The House is on the cusp of taking a major step toward the elimination of the Windfall Elimination Provision and the Government Pension Offset. While finally putting a knife in the heart of the WEP/GPO still will take an act of the Senate, Congressional support may be coming at the perfect time. Federal News Network […]
What happens to retirement benefits then? Social Security is undeniably one of our government’s most essential functions. The roughly $1.4 trillion in benefits the Social Security Administration (SSA) pays out each year is a lifeline to millions of retired Americans, making up a significant part of post-retirement income for most. For others, it’s nearly all they have. […]
Three significant changes have been announced recently, according to the Social Security Administration, which will have an impact on hundreds of low-income Americans, the disabled, and children who are eligible for the Supplemental Security Income (SSI) program. It is imperative to comprehend the implications of these modifications on beneficiaries’ monthly payments in the upcoming months since millions […]
Listen and subscribe to Decoding Retirement on Apple Podcasts, Spotify, or wherever you find your favorite podcasts. Annuities historically have not had a good reputation for helping Americans save for retirement, mostly due to their costs. However, recent changes in how annuities can be included in certain types of investment funds, such as 401(k) plans, […]
The Social Security Administration makes monthly payments to retirees, survivors, disabled people, and SSI beneficiaries. Nonetheless, some Supplemental Security Income (SSI) recipients this year will receive double SSI payments next month. The first SSI payment will arrive on the first day of the month as it is usually scheduled, and the second payment will arrive on November […]
As the election lies just a month away, Kevin Keller, CFP Board CEO, joins Wealth! to discuss how it may weigh on how Americans view their personal finances. Keller highlights that there’s a lot of anxiety surrounding the election, and notes that voters are concerned about inflation. “Many still think we’re in a recession despite […]
Social Security’s heading for insolvency, and the government can’t kick this problem down the road much longer. Lately, all eyes have been on the 2025 Social Security cost-of-living adjustment (COLA) and the effect it will have on benefits next year. Checks will go up beginning in January, though we won’t know by how much until […]
For 72-year-old Jacqueline Withers, retirement has been rocky. And she’s not alone, as it turns out. Eight years ago, the Jacksonville, N.C. resident stepped away from her job as a home healthcare aide because of a heart condition. She tapped into her Social Security. But it was not — then or now — enough to […]
The roughly 70 million people who receive Social Security payments will soon learn how much they’ll receive in their 2025 benefit checks, with the program’s annual cost-of-living adjustment (COLA) to be announced within days. Each fall, the Social Security Administration sets its annual COLA based on the recent rate of inflation, part of an overhaul […]
Several updates to Supplemental Security Income are taking effect, impacting how benefits are calculated, alleviating reporting burdens and likely expanding the number of people who qualify for the program. The Social Security Administration said it is implementing changes this week to policies related to its rental subsidy, the definition of a public assistance household and […]
The 2024 elections are right around the corner, and it’s been one of the most contentious campaign seasons in recent memory. For retirees, the outcome of the election has some ramifications, especially with a looming Social Security shortfall, which could lead to drastic cuts in benefits. Whoever is elected this year could help shape how […]
As 2024 progresses, it’s important to be aware of several required minimum distribution (RMD) rule updates, particularly if you are nearing retirement. Whether navigating the new RMD age limit or looking at your charitable giving strategies, these changes can impact your retirement income, taxes and even Medicare costs. RMDs Now Begin at Age 73 One […]
