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FACTS ON SOCIAL SECURITY DISABILITY SERVICES There are different types of Social Security Disability Benefits and as members we have to be abreast with all legal components concerning Social Security. One type of disability benefit is the Disability Insurance Benefit. This type applies to disabled individuals who have worked in recent years with the general rule 5 out of 10 years. And also included in type of disability benefit are those disabled widows and widowers who are at least 50 years old and whose disability has been found out to exist over a certain amount of time after the death of either the wife or the husband. The Social Security however requires that the deceased member should have worked the amount of number of years required to be able to qualify him or her of the insurance. For cases wherein the deceased member has a disabled adult child, the ruling of Social Security requires that the child should have been disabled before aging 22 years old in order for the child to benefit from the death of his or her parents or any other member of the family in which he is dependent upon. All of the benefits offered by the Social Security are available for everybody. Interested individuals are only required to have enough credits and a job covered by Social Security to avail of the benefits provided by the agency. Nonetheless, the rate from person to person differs depending on the number of years they have worked and the degree or the severity of the disability. For Social Security related cases there are Social Security Attorneys to turn to. Social Security Lawyers have the expertise and the knowledge to help you through your various Social Security troubles. These Social Security Lawyers can be reached either by phone or by email. Check your state and get to know the Social Security Attorneys in your area.
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Deferred Retirement Option Program: More Than Just a DROP in Your Retirement Plan Bucket
Ken Morris
Deferred Retirement Option Program: More Than Just a DROP in Your Retirement Plan Bucket As an employee of a state or local government, you may have a unique option available to you. You may be able to drop at least some of your retirement assets into another investment bucket. Many state and local governments have recently adopted Deferred Retirement Option Programs, which are commonly referred to as DROP plans. A DROP plan is a plan that allows any employee covered by the state or local government's pension plan to begin taking early retirement benefits from your pension plan account without terminating your employment until some future date; a date that may be as far away as five years into the future. Your employer can tell you if you are eligible to participate in a DROP plan. This option is generally extended to every employee who is (1) covered in the pension plan and (2) either eligible for retirement (based on years of service and age) or has accumulated the maximum benefit available under the pension plan. If you are eligible for your DROP program, you may have an important decision to make; a decision that may impact your income in your retirement years. The DROP plan option allows you to continue to earn a salary and, at the same time, take a more active role in planning for your retirement goals. In a traditional pension plan, your retirement benefit is based on a fixed formula. DROP plan retirement benefits are typically based on a fixed 5% rate of return. Neither retirement benefit is based on the performance of your underlying investments, which could be a concern. Different retirement goals require different investment plans and a fixed-income only approach may not be the best plan. This is especially true if a growth component is important to achieving your retirement goals. Having a DROP plan adds flexibility, it may allow you to roll your pension benefit to an IRA where you may select from any number of investment options and may modify your asset allocation when appropriate. This means you may select from different investments that are more suitable based on your needs in view of your retirement goals. It also means that the value of your retirement benefit is not fixed. It will be equal to the value of your investments. Therefore, it is important to become informed as to how a fluctuation in the value of your investments may impact your retirement goals. For assistance in evaluating the advantages and disadvantages of your DROP plan or for information on how a fluctuation in the value of your retirement savings may impact your retirement plan, please contact your Financial Advisor for an appointment.
"Can somebody please help me watch, manage, invest or oversee my 401k" is the question Mr. Morris hears most often that causes him the most concern. Fearing the American worker is being left in the dark, Mr. Morris, a fee based Investment Advisor Representative, based in Central Ohio, with Raymond James Financial Services, Inc., helps 401k participants get the most out of their retire
There is a "Mom" in your neighborhood.