NEW YORK—The deadline to file your taxes is Tuesday, which is just around the corner. Filing U.S. tax returns—especially for the first time—can seem like a daunting task, but there are steps you can take to make it less stressful. Whether you do your taxes yourself, go to a tax clinic or hire a professional,…
Taxing Your Retirement Income
April 13, 2023
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You’ve developed a retirement plan. And in developing this plan, you’ve determined what income you’ll need to meet expenses. But have you accounted for taxes? During your working years, your employer withdrew the taxes from your check. But now, since your money may come from various sources, you’ll need to make sure those taxes are…
Social Security Increase Might Not Be Enough to Cover Rising Costs: Survey
A recent survey found most of the older generations think that the cost-of-living adjustments (COLA) made to their Social Security benefits won’t keep pace with inflation and rising costs. At the start of this year, Social Security beneficiaries received an 8.7 percent increase in their monthly checks, the largest one since an 11.2 percent increase…
Common Social Security Questions
Well, it’s been a strange week. My inbox is normally crammed with emails from readers. But this week, there has been just a sprinkling of questions. I’d like to think it’s because all of you have been reading my column for years, and maybe also have read my two books about Social Security, and so…
Social Security Faces Backlog of 1 Million Disability Applications
Persistent underfunding, an aging population, and workforce attrition created a perfect storm that resulted in significant delays in processing applications for Social Security disability benefits. “The pandemic, combined with high attrition, created backlogs. Initial disability claims pending have now reached over 1 million,” Kilolo Kijakazi, acting commissioner of the Social Security Administration (SSA), said at…
Social Security Predicted to Reduce Payments by 2033
April 10, 2023
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Unless Congress does something to change it, the Social Security Administration (SSA) will reduce payments by as much as 20 percent by 2033. The talk about it has continued for a couple of years, but now it is predicted to take place one year sooner than projected earlier. The depletion of money in the Social…
Social Security Rules for Federal Government Employees
I’ve commented before how surprised I am that a high percentage of emails I get come from the relatively small group of people in this country who don’t even pay into Social Security. Most of those questions come from retired or soon-to-be retired educators in those states where teachers have a separate retirement system other…
Social Security Cuts Maybe Be Coming Soon: Here’s Who Will Be Affected
A new report indicates that the Social Security program is expected to run out of money by 2033 due to slower-than-predicted economic growth. A Social Security and Medicare Trustees report released March 31 found the entitlement program could face insolvency a year earlier than previously reported, in part, due to a revision of gross domestic…
Social Security Cuts May Be Coming Soon: Here’s Who Will Be Affected
A new report indicates that the Social Security program is expected to run out of money by 2033 due to slower-than-predicted economic growth. A Social Security and Medicare Trustees report released March 31 found the entitlement program could face insolvency a year earlier than previously reported, in part, due to a revision of gross domestic…
Treasury Warns Social Security Fund Will Run Out of Money by 2033
A new government report shows that the Social Security system’s main trust fund will be depleted by 2033, one year sooner than a prior estimate, adding to concerns about the fund’s solvency. The Treasury Department has released a report following a meeting of the Social Security Board of Trustees, in which it warns that the…
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