seniors
About not paying income tax on Social Security Benefits
President Trump has suggested that seniors should not have to pay income tax on their Social Security benefits, and (obviously) most seniors would agree. Some studies say that eliminating income tax on Social Security benefits would provide a welcome $3,000…
Ask Rusty – Will My Medicare Premium Change because I Sold Investment Property?
Dear Rusty: I have questions concerning the deduction of money from my Social Security benefit amount as relates to the sale of investment property. I am 66 years old and have been drawing Social Security since I turned 62. My…
“Buyer’s Remorse” for your Medicare Advantage plan? There is still time to switch.
There is no question that the “Medicare Advantage” program has seen phenomenal growth in recent years. “Medicare Advantage” plans are alternative healthcare plans offered by private insurers to replace “original Medicare” provided by the Federal Government. The attraction is obvious…
Medicare telehealth coverage could expire
For many seniors, during the Covid-19 pandemic, the expansion of Medicare telehealth was a godsend. However, the Medicare telehealth expansion will expire on March 31st if Congress fails to act. To read Bracey Harris’ report on this issue, click here…
You have to March 31st to change your Medicare Advantage plan
Are you enrolled in a Medicare Advantage plan you’re not sure is right for you? You can make changes to your health and prescription drug coverage during the Medicare Advantage open enrollment period, which started January 1 and runs through…
Not yet old enough for full Social Security
The full retirement age for Social Security was 65 for many years. In 1983, Congress passed a law to gradually raise the age because people are living longer and are generally healthier in older age. Since starting in 2011, we…
Is retirement a distant dream?
The Census Bureau predicts by 2050, a quarter of the United States population will be 65 and older. Why is this important? In 2023, 11.2 million Americans age 65 and older were in the labor force (working or actively seeking…
The benefits of eliminating these taxes vary by income level
Representative Thomas Massie (R-KY) reintroduced the Senior Citizens Tax Elimination Act, H.R. 1040. This bill assists seniors by exempting Social Security benefits from federal taxation. What will this bill mean to Social Security recipients? Kailey Hagen explains how and who…
What to do if you owe taxes
Although Congress and President Trump have pushed to eliminate the federal taxes on Social Security benefits, the tax laws are still on the books. What happens if you owe taxes on your Social Security benefits and cannot pay? Kailey Hagen…
The new “Social Security Fairness Act” increases SS benefits for some government workers.
Congress has debated the issue for decades – ever since the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) were enacted in 1983 (the first version of the GPO was enacted in 1977). These provisions were made law…