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By MONEY MORNING STAFF REPORTS - 08/15/20
On May 1st, 2016 Congress is Banning Some of Social Security's Biggest Benefits
After this Date, as Many as 21.3 Million Americans Could No Longer Be Eligible to Collect an Estimated $11.4 Billion in Crucial Benefits
Please review the information below
A Money Morning Exclusive For Release: February 16, 2016
If you are currently enrolled in Social Security, or are about to become eligible, please pay close attention to the following message.
By May 1, 2016, Congress will officially end a series of Social Security's most lucrative benefits.
This will cause an estimated $11.41 billion to effectively disappear.
It is a historic amount of money.
Currently, as many as 21.3 million Americans could be eligible for large payouts from these benefits.
And if you are one of them, your time is quickly running out to step forward and claim what is rightfully yours.
Here's what you need to know.
The banning of these benefits has been set in motion thanks to the Bipartisan Budget Act of 2015-2016.
With the Federal debt quickly approaching $19 trillion, not surprisingly, these dramatic changes were passed in both the House (266-167) and Senate (64-35) with overwhelming majorities.
And this past November President Obama signed the reform into law.
Congress and the White House Have Finally Found Something They Can Agree On.
…Americans are receiving too much money from
This is obviously not an opinion that is shared by the American people themselves, though.
And you owe it to yourself to do whatever it takes to ensure you are not short-changed from the biggest reform to Social Security in nearly four decades.
Because, to be absolutely clear, a lot of people stand to lose a lot of money if they don't act now.
This New Law Mandates That the
Social Security Administration Ban:
- A provision that could allow you to collect a one-time, lump-sum check from Social Security for as much as $124,174.
- A "restricted application" that can boost your income by $63,648.
- A massive overhaul to Medicare payments and deductibles. Take the amount you were expecting to pay for Medicare. Now slash that number in HALF. That's how much you could be saving!
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And what will undoubtedly come as a shock to many Americans is just how big these loopholes are.
The examples listed above are just the tip of the iceberg.
He believes many Americans could be missing out on $50,000 from these little-known (and soon to be gone) Social Security benefits.
But for some, that could be a drastic underestimate.
- If you are single and over the age of 60, you could miss the chance to add $84,240 to your bank account over the next five years.
Could You Be Owed $50,000, $100,000, Even More From These Banned Benefits…
- If you are married, another of these disappearing provisions allows you to call up your Social Security clerk, make a simple six-word request, and immediately raise your income by an extra $1,329 a month.
- If you are a parent or grandparent there is a 2-step filing method that could provide enough money to pay for your children, or grandkids, to get both a bachelor's and master's degree.
There is $2.5 billion available, just in this program, for the taking.
And we all know the cost of education has been going through the roof. You must find out if you are eligible!