Bernie Sanders, Elizabeth Warren, and other Democrats want to pay retirees an additional $2,400 in their Social Security checks — by raising taxes on the richest Americans
The plan is very unlikely to draw GOP support, given their resistance to tax increases to pay for expansions of benefit programs.news.yahoo.com
Go-broke dates pushed back for Social Security, Medicare
A stronger-than-expected economic recovery from the pandemic has pushed back the go-broke dates for Social Security and Medicare, but officials warn that the current economic turbulence is putting additional pressures on the bedrock retirement programs.
Watchdog opens probe into huge Social Security fines to poor, disabled
An independent watchdog this week opened a broad investigation into Social Security Inspector General Gail Ennis and her office following a Washington Post report that revealed massive penalties an anti-fraud program has imposed on disabled and elderly people.washingtonpost.com
66-year-old retiree who left the U.S. for Mexico: 'Here's what you can buy here for $5 or less'
In Mexico, retiree and American expat Janet Blaser lives an affordable lifestyle, where she spends less than $160 on eating out and shopping. From groceries to transportation to fun activities, here's what $5 or less can get you in Mazatlán, Mexico.cnbc.com
A Harvard-trained economist says 'early retirement is one of the worst money mistakes'—here's why you'll 'regret' it
For most Americans, retiring early is one of the worst financial mistakes that they'll end up regretting, according to a Harvard economist. The reason, he says, is simple: People are bad at saving money.cnbc.com
The Social Security Retirement Age Increases in 2022
While you can start Social Security payments at age 62, your monthly checks are reduced if you begin collecting benefits at this age. To claim your full benefit, you need to sign up for Social Security at your full retirement age, which varies by birth year.news.yahoo.com
Northrop Grumman Cygnus departs from Space Station
Northrop Grumman's uncrewed Cygnus spacecraft departed the International Space Station on Saturday, more than three months after delivering nearly 8,000 pounds of supplies, scientific investigations, commercial products, hardware, and other cargo.(Nov. 20)news.yahoo.com
Retiree checks to rise 1.3% in 2021 amid coronavirus fallout
WASHINGTON – Social Security recipients will get a modest 1.3% cost-of living-increase in 2021, but that might be small comfort amid worries about the coronavirus and its consequences for older people. The economic fallout from the virus has reduced tax collections for Social Security and Medicare, likely worsening their long-term financial condition. The former vice president would raise Social Security taxes by applying the payroll tax to earnings above $400,000 a year. That amount generally increases, so at least some of any additional Social Security raise goes to health care premiums. That prompted Congress to pass recent election-year legislation that limits next year’s premium increase but gradually collects the full amount later on under a repayment mechanism.
Social security recipients will NOT need to file a tax return to get a stimulus check
ROANOKE, VA. – The IRS has reversed its decision requiring those on social security to file tax returns in order to receive a stimulus check. Now, they will not have to file a return to receive the money the government is sending out automatically to most people. “We want to make sure these direct deposit payments to Virginians get out with the least amount of bureaucracy as possible. The idea that folks on social security were going to have to go through and file a form made no sense,” said Warner. Social security recipients with direct deposit will have the money automatically deposited into their accounts, others will be mailed a check.
Scammers pose as Medicare, offering 'free' DNA kits to seniors
MONTGOMERY COUNTY, Va. - The Montgomery County Sheriff's Office is warning seniors to watch out for a potential government imposter scam. The Federal Trade Commission has received reports of callers claiming to be from Medicare asking people for their Social Security numbers, Medicare numbers and other personal information in exchange for "free" DNA testing kits. Companies are targeting people at senior centers, housing complexes and other community locations to promote "free" genetic testing, cancer screenings or DNA testing. In this scam, the targeted seniors are told that these tests will be covered by Medicare. The FTC is reminding consumers that Medicare does not market DNA testing kits to the general public.
FTC reports sharp increase in phone scams
Americans have forfeited at least $450 million this way to government impostor scams since 2014, the FTC said and that only counts the victims regulators know about. Government impostors became the number one source of FTC complaints and now account for the lion's share of impostor scams overall. "Toward the fall, we started to see these scams really, really pick up." Thousands of consumers who reported the scam this year told the FTC they lost money. Last week, the FTC, Justice Department, and various states and local authorities brought nearly 100 cases against alleged robocallers.
Social Security & Tax Breaks
Figuring out what you owe can be complicated, here is some information to understand what is taxable under Social Security. Social Security is taxable at three different levels, based upon how much other income you have and your income tax filing status. This is 50% of your household Social Security benefits plus all of your other taxable income, plus any tax-free income. These breakpoints are the same if your filing status is Married Filing Separately and the couple does not live together during the tax year. If your Provisional Income (defined above) is less than the first breakpoint based on your filing status, then none of your Social Security is taxable.