Social Security

How will 2024 Midterm Elections affect Retirement?

The midterm elections of 2022 were among the most controversial in recent memory, with voters weighing in on crucial economic topics like inflation and taxes. While rising prices catch the attention of many voters, the upcoming Election could result in significant changes for retirees and those nearing retirement, given that the Republicans have pledged to cut Social Security and Medicare.

And would Democrats, as they did in 2021, attempt to amend Roth IRA restrictions and estate taxes? These two main concerns and others could appear on the forthcoming legislative agenda when the new term begins, mainly if there is a shift in the congressional power structure.

Here is what individuals planning for retirement must focus on and how they can better secure their future.

Tax Deadline Approaching, How Much Money Do You Owe?

Taxes might significantly reduce your retirement income. The greater your retirement income, the greater your tax liability, and this causes a greater proportion of your hard-earned money to be utilized to pay taxes. Continue reading to see how different types of retirement income are taxed.

3 Must Take Steps to A Secure Retirement

Everyone wants to enjoy our elderly years; we all yearn for a retirement free of worry. However, getting there requires extensive planning. And it is essential to begin early.

Here are the fundamental processes involved in retirement planning.

What Will Become Of Social Security And Medicare?

As the two most extensive non-emergency spending programs in the federal budget, the two programs are the foundation of retirement security for nearly all American workers; it makes perfect sense to discuss Social Security and Medicare during election season – especially considering that both programs face significant financial challenges as our population ages.

Medicare Is Unaffordable Even With The Increase In Social Security

Even increased Social Security will not be enough to cover future healthcare costs, according to a new report. These findings come despite the recent positive news that older persons would get an 8.7% boost in Social Security payments for the next year and a $5.20 reduction in monthly Medicare Part B costs.

Here Is What To Know About The Effect Of The COLA Increase On The Snap Program

Certain restrictions, including household income limitations, must be satisfied to be eligible for the program. Because the cost-of-living adjustment (COLA) would increase the amount of money given out by Social Security each month to account for inflation, many are still determining if they will be able to continue receiving SNAP benefits after the COLA is implemented.

Social Security Announces Benefit Increase, More Money for Retirees

Today, the Social Security Administration revealed that benefits will increase by 8.7% in 2023, the highest increase since 1981, when double-digit inflation pushed payouts up by 11%. The cost-of-living adjustment (COLA) impacts 70 million Americans, including 48 million retired employees and their wives and dependents, as well as beneficiaries of disability and survivor benefits and Supplemental Security Income. In 2023, the average monthly increase will go from $1,688 to $1,827, an increase of $142.