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Social Security

The Republican Study Committee (RSC), a conservative caucus to which most House GOP members belong, released its fiscal year (FY) 2025 budget proposal, “Fiscal Sanity to Save America,” on March 20. It said the budget would address the federal spending problem and pay down debt so that it would “... READ MORE
Social Security Commissioner Martin O’Malley on March 20 outlined steps the Social Security Administration (SSA) will be taking to address overpayments and underpayments. The announcement came during his testimony before the Senate Select Committee on Aging regarding the current state of the Social... READ MORE
The Congressional Research Service (CRS) has issued information about the updated thresholds for the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) for 2024.  The updated information is contained in an annual report the CRS issues concerning the WEP and the GPO. Both... READ MORE
The solvency of Social Security is not a new concern. It’s been on a slow—or, at times, high—burn for more than 40 years. Proposals to address the problem are almost as numerous as the warnings about it; in a recent report, the Congressional Research Service takes a look at the potential impact of... READ MORE
Just as Congress gets ready to debate whether there is a “retirement crisis,” new survey results from an organization supportive of restoring defined benefit plans finds that Americans are increasingly worried about retirement.  According to the survey results from the National Institute on... READ MORE
Minnesota Democratic Representative Angie Craig has reintroduced legislation that would eliminate federal taxes on Social Security benefits for seniors. The bill would extend full benefits for two decades and reduce the federal debt by a substantial amount, according to the analysis it cited.... READ MORE
A resolution before the Alaska House calls for the state to join others in calling for the repeal of the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).  Rep. Alyse Galvin (I-Anchorage) introduced House Joint Resolution 18 on Jan. 22, 2024.  Alaska has the highest... READ MORE
The benefits of delaying Social Security benefits are by now generally accepted. While not appropriate for everyone, waiting to age 70 (the maximum age allowed) means a 24% increase in benefits versus claiming at age 67 (full retirement age). Add in the fact that benefits are inflation-linked and... READ MORE
The government should limit contributions or accumulations in tax-advantaged retirement plans—or tax the earnings each year—to address Social Security’s shortfall, a trio of high-profile industry academics argue in a new paper. It’s the latest in a string of controversial ideas that 401(k)... READ MORE
December’s Social Security cost-of-living adjustment (COLA) didn’t keep pace with inflation, but a new report says that Social Security beneficiaries could be riding an inflation rollercoaster this year, courtesy of 2023’s 8.7% COLA—alongside static income thresholds for taxation of benefits.... READ MORE
The windfall elimination provision (WEP) reduces the Social Security benefits of certain workers who also are eligible for pension benefits from jobs not covered by Social Security. It engenders active discussion, and a Nov. 20 hearing offered a fresh opportunity for people to weigh in on the WEP... READ MORE
Near retirees are in a unique position. The good news is that for the most part, they are living longer, are healthier than in the past, and have more work options than their predecessors. At the same time, there still is a significant number of them who perform physically challenging jobs—and that... READ MORE
While it may come as no surprise, the sooner Congress implements reforms to the Social Security system, the lesser the impact might be on beneficiaries; but the closer it gets to 2034, when the trust fund reserves are estimated to be depleted, the more the options become limited—and potentially... READ MORE
  The recently announced increase in the Social Security cost-of-living adjustment (COLA) for 2024 is much more modest than the one announced just a year ago. But milder or not, it has meaning. So what does it mean?   The milder-than-last-year hike in the Social Security COLA is due to the... READ MORE
The Congressional Research Service (CRS) has released a report concerning the proposals for a new proportional formula for use with the windfall elimination provision (WEP).  Specifically, in “The Windfall Elimination Provision (WEP) in Social Security: Proposals for a New Proportional Formula”... READ MORE
For the next 10 years, the Social Security trust funds will have a positive balance. But balance sheet solvency after that will be another matter, says the Congressional Research Service (CRS).  In its latest Social Security Primer, updated Oct. 2, 2023, the drumbeat the CRS hits is little... READ MORE
Oct. 15 has finally passed. A day even spookier than Halloween! Which explains all the treats in the kitchen area at work for those hard at work on their 5500s. Let’s take a flashback to our May issue in which Tiffany Myers, Manager, Actuarial Services at the Cash Balance Center of Excellence,... READ MORE
The Social Security Administration (SSA) announced Oct. 12 that the monthly Social Security and Supplemental Security Income (SSI) benefits will increase 3.2% in 2024. The change will affect more than 71 million Americans and translates to an increase in Social Security benefits of more than $50... READ MORE
Improvements in retirement-plan design have put more workers in a better position to meet their retirement goals, yet for Americans who lack access to a plan, the outlook remains challenging. That was one of the key takeaways from Vanguard’s inaugural Retirement Outlook report, which evaluates... READ MORE
For the next 10 years, the Social Security trust funds will have a positive balance. But balance sheet solvency after that will be another matter, says the Congressional Research Service (CRS).  In its latest Social Security Primer, updated Oct. 2, 2023, the drumbeat the CRS hits is little... READ MORE

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