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The Social Security Fairness Act may affect income taxes and Medicare premiums
With much “hoopla,” the so-called Social Security Fairness Act has become law, soon to provide substantively increased Social Security benefits for about 3 million affected beneficiaries. Those affected had their SS benefits reduced (or eliminated) by either the Windfall Elimination…
More on the Social Security Fairness Act
As most who are directly affected likely already know, Congress has passed, and the President has signed, legislation which repeals a pair of decades-old Social Security provisions which affect benefits for those with a “non-covered” pension (“non-covered” means a pension…
How many people will benefit from the price cap
If you are a Medicare recipient who takes expensive prescriptions, you will get a break on your drug costs in 2025. The Inflation Reduction Act 2022 enabled Medicare to negotiate drug prices and establish a $2,000 cap on out-of-pocket spending…
Paying income tax on Social Security Disability Insurance (SSDI) Benefits
Many on Social Security Disability Insurance (SSDI) are surprised to find that they may need to pay income tax on their SSDI benefits. As a general rule, income tax on Social Security benefits must be paid if your overall income…
How Much Money Do You Need to Retire?
Well, the answer largely depends on where you plan to retire, considering the cost of living where ever that is. Fact is, the cost of living is a variable which varies greatly by U.S. state, so how much you will…
Income Tax on Social Security Benefits – Good, or Not?
Many new Social Security beneficiaries are perplexed to find that the SS benefits they received are subject to income tax. Income tax on Social Security benefits was first enacted in 1983 to help restore the program to fiscal solvency at…
These Social Security and Medicare Changes Offer a Measure of Relief for Seniors
As noted in an earlier post, the reacceleration of inflation and its impact on 2025 COLAs is likely to further constrain seniors’ purchasing power, but here’s a bit of good news that could soften that for some. An article posted…
The 2025 COLA’s Here, But There’s Continued Disappointment
An uptick in the inflation rate since the determination of 2025’s Social Security cost-of-living adjustment (COLA) indicates that the 2.5% benefit increase may have underestimated the growth in prices facing Americans last year. The Motley Fool’s Trevor Jennewine offers conjecture…
SSA Customer Service Critiqued by Whistleblower in FNN Article
Much has been written about the level of public dissatisfaction with customer service provided by Social Security Administration (SSA) field offices. The matter has been the subject of several Congressional hearings and has often been attributed to staffing issues the…
The Debate on Social Security’s Taxable Maximum Continues
One of the common targets in the search for meaningful Social Security reform involves the Taxable Maximum–the amount of earnings subject to the employer/employee 6.2% matching payroll tax levy. This year, the maximum is set at $176,100, meaning that earnings…