Social Security
Celebrating Social Security Fairness Act Milestone
The Social Security Administration recently celebrated a key milestone by announcing that we completed sending over 3.1 million payments, totaling $17 billion, to beneficiaries eligible under the Social Security Fairness Act (SSFA), 5 months ahead of schedule. When the SSFA…
The Social Security Board of Trustees’ 2026 COLA estimate
The annual cost-of-living adjustment (COLA) calculation uses the data collected by the Bureau of Labor Statistics from the third quarter of the year, specifically the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) readings from July through…
Will your Social Security check be cut?
Improper payments, generally overpayments, were made by the Social Security Administration between 2015 and 2022, totaling $72 billion. There are various reasons why overpayments occur; the most common error is failure to report changes involving income. By law, the Social…
How much in savings will the new deductions provide?
When the “Big, Beautiful Bill” was signed into law on July 4th, it included a new senior tax deduction (temporary) aimed at those seniors who pay taxes on their Social Security. Because this bill was a reconciliation bill, it could…
A new proposal to solve Social Security insolvency
In an op-ed published Tuesday for The Washington Post, Sens. Bill Cassidy (R-La.) and Tim Kaine (D-Va.) proposed creating an additional investment fund for the Social Security Trust fund. “We propose creating an additional investment fund — in parallel to…
Retirement planning mistakes to avoid
The fear of running out of money or being unable to afford necessary expenses in retirement can be overwhelming. If you have retirement anxiety, several coping mechanisms can help you not to feel so overwhelmed. The first and most important…
Social Security Achieves Key Milestones in Customer Service Transformation
The Social Security Administration (SSA) announced significant progress in its ongoing efforts to improve customer service while handling record transaction volumes. Some key milestones include the completing over 3.1 million payments to all who were entitled under the Social Security…
Some reasons why you may want to start early
You can begin your Social Security retirement benefits as early as age 62. However, if you start receiving benefits early, your benefits are reduced. But if you delay taking your benefits from your full retirement age up to 70, your…
Will you pay taxes on your Social Security benefits?
No wonder there has been so much confusion around the One Big Beautiful Bill and the elimination of taxes on Social Security benefits! The Social Security Administration published a press release saying, “A provision that eliminates federal income taxes on…
You can retire on less than $1 million
Not every soon-to-be retiree will have $1 million saved, but that does not mean you cannot retire. You will need to plan a reasonable monthly budget, maximize your Social Security benefits, and create a drawdown strategy. It sounds very daunting,…