Social Security
Carrying Debt Into Retirement…a “Generational Time Bomb”
Noted entrepreneur Kevin O’Leary offers sobering thoughts on a trend emerging in the retirement world: seniors moving into that life phase with a heavy debt load. In a recent post on thestreet.com, O’Leary observes: “Nearly two-thirds of families led by…
Social Security and Garnishment: Taking a Look at the New Rules
The new rules for outstanding student loan debt have changed the landscape for many Social Security beneficiaries. And that’s not a trivial number of folks, since it’s estimated that about 5 million recipients of Social Security benefits have outstanding federal…
An Operational Conundrum…Fraud Detection Measures Slowing Claims Processing
Any efforts to curb fraud within the Social Security system are appropriate to ensure the integrity of benefit payments. Nobody would argue with that except, perhaps, a fraudster or malcontent seeking to “play” the system for illicit gains. But what…
Potential Social Security Cuts
An ideal retirement is having enough money to live comfortably. Many depend on Social Security and have little to nothing else in income. As we edge closer to the Social Security Trust Fund becoming insolvent many are becoming concerned about…
History of HR 82, The Social Security Fairness Act
H.R. 82 was signed into law by President Biden on January 5, 2025. This repealed two Social Security rules known as the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These rules were enacted in 1977 and 1983.…
Another change to Social Security Rules
The rules regarding Social Security overpayment have changed again. Until 2024 100% of a recipient’s benefit was held back until the overpayment was recovered. That left some retirees with no income, which was highly criticized. In 2024 the amount was…
Planning for Social Security in your 40’s
When you are in your 40’s Social Security is not the first thing on your mind. You may not even be thinking about retirement yet. There are a few important things about Social Security to hold in the back of…
2026 COLA Predictions
Although the official announcement is months away, we continue to see COLA (Cost of Living Adjustment) predictions. Experts started with a prediction of 2.1 % which gradually increased to 2.4% in April. There is some disagreement about how the COLA…
It’s Social Security’s 90th year, Lets Look at some Data
Few government programs touch as many people as Social Security. A 2024 Pew Research Center survey found that 79% if U.S. adults said Social Security benefits should not be touched. This is a view shared by a wide range of…
Additional Income Tax Deduction for Seniors is part of Trump’s big bill
President Trump’s “Big Beautiful Bill” has passed the House and is headed for the Senate. This means Trump’s tax cuts from 2017 will remain in place. Also, the bill includes an additional $4,000.00 tax deduction for America’s Seniors. House Ways…