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Is it true that my child can receive Social Security benefits based on my earnings record?

Your child – whether he or she dependent under age 18 (or age 19 if a full-time is your biological child, student in grade 12 or lower) and unmarried, adopted child, or However, if your unmarried child is disabled stepchild – may be able to and was disabled before age 22, he or she can receive Social Security monthly benefits based qualify for benefits based on your record at any on your earnings record if you’re receiving age; benefits for a disabled child may end, disability or retirement benefits from Social though, if your child marries or is no longer Security, or in the event of your death. These considered disabled, often overlooked benefits can provide steady income for your family when it’s needed the most.

How much will your child receive from Social Security?

When you start receiving retirement or disability benefits, your child may be eligible to receive up to 50 percent of your benefit. When you die, your child may be eligible to receive up to 75 percent of your basic benefit (the benefit that the Social Security Administration calculates you would have received if you had reached full retirement age at the time of your death).

Various factors will affect the amount of your child’s benefit, including whether other family members are also receiving benefits on your earnings record. To receive Social Security benefits based on your record, your child must generally be a You can find out more about family benefits based on your earnings record by checking your Social Security Statement.

To access your statement, sign up for a my Social Security account at the Social Security Administration’s website, http://www.socialsecurity.gov. Your statement will give you important information about Social Security that you can use to plan for your family’s financial future. This includes how you and your family members qualify for benefits, estimates of your future retirement and disability benefits, and what survivors benefits your child and other family members might receive if you die.

If [the plan] you’re currently enrolled in contains detailed information about Medicare , that should help you decide if your current plan is right for you. about your coverage. That’s because the annual enrollment period for Medicare ran from Oct. 15 through Dec. 7. During this period, you could have made changes to your Medicare coverage that will be effective on Jan. 1, 2014. If you were satisfied with your current coverage you did’t need to make changes, but you should have reviewed your options before you decided to stay with your current plan.

Your Medicare plan sends you two important documents every year that you should review.

The first, called the Evidence of Coverage, gives you information about what your plan covers, and its cost. The second, called the Annual Notice of Change, lists changes to your plan for the upcoming year (these take effect in January 2014). You can use these documents to evaluate your current plan and decide if you need different coverage. If you haven’t already gotten one, you should soon receive a copy of “Medicare & You 2013,” the official government Medicare handbook.

As you review your coverage, here are a few points to consider:

• Will your current plan cover all the services you need and the health-care providers you need to see next year?

• Does your current plan cost more or less than other options? Consider premiums, deductibles, and other out-of-pocket costs you pay such as co-payments or coinsurance costs; are any of these costs changing?

• Do you need to join a Medicare drug plan?

When comparing plans, consider the cost of drugs under each plan, and make sure the drugs you take will still be covered next year.

Does your Medigap plan (if you have one) still meet your needs?

If you have questions about Medicare, you can call 1-800-MEDICARE (1-800-633-4227 or TTY 1-877-486-2048) or visit the Medicare website at http://www.medicare.gov.

Please call me to find out more information, Jennifer Williams, President J. Williams Personal Financial Planning: 413 S. Curry St, Tehachapi, California Office Phone 661-822-7517 Office Email: jennifer.williams@npbfg.com Jennifer is a Registered Financial Consultant. She has over 20 years of experience in the industry.

Article is Courtesy of Forefiled, LLC Securities offered through NPB Financial Group, LLC. A Registered Investment Advisor/Broker-Dealer Member FINRA, MSRB, and SIPC.