retireearly

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Social Security Applauds Passage of Legislation Providing Historic Tax Relief for Seniors | SSA

“The bill ensures that nearly 90% of Social Security beneficiaries will no longer pay federal income taxes on their benefits, providing meaningful and immediate relief to seniors who have spent a lifetime contributing to our nation’s economy.”

7 months ago
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When Will Social Security and Medicare Funds Run Out?

“The funds hitting their go-broke dates doesn’t mean that there won’t be any funds to cover any benefits after that point. After 2034, Social Security would only have enough funds to cover 81% of benefits. After 2033, Medicare’s hospital insurance trust fund would only be able to pay 89% of costs.”

8 months ago
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Most Americans don’t earn enough to afford basic costs of living, analysis finds

“Traditional headline economic indicators like GDP and unemployment tell us the economy is thriving, but they don’t reflect the lived reality of most Americans,” Ludwig said in a statement. “Americans are working harder than ever, fueling our economic growth, but the benefits of that hard work are not being distributed in a way that supports upward mobility for too many middle- and low-income Americans.”

8 months ago
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Some are receiving higher Social Security benefits this month. Here’s who.

“The Social Security Fairness Act, signed into law in January by President Joe Biden, eliminated the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). Those measures reduced or prevented Social Security benefits for more than 3.2 million people with a pension and whose past work wasn’t subject to Social Security taxes, according to the Social Security Administration. Affected recipients include police officers, firefighters, postal workers and public school teachers.”

10 months ago
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How much do you (really) need to save for retirement?

“Just how big your nest egg should be and how long it might last will depend not only on what you save and invest but also how you plan to spend money once you retire. Do you plan to work part time in retirement? Travel a lot? At what age do you plan to retire? Answers to all these questions will help you figure out how large a nest egg you may need to live the life you want in retirement. And don’t forget to factor in inflation and future market conditions.”

October 23, 2024
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