SSA Announces Change in Direct Express® Program Operations

The Social Security Administration today announced that Fifth Third Bank is the new financial agent for the Direct Express® program, replacing Comerica Bank. The announcement from SSA Chief Communications Officer Nick Perrine notes that “New enrollments with Fifth Third Bank…

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Will “Means Testing” Drive a Solution to Social Security’s Insolvency Dilemma?

As we await publication of this year’s annual Social Security trustees report, we’re seeing a fairly consistent assumption that the trust fund depletion date will be “officially” advanced to 2032. Some pundits also hint at 2031 as a more realistic…

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How a bank levy could affect your Social Security benefits

U.S. Census researchers have found that about 14 percent of Americans 65 and older rely on Social Security for 90 percent or more of their income. Given the importance of these funds, private debt collectors cannot garnish them; however, there…

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Old beneficiary forms can override your final wishes

Many Americans assume that their wills or trusts control all aspects of their financial legacy; however, an outdated beneficiary form can override those instructions. Under federal law governing employer-sponsored plans (ERISA), beneficiary designations operate under contract law, which means the…

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The latest 2027 COLA estimates

Social Security’s Cost of Living Adjustment (COLA) is a snapshot comparison of Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) measurements from the previous year’s third quarter to the same period in the current year. Since the…

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“Ask Rusty – Help! SSA Says I’m Not Eligible for Benefits”

Dear Rusty: Help!! The Social Security Administration says I didn’t pay enough into my Social Security account, despite being a business owner and paying taxes. What can I do?” Signed: Self-employed American Dear Self-employed: For all potential SS beneficiaries, it…

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