Social Security
Rumor Clean-Up Time: Illegal Immigrants and Social Security
Without question, the issue of immigration is foremost on the minds of many Americans these days. The 2024 presidential election cycle consistently creates commentary about the state of our immigration system, the policies associated with it, and the financial impacts…
CRS Explains One of the “Secrets” Associated with Taxation of Social Security Benefits
Paying federal income taxes on Social Security benefits has drawn much attention and criticism over the years, so much so that legislation is still pending in the 118th Congress to eliminate the tax. For example, House Bills H.R. 3206 (Senior…
Recapping the Key Social Seurity Changes from 2024
To many, Social Security seems like a stable monolith, something that’s just always there and never changing. But that’s not the case at all. Anyone familiar with Social Security in any depth will tell you about the many, many moving…
2024 Election Cycle Alert: Likely Harris Moves that Could Affect Social Security & Retirement
The keyword is “could” because most of what’s been said about Candidate Harris so far lacks specific content. But, based on comments delivered in various forums, it appears that a Harris presidency pledges to focus on saving Social Security via…
A Look Ahead at the Future of Social Security COLAs
With the Federal Reserve’s progress toward reigning in the inflationary spiral of the past few years, coupled with its 2% long-term target for inflation, the 2025 cost-of-living adjustment is likely to be well below the average of the past three…
Social Security’s Reduced COLA outlook–Thoughts on the “Pro” Side
Most people know that the annual cost-of-living adjustment (COLA) applied to benefits in January has been higher than the program’s historical increase for the past three years, averaging just under 6%. Most people also know that projections for the 2025…
Floor Vote on H.R. 82 (WEP/GPO Repeal) Likely for November
The bipartisan discharge petition initiated by Rep. Garret Graves, R-La, and Rep. Abigal Spanberger, D-Va, has achieved the required number of signatures to force a floor vote. The Bill, titled “Social Security Fairness Act of 2023,” would, if passed, repeal…
COLA Watch – How the 2025 Adjustment is Shaping Up
We’re in the closing stages of the calculation window to determine next year’s Social Security cost-of-living adjustment (COLA), and many seniors are looking forward to the final announcement in October. In the run-up to that point, there has been steady…
2024 Election Campaign – Trump Comments from North Carolina
Speaking at a campaign rally in Wilmington, North Carolina, former President Donald Trump delivered remarks focused on the key issues taking center stage in this election cycle. He covered several tax issues, including the “no tax on tips” pledge, the…
Exploring the Reality of IRMAA in Light of a Real-life Situation
Medicare’s income-related monthly adjusted amount (IRMAA) regulation can, and often does, catch seniors in specific situations unaware. LA Times columnist Liz Weston, a Certified Financial Planner, offers an explanation of how this regulation impacts beneficiaries taking a large one-time withdrawal from…