[Noozhawk’s note: One in a series of Social Security-related columns by AmeriFlex representatives. Click here for a related article.]
» Social Security is no longer sending statements to anyone as of Oct. 1, 2012.
» Social Security has announced that the cost-of-living adjustment for 2013 will be 1.7 percent and will begin Dec. 31, 2012.
Q. Does the state of California tax Social Security benefits?
A. California does not tax Social Security income.
Q. Are Medicare Part B premiums deducted from Social Security benefits?
A. Yes. Medicare eligibility begins at 65. When you reach full retirement age and begin collecting Social Security benefits, Medicare premiums are deducted. Before collecting Social Security benefits, you will receive a bill from Medicare.
Readers: Email your Social Security questions to email@example.com.
— Justin Anderson, CFP, CRC, CLU, is a financial planner and Bibi Taylor, MBA, is the Social Security project coordinator at AmeriFlex, 3700 State St., Suite 310, in Santa Barbara. Call 805.898.0893 for more information. Financial advisors and registered representatives associated with AmeriFlex Financial Services offer securities and advisory services through SagePoint Financial Inc., member FINRA/SIPC. Insurance services offered through AmeriFlex Financial Services, which is not affiliated with SagePoint Financial Inc. or registered as a broker-dealer or investment advisor. Registered representatives may only discuss and/or transact securities business with residents of the following states: AR, AZ, CA, CO, FL, GA, IL, IN, MI, MO, NC, ND, NJ, NM, NV, NY, OH, OR, PA, PR, SC, TX, VA, WA, WI.