financial planner

Questions about Social Security Retirement Applications You Should Never Ask

By Lisa Copely 9 May, 2023 3 mins read

Your circumstances may dictate that the Social Security Administration will ask you several questions as part of your application. These may include details about your work history and basic financial information. Your benefits depend on the money you earned during your working career, so you must provide a complete list of your earnings and dates of railroad work or military service. A routing number and account number may be requested for bank accounts. To simplify your life, these questions are divided into several categories.

OPERS members

OPERS members might have specific questions regarding retirement applications. They should be aware that OPERS offers three types retirement plans: Traditional, Combined, or Member-Directed. Each plan has a different eligibility. It depends on whether employees belong to groups A, B, and C. The combined plan does. Our FAQs for OPERS members provide more details.

Other retirees

You might be unsure how to apply for Social Security Benefits. Here are the most common questions regarding the benefits process. The benefits available to individuals will vary depending on their age and earnings history. The benefits options available to Social Security beneficiaries may interest you. Below are the most frequently asked questions and answers by retired persons. You can also find information from the SSA about what to expect when you begin receiving your monthly benefits.

SSI

These SSI retirement questions may come in handy if you're approaching retirement age. Good news is that not all questions need to be answered. There are some pieces of information that you shouldn't provide and these tips can help expedite the application process. It is important to first determine if you qualify. You can check the Social Security Administration website to see if you're eligible.

PLOP recipients

PLOP can be described as a special retirement program where the retiree can receive a lump payment of the benefit, in addition to their monthly retirement allowance. To be eligible, the member must have been out of work in law enforcement, public safety or any similar role. The first payment is due after eight business days from the date of receipt of valid documentation. The member may also receive the first payment at the effective date of retirement.

Getting a PLOP Payment

Although receiving a PLOP on your social insurance retirement application might seem like a wonderful dream, there are a few things to be aware of. You need to be aware of the tax implications. You may not be eligible to roll over your entire amount, and there may be restrictions regarding the transfer of funds. Federal tax laws, for example, require that 20% of lump sum payments must be withheld. If you withdraw funds before the deadline, you could be subject to a 10% penalty. However, if you're over age 55 or 59-1/2, the penalty won't apply.

Get a lump sum

If you are applying for Social Security retirement, you have the choice of getting a lump-sum payment of six months of benefits rather than monthly payments. This option can be useful for extending your retirement and securing a comfortable nest egg. It's not free, however. Some taxes will be required. You can find more information on this at the Retroactive Supplemental Security Income help page.

Getting direct deposit

If you're completing your social insurance retirement application, you might be interested getting your benefits electronically transferred. This option is available to those who open bank accounts and verify their details. You can request a direct deposit payment from the FDIC by visiting their website. To request a payment, you can either visit a branch or go online. After you have set up your bank account, you will be able to request a direct deposit payment via the FDIC's site. Log in to your account, then click "Update Direct Deposit" to initiate the payment. You can enter your bank account information and verify your bank's routing transit number.

FAQ

What is a Financial Planner? How can they help with wealth management?

A financial planner can help you make a financial plan. A financial planner can assess your financial situation and recommend ways to improve it.

Financial planners are trained professionals who can help you develop a sound financial plan. They can assist you in determining how much you need to save each week, which investments offer the highest returns, as well as whether it makes sense for you to borrow against your house equity.

Most financial planners receive a fee based upon the value of their advice. However, there are some planners who offer free services to clients who meet specific criteria.

What are the benefits of wealth management?

Wealth management has the main advantage of allowing you to access financial services whenever you need them. You don't need to wait until retirement to save for your future. This is also sensible if you plan to save money in case of an emergency.

You can choose to invest your savings in different ways to get the most out of your money.

For example, you could put your money into bonds or shares to earn interest. You can also purchase property to increase your income.

If you decide to use a wealth manager, then you'll have someone else looking after your money. You don't have to worry about protecting your investments.

How to Beat Inflation by Savings

Inflation refers to the increase in prices for goods and services caused by increases in demand and decreases of supply. It has been a problem since the Industrial Revolution when people started saving money. The government attempts to control inflation by increasing interest rates (inflation) and printing new currency. There are other ways to combat inflation, but you don't have to spend your money.

You can, for example, invest in foreign markets that don't have as much inflation. There are other options, such as investing in precious metals. Two examples of "real investments" are gold and silver, whose prices rise regardless of the dollar's decline. Precious metals are also good for investors who are concerned about inflation.

Statistics

A recent survey of financial advisors finds the median advisory fee (up to $1 million AUM) is just around 1%.1 (investopedia.com)
According to Indeed, the average salary for a wealth manager in the United States in 2022 was $79,395.6 (investopedia.com)
As of 2020, it is estimated that the wealth management industry had an AUM of upwards of $112 trillion globally. (investopedia.com)
Newer, fully-automated Roboadvisor platforms intended as wealth management tools for ordinary individuals often charge far less than 1% per year of AUM and come with low minimum account balances to get started. (investopedia.com)