Latest news with #SSFA
Yahoo
6 days ago
- Business
- Yahoo
Williamson County commissioners considering federal grant application for $28M road project
AUSTIN (KXAN) — Williamson County's commissioners will discuss authorizing the application of a federal grant application to help fund a $28 million road infrastructure project in Tuesday's county commissioners court meeting. The safe streets and roads for all (SS4A) grant is a federal grant offered through the U.S Department of Transportation dedicated to improving roadway safety and achieving a goal of zero traffic fatalities. The SSFA grant application for Williamson County is a joint effort by the county and cities within it such as Cedar Park, Georgetown, Round Rock and Taylor. About 80% ($20 million) of the proposed project would use the SSFA grant money. The remaining 20% ($8 million) would be funded by Williamson County and cities within the county. Williamson County would be responsible for $1.75 million, and the other cities involved would be responsible for $6.25 million. One of the bigger investments in the project is relocating the southbound entrance ramp on Interstate 35 in Georgetown 3,000 feet south and installing a median barrier between the IH 35 mainlines and frontage. This part of the project would cost an estimated $6.6 million. Many of the other road infrastructure improvements in the proposed plan include installing signal backplates and rapid flashing beacons (RRFBs). Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
7 days ago
- Business
- Yahoo
6 Budgeting Tips for Retirees After the Social Security Fairness Act
Changes in Social Security policy can cause alarm to those currently on or soon to be claiming benefits. However, one piece of legislation, The Social Security Fairness Act (SSFA), signed by President Joe Biden in the last couple of weeks of his presidency, is designed to help certain groups of Social Security recipients. Find Out: Read Next: Financial experts explained what the SSFA means for retirees, and some budgeting tips when these changes go into effect. The SSFA repeals the Windfall Elimination Provision (WEP) from 1989 and the Government Pension Offset (GPO) from 1977, according to Don Grant, a CFP and CFP Board ambassador at CFP Board. 'Those two programs affect approximately 2.8 million government workers who were considered to have been double-dipping if they were to collect Social Security benefits while receiving pensions from non-Social Security-covered public sector jobs or a government pension,' he explained. By eliminating the WEP and GPO programs, nearly 3 million public workers, including teachers, firefighters, police officers and federal employees, will now be allowed to take their Social Security benefits in addition to their pensions, Grant explained. Learn More: While the SSFA reinstated eligible recipients' Social Security benefits, retroactive through 2024, Grant pointed out that recalculating benefits for 3 million current retirees takes time and resources. 'That effort is ongoing and may be in jeopardy due to the current administration's efforts to slash budgets and manpower in the agencies that perform those recalculations,' he urged patience to government and/or public sector workers affected by WEP or GPO, who haven't received benefits yet. 'There is no assurance that you'll receive the benefits as directed by the SSFA's repeal of those programs, but you can hold out hope.' If you do end up receiving the extra benefits, be careful of how you spend it, according to George McFarlane, president of 7 Waters Advisors. 'First and foremost, it's important these retirees don't let this income boost lead to a change in their lifestyle,' McFarlane warned. 'Increased income could lead to increased spending.' Retirees may also want to visit with a tax advisor in case the income pushes them into a higher tax bracket, McFarlane said. 'This could happen, especially if the retiree is pulling money from pensions, IRAs or other investments. Looking into strategies to reduce taxable income may be necessary,' he said. Retirees should also consider using extra funds to build a larger safety savings account, such as an emergency fund. 'This account should be earmarked for emergency expenses that may arise in retirement. This account should be enough to cover six- to 12-months' worth of living expenses,' McFarlane said. Another smart move with extra income is to purchase long-term care insurance or estate planning vehicles (life insurance or trusts), McFarlane advised. 'These products can help retirees maintain control during retirement, while ensure there is a legacy left behind for your family after you're gone.' Regardless of how you plan to spend additional income, Grant urged some smart budgeting basics. First, look at your total income, from all sources (pension, rental properties, investment royalties, annuities, etc.) and then calculate your spending across 'needs' and 'wants.''Net your earnings to your spending. Do you come up short? Or do you have a surplus of income? If it's a surplus, you should be fine. If a deficit, there are several actions you can take. You have two choices: Spend less or make more.' One way to enhance your income would be to shift your investment allocation, Grant said. He recommended working with a CFP to build a 'more income centric investment portfolio.' This means finding products that are designed for income, such as dividend-bearing stocks, hedged equity funds and options-based those who are expecting but haven't yet received these increased benefits, should stick with their existing budgets and act as though the additional money may never come. That way, you won't overspend or make plans you can't afford. More From GOBankingRates How Much Money Is Needed To Be Considered Middle Class in Every State? 5 Types of Cars Retirees Should Stay Away From Buying This article originally appeared on 6 Budgeting Tips for Retirees After the Social Security Fairness Act Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-05-2025
- Business
- Yahoo
Social Security Highlights From Trump's First 100 Days — How They Impact You
President Trump's first 100 days in office have brought sweeping changes to the Social Security Administration (SSA). Learn More: For You: In its work with the Department of Government Efficiency (DOGE), the SSA is on a new course that prioritizes improving customer service, reducing waste, fraud and abuse while optimizing its workforce to better serve the public, the SSA announced in April. Here's what's happening in the SSA — and how it could impact you and your Social Security benefits. The SSA has implemented the Social Security Fairness Act (SSFA), which is a law that repeals the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). The WEP and GPO reduced benefits for 2.2 million people who received a pension based on work not covered by Social Security. The SSA paid over $14.8 billion in retroactive payments. This will only impact those who received a pension from work where they did not pay into Social Security, such as teachers, firefighters and police find out if the SSFA affects you, the International Association of Fire Fighters (IAFF) suggested reviewing your work history, especially if you've held a public sector job or receive a pension from one. They also recommended reaching out to the SSA to get details on how your specific benefits may be impacted. Consider This: The SSA implemented new 'common-sense approaches' to cut costs by over $1 billion for fiscal year 2025. This included areas such as payroll, information technology, contracts and grants, real property, printing, travel and purchase card policies, according to the SSA. These cost-saving measures are intended to make the SSA more efficient and better able to deliver service. However, the Center for American Progress (CAP) pointed out that cuts to the SSA could lead to delayed or missed payments, longer wait times or slower response times. The SSA has a staffing target of 50,000 — a 7,000 reduction to its workforce. The CAP reported reduced staff levels likely mean greater delays. Massachusetts Senator Elizabeth Warren also recently said the workforce reduction and chaos have led to an increase in mistakes and a reduction in available support for correcting them. The SSA began rolling out a modern telecommunications platform on its National 800 Number. This will allow the agency to better handle calls to field offices while providing more self-service options. According to the SSA, there have already been improvements in office answer rates and average speed of answer. For retirees, this could mean faster access to support when questions arise about monthly payments, benefit adjustments or account issues. Complete rollout is expected by the end of summer 2025. The SSA has also improved fraud prevention tools for claims filed over the phone. This adds an extra layer of protection against identity theft and unauthorized access to retirees' Social Security benefits. After reports of people who are 'implausibly old to be living,' the SSA is improving the accuracy of death data. This could also prevent fraudulent claims that could strain program resources. According to the SSA, this is an important anti-fraud measure, as criminals may use those individuals' information to commit fraud. The SSA is increasing how much it withholds from monthly benefits when overpayments occur, raising the default rate from 10% to 50%, according to an SSA emergency message. This means retirees who owe money to SSA may see a larger deduction from their checks each month. The agency is also restarting the Treasury Offset Program (TOP), which allows the government to collect old Social Security debts, such as overpayments, by withholding federal payments like tax refunds. For retirees with unresolved debts, this could result in unexpected reductions in benefits or other federal payments. The SSA is rolling out a new system called the Payroll Information Exchange (PIE), which automatically pulls wage data from payroll providers. This allows the agency to quickly and more accurately verify income and reduce the chances of overpayments or errors. For retirees who still work or have fluctuating income, PIE means fewer reporting headaches and a lower risk of accidental overpayment that could later lead to withheld benefits. The SSA is expanding its Health Information Technology (Health IT) program, which enables the agency to access medical records for disability claims electronically. For those applying for disability, this helps streamline the determination process, which could allow applicants to receive decisions and potentially benefits more quickly. The Electronic Consent Based Social Security Number Verification (eCBSV) service, which helps financial institutions and government agencies verify identities, is getting an overhaul. The plan will reduce operating costs and lower user fees to allow for greater accessibility. For retirees, this could also mean smoother and faster identity verification, resulting in fewer delays and identity-related errors. The SSA is completing its nationwide rollout of the new Hearing Recording and Transcriptions (HeaRT) system, which replaces outdated equipment with advanced, AI-powered software. This upgrade will help create more accurate hearing transcripts, and for retirees involved in appeals or disability hearings, HeaRT can mean faster, more reliable records of their proceedings. The SSA, in partnership with its Office of the Inspector General, is stepping up efforts to combat Social Security-related scams, especially those targeting retirees. For retirees, staying informed is a must. Scam allegations increased by 22.1% from Q1 2023 to Q1 2024, according to the Social Security Administration's Office of the Inspector General (OIG). Scammers often pose as SSA employees to trick individuals into giving up personal information or making payments. The SSA has ramped up efforts to keep the public informed about how the agency is performing. It now publishes key performance metrics directly on its website at These updates give retirees and the broader public a clearer view of how the SSA is doing. For retirees, this increased transparency allows them to stay informed about any improvements or delays that may impact their benefits. More From GOBankingRates 6 Used Luxury SUVs That Are a Good Investment for Retirees How Far $750K Plus Social Security Goes in Retirement in Every US Region 7 Overpriced Grocery Items Frugal People Should Quit Buying in 2025 12 SUVs With the Most Reliable Engines Sources Social Security Administration (SSA), 'Social Security Administration Highlights Key Accomplishments in the First 100 Days of the Trump Administration' International Association of Fire Fighters (IAFF), 'Q&A: How will the Social Security Fairness Act impact me?' Center for American Progress, 'Cuts to the Social Security Administration Threaten Millions of Americans' Retirement and Disability Benefits' SSA, 'Social Security Announces Workforce and Organization Plans' SSA, Emergency Message Office of the Inspector General (OIG), 'Recent Trends in SSA-related Scams Reported to SSA OIG' SSA, Social Security performance This article originally appeared on Social Security Highlights From Trump's First 100 Days — How They Impact You
Yahoo
10-05-2025
- Business
- Yahoo
Social Security Highlights From Trump's First 100 Days — How They Impact You
President Trump's first 100 days in office have brought sweeping changes to the Social Security Administration (SSA). Learn More: For You: In its work with the Department of Government Efficiency (DOGE), the SSA is on a new course that prioritizes improving customer service, reducing waste, fraud and abuse while optimizing its workforce to better serve the public, the SSA announced in April. Here's what's happening in the SSA — and how it could impact you and your Social Security benefits. The SSA has implemented the Social Security Fairness Act (SSFA), which is a law that repeals the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). The WEP and GPO reduced benefits for 2.2 million people who received a pension based on work not covered by Social Security. The SSA paid over $14.8 billion in retroactive payments. This will only impact those who received a pension from work where they did not pay into Social Security, such as teachers, firefighters and police find out if the SSFA affects you, the International Association of Fire Fighters (IAFF) suggested reviewing your work history, especially if you've held a public sector job or receive a pension from one. They also recommended reaching out to the SSA to get details on how your specific benefits may be impacted. Consider This: The SSA implemented new 'common-sense approaches' to cut costs by over $1 billion for fiscal year 2025. This included areas such as payroll, information technology, contracts and grants, real property, printing, travel and purchase card policies, according to the SSA. These cost-saving measures are intended to make the SSA more efficient and better able to deliver service. However, the Center for American Progress (CAP) pointed out that cuts to the SSA could lead to delayed or missed payments, longer wait times or slower response times. The SSA has a staffing target of 50,000 — a 7,000 reduction to its workforce. The CAP reported reduced staff levels likely mean greater delays. Massachusetts Senator Elizabeth Warren also recently said the workforce reduction and chaos have led to an increase in mistakes and a reduction in available support for correcting them. The SSA began rolling out a modern telecommunications platform on its National 800 Number. This will allow the agency to better handle calls to field offices while providing more self-service options. According to the SSA, there have already been improvements in office answer rates and average speed of answer. For retirees, this could mean faster access to support when questions arise about monthly payments, benefit adjustments or account issues. Complete rollout is expected by the end of summer 2025. The SSA has also improved fraud prevention tools for claims filed over the phone. This adds an extra layer of protection against identity theft and unauthorized access to retirees' Social Security benefits. After reports of people who are 'implausibly old to be living,' the SSA is improving the accuracy of death data. This could also prevent fraudulent claims that could strain program resources. According to the SSA, this is an important anti-fraud measure, as criminals may use those individuals' information to commit fraud. The SSA is increasing how much it withholds from monthly benefits when overpayments occur, raising the default rate from 10% to 50%, according to an SSA emergency message. This means retirees who owe money to SSA may see a larger deduction from their checks each month. The agency is also restarting the Treasury Offset Program (TOP), which allows the government to collect old Social Security debts, such as overpayments, by withholding federal payments like tax refunds. For retirees with unresolved debts, this could result in unexpected reductions in benefits or other federal payments. The SSA is rolling out a new system called the Payroll Information Exchange (PIE), which automatically pulls wage data from payroll providers. This allows the agency to quickly and more accurately verify income and reduce the chances of overpayments or errors. For retirees who still work or have fluctuating income, PIE means fewer reporting headaches and a lower risk of accidental overpayment that could later lead to withheld benefits. The SSA is expanding its Health Information Technology (Health IT) program, which enables the agency to access medical records for disability claims electronically. For those applying for disability, this helps streamline the determination process, which could allow applicants to receive decisions and potentially benefits more quickly. The Electronic Consent Based Social Security Number Verification (eCBSV) service, which helps financial institutions and government agencies verify identities, is getting an overhaul. The plan will reduce operating costs and lower user fees to allow for greater accessibility. For retirees, this could also mean smoother and faster identity verification, resulting in fewer delays and identity-related errors. The SSA is completing its nationwide rollout of the new Hearing Recording and Transcriptions (HeaRT) system, which replaces outdated equipment with advanced, AI-powered software. This upgrade will help create more accurate hearing transcripts, and for retirees involved in appeals or disability hearings, HeaRT can mean faster, more reliable records of their proceedings. The SSA, in partnership with its Office of the Inspector General, is stepping up efforts to combat Social Security-related scams, especially those targeting retirees. For retirees, staying informed is a must. Scam allegations increased by 22.1% from Q1 2023 to Q1 2024, according to the Social Security Administration's Office of the Inspector General (OIG). Scammers often pose as SSA employees to trick individuals into giving up personal information or making payments. The SSA has ramped up efforts to keep the public informed about how the agency is performing. It now publishes key performance metrics directly on its website at These updates give retirees and the broader public a clearer view of how the SSA is doing. For retirees, this increased transparency allows them to stay informed about any improvements or delays that may impact their benefits. More From GOBankingRates 6 Used Luxury SUVs That Are a Good Investment for Retirees How Far $750K Plus Social Security Goes in Retirement in Every US Region 7 Overpriced Grocery Items Frugal People Should Quit Buying in 2025 12 SUVs With the Most Reliable Engines Sources Social Security Administration (SSA), 'Social Security Administration Highlights Key Accomplishments in the First 100 Days of the Trump Administration' International Association of Fire Fighters (IAFF), 'Q&A: How will the Social Security Fairness Act impact me?' Center for American Progress, 'Cuts to the Social Security Administration Threaten Millions of Americans' Retirement and Disability Benefits' SSA, 'Social Security Announces Workforce and Organization Plans' SSA, Emergency Message Office of the Inspector General (OIG), 'Recent Trends in SSA-related Scams Reported to SSA OIG' SSA, Social Security performance This article originally appeared on Social Security Highlights From Trump's First 100 Days — How They Impact You
Yahoo
17-04-2025
- Business
- Yahoo
Opinion - Congress, DOGE turned the Social Security Fairness Act from a win to a loss
This year's Social Security Fairness Act represents the largest change to Social Security in decades, increasing benefits for 3 million government retirees at a cost of $190 billion over 10 years. But the chaotic process that brought the bill to fruition, and the failure of Congress to sufficiently fund the administrative costs of the new law, have placed a heavy burden on the already-struggling Social Security Administration. Indeed, the SSFA contained what was likely a technical error — and one that has made the implementation of the new law very difficult. The effective date of the legislation was never updated during the two years of the 118th Congress. Senate Minority Leader Chuck Schumer tried to move the date forward in the closing hours of the 118th Congress, but time ran out. As a result, the Social Security Administration has had to retroactively entitle millions of individuals to benefits for a period that actually predates the enactment of the legislation. The start-up administrative costs of the Social Security Fairness Act are plausibly about $200 million. When Congress was considering the full-year continuing resolution in March, it simply chose not to provide the Social Security Administration with sufficient funding to implement the law. As a result, Congress has created a zero-sum environment at the agency: additional service to one group means less service to another. In the months since enactment of the SSFA, the Social Security Administration has taken an additional 146,000 new benefit applications related to the new law. That means 146,000 other Americans did not have their applications considered. Additionally, the agency has had to field 450,000 calls (6,000-7,000 per day) from the public requiring agency staff to explain the new law and resolve benefit problems. That means 450,000 other Americans did not get their Social Security problems resolved. Most alarmingly, the agency's automation efforts for retroactive payments fell short. Social Security indicated that automation would result in these payments being deposited in bank accounts 'by the end of March.' After its automation runs in March, however, there were still 500,000 to 700,000 cases to be processed. These will have to be handled manually over time. The Social Security Administration plans to prioritize this manual workload, but all that means is that up to 700,000 other Americans in the agency's very large payment backlog will not have their benefit payments processed. Shortly after the law's enactment, the Social Security Administration was effectively taken over by the so-called Department of Government Efficiency. While DOGE's stated mission is related to technology, DOGE engineers have struggled to get even a basic understanding of Social Security's data systems and structures. Their confusion over the agency's death data, for example, led to wild claims of tens of millions of people over the age of 100 receiving benefits; the claims were easily debunked by the press. DOGE's failure to improve the technical capacity of the Social Security Administration has led management to simply focus on reducing agency staff and cutting funding for IT infrastructure. This has led to widespread breakdowns in service delivery, which will impair the agency's ability to deal with the SSFA or other workloads. DOGE has also brought a work culture to the Social Security Administration that devalues privacy and data security. It recently released a data file to the public showing total SSFA retroactive payments by ZIP code, including cases where only a single beneficiary in a given ZIP code received a payment. That almost certainly violates agency disclosure guidelines that have been applied in the past — and leaves some beneficiaries potentially exposed to fraudsters. Congress should learn a few lessons from this experience. First, large-scale legislation needs to go through an orderly legislative process and any implementation costs need to be explicitly covered. Second, congressional oversight needs to examine all workloads, not just new ones. Finally, Congress should realize that DOGE, which has struggled in recent weeks even to keep Social Security's websites operational, is not a technology effort. When DOGE proposes technology initiatives, Congress should realize that is just misdirection. Congress should, instead, focus on real-world issues: how to provide the Social Security Administration with sufficient staff and how to improve the management and leadership skills of DOGE executives. David A. Weaver, Ph.D., is an economist and retired federal employee who has authored a number of studies on the Social Security program. His views do not reflect the views of any organization. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
