Social Security
A Common Social Security Mistake
It is well known that, if Congress fails to act, the Social Security Trust Fund will be depleted by 2035. This has caused some anxiety among upcoming retirees about when to take benefits. Those who take benefits at 62 are…
WEP-GPO Repeal: The Easy Way Out?
The Senate and House of Representatives have blessed the Social Security Fairness Act, and final enactment into law rests with President Biden. While he’s expected to sign the bill, there is a bit of speculation about the impact it will…
2025 Brings With it Several Key Changes
By now, everyone receiving Social Security retirement-related benefits is likely aware of the 2.5% increase scheduled for January 2925. That’s a welcome adjustment for millions of folks, despite the general criticisms about its inadequacy to cope in full with rising…
Rumor Mill in Operation: Thune/Musk Did Not Put a Target on Social Security
As the public’s interest in Social Security’s financial plight, we can expect to see a range of commentary about plans to address the looming insolvency problem. Some will be true and accurate, and some will not be, as discussed in…
What To Expect in 2025 for Social Security
Newsweek reports here that as the new year approaches, retirees and other Social Security recipients should be aware of several changes to benefits and services provided by the Social Security Administration (SSA). Not only are benefits boosted 2.5% but the…
Social Security: The insolvency problem & a balanced solution to it
What’s all this talk about Social Security’s problems all of a sudden? Why not just leave the program alone? Is Social Security going bankrupt? So what can be done? Are there pros and cons to each? Why not just raise…
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WEP and GPO Repealed Pending Biden’s Signature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…