Social Security
The House passes H.R. 82
The full House passed H.R. 82, the Social Security Fairness Act of 2023, on Tuesday, November 12th, by a 327 – 75 vote. The bill would repeal the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), which reduces the…
Three key moves to make in 2025
Even though Social Security benefits only replace 33 percent to 55 percent of earnings for the average worker, Social Security is the largest source of income for most beneficiaries. Without Social Security benefits, about 4 in 10 adults 65 and…
Could the Social Security Fairness Act still pass?
Despite the move by the Freedom Caucus leaders, the House is expected to try to pass H.R.82 – Social Security Fairness Act of 2023. What is the Social Security Fairness Act? This bill repeals provisions that reduce Social Security benefits…
Medicare Part B costs have outpaced COLA for years
Data shows that Medicare Part B premiums have been rising faster than COLA for years, which is why many seniors are struggling to make ends meet. Mary Johnson, Social Security and Medicare policy analyst, her analysis shows that “From 2005…
Your tax bill could be much lower depending on where you retire
Most of us know the famous Ben Franklin quote about taxes; “Nothing can be said to be certain, except death and taxes.” However, times have changed when it comes to taxes. Retirees may or may not have to pay state…
Ask Rusty: Older Veteran Asks about Special Social Security Credit for Military Service
Dear Rusty: I served in the U S Army from January 1958 to Feb 1961. What increase should I receive for those years and who do I call and at what phone number? Signed: Proud Veteran Dear Proud Veteran: First,…
What is the maximum taxable earnings limit?
The new year starts in 51 days; are you ready for the changes to Social Security? Of course, the cost-of-living adjustment (COLA) of 2.5 percent will boost the average Social Security check by $50 a month; however, there are more…
Considering Income Tax Rates in Retirement
Many of us have looked to retirement as a time when we become free–well, more free–of the federal income tax burden we carried during our working years. For many retirees, that is the case, But for higher earners and those…
Generation X: Rebounding From the Perceptions of a Retirement Savings Crisis?
Recent media accounts of the impending financial crisis facing future retirees have focused on perceptions that today’s workers are not accumulating the level of financial reserve needed for a “comfortable” retirement. The constant refrain has been, ” Save more!” and…
Social Security and Your Housing Costs – Some Key Things to Know
Many seniors grapple with the budgeting process, faced with a fixed income and an annual Social Security benefit cost-of-living adjustment that may not completely compensate for general price increases. Since housing costs are a substantial part of the overall financial…