In just a few days, tens of millions of Social Security retirement payments worth up to $4,194 will go out to eligible individuals. The standard payments issued by the Social Security Administration (SSA) each month will be sent on Jan. 11 for people born between the 1st and 10th of a month, according to a 2023…
Social Security Changes for 2023
By Sandra Block From Kiplinger’s Personal Finance Question: I recently retired at 63 and claimed Social Security. But I plan on working part-time to earn some extra money. Would that reduce my Social Security check? Answer: If you file for Social Security before you reach full retirement age (66 to 67 for most workers) and…
Turning Full Retirement Age in 2023? Consider Filing for Benefits This Month
I write a column like this one every January, but I don’t mind plagiarizing myself because it contains a very important message for people planning to retire in 2023. January is a critical month for the hundreds of thousands of potential Social Security beneficiaries who are reaching 66 and 6 months, their so-called full retirement…
Millions of Americans Get Bigger Social Security Payments as Cost-of-Living Adjustment Kicks In
More than 7 million Americans were slated to begin receiving bigger government benefit payments on Dec. 30 after soaring inflation prompted a near-record high 8.7 percent cost-of-living adjustment (COLA) which, as the year progresses, will ultimately see nearly 70 million people getting a benefit boost. Social Security and Supplemental Security Income (SSI) benefits were slated…
New IRS Requirement Raises Questions About Vow to Expand Audits Only on ‘Rich’
December 28, 2022
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Commentary Next month, the U.S. Postal Service will be busier than usual. Not because of late Christmas cards or thank-you letters, but because of the extra Form 1099-Ks the IRS will be mailing out. Under the American Rescue Plan, third-party payment facilitators like Venmo, eBay, Etsy, and Airbnb are now required to send Form 1099-Ks…
Social Security Update for 2023
It has been my custom for most of the past 25 years to write a year-end column that summarizes the Social Security changes and updates scheduled to take place the following year. I already discussed some of these changes in a column back in October when the updates were first announced. But it doesn’t hurt…
Benefit Cuts of 23 Percent—and 4 Other Things to Know About the Government’s New Social Security Projections
News Analysis A new Congressional Budget Office report projects an even more dire outlook for Social Security’s future than was previously calculated. Without action to fix the situation, huge benefit cuts for recipients will begin in 2033. And preventing those cuts will require massive tax increases for working Americans beginning immediately. In contrast to the Social Security trustees’…
Is There a Best Way to Receive Required Minimum Distributions?
December 25, 2022
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As you get closer to the age when you need to take required minimum distributions (RMDs) from your retirement accounts, you are likely wondering about the best way to do it. There are several ways, but any of them depend on your circumstances. When you get closer to the RMD age of 72, you will…
Agency Puts Lump of Coal in Seniors’ Stockings
Just last week, I wrote a column in which I passed along my ideas for a holiday gift for senior citizens. One is a booklet published by the Social Security Administration called “Fast Facts and Figures.” It’s a short booklet (about 40 pages) crammed with fun and interesting tidbits about the Social Security program. Just…
Rare Double-Monthly SSI Payments Worth $1,755 Set to Arrive in 2 Weeks
Those who receive Supplemental Security Income (SSI) are slated set to receive their second of two December payments in about two weeks, totaling $1,755 in SSI benefits for the month. Recipients will get a payment of $914 on Dec. 30 after they got $841 on Dec. 1, according to the Social Security payment schedule (pdf). Managed by…
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