2025 Social Security Cost of Living Adjustment
When we get to the end of the year, it’s time to look ahead to what numbers may change in 2025 for the government programs from which our clients receive benefits.  It starts with the Social Security Administration, which announces its cost of living adjustment (COLA).  Other government programs then adjust their
Social Security Benefits and Taxes (Part 2)
In last week’s post I talked about Social Security.  I specifically focused on how, for many Americans, Social Security benefits are the sole source of income but most of these benefits are subject at least in part to income tax.  That is the case for a single person who has more than
Social Security Benefits and Taxes (Part 1)
Social Security benefits are the primary source - and in some cases the sole source - of income for a majority of Americans.  Many Americans have little to no retirement savings.  Company pension plans have become rare and even when available, most people do not stay with a single company long enough
2024 Social Security Cost of Living Adjustment
When we get to the end of the year, it’s time to look ahead to what numbers may change in 2024 for the government programs from which our clients receive benefits.  It starts with the Social Security Administration, which announces its cost of living adjustment (COLA).  Other government programs then adjust their
2023 Social Security COLA
Every year the relevant numbers for the government programs we work with change.  It starts with the Social Security Administration, which announces its cost of living adjustment (COLA).  Other government programs then adjust their numbers, sometimes using the same COLA as Social Security.  For many years the adjustment has been small and there
Sunset Provision for Social Security and Medicare? – Part 2
In last week’s post I started to discuss clauses found in some laws that are called “sunset provisions”.  They are essentially expiration dates for a law.  We’ve seen them in estate tax laws.  The current federal estate tax exemption is scheduled to “sunset” in 2025, unless Congress votes to extend.  The key here is
What the 2020 Candidates are Saying About Social Security – Part 2
Last week I posted about the future of Social Security and what is being said in this 2020 election year. President Trump’s comments have been ambiguous as far as whether he would cut or protect Social Security, although his recent budget proposal includes cuts of $72 billion to the Social Security Disability program. This
What 2020 Candidates are Saying About Social Security (Part 1)
This being an election year there is talk again about what the candidates propose to do about the Social Security program which most recent projections suggest will run out of money by 2035. The Medicare program projections are more dire, with that program now expected to be insolvent by 2026 which is 3 years earlier
Update on Social Security and Medicare
    The federal government has issued annual updates on the financial soundness of Social Security and Medicare, stating that each government benefit program will run out of money within the next 8 to 16 years or so. Here’s the latest news.     For the first time since
Social Security and Student Loans – Part 2
    Last week I wrote about Social Security recipients who are delinquent on their student loans, an increasing problem as the population continues to age. For disabled and retired student loan borrowers, if they fall behind on student loan payments Social Security can garnish their checks – hold