Making Sense of the SS Acronyms

list of social security acronyms

The Social Security Administration LOVES to use acronyms. I’m sure you’ll agree if you’ve ever received a letter from them or spent much time on their website.

SS Acronyms like PIA, DIB, RIB & MOET probably makes sense to the people who use these terms every day, but for most of us…it’s gibberish. However, if you want to take control of your social security filing plan, you may need to familiarize yourself with some of these. Here they are alphabetically.

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Social Security Spousal Benefits: What You Need To Know

social security spousal benefits

What’s one of the most generous benefits available to retirees? That’s easy. It’s Social Security spousal benefits! These benefits are some of the most important, too.

A recent Social Security report found that 2.3 million individuals received at least part of their benefit as a spouse of an entitled worker. Some of these spouses had benefits of their own, but were eligible to receive higher benefit because the spousal benefit amount was greater than their own benefit. Some of these individuals have never worked outside the home or paid Social Security tax. They have no benefit of their own and rely exclusively on the Social Security spousal benefit available under their spouse’s work record.

And it’s not just retirement income benefits. Eligible spouses also receive premium free Medicare benefits.

Let’s take a look at what it takes to qualify as well as what benefits you may receive as an eligible spouse.

Before you dive into this article, you may want to watch my short video Social Security Basics

What Does it Take to Qualify?

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Mailbag: Reducing Taxes By Choosing When To File For Social Security

answers to social security questions

A reader wants to know when he should file for Social Security in order to pay the least amount of retirement tax.

QUESTION:

Should I retire at 66 years old and use my IRA for income before taking Social Security? My retirement income will come from my pension, RMD, Social Security and rental. I am a conservative investor. My RMD annual income at 4% will be the biggest piece of the pie. My gross retirement income will be more than my taxable income while employed. I don’t want to pay extra taxes. What should I do?

ANSWER:

I don’t blame you for not wanting pay extra taxes! When viewed through a long term perspective, taxes in retirement may be one of your greatest single expenses. Although your tax advisor is the best resource for recommendations on an overall tax reduction plan, there is one strategy that is really easy and often overlooked…it could be as simple as structuring your income properly.

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