Headlines
WEP-GPO Bill Set for Final Vote Today
Via Unanimous Consent Agreement, the Senate voted yesterday to move H.R. 82 (Social Security Fairness Act of 2023) to a final vote today. The agreement overcame intense discussions on the lack of offsets to the bill’s nearly $200 billion price…
Life Expectancy, A Critical Piece of the Social Security Solvency Puzzle, Rising Again
Yesterday, the Centers for Disease Control and Prevention (CDC) released statistics indicating nearly a year of growth in Americans’ expected lifespan. Longevity, of course, is a major factor in the long-term financing of Social Security, presenting a challenge to ensure…
WEP-GPO Debate Enters a New Stage as the Clock Winds Down
As noted in yesterday’s headline post on this website, the rush to obtain a Senate vote on the bill to repeal Social Security’s Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) is hitting some roadblocks. The latest, as explained…
WEP-GPO Repeal Effort–Hitting Some Rough Waters?
As the countdown continues toward the end of the 118th Congress and the potential vote on S.597 (Social Security Fairness Act), it appears some opposing views are surfacing. The most recent to hit the internet is an analysis by a…
A Deeper Dive Into the Idea of Eliminating Seniors’ Tax on Social Security Benefits
It often comes as a tax season surprise for new Social Security beneficiaries. For current beneficiaries, it’s an annual annoyance. No matter how it surfaces in your financial management process, it’s something you notice, and typically not in a favorable…
Only 4% claim Social Security at 70
You can start receiving your Social Security retirement benefits as early as age 62 but at a reduced amount. However, you are entitled to full benefits only when you reach your full retirement age. If you delay taking your benefits…
Changes to 401(k)s in 2025
The start of the new year is only two weeks away, and there are changes to those participating in a 401(k) plan that they need to know. As the result of the SECURE 2.0 Act of 2022, these new rules…
RMDs by year-end deadline
The IRS recently published a reminder for those aged 73 and older of the deadline to take required minimum distributions (RMDs) from individual retirement arrangements (IRAs) and other retirement plans. The SECURE 2.0 Act raised the age at which account…
Don’t fall into these traps when applying for benefits
Signing up for either Social Security or Medicare should not be so confusing. It is easy to fall into certain traps that could cost you thousands of dollars. Why? First, when you sign up for Medicare, you do so on…
Shortage of accessible homes for retirees
The baby boomers are facing a new retirement problem: affordable and accessible homes in which to age. In a recent study by Redfin, over three-quarters of all boomers plan to stay in their current homes. However, there are problems with…