 2016 to a total of $2.85 trillion. The combined trust fund reserves are still growing. Beginning in 2022, the total annual cost of the program is projected to exceed income.

Total income, including interest, to the combined OASDI Trust Funds amounted to $957 billion in 2016.

The year when the combined trust fund reserves are projected to become depleted, if Congress does not act before then, is 2034 – the same as projected last year. At that time, there will be sufficient income coming in to pay 77 percent of scheduled benefits.

To learn more about the 2017 Trustees Report go to www.socialsecurity.gov/OACT/TR/2017/.

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Count on survivor benefits to protect your family

Kirk Larson | Social Security Washington Public Affairs Specialist

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ragedy strikes without warning. According to the U.S. Centers for Disease Control and Prevention, over 2.7 million people will die in the U.S. this year. For families who lose a wage earner, it can have a devastating financial impact in addition to the emotional one.

If you work, some of the Social Security taxes you pay now go toward survivors benefits for workers and their families. In the event of your death, certain family members — widows, widowers (including your divorced spouse), children and dependent parents — may be eligible for survivors benefits.

Today, in Washington State, there are over 110,000 widows/ widowers and surviving children receiving monthly benefits.

The average payment is just about $1,225 per month. Social Security’s survivors benefits may be more valuable than your individual life insurance.

on your average lifetime earnings. The more you earned, the more their benefits will be. Check your Social Security Statement to see an estimate of survivors benefits we could pay. You can create a secure my Social Security account to access your Statement anytime and see an estimate of these benefits.

In certain circumstances, we also make a one-time payment of $255 to your spouse or child if you’ve worked long enough. Survivors must apply for this payment within two years of the date of death.

For more information about how Social Security’s survivor benefits visit our website at www.SSA.GOV. No one likes to think about death, but, unfortunately, it’s inevitable. When it happens, know that you can count on Social Security to be there for your loved ones.

The benefit amount your family is eligible for depends

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How the hearing mechanism actually works

Dr. Anne Simon, Audiologist | Simon Audiology & Tinnitus

A True Marvel of Design

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his is a common story I hear from my patients. Let’s call the husband, Ben, and the wife, Sharon (and I could just as easily reverse the roles for this story). To Sharon’s delight, Ben, “finally” gets a pair of hearing aids.

But, Sharon is still frustrated with Ben because he doesn’t acknowledge her when she speaks from a room or two away.

The new habits I teach Ben and Sharon would be helpful to anyone who has a loved one with hearing loss.

Gain attention before talking. We all make decisions constantly about what we are going to give our attention to. What words we read. What sounds we listen to. What objects we look at. It’s not all that surprising that your loved one could be unprepared to give you his attention without a little tap on the shoulder. Use their name. Make eye contact. Touch them gently.

Sharon can tell the hearing aids are working because Ben is more comfortable and engaged in social situations.

The sound of the TV is at a comfortable volume. Ben takes phone calls again.

Once you have eye contact, maintain it. Facial expressions and body language add vital information to verbal communication. This may be a surprise for you, but we all lip read, naturally. It’s not just reserved for those with hearing loss. Lip-reading helps us to understand speech, especially in difficult to hear, noisy situations. This leads us

Hearing is the key to relationships. And Ben and Sharon have taken only the first step to rebuilding what was lost due to Ben’s hearing loss. Hearing loss creates habits.

Some of those habits don’t serve the relationship.

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“The four distinct processes that make up our ability to hear and understand sound.”

to our next tip.

Hands off. When talking, keep your hands away from your face. It can block all of those great visual cues.

If you have a loved one with hearing loss, give these habits a try. It’s OK if you are out of practice. Habits are formed over time, and often beyond our notice. Every now and then we could all use a gentle reminder.

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Hospice: helping patients live well

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hen you think of hospice, do you think of life? Chances are probably not. Often people think of hospice as a place you go to die, but that is an unfitting way to define what hospice actually is.

Hospice is a special kind of care for people who no longer pursue a cure for their illness at the end of life. To be eligible for hospice, a patient must have a terminal illness with a prognosis that puts their life expectancy within six months or less. With hospice, care priorities shift to the support of patients and the care givers with end-of-life decision-making to reach the best quality possible for each day.

So how does hospice help one to live well? First, hospice uses a team approach. Each patient admitted, receives care from a physician, nurse, medical social worker, spiritual counselor, therapist, home health aid, and volunteer. Hospice uses this approach to manage the complexities of end-of-life care by covering all aspects of a patient’s needs, including pain and symptom management, fulfilling end-of-life wishes, providing education, working towards reconciliation with family and friends, grief and bereavement support, housekeeping, respite for caregivers, and much more. Each member of the hospice team is crucial for the care of the patient, extending both the quality and

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quantity of life. Studies show that patients with hospice/palliative care interventions will have a better quality of life, and will on average live up to 29 days longer.

Pain is not the only symptom that needs to be regulated, a patient’s emotional and spiritual issues need to be addressed as well. People with heart disease, diabetes, cancer, stroke, Parkinson’s disease, and HIV/AIDS are at much greater risk for depression than the overall population, up to 75%. Effects of untreated depression can have dangerous consequences including a lack of hope and peace, withdrawal of interaction with loved ones, limited ability to organize end-of-life affairs, increased interest in terminating life early, and can also make managing pain and other symptoms more difficult. Because depression is both emotional and physical, palliative medicine can only go so far. Along with medication, hospice provides spiritual counselors and grief support counselors to help patients overcome their depression so that they can live out the rest of their days in peace.

Hospice patients often worry about the stress of family caring for them and what will happen to their family when they are gone.

Caregiving for a hospice patient can be an enormous and difficult task, and often caregivers are at a high risk for psychological

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S O C IAL S E C URITY and physical disorders of their own. However when caregivers are given support, end-of-life care of a loved one can actually be a positive experience. Hospice helps provide support by nurse intervention, educating caregivers on end-of-life, providing respite care, grief and bereavement support counseling. Hospice also provides family and loved ones the option of bereavement counselors and/or support groups for after their loved one has passed away.

Hospice is a great resource and service for those who are dying, yet out of the 71% who say that they want to die at home, only a small fraction of that number actually do. Why is that?

Besides having to overcome a society’s general fear of death, there is the stigma that a patient will soon die after electing hospice. Hospice may actually add days to your life by managing the pain and symptoms associated with a terminal illness. Patients can elect hospice up to 6 months before they are expected to die, even though the average length of service was 67.4 days in 2010, the median length of service was only 19.7 days, which means that half of hospice patients received care for less than three weeks. This short time frame does not allow for a patient or their family to really benefit from the many services hospice provides, and makes it difficult for family members and patients to prepare themselves emotionally and physically for the end. Being unprepared for death is hard on the patient and results in a longer grieving period for the family.

Research shows that when physicians are planning for their own personal care they tend to plan ahead, reject CPR, and die

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in peace more than the general public. Physicians know what quality end-of-life is. Yet, it is often difficult for these physicians to have a candid discussion with a patient and their family about the patient’s trajectory toward death. This difficulty is understandable when a doctor’s main goal and desire is to make their patients well. However, there are ways in which having the end-of-life discussion can be made easier and more meaningful. Quality-oflife discussions are helpful for ICU patients and for their families when end-of-life discussions need to be made. Communication about end-of-life is best handled early, before aggressive treatments begin and the patient is more stressed and less likely to really reflect on their end-of-life options. Hospice is prepared for all types of end-of-life discussions. Physicians can call their local hospice to come and speak with patients and their families, so that they can know all of the options available to them and make well informed decisions for if and when the time comes.

With the country focusing on quality healthcare more than ever, there is much to be gained when all parts of the healthcare spectrum collaborate to serve patients. The purpose of hospice is to allow death to come naturally, with the goal that each remaining day be one of quality. People can only live for so long, healthcare has cared for them through their entire lives, but when the end is near, hospice can be there to help make the final journeys of dying patients a pleasant experience. A life well lived to a peaceful and graceful end is what hospice is about.

Article contributed by: Paul A. Ledford, CAE, CHA, Executive Director of FL Hospice & Palliative Care Association

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How claiming age affects the 8 S Ustream N D AY, SEPTEMBER 10, 2017 income One of the most important decisions a retiree faces is 4%"+ 1, --)6 #,/ , & ) " 2/&16 "+"Ćœ10Ç˝ %&0 &0 +,1 !" &0&,+ 1, " * !" )&$%1)6Č€ 1%" )&#"1&*"Çž &+Ć? 1&,+Č’ adjusted income promised by Social Security makes it ,+" ,# /"1&/""ȉ0 *,01 0&$+&Ćœ +1 00"10Ç˝

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spouse will live at least that long.

complex. You must take into account each spouse’s age,

If you apply for Social Security at 62, your benefit will be reduced to account for those four extra years of checks. If your PIA is $2,500, your permanent benefit would be $1,875, which is 75% of $2,500. If you apply for benefits at 70, your benefit will get a boost of four years of 8% annual delayed credits, giving you a permanent benefit of $3,300 a month.

their combined life expectancies, the benefit based on each spouse’s own earnings record, the spousal benefit for each spouse, and the amount the surviving spouse would receive after one spouse dies.

Now let’s see what the lifetime value of your Social Security income stream would be depending on when you start your benefit.

The key to maximizing your Social Security “asset” is to understand the lifetime value of the income stream. If you are looking at your Social Security statement, you may be tempted to take $1,875 per month at 62 rather than waiting until age 70 to receive $3,300 per month.

But if you consider the lifetime value of your benefits, assuming a realistic life expectancy, you can see that claiming the higher benefit at 70 will give you more total benefits over your lifetime. Just as you seek to maximize the value of your IRA and 401(k), you can also maximize the value of your Social Security. You can do this by locking in your highest benefit by claiming it at age 70.

Spousal and survivor benefits When the combined benefits for a married couple are taken into consideration, the analysis becomes more

If the higher earning spouse dies first, the lower earning spouse will jump up to that higher benefit. If the higher earning spouse had maximized his benefit by claiming it at 70, this will give the widow more income. This is why we nearly always recommend that the higher earning spouse claim his benefit at 70. This will maximize his retirement benefit while he is alive and the survivor benefit for the widow after his death.

But everyone’s situation is different. That’s why it is important to get a customized analysis of your claiming options and to understand both your potential monthly income as well as the amount of Social Security you stand to receive over your lifetime based on your claiming age.

Elaine Floyd, CFP®, is Director of Retirement and Life Planning for Horsesmouth, LLC, where she focuses on helping people understand the practical and technical aspects of retirement income planning.

Elaine Floyd, CFP®, is Director of Retirement and Life Planning for Horsesmouth, LLC, where she focuses on helping people understand the practical and technical aspects of retirement income planning.

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Q & A with SSA – Some common questions about benefits and programs

Kirk Larson | Social Security Washington Public Affairs Specialist

What happens if I work and get Social Security retirement benefits?

$2 you earn above the annual limit. For 2017 that limit is $16,920.

ou can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefit. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.

• In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age. For 2017 that limit is $44,880.

• We use the following earnings limits to reduce your benefits: If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every

When we figure out how much to deduct from your benefits, we count only the wages you make from your job or your net earnings if you’re self-employed. We include bonuses, commissions, and vacation pay. We don’t count

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Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.

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pensions, annuities, investment income, interest, veterans, or other government or military retirement benefits.

If you receive benefits and are under full retirement age and you think your earnings will be different than what you originally told us, let us know right away. You cannot report a change of earnings online. Please call us at 1-800-772-1213 between 7 a.m. to 7 p.m., Monday through Friday.

Can I withdraw my Social Security retirement claim and reapply later to increase my benefit amount?

Unexpected changes may occur after you apply to start your Social Security retirement benefits. If you change your mind, you may be able to withdraw your Social Security claim and re-apply at a future date. However, you must do this within 12 months of your original retirement. When you’re ready to apply for retirement benefits, use our online retirement application, the quickest, easiest, and most convenient way to apply.

What are the eligibility requirements to get Social Security disability benefits?

To qualify for Social Security disability benefits, you must have worked long enough in jobs covered by Social Security (usually 10 years). Then, you must have a medical condition

What You Need to Know About Prearranging

that meets Social Security’s definition of disability.

In general, we pay monthly benefits to people who are unable to work for a year or more, or who have a condition expected to end in death. The disability must be so severe the worker cannot work, considering age, education and experience. Even if you are still working you can file for benefits as long as your monthly earnings are under $1,170.

If you think you may be eligible to receive disability benefits and would like to apply, you can use our online application.

Filing online allows you to start immediately, file at home, and saves time going to a Social Security office.

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Medicaid Facts

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Fact: Many People who require nursing home care cannot afford to pay the costs.

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ecause of the high costs, a high percentage of residents that live in nursing homes rely on Medicaid to pay for their care. Today, an estimated four percent of the over 65 age population lives in a nursing home. As the proportion of the older people increases due to longer life expectancies, it is likely that more and more people will need nursing home care.

What is Medicaid?

By definition, Medicaid is a jointly funded program managed by both state and federal governments.

Medicaid offers medical treatment, including nursing home care for low-income individuals who are 65 or older, blind or disabled.

The rules for qualifying for Medicaid change often and vary state to state and from country to country.

Medicaid is not considered an entitlement program like Social Security; rather it is a needs-based program.

Because it is based on the need, a person is not eligible to receive Medicaid benefits as a matter of right. Each person

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Did you know? • Medicaid can pay for in-home care • Married couples can keep significant assets Serving the disabled and Elderly in and qualify for Medicaid for long term care North Idaho and Eastern Washington • Advanced planning can avoid guardianship

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309 E. 2nd Street, Moscow 208-882-3598 | 1-800-921-3700 www.kirsch-clark.com

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must make himself or herself eligible.

As a component of qualifying for Medicaid, a person must have limited assets. To limit assets, a person may be required to “spend down� his or her assets to a level as determined by the appropriate regulatory agency in his or her area. The concept of “spending down� is simple.

Essentially, the Medicaid agencies will provide funding for nursing home care only once a person’s assets have been reduced to the specified limits.

Fact: There are several methods to “spend down� assets, one of which is to prepay funeral expenses.

If a person’s assets exceed the specified limits, then he or she may have to use his or her own assets to pay for his or her care in a nursing home. There are several methods to “spend down� assets, one of which is to prepay funeral or cremation expenses. Most agencies will exclude a prepaid funeral plan (within limits) when determining eligibility for assistance.

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to qualify, you typically need to meet the following requirements: • Be a U.S. citizen living in the U.S. • Be over 65, disabled or blind • Have a “medical necessityâ€? requiring skilled nursing care • Medical and nursing home expenses exceed income • Meet the income cap – the applicant cannot make more than $1,656 (2003) per month in income • Have limited assets (usually less than $2,000, excluding home). Special rules may also cover an applicant’s assets and how they were used up to five years before an application to Medicaid is made.

Examples of assets are as follows: • Checking/Savings Accounts • Mutual Funds • Stocks/Bonds • Deferred Annuities

Medicaid Eligibility

• Cash value of most life insurance policies

The qualifications for Medicaid eligibility vary from state to state and from country to country. An attorney who understands Medicaid should be contacted before attempting to qualify for Medicaid coverage. In order

• Revocable living trusts • 401K/IRA/Keoghs • Burial Trusts beyond a minimum amount

Social Security won’t cover everything.

Do you have a plan?

Pre-planning provides you with the time needed to make practical, detailed decisions that reflect your standards, lifestyle, taste and budget. We can advise you of the total cost, and the funds you set aside today can help your family in the future.

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When it comes to funeral costs, Social Security pays very little, leaving your family with unexpected payments.

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S u n d ay, September 10, 2017

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Will working longer help or hinder your social security benefit?

Sponsored by Schrette & Lee Wealth Management

Continued earnings could increase your Social Security benefit depending on your situation. Working part-time at reduced pay will never cause your benefit to go down.

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ontinued earnings could increase your Social Security benefit depending on your situation. One thing is for sure: working part-time at reduced pay will never cause your benefit to go down.

your employers over the years (or as reported on your tax return if you are self-employed). Each year’s earnings are multiplied by an indexing factor to adjust for inflation. For example, annual earnings of $25,000 in 1980 might count for $90,000 after indexing.

A common question among people in their 60s is this: If I keep working, will my Social Security benefit go up?

The highest 35 years of inflation-adjusted earnings are totaled and divided by 420 to come up with the average indexed monthly earnings, or AIME. The AIME is then multiplied by three different percentages (called “bend points�) to determine the primary insurance amount. These bend points are adjusted for inflation and are different for each age cohort.

An even more common question is this: If I take a part-time job at a lower salary, will it cause my Social Security benefit to go down?

To answer these questions, you need to have a basic understanding of how benefits are calculated. First, your benefit is based on your highest 35 years of earnings. When your primary insurance amount (PIA) is calculated at age 62, the Social Security Administration (SSA) tallies up all of your earnings as reported by

If you worked more than 35 years, the excess years would not be counted. If you worked fewer than 35 years, the missing years would be filled in with zeroes. So the question is this: what effect will additional earnings have on your earnings record for Social Security purposes? The answer depends on which category you

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fall into:

If the additional earnings are lower than any of the 35 years of earnings already on your record – say you take a part-time job and earn less than you were making before – it will have no effect on your Social Security benefit because those lower earnings will simply not be counted.

2)You do not have 35 years of earnings.Let’s say you got a late start in your careeror took time out of the work force to raisechildren. When your earnings record istallied up, there may be fewer than 35years of earnings. In this case, the missingyears will be filled in with zeroes. The totalwill still be divided by 420 (the number ofmonths in 35 years), and this will cause yourAIME to be lower than if you had 35 yearsof positive earnings. So for you, workinglonger can replace some of those zeroes andimprove your Social Security benefit.

How much money are we talking about, really?

Let’s face it. Any additional wages you might earn immediately before or after retirement would be valued mostly for the earnings themselves: The additional income will allow you to draw less from your retirement accounts, and if you don’t need it all for spending you may even be able to create a bigger cushion for yourself.

But Social Security adds up, especially if you maximize Social Security’s lifetime, inflation-adjusted income by living a long life.

Even people who already have 35 years of high earnings might see some benefit. Here’s why: those early earnings, even though they are inflation-adjusted for the AIME, still count for less than you may be earning today. Replacing a year of lower earnings might cause your PIA to go up by only about $15 per month. But when you add in delayed credits for applying after full retirement age, and cost-of-living adjustments over your (and your surviving spouse’s) lifetime, it adds up.

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1) You already have 35 years of earnings. If you already have at least 35 years of earnings, an additional year of earnings will go onto your earnings record as usual. If the additional earnings are higher than the lowest year of earnings, the lower year will drop off and your AIME will be adjusted to account for the new year of higher earnings.

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Elaine Floyd, CFP®, is Director of Retirement and Life Planning for Horsesmouth, LLC, where she focuses on helping people understand the practical and technical aspects of retirement income planning.

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Pullman Office 1230 SE Bishop Blvd Pullman, WA 99163 509-332-6541

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Moscow Office 609 S Washington St. Ste 202 Moscow, Idaho 83843 208-882-2211

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Timing counts when it comes to your social security benefit Social Security can be one of your most valuable retirement assets. The decision of when you start taking your benefit impacts how much you’ll receive.

Call or visit today, and learn how your decision impacts your overall retirement income strategy.

Final decisions about Social Security filing strategies always rest with you and should always be based on your specific needs and health considerations. For more information, visit the Social Security Administration website at www.socialsecurity.gov.

Dean E. Roy, AAMS

Brad Melton, AAMS

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Brian E. Bailey, AAMS

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1024 16th Avenue Lewiston, ID 83501 (208) 798-4742 1-877-798-4770

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303 Bridge Street, Ste.3 Clarkston, WA 99403 (509) 758-8731 1-866-758-9595

1455 G Street Suite 101 Lewiston, ID 83501 (208) 746-2308 1-844-746-2308

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