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Social Security
The Congressional Research Service (CRS) has updated information concerning the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), both benefit formulas that reduce Social Security benefits for workers and their eligible family members if the worker receives (or is...
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The IRS has issued tables of covered compensation under Internal Revenue Code Section 401(l)(5)(E) and the Income Tax Regulations thereunder for the 2021 plan year. The tables are contained in Revenue Ruling (Rev. Rul.) 2022-02.
The covered compensation tables for 2022 provide:
Data based on...
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An important retirement-related concern is whether savings will be adequate for the lifespan of a retiree. Annuities are one way some seek to provide a source of lifetime income; however, as a recent study notes, there is reluctance to use them. That study suggests that one answer may be a Social...
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According to an announcement by the program’s board, MarylandSaves will begin offering its new automatic workplace retirement and emergency savings program starting next summer.
Created by legislation that went into effect on July 1, 2016, MarylandSaves is a state-sponsored program that seeks to...
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There are proposals to replace the current formula by which the Social Security windfall elimination provision (WEP) is determined to one that is proportional. The Congressional Research Service (CRS) has issued a study that compares such a formula to the way it is currently determined.
In “The...
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It’s no secret that the Social Security system needs help, and some suggest even life support. The Congressional Research Service (CRS) has released a report on a novel approach: removing the taxable earnings base.
Social Security payroll taxes are imposed on covered earnings up to an annual...
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A key House lawmaker has introduced legislation that would increase Social Security benefits for various recipients and make other reforms to the system, including a payroll tax increase.
Noting that benefits have not been improved in more than 50 years, Rep. John Larson (D-CT), chairman of the...
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Legislation that would increase Social Security benefits through various reforms to the system, including a payroll tax increase, is set to be reintroduced in the House of Representatives.
Following the Oct. 12 announcement that the Social Security cost of living adjustment for 2022 will be 5.9...
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Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9% in 2022, the Social Security Administration announced today.
The 5.9% cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security...
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Americans are confident about their knowledge of Social Security, says a new report. But their confidence may be a little unwarranted: researchers also found that they know less than they think they do.
In a recent study, Nationwide Retirement Institute found that while many people are very...
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The Social Security Administration (SSA) has updated the Social Security Statement, the report that conveys information regarding earnings and future Social Security benefits.
The statement, available online through the My Social Security portal and by mail, is shorter, uses visuals and plain...
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Social Security auxiliary benefits remain crucial in improving income security for surviving spouses and dependents, says a recently updated report by the Congressional Research Service (CRS).
“Social Security: Revisiting Benefits for Spouses and Survivors,” updated Sept. 21, 2021, says that...
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It’s often said that “if it bleeds, it leads”—and, according to a new report, it may also mislead.
The study—by folks at the Center for Retirement Research at Boston College—looked at coverage of Social Security’s finances, noting that while the 2020 Trustees Report projects that the Social...
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Beginning this year, Social Security expenditures will exceed total revenues—and that trend will hold for the rest of the 21st Century, according to an updated report by the Congressional Research Service (CRS).
In its most recent Social Security Primer, updated Sept. 15, 2021, the CRS reports...
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While the future ramifications of the pandemic remain uncertain, it did apparently have an impact on the long-term financial status of the Social Security Trust Funds.
According to the Social Security Board of Trustees’ annual report released Aug. 31, the combined asset reserves of the Old-Age...
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The number of state and local government employees has been increasing at a greater rate than the number of such employees covered by Social Security, says a recently released study.
More specifically, says the Social Security Administration (SSA) in “Trends in Noncovered Employment and Earnings...
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The Office of the Inspector General (OIG) has called on the Social Security Administration (SSA) to further investigate some instances of overpayment of benefits.
Specifically, the OIG is concerned about Old-Age, Survivors and Disability Insurance (OASDI) beneficiaries whose benefits may have been...
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The younger a person is, the higher the likelihood that they will be concerned about the effect of the pandemic on retirement security, recent research says.
Researchers at the National Institute on Retirement Security (NIRS) report in “Generational Views of Retirement in the United States” found...
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The Congressional Research Service (CRS) has released an updated version of its report concerning the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). It now includes discussion of bills that would affect both.
The updated version of “Social Security: The Windfall...
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Legislation that would recalibrate annual cost-of-living adjustments for Social Security has been introduced in the U.S. House of Representatives.
The “Fair COLA for Seniors Act of 2021” (H.R. 4315), introduced by Rep. John Garamendi (D-CA), would require Social Security to use the Consumer Price...
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