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Social Security: Readers weigh in with questions

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Social Security: Readers weigh in with questions
Americans understand when they can start receiving Social Security benefits but are less sure of their own benefit levels, according to a new <a data-i13n="cpos:1;pos:1" href="https://www.nirsonline.org/wp-content/uploads/2024/07/FINAL-Views-on-SS-July-2024.pdf" rel="nofollow noopener" target="_blank" data-ylk="slk:research brief;cpos:1;pos:1;elm:context_link;itc:0;sec:content-canvas" class="link "></div></div></div><div class=

However, if someone is younger than full retirement age and still working while receiving Social Security benefits, it could push them above the yearly earnings limit and their monthly benefits would be temporarily reduced. This is not permanent.

Here’s how the Social Security Administration runs the math: If you are receiving a Social Security benefit and are under full retirement age for the entire year, $1 is deducted from your benefit payments for every $2 you earn above the annual earnings limit. For 2024, that limit is $22,320.

In the year you reach full retirement age, $1 in benefits is deducted from your monthly benefit for every $3 you earn, but only earnings before the month you reach your full retirement age are counted. If you reach full retirement age in 2024, the limit on your earnings for the months before your birthday is $59,520.

What counts as earnings are the wages you make from your job or your net earnings if you’re self-employed. The calculation also includes bonuses, commissions, and vacation pay. What’s not counted: pensions, annuities, investment income, interest, veterans benefits, or other government or military retirement benefits.

But you will get any deductions back. Once you reach FRA, your monthly benefit will be increased permanently to account for the months in which benefits were withheld.

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Close-up portrait of a beautiful senior woman against blue backgroundClose-up portrait of a beautiful senior woman against blue background

Continuing to work for pay past 70 will not increase your Social Security benefit. But keep on working by all means — you can receive benefits even if you still work. (Getty Creative) (Flashpop via Getty Images)

One additional caveat to keep in mind: Premiums for Medicare Part B, which covers doctors’ visits and outpatient services, and Part D, which covers prescription drugs, could increase if you earn significantly more money. If you earn more than $103,000 as an individual or more than $206,000 if you’re a joint filer, you’ll pay an extra amount. Those premiums are typically pulled from your monthly Social Security check.

Dear Kerry, I am 62, working and receiving a spouse’s survival benefits. If I retire and file for Social Security benefits, do I have to choose one or can I get two? Silvia V.

Thanks for this great question, Silvia.

You can only choose one benefit; the larger of the two will typically become your sole benefit.

As a surviving spouse, you can receive 100% of a deceased spouse’s benefit if you had waited until your own FRA, 67, when you claimed the survivors benefit. The benefit amount, however, is reduced for ages less than FRA. The closer you are to your FRA, the greater the benefit.

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The upside for you, though, is that it’s possible to claim a widow’s benefit, as you have, while letting your own retirement benefit grow. For example, you may claim a widow’s benefit at 60, and then shift to your own retirement benefit at age 70, if it’s a larger amount.

Meantime, while this doesn’t apply in your case, it’s important to mention for other surviving spouses that if you and your late spouse were both claiming Social Security benefits at the time of their death, then the larger of the two benefits becomes your survivors benefit.

Then too, for a surviving spouse, if you applied for your own Social Security benefit less than 12 months prior to the death of your spouse, you have the option to withdraw this application and apply for survivors benefits if it is a larger amount.

Bottom line: A surviving spouse, surviving divorced spouse, unmarried child, or dependent parent may be eligible for monthly survivor benefits based on the deceased worker’s earnings. There are myriad variables to consider, so I advise reaching out to Social Security directly.

Have a question about about retirement? Personal finances? Anything career-related? Drop Kerry Hannon a note.

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Is it possible to will my Social Security balance to my children? — Edwin S

No. Once you start Social Security retirement benefits, you’re generally guaranteed to receive monthly checks for the rest of your life. But, Edwin, that comes to a hard stop when you die.

Lovely little girl raising her arms, looking up to the sky joyfully while her dad carrying her on shoulders in promenade.Lovely little girl raising her arms, looking up to the sky joyfully while her dad carrying her on shoulders in promenade.

When a parent, for example, receives Social Security retirement or disability benefits, and dies, their child may also receive benefits. (Getty Creative) (Images By Tang Ming Tung via Getty Images)

There are exceptions for family members who may be eligible to receive survivor benefits based on the deceased beneficiary’s earnings record starting as soon as the month they died.

When a parent, for example, receives Social Security retirement or disability benefits and dies, their child may also receive benefits. Under certain circumstances, a stepchild, adopted child, or dependent grandchild or step-grandchild may also qualify.

To receive benefits, the child must be unmarried and younger than age 18, or between ages 18 and 19 and a full-time student at an elementary or secondary school (grade 12 or below), or age 18 or older with a disability that began before age 22.

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Thanks to my Yahoo Finance readers who felt comfortable sending along your questions. My advice for all of you trying to make sense of your Social Security benefits: Create a My Social Security account. This is a customized portal that lets you check the status of a benefits application, estimate future benefits, or manage the benefits you already receive. You can set up an account even if you don’t currently receive benefits. Do it.

Kerry Hannon is a Senior Columnist at Yahoo Finance. She is a career and retirement strategist, and the author of 14 books, including “In Control at 50+: How to Succeed in The New World of Work” and “Never Too Old To Get Rich.” Follow her on X @kerryhannon.

Click here for the latest personal finance news to help you with investing, paying off debt, buying a home, retirement, and more

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Bérangère Michel announced as BBC Group Chief Financial Officer

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Bérangère Michel announced as BBC Group Chief Financial Officer

The BBC has announced that Bérangère Michel has been appointed to the role of Group Chief Financial Officer.

Bérangère brings extensive experience from her 16-year career at the John Lewis Partnership, where she held senior roles including Chief Financial Officer, Customer Service Executive Director, Operations Director and Finance & Strategy Director.

Prior to joining the John Lewis Partnership, Bérangère spent 11 years at the Royal Mail Group in a number of finance, change and strategy roles, including as Finance Director of the property division.

In an expanded role as BBC Group Chief Financial Officer, Bérangère will be responsible for the overall BBC Group financial strategy, with a remit across BBC Public Service, BBC Studios and the BBC’s commercial subsidiaries. She will play a leadership role and will sit on both the Executive Committee and, for the first time, the Board.

This position will strengthen the BBC’s financial leadership, support its transformation, and make the best use of the licence fee and commercial opportunities. Bérangère will report to the Director-General and will take up the role in early January.

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Director-General Tim Davie says: “Bérangère brings a wealth of experience from her time at the John Lewis Partnership and will play a critical role in shaping our new financial strategy. I’m pleased to welcome her to the BBC, and to both the Executive Committee and Board.

“Bérangère’s appointment to this expanded role comes at an important time for the BBC, as we look ahead to Charter renewal and continue to accelerate our transformation to deliver outstanding value for our audiences.”

BBC Chair Samir Shah says: “The role of Group Chief Financial Officer will be hugely important as we build a BBC for the future, and I look forward to welcoming Bérangère to the Board.”

Bérangère Michel says: “I am delighted to be joining the BBC, an institution whose purpose and mission I have always admired. It’s a privilege to be part of shaping its exciting future at such a crucial moment and I cannot wait to get started.”

BBC Press Office

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ATI Promotes Longtime Leader to CFO and SVP of Finance

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ATI Promotes Longtime Leader to CFO and SVP of Finance

ATI Inc., a Dallas-based manufacturer of high-performance materials for the aerospace and defense industries, announced that James Robert “Rob” Foster will be promoted to senior vice president of finance and chief financial officer, effective January 1, 2026.

Foster succeeds Don Newman, who will serve as strategic advisor to the CEO beginning January 1. As previously announced, Newman will retire on March 1, 2026, and serve in an advisory capacity in that time to allow for a smooth transition.

“Rob is a proven P&L leader with enterprise-wide experience in the areas that matter most to ATI’s continued growth,” Kim Fields, president and CEO, said in a statement. “He brings deep expertise not only in finance but also as an operational leader. Rob played a pivotal role in the successful Specialty Rolled Products transformation, consistently helping ATI to deliver strong returns and shareholder value. I look forward to partnering with him as we enter our next phase of profitable growth.”

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Foster, a longtime ATI leader, brings both operational expertise and financial discipline to the CFO role, the company said. He most recently served as president of ATI’s specialty alloys & components business, where he improved efficiency, grew capacity, and advanced the company’s role as a global leader in exotic alloys. Foster previously served as vice president of Finance, Supply Chain, and Capital Projects, overseeing ATI’s global finance organization, capital deployment processes, and enterprise supply chain performance. Earlier in his career, he led Finance for both ATI operating segments and the Forged Products business.

“I’m honored to become ATI’s next CFO,” said Foster. “ATI is well-positioned with a strong balance sheet, focused strategy, and significant opportunities ahead. I look forward to working with our team to drive disciplined investment, operational excellence, and long-term value creation for our shareholders.”

Newman added, “Rob is an exceptional leader who understands ATI’s strategy, operations, and financial drivers. He has delivered transformative results across the organization. I look forward to supporting a seamless transition as we pursue this next step in our succession planning.”

Before joining ATI in 2012, Foster held senior finance roles at API Technologies Corp. and Spectrum Control Inc., where he led ERP implementations, acquisition integrations, and internal control enhancements. He began his career as an auditor at Ernst & Young (EY).

ATI produces high-performance materials and solutions for the global aerospace and defense markets, and critical applications in electronics, medical, and specialty energy. 

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R E A D   N E X T

  • The company said Keith Schroeder brings more than 40 years of experience in accounting, corporate control and reporting, finance, operations, and CEO and CFO strategic roles.

  • James Cook announced his retirement after 24 years of service and will officially retire on June 30. James Gilligan will take his new post, effective June 16.

  • Anthony DiSilvestro joins KDP at a pivotal moment as it moves to close its $18 billion acquisition of Netherlands-based JDE Peet’s. His “significant” M&A experience will advance the combined company’s integration and its ultimate split into two “winning companies,” CEO Tim Cofer said.

  • Donna Guy brings more than 25 years of experience in financial leadership across public and private companies to her new position. 

  • Last week, Irving-based Caterpillar marked its 100th anniversary year with celebrations throughout the U.S. commemorating “a monumental moment” in the company’s history. The company officially turns 100 on April 15, marking a century of “customer-centric innovation and industry-leading transformation”

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Abu Dhabi seeks to build bridge between new media & finance – The Times of India

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Abu Dhabi seeks to build bridge between new media & finance – The Times of India

ABU DHABI: Instead of waiting for the future of media, Abu Dhabi is building it. The city played host this week to leading names from media and entertainment industries at the Bridge Summit, aptly named for seeking to position the emirate at the intersection between new-age media, innovation and investment.The three-day event at Abu Dhabi National Exhibition Centre from Dec 8 to 10 buzzed with energy, new ideas, collaborations and MoU deals as thousands of content creators, media brands, communicators, tech developers, AI innovators, investors and academics — who have been working in isolation — converged to brainstorm ideas, analyse future trends in the media industry and discuss ways to monetise them. How to get around the associated risks of privacy violation, fake news and narratives, defamatory content and online harassment were a natural corollary to the discussions.The idea of Bridge Summit originated at a lunch meeting in Abu Dhabi earlier this year between Sheikh Abdulla Bin Mohammed Bin Butti Al Hamed, chairman of UAE National Media Office, and Richard Attias, the Moroccan events producer associated with the Clinton Global Initiative, Nobel Laureates Conference and Davos Forum. The two discussed how UAE could give media, creators, tech innovators, social media outlets and investors a platform to connect and build the future of media. Eight months later, that dream turned into reality with Bridge Summit.Al Hamed, in his opening address, outlined Bridge Summit’s mission to unite media, technology, finance, and culture in building a more trusted, inclusive, and resilient information order.Speaking to TOI on the sidelines of the summit, Jamal Mohammed Obaid Al Kaabi, DG, UAE National Media Office and Bridge Alliance vice-chairman, said the forum seeks to secure a win-win situation for all, be it govts, media, content creators, social media platforms, gamers, investors and technology providers. “We are trying to help everyone — those who have a story to reach production, a company to reach a customer and govts to understand what’s happening in the market”.He added: “We believe that Bridge can be the brand that people will trust and look at in the future. We can connect it with media initiatives around the world. We believe that positive narrative can be supported through Bridge”.The global media and entertainment industry generated over $2.8 trillion last year, with gaming alone rivaling film and television at nearly $200 billion. Streaming continues to reshape consumption, while nearly 70% of content creators are already using AI tools.Rubbing shoulders at the summit were former heads of state, journalists, representatives of social media platforms, AI innovators, gaming developers, entrepreneurs and media influencers from across the globe; actors Priyanka Chopra Jonas and Idris Elba and footballer Gerard Pique lent it star power.Over three days of fireside chats, panel discussions, workshops and MoU signing, content creators and influencers took lessons from experts and peers on how to tell their stories better and hold their audience’s attention till the last frame.With artificial intelligence (AI) tools revolutionising the media space and content creation industry, engagements delved into how to maintain a judicious balance between human intelligence and artificial intelligence while tailoring content to suit users’ preferences and attention span.Sessions reflected on how the traditional print and TV journalism is being rapidly taken over by digital news content. Justin Smith, CEO of independent global news company Semafor, predicted that human journalist will continue to be relevant as the primary resource for original information, but must learn to harness the power of AI to add value. Richard Attias, who is on the Bridge board of directors, had a word of caution: “Human intelligence needs to always challenge artificial intelligence. We should not be losing the control of AI, which is like a robot”.According to UK journalist and broadcaster Emily Maitlis, agenda-based journalism is inevitable in the age of social media as one with a louder voice and reach, who can put out his version of the story more convincingly, tends to control the narrative. Adeline Hulin, chief of media and information literacy unit at Unesco, revealed that a global survey had found that 62% users don’t do any fact-checking before forwarding information online; most content creators are unaware of the international standards of freedom of expression; and just 20% users report hate speech. “Unesco has developed a global curriculum for media information literacy. We are working to integrate it with formal education and getting local partners to organise hackathons,” she said.Former deputy PM of UK Oliver Dowden advocated industry-led responsibility over sweeping regulation, saying there should be “clear guardrails” as creator content becomes the primary source of information for young audiences.Al Kaabi said Bridge Summit is just the beginning and “pop up” events will be held each coming quarter across America, Asia, Europe and Africa. “We want to hold a mini-Bridge in India. Also, there shall be more of Bollywood, not just Priyanka, at the next edition of the summit here,” he said.(The writer was in Abu Dhabi at the invitation of Bridge Alliance)

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