The recent ruling by the Colorado Court of Appeals has stirred significant changes for retirees, especially regarding Social Security benefits and alimony. The court decided that Social Security benefits could be used to determine spousal support income, impacting the financial landscape for many retirees. This decision aligns with federal law, which states that Social Security … Read more
This summer, Minnesota families might see a significant improvement in their financial situation due to the expansion of the Child Tax Credit program passed into law last year. This progressive policy aims to alleviate child hardship for low- to middle-income households by offering a substantial credit of up to $1,750 for each eligible child. In … Read more
The Social Security Administration (SSA) continues to disburse payments to retirees and beneficiaries this summer. Tomorrow marks the second round of July retirement payments, ensuring that recipients receive their funds on schedule. However, August brings a unique twist to the Social Security calendar, resulting in some beneficiaries receiving two payments in the same month. This … Read more
Cost-of-Living Adjustments (COLA) are crucial for retirees and Social Security beneficiaries, as they determine the annual increase in benefits to keep pace with inflation. Despite their importance, inadequate COLA increases have significantly eroded the purchasing power of Social Security income over the years. According to the Senior Citizens League (TSCL), a nonpartisan advocacy group, Social … Read more
Are you curious about the remaining Social Security payments for July? If you’re a retired worker or a beneficiary from the Social Security Disability Insurance (SSDI) program, there’s good news! The Social Security Administration (SSA) has confirmed two more payments scheduled this month. About 67 million Americans receive Social Security benefits, with the majority being … Read more
Many people consider funds in tax-advantaged retirement accounts to be untouchable until they decide to use them. However, the Internal Revenue Service (IRS) requires these funds to be used, especially when you reach age 72. This is where Required Minimum Distributions (RMDs) come into play. The IRS mandates RMDs to ensure that you start withdrawing … Read more
The Inflation Reduction Act, known as the IRA, was signed into law by President Joe Biden in August 2022. This landmark legislation aims to promote cleaner, energy-efficient technologies, with nearly $400 billion dedicated to this effort. Of this, $8.8 billion is specifically allocated for home energy rebates, rolling out in 2024. The IRA significantly boosts … Read more
In a groundbreaking decision, the Colorado Court of Appeals has ruled that Social Security benefits can now be used for alimony payments between ex-spouses. This change, announced in the past few days, marks a significant shift in how Social Security funds can be utilized, capturing the attention of many beneficiaries. Major Change Historically, Social Security … Read more
The Social Security Administration (SSA) has announced a significant development for recipients of the Supplemental Security Income (SSI) program. By June 2024, the SSA will have released $901 million in underpayments to those eligible. This move aims to rectify previous errors in payment calculations and ensure that beneficiaries receive the funds they are entitled to. … Read more
Many Americans rely heavily on Social Security benefits for their retirement plans, with the Social Security Administration reporting that at least 50% of household income for those 65 and older comes from government programs. Thus, losing a portion of that monthly benefit check could seriously jeopardize many people’s retirement plans. If you currently qualify for … Read more