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What to Know for Monday, May 18th, 2026: |
1: Missing earnings on your Social Security record? Form SSA-7008 could recover $96,000 in lifetime benefits |
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(Image Credit: Shutterstock) |
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Self-employed workers who filed paper returns in 1990s often have missing years: One 67-year-old contractor discovered seven of her earliest years (1995-2001) showed zero earnings or a fraction of what she actually made — this is "common among self-employed workers who filed paper returns in the 1990s," and plugging those missing years back in could add $480,000 in indexed wages, boosting her monthly benefit by $400. Form SSA-7008 is the official way to correct your earnings record: This little-known form is "the only mechanism that can recover benefits already embedded in a miscalculated record" — while the standard correction window is 3 years, real exceptions exist for SSA processing errors, employer mistakes, and fraud that can extend it indefinitely if you can document with original W-2s, tax returns, and Schedule SE filings. $400/month correction = $96,000 over 20-year retirement, plus compounding COLAs: A higher base benefit means every future cost-of-living adjustment adds more in dollar terms, so "the gap between the corrected and uncorrected benefit widens each year rather than staying flat" — check your my Social Security account NOW at age 50, not 67, to give yourself time to gather old paperwork.
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➜ Read the full article from 24/7 Wall Street here. |
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2: Debt collectors can't garnish Social Security — but they CAN temporarily freeze your bank account |
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(Image Credit: Getty Images) |
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Bank levy freezes account first, protection review comes later: While private debt collectors cannot legally garnish your Social Security benefits, they can pursue a bank levy that instructs your bank to freeze funds in your account — banks don't investigate the source before complying, so "even an account funded entirely by Social Security can be locked — at least temporarily — while the process plays out." Federal rules protect up to 2 months of DIRECT DEPOSITS only: Banks must automatically identify and protect up to two months' worth of federally protected benefits (Social Security, SSI, veterans benefits) if your account received direct deposits in the past 60 days — but this protection "only applies to direct deposits," so paper checks you deposit manually leave you "more exposed to a freeze." Best defense: dedicated account and direct deposit: Keep your Social Security benefits in a separate account from other income to make it "easier for your bank to identify and protect the funds during a levy review" — and if you haven't enrolled in direct deposit through SSA, do so now since paper checks don't trigger the automatic two-month lookback protection.
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➜ Read the full article from CBS News here. |
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3: Medicare pilot offers obesity drugs at $50/month starting July — but program ends 2027 with no guarantee it continues |
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(Image Credit: Reuters) |
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$50/month covers GLP-1s for weight loss, much lower than current costs: Starting July, Medicare beneficiaries with BMI 35+ (or lower BMI with conditions like prediabetes or uncontrolled hypertension) can get drugs like Wegovy, Zepbound, and Foundayo — about 29 million Medicare beneficiaries would qualify, though one in four Medicare beneficiaries had income below $24,600 in 2024 and may struggle with extra $600/year. Program runs outside Part D, processed by Humana: Your Part D provider won't make decisions — instead, your healthcare provider submits prior authorization to Humana, and if approved you can fill prescription at any pharmacy — but $50 co-pay doesn't count toward Part D deductibles/out-of-pocket limits, and Extra Help (low-income assistance) is NOT available. Pilot ends 2027, future unclear — could leave millions cut off: Permanent coverage would require Congress to change federal law prohibiting Medicare from covering weight-loss drugs, and insurance companies balked at offering it in Part D for 2027 due to high costs and lack of data — if it does move to Part D, cost-sharing expected to jump to $167/month or higher, and "there's a great deal of concern about people having yo-yo experiences" since research shows you need to stay on drugs to maintain weight loss.
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➜ Read the full article from the New York Times here. |
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Here’s What You Missed on YouTube: |
Check out our new YouTube videos for Monday, May 18th. |
The Social Security Tax Move Most Retirees Don’t Know (Saves $2,800/Year) |
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The Social Security Tax Move Most Retirees Don't Know (Saves $2,800/Year) |
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This newsletter is for information only. Always confirm your options directly with Social Security, Medicare, Medicaid, or a qualified advisor before making big decisions about your benefits. |
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