Tag: Social Security

This article provides updates on the Cost-of-Living Adjustment (COLA) over the last few years and predictions for the coming year. You can see more on the final 2025 COLA (2.5%) below. COLA is particularly significant for over 71 million Americans, especially retirees, as it directly affects their Social Security and…

Under the now approved $1.9 Trillion Biden Stimulus Package, or American Rescue Plan (ARP), there are provisions included for another round of stimulus checks. The amount being paid for this third round of stimulus “checks” is $1400 for each adult and qualifying dependent, Non-filers, or those who have not filed a recent tax…

Updated income-tax withholding tables for 2017 have been released by the IRS. In 2017 the amount for one withholding allowance on an annual basis is $4,050 (same as 2016). Employers will start using the revised withholding tables and correct the amount of Social Security tax withheld as soon as possible…

[2017 COLA update] Its been a few years with relatively minor COLA (cost-of-living-adjustment) increases but even with the marginal 2017 COLA increase of 0.3%, over 12 million Americans will pay higher taxes in 2017 as the maximum taxable earnings (wage base) subject to social security also increased from $106,800 to $110,100. You can see the previous…

Supplemental Security Income (SSI) is a program administered by Social Security that provides monthly payments to significantly disabled adults, children and seniors over 65 with low income and limited resources. To be eligible for SSI, a person must be 65 or older, blind, or have a medical condition that prevents…

As I was writing this article I re-read my original pieces on the 2011 debt ceiling debate/deal and got a major sense of deja-vu. After 18 months we are back in the same place with a dysfunctional Congress, who barely passed legislation to avert the fiscal cliff, trying to reach a new deal to keep the…

See this article for the latest COLA increase - https://savingtoinvest.com/social-security-tax-and-cost-of-living-adjustment-cola The Social Security Administration (SSA) confirmed that the 2013 COLA increase will be 1.7%. This means that nearly 62 million Americans will see their benefit payments increase in January 2013, with the average retiree receiving a $21 increase.  As detailed in the…

Ever wondered where all our federal tax dollars go? I did and a recent report from the center on budget priorities and policies (CBPP) provided a very nice graphic on how federal tax dollars are distributed. With all the political rhetoric that abounds around the national debt, excessive federal spending…

Most people who work or are self-employed are subject to Social Security taxes. This is true, regardless of age. Employers are also subject to Social Security taxes for their employees. If you are self-employed, and your business' net profit is greater than $400, you must also pay Social Security (and Medicare)…

[Latest Update]  As many had predicted, the debt Super Committee has failed to come up with a deficit reduction plan. Basically the not-so-super members failed to get past party line bickering and will now face the prospect of justifying to an angry public why they could not compromise. Further, the…

After covering Hermain Cain's 999 tax plan, I thought I would look at Rick Perry's recently released "Cut, Balance and Grow Plan" discussed in his recent WSJ op-ed piece. Here are highlights from his Cut, Balance and Grow (CBG) plan: - Personal Tax Reform: Americans will have a choice between…

COLA Increase [2021 update] 1.3% COLA increase in 2021 officially confirmed by the SSA. For the average retiree who got a check of $1,523 this year, that would mean an additional $20 a month. The 1.3% COLA is the smallest increase since 2017 and slightly below the 1.4% average over…

[2013 Update] As I was updating this article, originally written in mid-2011 following the first debt ceiling deal, I got a major sense of deja-vu. After 18 months we are back in the same place with a dysfunctional Congress who barely passed legislation to avert the fiscal cliff.  But it's…