Social Security
Average Social Security Benefits at Various Ages & The Optimal Claim Age
Sean Williams provides some exhaustive analysis and research here. Williams notes the four criteria that go into calculating benefit amounts, and he lists average benefits for people aged 62, 67, and 70. One comprehensive study shows that, statistically, one claiming…
WEP and GPO Repealed Pending Biden’s Signature
The Social Security Fairness Act passed the Senate 76-20 over the weekend. The GOP was split evenly 20 for and 20 against the bill. It repeals two federal policies — the Windfall Elimination Provision (WEP) and the Government Pension Offset…
WEP-GPO Bill Set for Final Vote Today
Via Unanimous Consent Agreement, the Senate voted yesterday to move H.R. 82 (Social Security Fairness Act of 2023) to a final vote today. The agreement overcame intense discussions on the lack of offsets to the bill’s nearly $200 billion price…
Achieving a Better Life Experience (ABLE) Reaches 10-year Milestone
Yesterday, the ABLE Act marked its 10th anniversary. Officially known as the “Stephen Beck, Jr. Achieving a Better Life Experience (ABLE) Act,” was part of the Tax Increase Prevention Act of 2014 and created the ability for individuals with disabilities…
Floor Vote on WEP-GPO Repeal Imminent: Odds Appear in Favor of Passage
It looks like the issue of “fairness” in the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) segments of the Social Security rulebook will receive a final Senate vote in the closing hours of the current session. Andrew Biggs,…
Social Security Payments Should Continue Unabated n the Event of a Government Shutdown
“The Social Security Administration has plans in place to ensure that Social Security checks will still be sent out in the event of a government shutdown.” That’s the essence of an article from CNET contributor Thomas Kika in a post…
A Quick Review of Survivor Benefits
The question of what happens to the benefit picture when a Social Security beneficiary dies often factors heavily into retirement financial planning exercises. So, it’s good to be aware of the basic rules governing benefits for survivors. A brief video…
Life Expectancy, A Critical Piece of the Social Security Solvency Puzzle, Rising Again
Yesterday, the Centers for Disease Control and Prevention (CDC) released statistics indicating nearly a year of growth in Americans’ expected lifespan. Longevity, of course, is a major factor in the long-term financing of Social Security, presenting a challenge to ensure…
President-elect Trump’s Proposal on Eliminating Income Tax on Benefits Resonates Well
A Newsweek.com post published today indicates widespread support for Trump’s proposal to exempt Social Security benefits from the annual income tax calculation. Specifically, a recent Monmouth University poll, nearly two-thirds of the more than 1000 respondents favored the change, while…
WEP-GPO Debate Enters a New Stage as the Clock Winds Down
As noted in yesterday’s headline post on this website, the rush to obtain a Senate vote on the bill to repeal Social Security’s Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) is hitting some roadblocks. The latest, as explained…