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401(K)s Tax Breaks Favored by Right, Abandoned by the Left as Plan to Plug Social Security Shortfall

Boston, MA – Tax benefits on retirement plans could be facing potential changes, as a new report claims that these benefits primarily advantage the wealthy. The report suggests that axing these tax benefits and redirecting those funds to Social Security could help bridge the shortfall in payments. According to a report co-authored by Alicia Munnell, a former assistant Treasury Secretary under President Clinton, and right-leaning economist Andrew Biggs, the current tax breaks on 401(K) and …

Assistance for Social Security and More: Helping Your Loved Ones Apply

In Inverness, Florida, many individuals struggle to navigate the process of applying for Social Security and other benefits. The complexities of the application process can leave people feeling overwhelmed and unsure of where to turn for assistance. Social Security benefits can provide important financial support for those who are unable to work due to disability, illness, or old age. However, the application process can be daunting, and many people are unsure of how to get …

Maximize Your Social Security with Holistic Retirement Planning Strategies

LEWES, DELAWARE – As Social Security approaches its 100th year in existence, many people are still uncertain about the best time to claim their benefits for maximum financial optimization. The decision of when to claim can have a significant impact on a person’s retirement portfolio and financial future, so it’s crucial to consider all factors before making a decision. It’s not just about maximizing the amount of money received from Social Security, but also about …

Senate Chair Urges President to Dismiss Social Security Watchdog Over Plunging Morale and Stalled Investigations

Washington, D.C. (AP) – The chairman of a powerful Senate committee is calling on President Biden to dismiss the lead watchdog for the Social Security Administration over issues related to ongoing investigations and declining staff morale. Senator Ron Wyden of Oregon, who chairs the Senate Finance Committee, voiced his concerns in a letter sent to the White House, questioning the effectiveness of Inspector General Gail Ennis’ leadership. Wyden described promises to establish a transparent and …

Social Security Alert: Nikki Don’t Lose That Number for Unclaimed Benefits

Los Angeles, California – Social Security is essential for many people in the United States, providing financial support during retirement and in the event of disability. However, the process of applying for and receiving Social Security benefits can be complex and overwhelming for some individuals. In recent years, there has been an increase in the number of individuals who are being denied Social Security benefits upon their initial application. This has led to a growing …

Retirement Experts Weigh in on Social Security and Medicare Future Funding

Cleveland, Ohio – As the future of Social Security and Medicare remains uncertain, financial advisors across the country are planning for the possibility of reduced benefits for their clients. The potential funding shortfalls facing both programs could lead to cuts in benefits within the next decade if no action is taken by Congress. With Social Security facing the possibility of a 20% benefit cut after 2034 and Medicare’s hospital insurance fund projected to only cover …

“Pension Puzzles” – Navigating the Windfall Elimination Provision and Early Social Security Benefits

AUSTIN, Texas – Many individuals face uncertainty about their Social Security benefits, especially when it comes to factors such as pensions and continuing to work. One such individual, a 63-year-old state employee from Illinois, seeks clarity on whether their Windfall Elimination Provision (WEP) reduction will be eliminated if they continue working in a job that contributes to Social Security. The Windfall Elimination Provision (WEP) is a rule that applies to individuals who have earned a …

Social Security Retirement Income: Statistics and Maximum Benefits in 2024

San Francisco, CA – Social Security benefits are not intended to be the sole source of income for retirees. Typically, these benefits are designed to replace about 40% of an average worker’s salary. Many financial planners assert that retirees will need approximately 80% of their pre-retirement income to maintain the same standard of living after leaving the workforce. As a result, the majority of Americans rely on other sources such as savings in 401(k) or …

Disabled Adult Children (DAC): Navigating Social Security Benefits for Parents of Disabled Adults

Columbia, MD – The Social Security Administration provides benefits to minor children of retirees, but did you know that these benefits can also extend to disabled adult children (DACs)? Since its inception in the 1930s, the Social Security program has allowed minor children to receive benefits based on a retiree’s record. These benefits usually stop when the child turns 18, but if the child is disabled, they can continue to receive benefits indefinitely. To qualify …

Social Security Tax Elimination Bill Would Extend Program Shelf Life in a ‘Win-Win’ Situation

Sen. Shelley Capito (R-WV) and Sen. Ben Cardin (D-MD) have reintroduced a bill in the United States Senate that aims to eliminate federal income taxes on Social Security benefits. The proposed legislation, known as the “Senior Tax Halt Act,” is not only designed to provide relief to retirees and seniors but also to extend the shelf life of the Social Security program. The bipartisan effort has been praised by advocates for seniors and retirees, who …