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Far-Reaching Effects of This Pandemic on Social Security and Taxes

Long after the restaurants and hotels are open again, the economic impact of the COVID-19 pandemic will still be felt by many individuals and the country. During this time of widespread unemployment, less is collected in payroll taxes that fund Social Security, while emergency federal spending has increased significantly. Here are potential far-reaching effects of [...]

2020-07-27T02:04:48+00:00July 27th, 2020|Financial Planning, Social Security, Tax Strategies|

Common Social Security Scams

Turning 65 means a lot of great things – you’re eligible for Medicare, you’re at or near your full Social Security age, and of course, you can get into some museums, buy Amtrak tickets, and eat at certain restaurants for a discounted price. Unfortunately, you may also be targeted by criminals trying to steal your [...]

2020-03-03T13:38:41+00:00March 2nd, 2020|Fraud Protection, Social Security|

Will Inflation Erode Your Social Security Benefit’s Buying Power?

In 2019, Social Security benefits received a 2.8% increase[1] – the largest since 2012. But in 2020, benefits will only see a 1.6% increase[2]. Even though inflation is low right now, the cumulative effect of inflation has eroded the buying power of Social Security by a third since 2000[3] according to the Senior Citizens League. [...]

2019-11-04T19:26:07+00:00November 4th, 2019|Financial Planning, Social Security|

Social Security’s Decreased Buying Power

Some are worried about the state of Social Security since the latest report found that starting next year, the program’s annual cost will exceed its income. Some speculate that since the program’s trust fund is expected to be depleted by 2034, cuts are inevitable. But, there should be a more immediate worry facing beneficiaries than [...]

2019-06-14T13:13:25+00:00June 14th, 2019|Financial Planning, Social Security|