Social Security
Workers may not be financially prepared for the future
BlackRock, Inc., a multinational investment company, recently released statistics about how Americans plan for retirement. The statistics show that 33 percent of Americans have no retirement savings, and 69 percent have less than $150,000 saved. Caitlin Cahalan reports that American…
Social Security announces expedited retroactive payments and higher monthly benefits for millions
The Social Security Administration announced it is immediately beginning to pay retroactive benefits and will increase monthly benefit payments to people whose benefits have been affected by the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). These provisions reduced…
Not yet old enough for full Social Security
The full retirement age for Social Security was 65 for many years. In 1983, Congress passed a law to gradually raise the age because people are living longer and are generally healthier in older age. Since starting in 2011, we…
Social Security announces changes
Under the newly created Department of Government Efficiency (DOGE), changes are being made at federal government agencies. The purpose of DOGE is to modernize federal technology and software to maximize government efficiency. One agency that has been “organizational realignment” is…
The benefits of eliminating these taxes vary by income level
Representative Thomas Massie (R-KY) reintroduced the Senior Citizens Tax Elimination Act, H.R. 1040. This bill assists seniors by exempting Social Security benefits from federal taxation. What will this bill mean to Social Security recipients? Kailey Hagen explains how and who…
One retirement mistake not to make
Social Security is a program designed to provide a safety net to older Americans. However, it is designed to replace roughly 40 percent of pre-retirement wages. How about the other 60 percent? If your employer has a 401(k), then you…
What to do if you owe taxes
Although Congress and President Trump have pushed to eliminate the federal taxes on Social Security benefits, the tax laws are still on the books. What happens if you owe taxes on your Social Security benefits and cannot pay? Kailey Hagen…
Ask Rusty – Should I Wait until Age 70 to Claim Social Security?
Dear Rusty: I am a married woman, at my full retirement age, and the primary earner in my marriage. How do I know if I should take my Social Security now or wait till 70? I will lose quite a…
Some SSA employees offered reassignment (with conditions)
There is little doubt the the Trump Administration’s new initiative to streamline the federal government, with the new DOGE (Dept. of Government Efficiency) as the lead agency, has caused a fair amount of angst among government employees. To this point,…
The new “Social Security Fairness Act” increases SS benefits for some government workers.
Congress has debated the issue for decades – ever since the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) were enacted in 1983 (the first version of the GPO was enacted in 1977). These provisions were made law…