🎙️ RSSA Announcements

⭐ Top Stories

Social Security do-over: what are your options?

Source: Investment News

If you've claimed Social Security benefits but now have second thoughts, you might have a chance for a Social Security "do-over." Check out what Martha Shedden shares with writer Mark Rosanes about the different options. Read the story.

Here's How Much Money You Could Lose if Social Security Goes Bankrupt

Source: U.S. News & World Report

"Social Security cannot go bankrupt. Ever. If bankruptcy means that the program will run out of money, it is not possible..." RSSA President Martha Shedden shares her thoughts about the risk of Social Security going bankrupt with writer Kate Stalter. Read the story.

Medicare Gave Them Bad Advice. Now They're Paying Dearly.

Source: Barron's

Unintentional errors from government and SSA representatives can unfortunately result in costly consequences for those relying on Medicare and Social Security advice. Martha Shedden and Brian Keith Moon, RSSA share their insights with Barron's Neal Templin on this big issue. Read the story.

💬 Ask Martha

Question: I'm 62 and stopped working, but not collecting Social Security yet. My husband is 69 and still working. Can he apply for Spousal benefits? Can I apply for Spousal benefits after he retires until I'm 67 and then apply for Social Security?

Martha's response: One spouse of a couple can only collect spousal benefits if the other one is collecting retirement benefits. Retirees cannot switch from spousal to retirement benefits. If one spouse is collecting their retirement benefit and becomes eligible for a higher spousal benefit amount, they would receive an additional amount to bring their total up to the spousal benefit...Read the full response.

Ask Martha your own question.

🎧 Podcast

Extensive Social Security Knowledge And Advice

In this archived episode of Social Security: Answers from the Experts, Martha Shedden sits down with Alicia Munnell and they discuss the major issues facing Social Security and retirees at the moment. Alicia Munnell is the Peter F. Drucker Professor of Management Sciences at Boston College's Carroll School of Management. She also serves as the director of the Center for Retirement Research at Boston College. With Alicia's extensive knowledge on these issues this is certainly an episode you'll want to listen to.

Listen to the episode or watch the recording on YouTube.

💡 Social Security Spotlight: COLA

What is COLA? COLA stands for Cost of Living Adjustment. It is an automatic annual increase to Social Security benefits meant as a way to keep pace with inflation.

How is the COLA determined? The Social Security Administration calculates the COLA based on the increase in the CPI-W (Consumer Price Index for Urban Wage Earners and Clerical Workers) in the third quarter of the current year compared to the increase in the CPI-W in the third quarter of the previous year. The third quarter includes July, August, and September. The CPI-W is determined by the Bureau of Labor Statistics in the Department of Labor.

What is the history behind COLAs? Congress enacted the COLA provision as part of the 1972 Social Security Amendments. The first automatic annual COLA began in 1975. Prior to 1975, Social Security benefits were increased only when Congress enacted special legislation.

Are COLAs guaranteed? No, it all depends on the CPI-W. Since 1975, there have only been a few years with a zero percent COLA. Most recently, there was no COLA in 2016.

What is the 2025 COLA? The 2025 COLA was recently announced, and it is 2.5 percent. Last year it was 3.2 percent.

Learn more about the COLA here.

📢 Social Security Administration Updates

🗓️ Events

We recently attended the NAIFA 2024 Conference at the Arizona Biltmore. Thomas Drapala, RSSA's Director of Strategic Partnerships presented at this conference.

According to the Conference Review published in Financial Advisor Magazine, Thomas "conducted a powerful keynote presentation on the critical importance of Social Security knowledge for financial advisors to enhance their professional competency, competitive positioning, and help their clients avoid common pitfalls. He emphasized how Social Security serves as the first pivotal decision in retirement planning and why mastery of this area is essential for financial professionals. He further offered how RSSA can equip advisors with the knowledge and tools to differentiate their practice, protect their clients' interests, and grow their business through Social Security expertise." Read the full conference review.

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