Posts Tagged With ‘ Social Security ’

                Paving the way to burden season, a huge number of Americans could owe the IRS thousands on their Government backed retirement installments. While Government managed retirement installments saw a cost for many everyday items change (COLA) of 3.2 percent this year, there could be unseen side-effects on many seniors’ assessment forms On the off chance that their salaries are helped excessively high, it could place them in an alternate expense section and see a bigger measure of cash taken out. Broadly, around 40% of individuals getting Government backed retirement should... Continue Reading

Equity’s Bold Fiscal Moves: Slashing Government Expenditures and Unveiling Three New Tax Breaks in 2024 Budget Proposal Making a further declaration on X, previously Twitter, Equity posted: ” We’ve curtailed government expenditures multiple times since I got down to business in 2017, and this year I proposed three extra tax breaks in my spending plan: disposing of the expense on government backed retirement, a childcare tax break, and a development to the Estate exclusion.” West Virginia passed legislation in 2019 to begin gradually eliminating Social Security taxes for single filers with... Continue Reading

About one of every seven retired people in the U.S. depend on Government managed retirement for essentially the entirety of their pay, as per an AARP examination. Be that as it may, these advantages don’t generally come without Uncle Sam’s surprises. Some States Tax Social Security for Retirees To demolish monetary issues for retired folks relying upon Government managed retirement to earn enough to get by, a few states force their own state personal duties on benefits. Luckily, there aren’t close to as many states that force their own expense on Government backed retirement as those that... Continue Reading

It’s not unusual for Black and Latino children to live with their grandparents, who are either the primary caregivers or members of a multigenerational family. And just as the grandparent is integral to the family unit, so are the Social Security benefits the grandparent receives and contributes to the household. The poverty rates in families with children would be much higher without the income from Social Security, according to new research on Wisconsin families. Nearly two-thirds of the study’s families in which a grandparent is a child’s primary caregiver rely on Social Security retirement... Continue Reading

Democratic Senator Bernie Sanders is pushing for a new bill that could give current and future Social Security recipients a bit more cash in their monthly checks. The Social Security Expansion Act was introduced to Congress by Sanders and Peter DeFazio last year but didn’t get much traction. This time, Sanders has gained more support […] Originally Published on BoomerBuyerGuides.com Continue Reading

Nearly half of the people receiving federal disability benefits have a psychiatric impairment that interferes with working. And they tend to be younger and more willing to work than other disability beneficiaries. This makes them good candidates for employment support programs that encourage working at least part-time and might even prevent them from applying for benefits at all. According to a Mathematica review of research on three government jobs programs, the programs had some success in boosting participants’ employment and earnings. However, they didn’t prove effective over the long term... Continue Reading

Jane had always assumed that Social Security would be there for her when she retired. She had been paying into the system for most of her working life, and it seemed like a reliable safety net. However, as she approached retirement age, she began to hear rumors that the program was facing some financial challenges. […] Originally Published on BoomerBuyerGuides.com Continue Reading

As the US grapples with the debt ceiling debate, President Biden and the House Speaker have both vowed to keep Social Security and Medicare intact. While proposals to create commissions to examine the programs’ future exist, some experts warn this could fast-track changes without proper public vetting. It’s time to ensure the Social Security system is fixed and delivers on its promise of financial protection for all Americans. Originally Published on BoomerBuyerGuides.com Continue Reading

As the lower-paid sex, women have no shortage of insecurities about their retirement finances. Only one in five working women feels “very confident” of being able to retire comfortably, the Transamerica Center for Retirement Studies reports in its annual retirement survey. More than half say they don’t earn enough or have too much debt to leave a lot of room for saving. Four in 10 expect to retire after 70 or not at all. These insecurities probably reflect, to some extent, the poor retirement preparedness of Americans as a whole, not just women. In fact, women have made significant strides... Continue Reading

Older Americans who want to be smart about retirement finances are curious about the intricacies of Social Security. The blog that drew the most traffic from our readers last year – “The Bridge to a Larger Social Security Check” – suggested a strategy for getting more out of the program: delay signing up for Social Security by withdrawing savings from a 401(k) to pay the bills. Each year that Social Security is postponed adds 7 percent to 8 percent to a retiree’s monthly benefit check. A couple of years of delay, funded with savings, can provide significantly more money, month after month,... Continue Reading