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Paul Van de Water - 2 Van - 2 Water - 2 Abigail Spanberger - 1 Garret Graves - 1 There’s - 1 ” - 1 Emerson Sprick - 1
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☆ Bipartisan group of lawmakers wants to eliminate Social Security rules affecting public employees. What could happen next.
  + stars: | 2024-09-12 | by ( Lorie Konish | ) www.nbcnews.com   time to read: +6 min
The bill — the Social Security Fairness Act — would repeal two rules that reduce Social Security benefits for workers and spouses, widows and widowers who also receive pension income. If brought to the House floor, the Social Security Fairness Act may pass, based on the 327 co-sponsors who are currently behind the proposal. The government pension offset reduces Social Security benefits for spouses, widows and widowers who also have pension income. But if she retirees and begins collecting the pension benefits she earned, that Social Security income may disappear. Eliminating the rules through the Social Security Fairness Act would also cost the program at a time when Social Security faces looming trust fund depletion dates, he said.
Persons: Abigail Spanberger, Garret Graves, There’s, ”, Emerson Sprick, —, Sprick, Roger Boudreau, Boudreau, ” Boudreau, Paul Van de Water, Van, ” Van, Water, ” Sprick, it’s, ” Sen, Mike Braun, “ Organizations: Security, Social, Senate, Center, GPO, Social Security, Rhode Island American Federation of Teachers, Budget, Congressional, Republican
☆ 'Record-breaking backlog' leads to $1.1 billion in improper Social Security payments, report finds
  + stars: | 2024-08-12 | by ( Lorie Konish | ) www.cnbc.com   time to read: +2 min
zimmytws | iStock | Getty ImagesThe Social Security Administration faces a "record-breaking backlog" of open cases, leading to approximately $1.1 billion in projected improper payments to beneficiaries, according to a new report from the Social Security Administration Office of the Inspector General. Of those that were improper payment cases, the average processing time was 698 days, according to a sample evaluated by SSA OIG. Improper payment includes overpayments, where beneficiaries are paid more than they should be, as well as underpayments, where payments to beneficiaries may be erroneously reduced. watch nowIf the pending cases had been resolved immediately, about 528,000 beneficiaries would have been improperly paid about $534 million, the report estimated. After 12 months, that improper payment amount for those beneficiaries rose to about $756 million.
Persons: Paul Van de Water, Van, Water Organizations: iStock, Social Security Administration, Social Security Administration Office, SSA, Budget
☆ Higher Social Security cost-of-living adjustments may affect your taxes. Here's how to plan
  + stars: | 2023-01-20 | by ( Lorie Konish | ) www.cnbc.com   time to read: +2 min
Social Security recipients are just starting to see the record 8.7% cost-of-living adjustment in their monthly checks. Last year's 5.9% cost-of-living adjustment was like getting a 6% wage bump in 2022, according to Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League. A recent survey by The Senior Citizens League found 57% of older taxpayers worry more of their Social Security benefits will be taxed due to last year's 5.9% cost-of-living adjustment. More from Personal Finance:What the U.S. debt ceiling could mean for Social Security and MedicareApproaching 62? However, beneficiaries would be wise to get a jump on their tax planning for next year to mitigate the effects of the 8.7% cost-of-living adjustment.
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