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Newly proposed WEP legislation portends Social Security’s future
The Windfall Elimination Provision (WEP) reduces Social Security benefits for over 2 million government retirees with pensions from Federal, State or local government employers who didn’t participate in (contribute to) the Social Security program. Those affected worked enough outside the…
How to Increase your Social Security benefit
For most Americans, Social Security will play an important, if not crucial role in their retirement plan, so it makes a lot of sense that getting the largest benefit possible should be a part of your retirement planning process. The rules are…
Becoming a parent again when you are near retiring
There are roughly 2.6 million grandparents who are the primary caregivers for grandchildren in the U.S, according to Generations United, a nonprofit inter-generational advocacy group. Becoming a parent again is not one of the expenses discussed with near-retirees, but the…
More workers are leaving their money in their former employers 401(k)
According to Fidelity data on its workplace retirement accounts, 55 percent of workers are choosing to leave their assets in their former employer’s 401(k) plan a year into retirement, and then they sometimes touch those accounts for another few years.…
Social Security for future generations of Americans
We are all aware that, starting next year, Social Security is entering a new era; benefits will be sustained not only by current payroll taxes but also by withdrawals from reserves accumulated over the last three decades. In the attached…
What You Should Know About Applying For Retirement
(Source: Social Security Administration) Approaching and preparing for retirement can be a daunting task, but we are here to make it as easy as possible. Social Security has eliminated the forms, signatures, wait time, and appointments. We made it easy,…
Why you should sign up for an FSA or HSA
According to a survey of nearly 2,200 U.S adults by Morning Consult and CNBC, only about 13 percent of Americans currently have a FSA account and only about 17 percent have an HSA. Health experts say these accounts are a…
Uncashed payout checks from retirement plans are still taxable
The IRS’s Revenue Ruling 2019-19 spells out that you owe tax on the amount for the tax year in which the plan distributed the money even if you don’t receive your check or cash it until the following year. The…
Is student loan debt holding up your retirement?
Student loan debt is often portrayed as a problem that affects the young, but according to recent research on student loan debt by The Ascent, billions of dollars are owed by people over the age of 50, including loans being…
This simple retirement question stumps a lot of people
There are plenty of questions and factors to consider when you are preparing for retirement. But there is one of the simplest retirement questions out there that stumps a lot of people. A third of workers cannot answer this basic…