Social Security Says It Won't Eliminate Paper Checks for Some Beneficiaries
In a statement to The Epoch Times on July 28, an SSA spokesperson said that some Social Security beneficiaries will still receive checks in certain circumstances, but noted that the agency is working to lessen the number of paper checks being sent out.
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Yahoo
25 minutes ago
- Yahoo
What's The Same, What's Different - Suze Orman Tackles How The 'One Big Beautiful Bill Act' Affects Your Social Security
If you're nearing retirement or already collecting Social Security, the new "One Big Beautiful Bill Act" might have you wondering how it will impact your benefits — and your taxes. Financial expert Suze Orman recently tackled these questions on her "Women & Money" podcast, breaking down exactly what the act means for Social Security recipients. Here's what you need to know. What Hasn't Changed: Social Security Tax Rules Are Still the Same First off, Orman was clear about what didn't change. "The rules on taxation of Social Security benefits were not changed. Do you hear me? No changes to Social Security," she said. That means the way your Social Security benefits are taxed remains just like before. Don't Miss: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can Accredited Investors: Grab Pre-IPO Shares of the AI Company Powering Hasbro, Sephora & MGM— She even gave a brief history to show how long it's been since certain Social Security rules have changed. Since 1983, some people have had to pay taxes on their Social Security benefits if their income goes over certain limits. However, those income limits haven't been adjusted for inflation since 1993. That means more and more retirees are now paying taxes on their benefits — even if they only have a little extra income from things like a pension or part-time work. This has made the tax rules feel outdated to many. With that in mind, it's important to understand what Orman stresses: the act does not change these tax rules on Social Security benefits themselves. So, while the tax limits may seem unfairly low, the new law doesn't update or adjust them. What Did Change: A New Deduction for Those 65 and Older So, what's new? Orman explains that starting this year, if you're 65 or older, you might be able to claim a $6,000 income deduction. "You are eligible for it even if you have yet to start claiming Social Security," she points out. 'There is no link between the new tax break and Social Security." Trending: $100k+ in investable assets? – no cost, no obligation. If both spouses are over 65, married couples can claim up to $12,000. This deduction is in addition to the existing deductions for seniors — $2,000 for singles and $1,600 for each married person filing jointly. Income Limits and How the Deduction Phases Out There are income limits, though. To claim the full $6,000, your modified adjusted gross income, or MAGI, must be under $75,000 for singles or $150,000 for married couples filing jointly. Above those amounts, the deduction gradually phases out and disappears completely if your income goes over $175,000 for singles or $250,000 for joint filers. Orman explained how the deduction is reduced by six cents for every dollar you earn over the threshold. She gave a clear example: if you make $100,000, you are $25,000 over the limit. Multiply that $25,000 by 6%, which equals $1,500. That amount is subtracted from the $6,000 deduction, leaving you with a $4,500 deduction instead of the full $6,000. Temporary Benefit That Ends After 2028 Orman also urged listeners to keep in mind that this $6,000 deduction is temporary. Under current law, it will only be available for tax years 2025 through 2028, after which it disappears. The older deductions for seniors remain This Means for Retirement Planning Orman reminded listeners that this deduction could affect retirement moves like converting a traditional IRA to a Roth IRA since conversions can increase your taxable income. "If you intend to make any conversions in 2025, 2026, 2027, or 2028, and you will be at least 65, I need you to be aware of how it could impact your eligibility for this $6,000 or $12,000 deduction in each of those years," she said. For those not yet 65, it might make sense to consider converting more now before this deduction kicks in. Orman recommends talking to a trusted tax professional to figure out what makes the most sense for your personal situation. Knowing these details can help you better plan your taxes and retirement finances over the next few years. Read Next: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Image: Imagn Images Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article What's The Same, What's Different - Suze Orman Tackles How The 'One Big Beautiful Bill Act' Affects Your Social Security originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Chicago Tribune
26 minutes ago
- Chicago Tribune
The vast majority of US adults are stressed about grocery costs, an AP-NORC poll finds
NEW YORK — The vast majority of U.S. adults are at least somewhat stressed about the cost of groceries, a new poll finds, as prices continue to rise and concerns about the impact of President Donald Trump's tariffs remain widespread. About half of all Americans say the cost of groceries is a 'major' source of stress in their life right now, while 33% say it's a 'minor' source of stress, according to the poll from The Associated Press-NORC Center for Public Affairs Research. Only 14% say it's not a source of stress, underscoring the pervasive anxiety most Americans continue to feel about the cost of everyday essentials. Other financial stressors — like the cost of housing or the amount of money in their bank accounts — are also broadly felt, but they weigh more heavily on younger Americans, who are less likely than older adults to have significant savings or own property. The survey also found that about 4 in 10 Americans under age 45 say they've used what are known as 'buy now, pay later' services when spending on entertainment or restaurant meals or when paying for essentials like groceries or medical care. Adam Bush, 19, based in Portland, New York, is one of those younger Americans who has used pay-later services for things like groceries or entertainment. Bush works as a welder, fabricating parts for trucks for Toyota, and makes under $50,000 per year. 'I just keep watching the prices go up, so I'm looking for the cheapest possible stuff,' he said. 'Hot pockets and TV dinners.' Groceries are one of the most far-reaching financial stressors, affecting the young and old alike, the poll finds. While Americans over age 60 are less likely than younger people to feel major financial anxiety about housing, their savings, child care, or credit card debt, they are just as worried about the cost of groceries. Esther Bland, 78, who lives in Buckley, Washington, said groceries are a 'minor' source of stress — but only because her local food banks fill the gap. Bland relies on her Social Security and disability payments each month to cover her rent and other expenses — such as veterinary care for her dogs — in retirement, after decades working in an office processing product orders. 'I have no savings,' she said. 'I'm not sure what's going on politically when it comes to the food banks, but if I lost that, groceries would absolutely be a major source of stress.' Bland's monthly income mainly goes toward her electric, water and cable bills, she said, as well as care of her dogs and other household needs. 'Soap, paper towels, toilet paper. I buy gas at Costco, but we haven't seen $3 a gallon here in a long time,' she said. 'I stay home a lot. I only put about 50 miles on my car a week.' According to the poll, 64% of the lowest-income Americans — those who have a household income of less than $30,000 a year — say the cost of groceries is a 'major' stressor. That's compared with about 4 in 10 Americans who have a household income of $100,000 or more. But even within that higher-income group, only about 2 in 10 say grocery costs aren't a worry at all. Housing is another substantial source of worry for U.S. adults — along with their savings, their income and the cost of health care. About half of U.S. adults say housing is a 'major' source of stress, according to the poll, while about 4 in 10 say that about the amount of money they get paid, the amount of money they have saved and the cost of health care. About 3 in 10 say credit card debt is a 'major' source of stress, while about 2 in 10 say that about the cost of child care and student debt. But some groups are feeling much more anxiety about their finances than others. Women, for instance, are more likely than men to report high levels of stress about their income, savings, the cost of groceries and the cost of health care. Hispanic adults are also particularly concerned about housing costs and both credit card and student debt. About two-thirds of Hispanic adults say the cost of housing is a 'major' source of stress, compared with about half of Black adults and about 4 in 10 white adults. Some people are making changes to their lifestyle as a result of high costs. Shandal LeSure, 43, who works as a receptionist for a rehabilitation hospital in Chattanooga, Tennessee, and makes between $85,000 and $100,000 a year, said she's started shopping for groceries at less expensive stores. 'It's an adjustment,' she said. 'Sometimes the quality isn't as good.' As they stretch limited budgets, about 3 in 10 U.S. adults overall say they've used 'buy now, pay later' services such as Afterpay or Klarna to purchase groceries, entertainment, restaurant meals or meal delivery, or medical or dental care, according to the poll. Bland, the Washington state retiree, said she's paid for pet surgery with a pay-later plan. Younger Americans are much likelier than older people to have used pay-later plans for entertainment, groceries or restaurant meals, but there's no age gap on medical care. Black and Hispanic people are also especially likely to adopt the plans. An increasing share of 'buy now, pay later' customers are having trouble repaying their loans, according to recent disclosures from the lenders. The loans are marketed as a safer alternative to traditional credit cards, but there are risks, including a lack of federal oversight. Some consumer watchdogs also say the plans lead consumers to overextend themselves financially. LeSure said she's used pay-later services for things like new clothes, while she balances debt payments for a car loan, student loans and medical bills. She's also turned to them to cover hotel costs after being evicted. 'That's been able to help me stretch my dollar,' she said.
Yahoo
an hour ago
- Yahoo
Not Sure If FIRE Is Right for You? Try This Middle Ground
Key Points Financial Independence Retire Early (FIRE) is a strategy that could help you retire decades earlier than most, but it requires a lot of sacrifice. Coast FIRE involves aggressive savings at first, but keeping a traditional retirement date. You can still retire comfortably without it. The $23,760 Social Security bonus most retirees completely overlook › You want to ditch your job as soon as possible, but there's just one problem: money. Retirement could easily cost you $1 million or more, especially if you hope to leave the workforce early. Coming up with that kind of money by your 40s or even your 50s may require an aggressive saving strategy. That's exactly what members of the Financial Independence, Retire Early (FIRE) movement aim to do, with many setting aside at least half their annual incomes for retirement. But this comes with its own set of challenges, including a real risk of burnout. If you like the idea of FIRE but you're worried about its potential downsides, there's another option. It's a subset of FIRE that aims to give you the best of both worlds. The problems with FIRE The FIRE movement aims to help you retire in your 50s or even earlier, but requires aggressive savings until then. Here are some of the drawbacks you might encounter with this strategy: Burnout Saving half of your income for retirement usually means saying no to many things in the present. You may not be able to take that vacation with your friends. You might even need a roommate so you can save more money each month. And that kind of lifestyle can be tough to maintain over the long term. Running out of money in retirement Draining your savings faster than expected is a risk everyone carries into retirement, but it's more serious for those who retire early. You'll have to stretch your dollars over a much longer time frame, and you'll have more years of unexpected expenses to worry about. If you find you're spending money too quickly, you might have to come out of retirement when you're older. Coming out of retirement isn't always easy If you do have to come out of retirement, you may find it tough to land a well-paying job, especially if you previously worked in an industry that has undergone a lot of changes since you retired. That means you could have to settle for working a low-paying job or a job that doesn't interest you. Penalties for early access to retirement accounts There's generally a 10% early withdrawal penalty on retirement accounts when you're under age 59 1/2. There are ways around this, like the Rule of 55 for 401(k)s or Substantially Equal Periodic Payments (SEPPs). But you'll need to plan carefully if you hope to avoid giving Uncle Sam more of your savings than you need to. Coast FIRE could be a happy medium If you're thinking FIRE isn't for you because of one of the above issues, you might like coast FIRE instead. This is a subset of FIRE that involves a similar aggressive saving strategy but not retiring early. You decide when you want to retire and figure out your FIRE number: how much you'll need to save to cover your estimated retirement expenses. Then, you save aggressively until you've set aside enough that you can sit back and let your existing savings grow until retirement. Basically, you save a large chunk early on in your career and then let investment earnings do the rest. To pull this off, you'll have to make some assumptions about your retirement costs and your investment rate of return over time. For the latter, it's probably best to use a 6% annual return to be safe. If your investments grow faster than that, great. If they don't, at least you'll still be on track for your goal. Online coast FIRE calculators can help you get started if you're not sure how much you need to save. Once you have reached your target savings amount, you continue to work, but you're free to either improve your standard of living or reduce your hours in the workforce until you're making just enough to cover your current living expenses. You'll reduce many FIRE risks This doesn't completely eliminate the FIRE risks mentioned above, but it may mitigate them for some people. Since you aren't retiring early, you'll have fewer years of unplanned expenses to worry about. And if your investments don't do as well as you expected over the next several decades, you can start putting aside money again. Plus, since you're not retiring early, you won't have to worry about early withdrawal penalties or re-entering the workforce. Burnout remains a challenge, especially if you're saving 50% or more of your income. But since you're not trying to meet an early retirement target, you have a little more flexibility. If 50% is too much, you can reduce it to 40%. You might have to save a little bit longer before you reach the "coasting" phase of coast FIRE, but you probably won't have to worry about pushing back your retirement date. If coast FIRE still doesn't sound like the right fit for you, there's nothing wrong with taking it slower. You can still enjoy a comfortable retirement by saving 15% to 20% of your income annually. And if doing that makes you less stressed today, it could be a better strategy for you. The $23,760 Social Security bonus most retirees completely overlook If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these Motley Fool has a disclosure policy. Not Sure If FIRE Is Right for You? Try This Middle Ground was originally published by The Motley Fool Sign in to access your portfolio
