seniors
How long do I have to pay FICA?
One question asked by Social Security recipients who are still working is whether they have to pay Social Security taxes. Yes, unless your wages exceed the wage cap for 2024. Maurie Backman explains who will be paying Social Security taxes…
Does your state tax Social Security benefits?
The Internal Revenue Service announced Jan. 29, 2024, as the official start date of the 2024 tax season when the agency will begin accepting and processing 2023 tax returns. Some retirees will not need to file if their total income…
Attention 75+ Retirees: You May be able to Avoid RMDs (temporarily, anyway)
There are circumstances in which seniors can delay taking required minimum distributions from employer-sponsored plans like a 401(k) or a 403(b) plans. There are qualifications, though, beginning with the requirement that you must remain an employee (not a contractor) of…
Medicare changes for the new year
January 1st is just around the corner, and many things will change, including Medicare. If you are a Medicare beneficiary or know someone who is, here are some of the changes for 2024. Bethany Cissell outlines the changes in Medicare…
Limit the recovery of overpayments
There is a new bill in Congress, H.R. 6858, which will amend the Social Security Act to limit the recovery of overpayments to a ten-year period; currently, there is no time limit on how far back they can go to…
Optimistic about the future of Social Security
Despite all the fear-mongering on social media saying Social Security is going bankrupt and will not be able to pay Social Security benefits, over half of the respondents to a recent survey said they expect to receive Social Security benefits.…
Importance of retirement planning beyond Social Security
The average Social Security recipient received $21,924 in 2023. Social Security is the foundation of all retirement plans, but is it enough for you to survive? According to the Bureau of Labor Statistics, the average 65-year-old and older spends an…
New Social Security rules for 2024
The new year is approaching rapidly, which means new rules for Social Security. Some of the new rules you will find will be beneficial to recipients and workers, but the other rules are not so much. The beneficial rules for…
What 2024 will look like for the average Social Security recipient
Beginning next month, over 64 million older Americans will see an increase in their Social Security benefits. The cost-of-living (COLA) increase of 3.2 percent is modest compared to last year’s 8.7 percent and a decrease in Medicare Part B premiums.…
Medicare expanding coverage
Congress has approved an expansion of mental health providers covered under the Medicare program. As of January 1, 2024, Medicare recipients can seek the services of mental health counselors and marriage and family therapists. Previously, Medicare limited covered services to…