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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…
Four things to know about spousal benefits
The Social Security program allows spouses to claim benefits based on their husbands’ or wives’ benefits. Keith Speights covers the issue in this piece. Most importantly, you may not claim such a benefit before your spouse is receiving them. However,…
Applying for Social Security in 2025? Do 3 Things Now
If 2025 is your chosen year to retire and begin Social Security benefits, Kailey Hagen advises to do the following three things to ensure you don’t accidentally shortchange yourself. It’s worth taking some time in these last few days of…
The Promises & Perils of Surprise Early Retirement
What is surprise early retirement? Angela Mae notes only 1 in 5 are financially stable enough to retire early by choice. For most it is health reasons or job loss that force the issue. The situation can be financially devastating…
3 “Secret” Social Security Rules All Married Retirees Should Know
Couples have a key advantage over single adults when it comes to retirement planning. As long as one person worked long enough to qualify for Social Security retirement benefits, both will receive checks. This can significantly increase the cash available…
Discuss Social Security Spousal Benefits in Advance
Katie Brockman notes a healthy discussion of, and even strategizing on, spousal and survivor benefits (they’re different) should take place while both partners are alive. The most one can receive in spousal benefits is 50% of your partner’s full benefit…
3 Reasons You Can Get Larger Social Security Checks in 2025
Katie Brockman notes the 2.5% cost of living adjustment for Social Security benefits here, which translates to an average increase of $48 per month for one collecting $1,925. But other amounts are changing too. One can earn more if working…