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Will Biden Sign HR 82 into Law?
HR 82, the Social Security Fairness Act, has been passed by Congress and is now sitting on Biden’s desk waiting for a signature for it to become law. The President has until Monday to sign it, which is January 6th.…
A Common Social Security Mistake
It is well known that, if Congress fails to act, the Social Security Trust Fund will be depleted by 2035. This has caused some anxiety among upcoming retirees about when to take benefits. Those who take benefits at 62 are…
U.S. Dept. of Labor Announces Retirement Plan “Lost and Found” Search Tool
Source: https://lostandfound.dol.gov/ EBSA (Employee Benefits Security Administration) is helping America’s workers and beneficiaries search for retirement plans that may still owe them benefits by establishing a public Retirement Savings Lost and Found Database through the SECURE 2.0 Act of 2022. …
2025 Brings With it Several Key Changes
By now, everyone receiving Social Security retirement-related benefits is likely aware of the 2.5% increase scheduled for January 2925. That’s a welcome adjustment for millions of folks, despite the general criticisms about its inadequacy to cope in full with rising…
Rumor Mill in Operation: Thune/Musk Did Not Put a Target on Social Security
As the public’s interest in Social Security’s financial plight, we can expect to see a range of commentary about plans to address the looming insolvency problem. Some will be true and accurate, and some will not be, as discussed in…
Forget Social Security COLAs. Combat Inflation in Other Ways
Charlene Rhinehart’s main point in this piece is to aggressively plan ahead so one is never reliant on Social Security cost of living adjustments (COLAs) to make ends meet. Her suggestions are these: Beef up retirement accounts; Build a dividend…
Social Security Fairness Act explained
Katie Brockman explains The Social Security Fairness Act here. Pending President Biden’s signature, it repeals two federal policies: Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). WEP affects those who have worked long enough to qualify for Social Security…
Which States Still Tax Social Security Benefits in 2025?
Social Security benefits are taxable at the federal level after reaching certain thresholds (never adjusted for inflation). GOBankingRates recently reported on the 41 states in America that won’t tax Social Security benefits in 2025. Missouri and Kansas elected to stop taxing…
Social Security Turns 90 in 2025. What are average benefits by age?
Social Security turns 90 in 2025. As Selena Maranjian notes, it has kept many millions of people out of poverty for decades and was recently supporting more than 71 million people with around $1.5 trillion in benefits for the year.…
RMDs: What to Know if 2024 is your first year taking them
Kailey Hagen dives into Required Minimum Distributions (RMDs) which are mandatory annual withdrawals the government makes you take from most retirement accounts beginning the year you turn 73. Generally, you must take RMDs by Dec. 31 of the tax year…