Benefits Archives - Page 22 of 24 - DR News

Maximize Social Security Benefits by Understanding How Working Affects Payments After 35 Years

Chicago, IL – Americans who are nearing retirement age are often interested in learning about the intricacies of the Social Security system to ensure they receive the maximum benefits possible. It’s crucial for individuals to understand the relationship between their work history and the amount of benefits they will receive after retirement. Social Security retirement benefits are not simply an entitlement program, but rather a pension program. In order to qualify for these benefits, individuals …

Union Workers in North Country to Receive Nearly $16 Million in Recovered Pension Benefits After Financial Assistance

WATERTOWN, N.Y. – Thousands of union workers in the north country are set to receive a significant boost in pension benefits, thanks to a funding recovery effort spearheaded by U.S. Senate Majority Leader Charles Schumer. Laborers’ International Union Local 1822, which serves as the representative for over 500 construction workers across multiple counties, is expected to receive close to $16 million in special financial assistance. This funding will provide crucial support to workers in Jefferson, …

Legislation to Repeal Federal Taxation of Social Security Benefits Introduced by Bipartisan Representatives

Denver, Colorado – Two Democratic representatives, Angie Craig from Minnesota, and Yadira Caraveo from Colorado, have introduced a new legislative proposal known as the “You Earned It, You Keep It Act.” This act aims to eliminate federal taxation on Social Security benefits starting in 2025. Caraveo emphasized that the proposed legislation would be funded by raising the cap for individuals earning more than $250,000 annually. She emphasized the importance of ensuring that hard-working individuals can …

Spousal Benefits: Maximizing Social Security for Retired Couples in 2024

Chicago, IL – Many retired couples in the United States rely on their monthly Social Security benefits to help make ends meet. Data compiled by the Social Security Administration shows that around half of all households with someone age 65 or older receive at least 50% of their family income from Social Security. With Social Security benefits accounting for such a significant portion of household budgets, it’s important for recipients to understand how they can …

Social Security Benefits: How to Maximize Your Payout in Retirement

NEW YORK, NY – For many retired workers, maximizing their Social Security benefit is a top priority. With inflation on the rise and confidence in financial security waning, the importance of understanding how to increase Social Security benefits cannot be overstated. When it comes to calculating Social Security benefits for retired workers, three key factors come into play: work history, lifetime income, and claiming age. It’s essential to understand the impact of these variables in …

401(k) Withdrawals and Social Security: Will Cashing in Affect Benefits and Taxes?

Social Security in 2024 will be affected by 401(k) withdrawals, and it is important to understand how this might impact your benefits. As you approach your full retirement age, it’s crucial to consider the implications of cashing in your 401(k) and how it may affect your Social Security payments. Here’s what you need to know about this complex issue. Firstly, as you reach your full retirement age in 2024, your work earnings limit will be …

Social Security Beneficiaries Face Unexpected Taxes on Increased Benefits

Youngstown, Ohio – New information reveals that millions of Social Security beneficiaries are now required to pay taxes on their benefits, representing a substantial change for many individuals who have never faced this obligation in the past. The recent cost-of-living adjustment (COLA) has resulted in larger monthly checks for recipients, but it has also triggered the imposition of taxes on these benefits, catching many off guard. According to a recent survey conducted by The Senior …

Taxation of Social Security Benefits: What Retirees Need to Know for the 2023 Filing Season

Atlanta, Georgia – As of the beginning of 2024, over 53 million Americans aged 65 and above were receiving retirement benefits from the Social Security Administration (SSA). These monthly payments are a crucial form of federal financial support for senior citizens. However, many retirees are uncertain about how these payments are taxed. As tax season gets underway, there is confusion among filers regarding whether seniors who receive Social Security payments need to file a tax …

Union Workers Restored: $16 Million in Pension Benefits Secured by Senator Schumer

WASHINGTON, D.C. – U.S. Senate Majority Leader Charles Schumer announced that more than 500 union workers in the north country will have almost $16 million in pension benefits restored. The Laborers’ International Union Local 1822, representing construction workers in Jefferson, Lewis, St. Lawrence, and Franklin counties, will be impacted by this decision. According to Schumer, the workers were left without the ability to retire due to a collapse in the pension system. The union’s fund, …

Retirement Planning: Maximizing Social Security Benefits vs. Saving and Investing for Financial Stability

Tampa, Florida – Many retirees may be able to live comfortably on their Social Security benefits alone, particularly if they are eligible for the maximum benefit of $4,873 per month in 2024. Despite common advice to not rely solely on Social Security, high earners in particular may find this benefit to be adequate if they are used to a certain lifestyle. However, the majority of Social Security recipients will not be eligible for the maximum …