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Social Security’s “Evil Twins” – WEP and GPO
“WEP” (Windfall Elimination Provision), and “GPO” (Government Pension Offset) are two 1980s vintage Social Security rules which affect many Federal and State public service employees. Both of these rules apply to anyone who has earned a pension without contributing to…
Social Security Fraud, and How To Prevent It
This article by Social Security District Manager Jonna Reno appears at The Pantagraph website and describes the top five fraud prevention tools offered by the Social Security administration. It’s an unfortunate reality of today’s world that American seniors are frequently the target…
Common-law Relationships and Social Security
It’s no secret that more young Americans are choosing to “co-habit” in long term relationships, with about half of couples now eschewing legal marriage. Although this is a cultural phenomenon, the laws providing certain financial advantages offered to married couples haven’t changed, especially and…
How to Maximize Your Social Security Benefit
It’s a fact that most American seniors will rely on Social Security as a major part of their retirement income. Social Security’s benefit formula is intentionally designed to pay a monthly payment equal to about 40% of each person’s preretirement income, but that falls…
Claiming at Age 62 May Be Exactly the Wrong Decision
The decision on when to claim your Social Security benefits is often confusing, and a majority of people end up claiming as soon as they become eligible at age 62. Unfortunately, that can be exactly the wrong time to claim.…
Avoiding Social Security “Surprises”
Social Security is a pretty complex program, and making your claiming decision without understanding the ramifications of doing so could mean some surprises in retirement. Among the potential surprises are that your Social Security may be taxable income and that…
How to Reduce Your Future Reliance on Social Security
The latest report from the Social Security Trustees, just released about a week ago, has caused a bit of concern for those who will rely on Social Security when they retire (which is, of course, most Americans). It’s important to…
Fears about Social Security Trust funds should not prompt you to claim benefits early
The news about the Social Security Trust fund facing depletion sooner than the last year’s projection has many people worried. Many Americans are asking how will my benefits be affected? The Trustees’ report states the funds will only be able…
Claiming your benefits early may affect your spousal benefits
The Bipartisan Budget Act of 2015 changed the rules for those individuals born after January 1, 1954, when applying for spousal benefits. The confusion is, “if your spouse is not already receiving benefits and you are applying for yours early,…
Second-order effects of expanding access and participation in public retirement savings plans
Thomas Hawkins writing for 401K Specialist, explores the unintended effects of retirement savings public policies. What does he mean? “Some retirement savings public policies can seem like a sure thing; however, these “first-order” effects are inevitably followed by “second-order” effects,…