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An Update on the “You Earned It, You Keep It Act”
H.R. 7084, titled the “You Earned It, You Keep It Act” was introduced in late January of this year by Rep. Angie Craig (D-Minn) and has accumulated 10 cosponsors at this point. It’s primary objective is the elimination of federal…
Department of Labor Strengthens Regulaton on Savers’ Advice
There have been many articles posted over the past several years about the amount of financial resources accumulated for retirement, with the fairly common belief that future retirees are somewhat unprepared for their financial needs during a lengthy retirement. While…
CPI-E Advanced in New Congressional Bill
U.S. Rep. Ruben Gallego (D-AZ) recently introduced legislation that could increase the monthly benefits paid to seniors by requiring the Social Security Administration to use a different inflation-calculation formula. His bill, titled the “Boosting Benefits and COLAs for Seniors Act,” calls…
Members of American Federation of Teachers attend hearing for HR 82 ( Social Security Fairness Act)
The Windfall Eilimination Provision (WEP) and Government Pension Offset (GPO) affect the Social Security benefits of some government workers who are exempt from Social Security Tax. This legislation was meant to help offset the fact that these workers are treated…
The Social Security/Medicare Funding Picture in a Nutshell
Quite a bit of rhetoric is surfacing on the media airwaves about the operation and financial stability of America’s primary senior benefit programs, Social Security and Medicare. With much of the commentary dealing with the issue of the insolvency projections…
Understanding the Connection Between Social Security and Medicare
Reaching your sixties means it’s time to look ahead to your retirement years, and that means starting to take a look at what senior benefit programs like Social Security and Medicare will mean to you. It can appear to be…
Should you delay taking Social Security benefits until 70?
A person who is eligible for Social Security can claim benefits anytime between 62 and 70. If you take it early your benefit will be reduced. If you wait until 70 you will receive the maximum payment. There is a…
COLA Watch 2025…But It’s Still Almost Six Months Away
Projections on what the January 2025 cost-of-living benefit adjustment will look like are beginning to hit the media airwaves. Here’s one preliminary assessment from The Senior Citizens League (TSCL), courtesy of CPA Practice Advisor, forecasting the possibility of a 2.6%…
A Quick Refresher on Social Security Solvency…and Steps You Should Consider
WDIO’s Grace Koppen hosts a brief discussion on the much-reported Social Security insolvency issue, featuring commentary from Barry Bigelow (Great Waters Financial) clarifying what to expect as the calendar moves toward the projected depletion of the program’s financial reserves. The…
Healthcare Costs in Retirement…Often Overlooked in the Planning Process
Predicting cash needs in retirement is a daunting task. It often focuses on day-to-day living expenses (e.g., housing, food clothing, travel, etc.) compared to expected income streams (e.g., Social Security, interest on savings, retirement account withdrawals, etc.). That makes sense,…