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How Secure Is Social Security?

For years people have been worried about Social Security’s future, but what is the actual outlook? According to the federal government, unless Congress acts to intervene, Social Security shortfalls are expected beginning in 2035. Social Security retirement benefits are financed primarily through dedicated payroll taxes paid by workers and their employers, with employees and employers […]

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Free Tax Preparation Help Is Available to Seniors

Seniors and retirees should know that they may be able to use online tax preparation software free of charge. Most low- and middle-income Americans qualify for the free help, but do not take advantage of it. And all seniors are eligible for free counseling assistance from the IRS. The tax preparation software industry has had […]

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The End of the Stretch IRA: New Law Makes Big Changes to Retirement Plans

For those who have a significant amount of savings in retirement accounts, the amount those individuals can transfer to next the generation has been greatly reduced.  President Trump signed a spending bill on December 20, 2019 that made major changes to retirement plans. The new law is designed to provide more incentives to save for retirement, but […]

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How to Reverse Medicare Surcharges When Your Income Changes

What happens if you are a high-income Medicare beneficiary who is paying a surcharge on your premiums and then your income changes? If your circumstances change, you can reverse those surcharges. Higher-income Medicare beneficiaries (individuals who earn more than $85,000) pay higher Part B and prescription drug benefit premiums than lower-income Medicare beneficiaries. The extra […]

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