The SECURE 2.0 Act of 2022 was signed into law on December 29, 2022. The law builds on and expands the SECURE Act of 2019 and it expands coverage, increases retirement savings and simplifies retirement plan rules. Some of the key provisions of the Act include: EFFECTIVE DATE DECEMBER 29, 2022 Optional Treatment of Employer […]
How will working affect social security benefits?
In a recent survey, 70% of current workers stated they plan to work for pay after retiring. That possibility raises an interesting question: how will working affect Social Security benefits? The answer to that question requires an understanding of three key concepts: full retirement age, the earnings test, and taxable benefits. FULL RETIREMENT AGE Most […]
Social Security: The Elephant in the Room
For most Americans, Social Security has represented nothing more than some unavoidable payroll deduction with the positively cryptic initials of “FICA” and “OASDI” (Federal Insurance Contributions Act and Old Age, Survivors and Disability Insurance). It hinted at a future that seemed both intangible and far away. Yet, many Americans now sit on the cusp of […]