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Seniors Proportionately Impacted by COVID-19 to Receive Added Vaccine Protection

Charlotte, North Carolina – Older adults aged 65 and above bear a disproportionate burden of the impacts of COVID-19, facing a higher risk of severe disease and hospitalizations. The Centers for Disease Control and Prevention (CDC) recently recommended an additional dose of the COVID-19 vaccine for older adults to enhance their protection against the virus. CDC Director Mandy Cohen emphasized the importance of this additional dose, stating that most COVID-19-related deaths and hospitalizations occurred among …

Clawback Conundrum: Seniors Facing OAS Recovery Tax Increases as Cohort Grows

Toronto, Canada – The Old Age Security recovery tax, commonly known as the OAS clawback, has become an increasingly concerning issue for seniors as the number of those affected continues to rise. Surpassing $90,997 in income in 2024 triggers the clawback, affecting more than 500,000 seniors, which accounts for 8.3% of total OAS recipients, according to data from Statistics Canada. As Canada’s population ages, the financial burden on the federal government to sustain the OAS …

Social Security Expert Explains Taxation on Working Seniors

Chicago, IL – A senior citizen collecting full Social Security benefits while working full time is puzzled by the continued deductions from their paycheck by the Federal Government. Despite seeking clarification from Social Security experts, the individual remains unsatisfied with the response that “it’s the law.” With $4,400 deducted in 2023, the individual feels the amount taken from their pay is not proportionate to the COLA increase received. An explanation for why the government taxes …

$3700 SSI, SSDI Increase 2024 Payment: What Seniors Need to Know

Jacksonville, Florida – Many Americans are unaware of the benefits available to them through Social Security. Understanding the actual income that retirees receive can help individuals prepare for the impact these benefits will have on their lives. It is important to note that the 3.2% Cost of Living Adjustment (COLA) for 2024 will be included in Social Security benefits, though this increase is lower than last year’s historic 8.7% raise due to ongoing inflation concerns. …

Social Security Insolvency Looms: Many Seniors Expect Financial Struggles within 10 Years

Washington D.C. – Many seniors approaching retirement are facing uncertainty as economists predict potential Social Security insolvency by 2033. A recent survey by MassMutual revealed that a significant portion of near-retirees rely on Social Security benefits as their primary income source during retirement. However, a substantial number express concerns about the adequacy of their retirement income, fearing it may not last more than a decade. Financial planner Nadia Vanderhall highlighted the growing apprehension among seniors …

Seniors Challenged by Projected Social Security COLA Drop in 2025

WASHINGTON, DC – A forecasted drop in Social Security cost-of-living adjustments (COLA) for 2025 is likely to impact seniors as they struggle to keep up with rising prices and expenses. According to estimates, the increase in Social Security benefits may only reach 2.5%, falling behind the moderating inflation figures. The forecast comes from the Congressional Budget Office (CBO), which predicts a 2.5% increase, slightly higher than the 1.75% estimated by the Senior Citizens League (TSCL). …

Social Security Tax Break for Seniors Gains Momentum in West Virginia Committee

Charleston, West Virginia – A bill advanced by the House Finance Committee in West Virginia is aiming to phase out the personal income tax on Social Security over a period of three years. This move comes in response to a call by Gov. Jim Justice to provide tax relief for seniors while also being cautious about the state’s budget. House Finance Chairman Vernon Criss, R-Wood, explained that the approach of phasing tax cuts in has …

Seniors in Missouri and Nebraska Save Money as States End Social Security Benefit Taxes

JEFFERSON CITY, Missouri – Missouri and Nebraska residents had reason to celebrate on January 1, 2024, as both states officially put an end to taxing Social Security benefits. This move leaves only 10 states in the US that still impose taxes on the Social Security income of their senior citizens. If you happen to reside in one of these 10 states, it’s crucial to understand the implications of state taxes on your Social Security benefits …

“Social Security Cuts” Threaten Financial Stability for Millions of California Seniors

Some Californians are facing potential cuts to their Social Security benefits as the program’s future remains uncertain. Economists predict that by 2033, the program will be insolvent if no changes are made, which would mean reduced benefits for retirees. Lawmakers have proposed cuts to the program, which could significantly impact the ability of current seniors to live in retirement. The potential impact of these cuts varies by state, with California, Florida, Texas, New York, and …

Seniors Staying Put: Impact on Canada’s Housing Market

Georgetown, Ontario – As the population of elderly homeowners in Canada continues to age, the desire to stay in their family homes for as long as possible is becoming increasingly common. Many seniors are now delaying the sale of their homes, putting pressure on the housing market, according to a report by the Canadian Mortgage and Housing Corporation (CMHC). The report, titled Understanding the Impact of Senior Households on Canada’s Housing Market, found that the …