Social Security Benefits inception was in 1935 during FDR’s term as President. It was one the government’s responses to the Great Depression. The key debate on Social Security back then was whether the benefits should be “doled out” or pay as you go insurance approach. Self-financing was the centerpiece of the original concept. Social Security benefits generate lifetime income to retirees starting as early as age 62. Originally there was no taxation on Social Security benefits. Now there’s a means testing income threshold that taxes benefits on a two-tier system. And with the exception of Roth IRA distributions, Reverse Mortgage income, Cash Value Life Insurance and Health Savings Accounts, all other income is includ in the provisional income test to determine Social Security benefit taxation. Medicare Health Coverage was enacted in 1965 under LBJ for seniors age 65 and older. Knowing the basic benefits of Medicare Parts A and B can save you time and create fewer headaches in the future. Operated by the federal government, Medicare is available to qualifying individuals age 65+ and consists of three main parts: Part A, Hospital Insurance and Part B, Medical Insurance. Part D is the prescription drug program. With Part A Hospital   Read more…