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Policy Options for Addressing Social Security & Medicare Solvency Issues
The focus on resolving the rapidly eroding financial positions of our country’s two critical senior safety net and income security programs—Social Security and Medicare—is growing. As we look ahead to the incoming congressional session, various solutions will likely enter the…
WEP-GPO Repeal: The Argument(s) Continue to Unfold
Over the past few weeks, and especially in the week or so leading up to the November 12 House vote on H.R. 82 (the “Social Security Fairness Act”), we’ve seen a relatively steady stream of opinions about the merit of…
Social Security, WEP-GPO, and Ticking Clocks
There seem to be many competing priorities these days when it comes to our Social Security system, from the relentless search for solutions for the program’s impending insolvency to the current push to repeal two controversial rules set in place…
How soon will taxes be eliminated?
One of the biggest surprises for newly retired individuals is that they may have to pay federal taxes on their Social Security benefits. The Social Security Administration states, “About 40 percent of people who get Social Security have to pay…
Top Retirement Planning Questions
NorthWestern Mutual’s 2024 Planning and Progress Study looked at the top retirement questions Baby Boomers have on their minds. The study conducted earlier this year found that the top question, with over one-third of participants voicing it, was: “How much…
The House passes H.R. 82
The full House passed H.R. 82, the Social Security Fairness Act of 2023, on Tuesday, November 12th, by a 327 – 75 vote. The bill would repeal the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), which reduces the…
Could the Social Security Fairness Act still pass?
Despite the move by the Freedom Caucus leaders, the House is expected to try to pass H.R.82 – Social Security Fairness Act of 2023. What is the Social Security Fairness Act? This bill repeals provisions that reduce Social Security benefits…
2025 Medicare Parts A & B Premiums and Deductibles
The Centers for Medicare and Medicaid Services (CMS) has released the 2025 premiums, deductibles, and coinsurance amounts for Medicare Part A and Part B. CMS also released the Income-Related Monthly Adjustment Amounts (IRMAA) for Parts B and D. The standard…
Analyzing President-elect Trump’s Proposed Elimination of Income Tax on Social Security
The days, weeks, and months following Donald Trump’s return to the White House will be eventful, to be sure. And one of the key policy areas seniors will be following closely is candidate Trump’s promise to remove Social Security benefits…
While the Election Smoke is Clearing, Some Thoughts on Social Security’s Future
The race is over at this point, except for resolution of a few House seats, so attention can now be focused on what might happen on Social Security reform. As most folks know, we’re about eight years away from the…