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From the Northeastern Section of the ACS, focusing on career management and development
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06/01/09
Watch-outs 9. Benefits Protection
Filed under: Mature professionals, Legal matters
Posted by: site admin @ 8:58 am

Seizure of SS assets (in loan debates),
company bankruptcy protection, and
’surviving spouse’ SS benefits are three
topics we talk about when it is too late
(SS = social security).

It is valuable to bring these topics
up.  Although they seem narrowly
focused, discussion brings up some
good practices.  Namely,

 - strategize your family’s social security
withdrawal plan, developing at least
two alternatives,
 - consider the use of income management
accounts at firms separate from
credit holders (cards and loans), and
 - keep good records of your
employment, pension and social
security accounts, including dates,
pay-outs and earning histories.


SS Benefits protection
SourceWSJ 6-1-09 by E. E. Schultz
Four strong practices highlight this
strong article on protecting one’s
SS and disability benefits from creditors.
a) deposit one’s SS and pension in
different institution from credit card
or loan.  Speaks to use of Income
Management Accounts to deposit and
obtain solid interest rates from.
b) separate SS deposits from tax
deferred accounts.
c) if sued for debt owed, ask for
specific proof of debt
d) if an account is frozen, file a
claim within ten days.

Pension benefits from Bankrupt
firms
Source:  WSJ 5-31-09 Ask Encore
Kelly Greene offers a number of
actions and resources to consider
when one decides it is time to
collect pension benefits from a
bankrupt firm or one that has merged
or been acquired.

Collecting spouse’s social security
and planning
Source
:  WSJ 5-16-09
Kelly Greene poses several alternative
scenarios and cites resources for
collecting spouse’s social security.
There are excellent considerations
discussed.

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